GuidesDocuments
Notices of assessment and tax returns
Years required, income counted and gaps to explain.
The last two federal and provincial notices
The last two complete returns
Schedules covering rental income
What is requested
- The last two federal and provincial notices
- The last two complete returns
- Schedules covering rental income
The income counted
Lenders count declared income, not cash received. A gap must be explained.
If a balance is owing
An unpaid balance often blocks a request. Settle it before applying.
Rental income, a special case
You deduct expenses, which reduces declared income.
Lenders usually add back depreciation, which costs no cash.
Gaps to explain in advance
- A year with markedly lower income
- A change of job or status
- An exceptional capital gain
- A loss tied to a property sold
Obtaining the documents
Notices download from your online account, federal and provincial.
How long they take to obtain
A notice downloads in minutes from your online account.
A complete return sometimes needs your accountant’s help.
Request it early, without waiting for the lender’s list.
If a return is late
An unfiled return almost always blocks the request.
Bring your filings up to date before contacting a lender.
Processing by the tax authorities takes several weeks.
