Tuesday, October 15, 2013

Stated income just as good as T4

The banks may start taking a closer look at your finances if you are self-employed. Stated-income customers, or the self-employed who don’t come to their bank officer or mortgage broker with a government tax form with their income on it seem to be in cross-hairs. What has changed is the examination of that stated income. The banks want to see the cash flow going in and out of accounts, a net worth where you can track the history.

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