3.5k
Daycare and childcare providers in Winnipeg, Toronto, Vancouver, Ontario etc. in CanadaGarderies à Montréal ou au QuébecFind daycare or childcare providers in the USA
Forum control
+ Reply to Thread
Results 1 to 6 of 6

Thread: Proof of income

  1. #1
    Starting to feel at home...
    Join Date
    Dec 2012
    Location
    Calgary
    Posts
    51
    Thanked
    6 Times in 5 Posts

    Proof of income

    just wondering how it all works once you have a home daycare in terms of showing proof of income to the bank if applying for a loan or mortgage. this is the first year that I have been opened and just curious what the laws are for this if in Ontario?? thanks

  2. #2
    Trace of Angels
    Guest
    I had to show my notice of assessments for the previous two years from filing my income taxes. They didn't care what I was making this year only what I made last year and the year before. And they based it off of my net income (What I made minus all of my expenses) so it didn't help us much to get a new mortgage. It's a good thing my husband had a regular job :-)

  3. #3
    Euphoric ! Sandbox Sally's Avatar
    Join Date
    May 2011
    Location
    Toronto
    Posts
    1,189
    Thanked
    292 Times in 225 Posts
    Yes, you need at least two years worth of NOA.

  4. #4
    Euphoric !
    Join Date
    Feb 2011
    Location
    Ottawa, Ontario
    Posts
    4,499
    Thanked
    1,469 Times in 1,125 Posts
    Some banks will not consider your self-employed earnings although more and more these days they do. Just be sure when you do negotiate the mortgage that you use a figure that is less than being full as in you don't want to have to be full to pay the bills. Better to base it on being half full and then anything extra is a bonus but also easier to carry expenses should you be down for awhile.

  5. #5
    Euphoric !
    Join Date
    Mar 2011
    Location
    Ottawa
    Posts
    2,419
    Thanked
    599 Times in 439 Posts
    Our bank did consider my income and I had to get signed statements from each of my daycare families stating how much they were paying me. But they wanted Notice of Assessments as well.

  6. #6
    Euphoric !
    Join Date
    Feb 2011
    Location
    Ontario
    Posts
    3,629
    Thanked
    949 Times in 781 Posts
    My bank issued me a credit card since I've been self employed and now they want me to take out a line of credit, silly fools! I keep telling them I'm self-employed but all they need are my tax returns for the past 3 years.
    Frederick Douglass
    It is easier to build strong children than to repair broken men.

Similar Threads

  1. Income tax
    By Goldilocks in forum Managing a daycare
    Replies: 12
    Last Post: 01-11-2020, 03:23 PM
  2. Termination Letter - Anyone wanna proof read?
    By Toregone in forum Caring for children
    Replies: 11
    Last Post: 08-04-2012, 12:06 AM
  3. How much income will I have?
    By Biomom in forum Opening a daycare
    Replies: 12
    Last Post: 06-11-2012, 02:15 PM
  4. Proof of insurance
    By CountryHill in forum Managing a daycare
    Replies: 15
    Last Post: 02-09-2012, 02:00 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts

A few tips...

Always ensure that your child receives quality care by taking the time to investigate the provider and by asking for references! We simply cannot verify the claims of every daycare provider.
Did you know?
DaycareBear is also available in Quebec (in French) and in the U.S!
Simply click on the corresponding flag in the upper-left corner.
Partner in your
search for a daycare provider