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This One Thing Causes More Problems With Financing Than It Should

Posted by Sherry Rioux on February 21, 2018

If you plan to buy a property and will require a mortgage, here is one thing that can trip you up:  not having your income tax filings up-to-date.

Mortgage lenders will generally not approve financing anymore without current confirmation that income taxes are paid and returns have been filed.

This is a particularly challenging issue for people who are self-employed as the lender will undoubtedly ask for a notice of assessment from the past year.

So the message here is, please DO YOUR TAXES if you want to qualify for a mortgage.

(And while we are talking about taxes, consider making an RRSP contribution if you can so maybe you can get a nice return with some extra money for a downpayment.  But that’s another story…)

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