Self-employed
Mortgages for self-employed borrowers in Ontario
Ontario business owners and contractors often earn well but show less on paper after write-offs. Lenders read that lower paper income differently, and we know what each lender will ask for.
Self-employed borrowers usually qualify with two years of personal tax returns (T1 Generals) and Notices of Assessment, plus business documents. Banks, credit unions and monoline lenders generally use the income you report to the CRA; some lenders and insurers have programs that look at the business more broadly. A broker can show the options side by side.
How your business is set up, and how long it has run
Lenders read self-employed income differently for a sole proprietor, an incorporated owner and someone new to self-employment.
You're a sole proprietor or contractor
Lenders start from your T1 General, the Statement of Business Activities and your Notices of Assessment. We tell you which of these documents each lender wants before you apply.
You own an incorporated business
Lenders may also read your company's financial statements and look at the salary or dividends you take. Your accountant decides that mix of salary and dividends; we show how each lender reads it.
You're newly self-employed
With less than two years in business, some lenders consider your previous experience in the same line of work. We tell you honestly what to expect before a lender sees your application.
The kinds of lender we try, in order
We start with the first kind of lender for every client, and move down the ladder only when the kind above can't help yet.
Banks, credit unions, trust companies and monoline lenders
A bank, credit union, trust company or monoline lender usually costs you least. We start here for every client, and compare more than one lender's offer.
How we compare lenders →Alternative ("B") lenders
We look at alternative lenders when your income, credit or property doesn't fit a bank's rules today. Alternative lenders charge higher rates and fees, often for a shorter term, so we plan your move back to a bank.
When an alternative lender fits →Private money, as a short bridge
We look at a private bridge only when no bank or alternative lender can help yet and there's a clear exit. We refer private requests to Stonefield Capital, our private-lending brand.
When private makes sense →
How a self-employed application goes from the first conversation to closing
A conversation first
We ask how you are paid, how long you have been in business and what you have reported to the CRA.
The right documents
We tell you exactly which documents the lender will want so your application is complete the first time.
Lender matching
We send the application to the lenders whose rules fit your income.
Approval and closing
As with any mortgage, the lender approves the property and your application, and your lawyer closes the mortgage.
What documents and details do I need to have ready?
You need no documents for the first call. Once we know which documents your lender needs, you share them through a secure application and never by e-mail.
- Two years of T1 Generals and Notices of Assessment
- Business registration or articles of incorporation
- Financial statements (incorporated businesses)
- Proof that personal taxes are paid up to date
Questions about self-employed mortgages
Do I need two years of tax returns?
Most lenders ask for two years. With less than two years of returns, some lenders will consider your history in the same line of work. Every lender has its own rules, and approval is always subject to lender approval.
My write-offs lower my income. What can I do?
Lenders mostly use the income you report. Some programs consider gross business income more broadly, sometimes at a different cost. We explain the trade-off for your situation; for tax planning, talk to your accountant.
Do I need to have my taxes paid?
Yes. Lenders usually want proof that there is no outstanding balance owing to the CRA, or that any balance will be paid from the mortgage.
Rules described on this page were checked on 2026-10-23. Every mortgage is subject to lender approval. This page is general information, not financial advice.
No cost to talk
Ask a mortgage broker to call you back
Tell us what you're planning for a home in Ontario and a good number to reach you. We call back within one business day, usually sooner. We ask for documents only once we know which ones your mortgage needs.
You can also call us at (416) 371-2077.