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Summer 2024 - NORAH'S QUESTION

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Posted on June 26, 2024 in Corporate Tax GST Personal Tax Sharon's Corner Since You Asked Small Business Tax Planning
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“I am in need of a mortgage (or refinancing my existing mortgage) and the bank/ mortgage broker needs some documents but I don’t know what they are or where to find them?”

The most common documents needed for a mortgage are:

  • T1 Jacket - The most recent 2-3 years is often requested and is the main part of your personal tax return which is 8 pages in length. Some tax programs do not provide this full document so you might have a T1 Summary instead. Your accountant should have a copy too if you have misplaced yours.
  • T4 Slips & Confirmation of Employment - Sometimes proof of employment is needed which would be a letter on company letterhead from your employer confirming how long you have worked for them and your annual gross salary. Your T4 slips might also be requested which if you didn't save them, should be online in your CRA MyAccount.
  • Notice Of Assessment (NOA) - This is CRAs acknowledgement of your personal taxes and should match the tax return you filed. 2-3 years is usually requested and can be found online in your CRA MyAccount.
  • Proof of Taxes Paid - When you have a balance owing on your T1, proof that you do not owe CRA any money at the time of (re)financing might be required. This statement of account can also be found on your CRA MyAccount.
  • Financial Statements & Corporate Tax Returns, if incorporated, for the 2 most recent years. (keep in mind that your most recent fiscal year should show both years)

As you can see, many of these items are found online in your CRA MyAccount. and accessible outside of business hours, unlike most Accountants. If you don’t have access, I highly recommend setting up your account as CRA is moving more digital by the day. To do this, you can register using a CRA user ID and password or login using your financial institution.

Have a question? Email or call us. And remember to check out our blogs, checklists and social media pages for more information on all things small business, tax, accounting and the Tri-Cities community.

***This blog is for information only and not to be used as tax advice or planning without first seeking professional advice. Information is subject to change without notice.

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