When you're applying with Canadian mortgage companies for help in financing the purchase of your home in the Addington Highlands, one of the first questions they're going to ask you is how much you earn because they need to know how capable you are of making your payments. This is such an important issue for them that they will not take you at your word - you need proof. This article will tell you where to get it.

The most common way to prove your income is to submit your most recent tax return. This document will have the total amount you earned in the year on it. The snags with this method of income reporting are that taxes are only filed once per year, and even at filing time they're reporting on incomes earned during a period that ended several months ago. If you were promoted to the head of the heatshrink sleeving department since then or if you quit and got another job, you won't be able to use your tax return to prove your current income.

If you've experienced changes in your employment status since your last tax return was filed, you can prove your income by asking your employer for a certificate of employment. If have a steady, salaried job at the Avaya contact center, it should be relatively easy to obtain one, and if you're employed by a major company banks will readily accept this as proof of your income. However, you can run into problems with this method if you're self employed, if you do shift work, or if you work for a company that no one's ever heard of.

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The two above methods are the easiest, but anyone, from an executive recruiter to a McDonald's fry cook can use this one: submit your pay stubs. To prove to the bank that you earn what you say you do, gather up all your pay stubs from the last year (you had better be saving them!) and show them to the bank. Pay stubs are like cheques, they're hard to fake, so the bank will accept them as proof of income. They also have the advantage of coming right up to the present time, which is evidence that you're still employed.

For those with unusual income streams, such as self employment or surviving on government benefits, there are ways to prove to a mortgage company in Canada that you're capable of making your payments. Self employed people can submit their bank statements for the relevant period or their company's books and business license. People on benefits can call up the agency (Social Services, Canada Pension, etc) to get a statement of benefits to give to the bank, and a soldier's leave and earnings statement will also be accepted.


Thanks to Oceanfront Cottage PEI for their sponsorship of this page.