Ontario
Healthcare professionals, trades and student-rental investors.
The short answer
In London, Ontario, a stated income mortgage lets self-employed borrowers qualify on documented business income rather than net income after deductions. Professional corporations, trades and rental investors are common profiles.
Dentists, physiotherapists and similar practitioners often retain income in the corporation. Corporate statements let that income count.
Where the purchase is a rental near the universities, lenders weigh vacancy risk and lease documentation carefully.
Mid-market prices mean documented business income often supports a detached purchase without an oversized down payment.
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 London 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 $622,608 in mortgage capacity on stated income, versus about $283,836 on the net figure alone.
Commission-only realtor, 4 years licensed
A London 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 $654,654 in mortgage capacity on stated income, versus about $325,038 on the net figure alone.
Sole-proprietor IT consultant on long-term contracts
A London 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 $624,897 in mortgage capacity on stated income, versus about $265,524 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.
With many lenders, yes — supported by T2 filings and corporate financial statements.
Yes. Rents are documented by lease and often applied at a percentage, while business income comes from deposits and financials.
Send your details and we'll review your business income the way a self-employed lender does — no credit pull to start the conversation.