Mortgage Document Checklist for Canadian Brokers (2026)

Every mortgage file in Canada lives or dies on documentation. Incomplete or inconsistent paperwork is the top cause of mortgage approval delays, according to CMHC. (Source: CMHC, via Turkin Mortgage and Frank Mortgage broker guides, 2025) A clean, complete file submitted upfront saves days or weeks of back-and-forth with underwriters. A file with gaps costs everyone time and sometimes costs the client their rate hold.

This checklist is written for brokers, not borrowers. It covers what you need to collect across every major transaction type — purchase, refinance, renewal, and HELOC — and breaks out the specific variations for salaried employees, self-employed clients, and newcomers to Canada. Save it, share it with your clients at the start of every file, and use it as your intake baseline.

One important note before we start: lender requirements vary. What CMHC requires for an insured file, what an A lender requires for a conventional file, and what a B lender requires for an alternative file are not identical. This checklist covers the core documents that apply broadly. Your specific lender may require additional items; for complex files always verify directly with the lender's underwriting guidelines.

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Part 1: Universal Documents — Every File, Every Transaction Type

These documents are required regardless of whether the file is a purchase, refinance, renewal, or HELOC. Collect these on every file from every borrower.

Identity Verification

Two pieces of government-issued identification are standard. At least one must be photo ID. (Source: Frank Mortgage, Mortgage Documentation Requirements in Canada, 2025; Loans Canada, Mortgage Documents Checklist, 2024)

• Valid government-issued photo ID: passport, driver's licence, or provincial ID card — must be current and non-expired
• Second piece of ID: health card, SIN card, or a secondary government document

FINTRAC note: As of October 11, 2024, mortgage brokers are reporting entities under the PCMLTFA. Identity verification at the start of every new business relationship is a legal requirement, not a courtesy. Your identity verification process must be documented and consistently applied. Keep these records for a minimum of five years. (Source: FINTRAC, Mortgage Administrators, Brokers and Lenders guidance, 2024)

Social Insurance Number

Required for credit consent and tax document verification. The SIN is also needed to pull credit through Equifax or TransUnion. (Source: Loans Canada, Mortgage Documents Checklist, 2024)

Credit Consent

Clients must sign a consent authorizing the broker or lender to pull their credit report. This is typically embedded in the mortgage application itself. (Source: Frank Mortgage, 2025)

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Part 2: Income and Employment Documents by Borrower Type

Income verification is where most files get complicated. The documents required depend entirely on how your client earns their income. The sections below break out each borrower type separately.

2A. Salaried Employees (T4 Income)

This is the most straightforward income verification scenario. Collect all of the following: (Source: Frank Mortgage, Mortgage Documentation Requirements in Canada, 2025; Loans Canada, Mortgage Documents Checklist, 2024; OnLendHub, Mortgage Document Checklist, 2025)

• Most recent pay stubs (typically the last two, confirming current income and pay frequency)
• Letter of employment on company letterhead, confirming: job title, employment status (full-time, part-time, contract, probationary), length of employment, and base salary or hourly rate. The letter should be dated within 30 days of application.
• T4 slips for the most recent two years
• Notice of Assessment (NOA) from CRA for the most recent year, confirming income reported and that no taxes are owing

Common issue: Employment letters that are undated, on plain paper rather than letterhead, or that omit the client's employment status or start date are routinely rejected by underwriters. Request a specific format from your client's HR department upfront.

2B. Self-Employed Borrowers

Self-employed income verification is substantially more document-intensive and varies depending on whether the borrower is a sole proprietor, incorporated, or using a stated income approach. This is the borrower category most likely to cause delays when documents are missing or incomplete. (Source: nesto.ca, Self-Employed Mortgage Options, 2025; Ratehub, Self-Employed Mortgage, 2025; WOWA, Self-Employed Mortgage, 2025)

For sole proprietors with verifiable income (A lender, insured or conventional):

• T1 General tax returns for the most recent two to three years (complete returns including all schedules — not just summary pages)
• NOAs from CRA for the most recent two to three years, confirming income and that all taxes are filed and paid. Any outstanding tax balance is a significant red flag — lenders may decline or require proof of a payment arrangement.
• T2125 Statement of Business or Professional Activities (shows gross revenue and business expenses)
• Business bank statements for three to six months (personal and business accounts)
• Business licence or GST/HST registration confirming the business is legitimate and active

For incorporated borrowers: Everything above, plus:

• Articles of Incorporation
• Corporate financial statements for the most recent two years, prepared by an accountant (profit and loss, balance sheet)
• T2 corporate tax return
• Proof of ownership percentage in the corporation
• Confirmation of salary and/or dividend income drawn from the corporation

For stated income or alternative income borrowers (B lenders or private):

• Business bank statements — both personal and business, typically six to twelve months
• Invoices and accounts receivable records as supporting evidence of ongoing income
• Client contracts demonstrating future income stability where available
• GST/HST registration and business licence
• Letter from accountant confirming length of self-employment and nature of business

