Knowledge centre
No. FINTRAC creates identity, recordkeeping, monitoring and reporting obligations, but it does not prescribe one universal 90-day down-payment statement rule. Ninety days is commonly an insurer or lender documentation period.
A difference is not automatically a decline, but it must make sense. The Notice of Assessment summarizes CRA’s assessment, while bank deposits show cash movement; neither explains the complete business without reconciliation.
Sometimes, but company revenue and retained earnings are not automatically the shareholder’s personal income. Certain lenders may analyze salary, dividends, ownership, corporate cash flow and eligible add-backs to determine what income is sustainable and available.
Some alternative/B lenders review roughly six to twelve months of business bank statements, identify recurring gross business deposits and subtract reasonable operating expenses to estimate supportable income. This is a lender method—not an OSFI or FCAC formula.
No. Some programs may add back eligible non-cash, one-time or policy-approved expenses, but ordinary costs required to keep the business operating normally cannot simply be ignored.
No. There is no universal law saying every self-employed borrower must operate for exactly two years. Two years is a common lender or insurer evidence standard, but exceptions and different programs can exist.
Not necessarily. Your tax return reports income under tax rules; a mortgage lender separately decides what stable, supportable income it will use to assess repayment. The two numbers may be related without being identical.
Rental income is not handled by one universal percentage. Many A lenders use conservative add-back or offset worksheets; alternative/B lenders may recognize more rental cash flow; MIC and private decisions can place more weight on equity, property and the exit strategy.