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Self-employed borrowers can now enjoy a new approach to income determination and verification through a simple 15% gross up of the total income (line 150) on their Canada Revenue Agency (CRA), Notice of Assessment (NOA). Grossing up self-employed income by an amount representative of self-employed borrower’s eligible deductions puts self-employed borrowers into a fast and streamlined application process similar to what salaried employees already enjoy. Self-employed borrowers who have eligible deductions in excess of the 15% of their income, will have the option to provide financial statements and to add back specific eligible add backs, in lieu of the 15% gross up, to their income.

Self-Employed Bonus Mortgage Example:
Mr. Smith's Notice of Assessments shows that he declares $50,000 net income per year.  With this new program we can now bonus his income by 15% ($50,000*.15%= $7,500). For qualifying purposes we can now use an income of $57,500.

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The number of mortgage financing products available to Canadians has expanded rapidly over the past few years. Call to find out which financing option is best suited to your circumstances.

MyMortgage.ca - Calgary Mortgage Broker
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