Key points brokers need to know about self-employed files: First, lenders use the net income from the NOA, not gross revenue. For clients who aggressively write off business expenses, this can significantly reduce qualifying income compared to what they believe they earn. Prepare clients for this conversation early. (Source: Ratehub, Self-Employed Mortgage, 2025) Second, CMHC allows sole proprietors and partnerships to gross up their self-employment income by 15% to compensate for deductions such as capital cost allowances or expenses. This add-back can meaningfully improve qualifying income for CMHC-insured files. (Source: WOWA, Self-Employed Mortgage; gvrealtors.ca) Third, most lenders require a minimum two-year history of self-employment. If your client recently transitioned from employment to self-employment, document it early and set realistic expectations about lender options. (Source: Rates.ca, Self-Employed Mortgage, 2025)

2C. Commission or Variable Income Earners

Commission income and variable income are treated differently from straight salary because the income is less predictable. Most lenders average the most recent two years of income to calculate qualifying amounts.

• T4 or T4A slips for the most recent two years
• NOAs for the most recent two years
• Most recent pay stubs
• Employer letter confirming base salary (if applicable) plus commission structure and length of employment
• Full T1 Generals for two years if commission represents a significant portion of total income

2D. Rental Income

When a client has existing rental properties or when the subject property will be partially rental, additional income documentation is required.

• Current signed lease agreements for all rental properties
• Evidence of rental income deposits (bank statements showing consistent rental deposits)
• If there are no existing leases: lender will typically use a percentage of market rent based on an appraisal
• T776 Statement of Real Estate Rentals from the client's tax return
• For the subject property, if it is a multi-unit purchase: rental income letters from current tenants or an appraisal confirming market rents

2E. Newcomers to Canada

Newcomers often have limited or no Canadian credit history and income documentation that doesn't fit standard templates. Requirements vary by lender and by how recently the client arrived.

• Valid government-issued photo ID (passport is standard)
• Proof of Canadian residency status: PR card, work permit, or confirmation of permanent residence
• Foreign credit bureau report if available (some lenders accept international credit history)
• Employment confirmation in Canada: offer letter, employment contract, or proof of employment income if already working
• Foreign income documentation if recently arrived: prior NOAs or tax returns from home country, translated if necessary
• Down payment documentation showing funds are in a Canadian account and clearly sourced
• Larger down payments are commonly required for newcomers with limited Canadian credit history

CMHC maintains newcomer-specific homebuying guidance and tools. (Source: Mortgages.ca, Toronto Brokers: A Newcomer's Checklist, 2025)

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Part 3: Down Payment and Asset Documentation

Lenders need to verify both that the client has the required down payment funds and where those funds came from. Source of funds documentation is not optional — it directly affects underwriting and is now also a FINTRAC compliance matter.

• Bank statements for the most recent 90 days showing the down payment funds on deposit. Full PDF statements from the financial institution are required — screenshots are not accepted. (Source: OnLendHub, Mortgage Document Checklist, 2025)
• Investment account statements: RRSP, TFSA, RESP, GIC, or non-registered investment accounts, confirming available funds
• Large unexplained deposits within the 90-day window will be flagged by underwriters and require a letter of explanation plus documentation tracing the source of those funds. Prepare your clients for this before they submit statements.

If the down payment includes gifted funds:

• Signed gift letter from the donor confirming: their relationship to the client, the amount, and that the funds are a non-repayable gift and not a loan
• Donor's bank statements confirming the funds existed in their account and showing the transfer to your client

A gifted down payment from anyone other than an immediate family member is typically not accepted under standard insured mortgage guidelines. Verify with the specific lender.

If the down payment comes from an RRSP under the Home Buyers' Plan:

• RRSP account statements confirming available balance
• HBP documentation confirming eligibility and the planned withdrawal amount
• The HBP allows first-time buyers to withdraw up to $60,000 from their RRSP tax-free, increased from $35,000 in Budget 2024, effective April 16, 2024. Couples where both partners have an RRSP can each withdraw up to $60,000, for a combined total of $120,000. Repayment over 15 years is required. (Source: Canada.ca, CRA Home Buyers' Plan; Advisor.ca, April 2024)

If the down payment comes from the sale of another property:

• Accepted purchase agreement from the sale of the existing property
• Most recent mortgage statement on the departing property confirming the outstanding balance

Closing costs: Lenders typically want to see funds equal to at least 1.5% of the mortgage balance available in addition to the down payment to cover closing costs. Confirm this with clients upfront to avoid surprises. (Source: Frank Mortgage, Mortgage Documentation Requirements in Canada, 2025)

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Part 4: Property Documents

4A. Purchase — Resale Properties

• Signed and accepted Agreement of Purchase and Sale (APS), including all schedules, conditions, and the firm sale price
• MLS listing details or property listing confirming the property specifications
• Home inspection report (required by some lenders, strongly recommended regardless)
• Property tax bill or assessment confirming annual taxes

On appraisal: Lenders typically order their own appraisal to confirm market value rather than using one provided by the buyer or seller. You generally do not need to provide an appraisal upfront unless the lender specifically requests one. (Source: Frank Mortgage, 2025)

4B. Purchase — New Construction

New construction files carry additional document requirements that resale files do not.

