Self-employed
Self-employed? Let's show it properly.
Is this you?
Who this is for
- You run your own business, contract, or work in the trades on your own
- You've been declined at the bank because of your tax returns
- Your income bounces around year to year
How it goes
Step by step
- 01
Your story
How long you've been at it, how you're paid and what your returns show.
- 02
Your file
I put together the documents lenders want to see, in the order they want them.
- 03
The right lender
Some lenders are more comfortable with self-employed income than others. That's where a wider choice helps.
- 04
Close
Same as anyone else from here.
Numbers to know
The rules, in plain English
Minimum down payment
5%
5% on the first $500,000, 10% on the part above that, and 20% on homes of $1,500,000 or more.
Source: CMHC, Home Start (minimum equity 5% of the first $500,000 and 10% of the rest, price below $1.5M, 30-year premium table, first-time buyer definition). Checked Nov 3, 2026.
The stress test
5.25% or rate + 2%
Lenders check you could afford the payment at whichever is higher. It's a safety check, not the rate you'll pay.
Source: OSFI, Minimum qualifying rate for uninsured mortgages (modified 2026-01-29). Checked Nov 3, 2026.
What to have ready
Documents most lenders ask for
- Two years of personal tax returns (T1 Generals) and Notices of Assessment
- Business financial statements, if you're incorporated
- Business registration or articles of incorporation
- Proof that personal taxes are paid up to date
Don't email these.
When it's time, you'll upload them through the brokerage's secure application. Every lender is a bit different, so I'll send you an exact list.
Calculators
Try the numbers
Questions
Common questions
How long do I need to be self-employed?
Many lenders like to see two years. Some will look at less if you've been in the same line of work for a while. It depends on the lender.
What if my declared income is low?
Some lenders offer programs that consider stated income backed up by your business history. These usually need a bigger down payment. Let's see what fits.
Ryan Grafton, Mortgage Broker | Mortgage Architects
Got a question? Ask it.
Fifteen minutes on the phone usually clears it up. No pressure.