Resources

Sample Notice of Assessment (NOA)

Your Notice of Assessment is a form provided by CRA (Revenue Canada) to you AFTER you file your taxes. You can expect to receive it any time around 1-2 months following the filing of your income taxes. The most important page is the page that breaks down your income declared, income taxes deducted, and the net balance owing (or payable) by you to the government (The page I have put the black bars on to cover the income amounts). This is a very important document that you should store and keep safe for up to 7 years.

Sample T4

Your T4 is the form that your employer gives you at the end of each tax year. Federal law stipulates that employers are supposed to have these sent to their employees by the end of March of every year at the absolute latest. The link above will take you to a sample T4. Please note that it is much stronger for your application if the T4 is typed instead of hand written.

Sample Job Letter

Your job letter is a document provided by your employer that has the following information on it: job title, start date, wage or salary, and full or part-time status. It should be typed on company letterhead, signed by Human Resources (or manager) and provide a telephone number for the lender to call to verify the facts and figures of the job letter (and they WILL call the employer).

Sample Pay Stub

If you are a salaried employee (and if your employer uses a payroll software program OR any legitimate payroll company) they will provide you with a paystub. It is called a 'stub' as it is often the tear-away portion that employees used to receive attached to their cheque. Some employers use online systems (a print out of this is fine) and others use hand typed, hand written, or tear-away versions. Any version is acceptable, but check with your broker if yours is different for some reason or unavailable.

Sample Investment Statement and Bank Statements (3 Pages)

The link above shows you a couple of pages: one is an investment statement showing the funds in a person's name, and the second is a two-page print-out showing the gradual accumulation of funds into a person's name. Note: these funds have to be prepared and set up BEFORE you get approved for a mortgage, not right before the deal closes!

NOTE: Make sure your name is somewhere on the print-out so that the bank can see the funds are yours and not someone else's

Home Buyer's Plan (HBP) Withdrawal Form (T1036)

If you are going to be using RRSP funds for your down payment under the government's Homebuyer Plan Withdrawal (tax free withdrawal of RRSP money for purchasing a home) you will need to complete the T1036 Home Buyer's Plan Withdrawal Form. You can take one of these forms, fill it out, sign it, and provide it to the institution that holds your RRSP money. If you have multiple companies holding your RRSP funds, you will need one of these forms for each separate company (E.G. one for RBC, one for CIBC, one for a brokerage company, etc...)

Home Buyer's Plan (HBP) Withdrawal Package (includes T1036)

The process and rules that apply to a First Time Home Buyer's Plan Withdrawal are complex and many. If you are unfamiliar with the program, the acrobat link above will give you the complete 16 page booklet (including the form T1036 to initiate the withdrawal) that explains the withdrawal rules, restrictions, and repayment program.