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Thread: Proof of income

  1. #1
    Starting to feel at home...
    Join Date
    Dec 2012
    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
    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
    292 Times in 225 Posts
    Yes, you need at least two years worth of NOA.

  4. #4
    Euphoric !
    Join Date
    Feb 2011
    Ottawa, Ontario
    1,468 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
    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
    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.

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