British Columbia
Trades, trucking and family-business income across a fast-growing city.
The short answer
In Surrey, a stated income mortgage lets self-employed borrowers qualify on business bank deposits and financial statements instead of net taxable income. It is heavily used by trades, owner-operators, trucking businesses and family-run companies buying detached homes and townhomes across the city.
Settlement statements, fuel and lease costs and seasonal volume swings are routine here. A twelve-month view smooths out slower months rather than penalising them.
Files often combine two self-employed incomes, or a business income plus a co-applicant on payroll. Blending documented business revenue with T4 income is a normal structure.
Many Surrey properties include a legal suite. Lenders will offset a portion of documented rental income against the payment, which stretches the same business income further.
Documented revenue is totalled, a reasonable industry expense factor is deducted, and the resulting qualifying income is tested against debt-service limits at the stress test rate. See the full step-by-step breakdown for the numbers.
Illustrative case studies
Incorporated renovation contractor, 6 years in business
A Surrey buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $645,456 in mortgage capacity on stated income, versus about $294,252 on the net figure alone.
Commission-only realtor, 4 years licensed
A Surrey buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $678,678 in mortgage capacity on stated income, versus about $336,966 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A Surrey buyer with strong credit, a 20% down payment and two years of filed returns showing heavy but legitimate write-offs.
How the income is calculated
Roughly $647,829 in mortgage capacity on stated income, versus about $275,268 on the net figure alone.
For demonstration purposes only. These case studies are hypothetical examples created to show how stated income calculations work. They are not real clients, not guarantees, and not an offer of credit. Actual qualifying income, rates and approvals depend on the lender, your documentation, credit profile, down payment and the property.
Usually yes. Lenders apply a percentage of the documented rent as an offset or addition to income; the exact treatment varies by lender.
Most lenders look for two years, though a shorter track record can work when you previously worked in the same trade or industry.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.