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Realtors, Help 51% of this Beautiful Province Before Tax Time!
One of the biggest problems I encounter far too often is with our high number of self-employed borrowers (BC has the highest number of self-employed people!). Help your self-employed borrowers ensure they know about these eligible deductions that can be added back to their income to help them qualify for a mortgage.   
Income tax time is coming...please spread the word to all your self-employed borrowers NOW! Also...Uncle Bob or Mom doesn't cut it as their "accountant"...please recommend they use a Professional. They can give the shoe box (my filling system!) to a Bookkeeper or other tax professional and then have it filed by an Accountant to save money on the cost of proper tax preparation.   
BFS (Business For Self) Income Confirmation:  
•·         The two (2) most recent years Notice of Assessments (NOA) will be required and we can use the average income (line 150) of the previous two year period.
•·         Alternatively, we can possibly use the most recent year's income if the borrower's income has increased year over year for the past 4 years. Normally we are allowed to use an average of the 2 most recent years and add 15% if the mortgage in insured through CMHC/Genworth. Some lenders have ... more

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