Longer essays on interpretation, lender policy and the choices owners make with their accountant. Written for incorporated owners and professionals in Ontario.
4 entries, newest first
No.004
What a stated income program is, why it exists for self-employed borrowers, and the reasonableness test it still has to pass.
Read entry 004Stated income doesn't mean unverified. It means the lender tests whether the number you give is reasonable for your business.
Associate contracts, student debt and a short income history. How professional programs can read a new dentist's file, and what they usually ask for.
Incorporating can reset the clock on paper even when the business itself is years old. What a short history means, and what can carry a file through it.
Retained earnings sit in the corporation, not on your T1. This entry covers where they show up, which documents carry them, and why the answer depends on the lender.
Bring your last two years of documents. We'll read them the way a lender would.
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