Short answer: Bring two years of T1 Generals and NOAs, your business documents, down payment statements, debt details and your purchase goal. A broker reviews your structure and income sources, calculates qualifying income the way lenders will, checks debts, down payment and credit, picks the right lender lane, and sets a realistic budget. Do it before you shop so gaps are fixed early.
What’s Different
More document review and income analysis: business structure, salary vs dividends or net income, debts, down payment and lender matching. The goal is a realistic range, not an online calculator guess.
What to Prepare
- Personal tax documents: T1 General and NOA
- Business documents: registration or corporate filings
- Down payment statements
- Monthly debt details
- Your purchase goal and timeline
→ Related: Self Employed Documents Checklist
What Happens
- Review of business structure and income sources
- Review of tax documents and qualifying income
- Review of debts, down payment and credit
- Lender lane selection
- Budget and next steps
Why It Matters Before an Offer
It sets a realistic budget, finds document gaps early, keeps you from chasing homes outside your range and reduces financing surprises after your offer is accepted. A pre-approval isn’t a final approval: the property and verified documents still have to check out.
Self employed mortgages · Book a call
Frequently asked questions
Is self employed pre-approval different from employee pre-approval?
Yes. It involves more document review, deeper income analysis and careful lender matching, so it takes longer but gives a more accurate number.
Can online calculators estimate self employed borrowing power?
Not reliably. They don't account for how lenders average income, treat write offs or view your business structure.
Can I get pre-approved before my taxes are filed?
Sometimes, but filed returns with Notices of Assessment make the pre-approval much stronger. Lenders prefer CRA assessed income.
This article is general information, not personal financial advice. Rates, rules and programs change. Talk to a licensed mortgage broker about your situation. Lacroix Mortgage Group is licensed through Mortgage Connection Inc.