• Builder's purchase agreement and full APS including all addenda and schedules
• Builder's floor plan and specification sheet
• New home warranty documentation (Tarion in Ontario, BC Housing warranty in BC, or equivalent provincial program)
• Evidence of HST/GST treatment — whether the sale price includes HST or whether HST is payable in addition
• For properties with a well or septic system: water potability test results and septic inspection certification
• Occupancy permit or confirmation of closing date from the builder

4C. Condominium Properties

• Condominium status certificate (ordered through the condo corporation), confirming the corporation's financial health, any outstanding special assessments, reserve fund status, and condo fees
• Condo corporation's most recent budget
• Property disclosure statement
• Current condo fee confirmation — lenders include 50% of condo fees in the GDS calculation (Source: Clover Mortgage, CMHC Insurance Rules, 2024)

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Part 5: Transaction-Specific Checklists

5A. Refinance

A refinance replaces the existing mortgage with a new one — either to access equity, consolidate debt, extend amortization, or restructure terms. Documents required in addition to the universal and income documents above:

• Most recent mortgage statement from the current lender, confirming outstanding balance, remaining term, and current payment
• Property tax statement confirming current assessed value and taxes
• Proof of property insurance (current homeowner's policy with the lender named)
• Statement of any other debts secured against the property (home equity line, second mortgage, etc.)
• In most cases, a new appraisal will be ordered by the lender to confirm current market value before the new LTV ratio is calculated

As of January 15, 2025: Homeowners can refinance insured mortgages to access equity for the construction of secondary suites (basement apartments, in-law suites, laneway homes). Key details: borrowers can access up to 90% of the improved property value including the value added by the suite, the mortgage insurance home price limit increases to $2 million specifically for these refinances, and the maximum amortization is 30 years. The new unit must be a fully self-contained legal unit meeting municipal zoning requirements and cannot be used as a short-term rental. Additional documentation related to the secondary suite construction project will be required. (Source: Canada.ca, Department of Finance, October 2024; Canada Gazette, March 2025)

5B. Renewal — Staying with the Same Lender

When a client renews with their existing lender and their financial situation has not materially changed, the documentation requirement is typically minimal. The lender already has the file.

• Signed mortgage renewal agreement or renewal statement from the lender
• Confirmation of current income if the lender requests updated verification (not always required for straightforward renewals with good payment history)

Broker note: As of November 21, 2024, uninsured borrowers switching lenders at renewal are no longer subject to the mortgage stress test, as long as the mortgage amount and amortization remain the same and the switch is between federally regulated financial institutions. Insured borrowers already had this exemption before November 2024. All borrowers making a straight switch at renewal can now shop for a better rate without the stress test as a barrier. (Source: OSFI, Canadian Mortgage Trends, Ratehub, November 2024)

5C. Renewal — Switching Lenders

When a client wants to take their renewal to a different lender, the new lender will typically require a fuller set of documents to underwrite the file independently.

• Mortgage renewal statement from the current lender
• Proof of current income: recent pay stubs, employment letter, T4s, and NOAs as applicable to the borrower type
• Current mortgage statement confirming outstanding balance and remaining amortization
• Property tax statement
• Proof of property insurance
• No new appraisal is typically required for a straight switch with no change to the mortgage amount or amortization, though individual lender policies vary

The documents required at renewal depend on whether the client stays with their current lender or switches, but commonly include: the mortgage renewal statement from the current lender, proof of income such as recent pay stubs, an employment letter, or tax documents, especially if switching lenders. (Source: Ratehub, Best Mortgage Renewal Rates in Canada)

5D. Home Equity Line of Credit (HELOC)

A HELOC allows homeowners to borrow against the equity in their home. In Canada, borrowers can typically access up to 65% of the home's value through a HELOC, or up to 80% when combined with an outstanding mortgage balance. (Source: Ratehub, Home Equity Line of Credit, 2025; Canada.ca, FCAC, Home Equity Lines of Credit)

Documents required:

• Proof of homeownership: current mortgage statement, title information
• Property tax statements confirming current assessed value
• Proof of current income: pay stubs, employment letter, and NOAs, as applicable to borrower type
• Proof of property insurance
• Current appraisal or lender-ordered property valuation to establish current market value and available equity
• Statements on any existing liens or secured debts against the property
• Stress test documentation: HELOC applicants at federally regulated banks must pass the mortgage stress test (Source: Canada.ca, FCAC)

HELOC calculation for client conversations: Multiply the home's appraised value by 80%. Subtract the outstanding mortgage balance. The result is the maximum HELOC the client could potentially access, as long as it does not exceed 65% of the home's appraised value. (Source: Ratehub, Home Equity Line of Credit, 2025)

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Part 6: CMHC Insured vs. Conventional — Key Documentation Differences

The down payment amount determines whether a file is insured or conventional, and this affects both the documentation and the underwriting criteria.

Insured mortgages (less than 20% down payment):

• As of December 15, 2024, the maximum purchase price for an insured mortgage was raised from $1,000,000 to $1,500,000. (Source: WOWA, CMHC Mortgage Rules 2026)
• Minimum down payment: 5% on the first $500,000, and 10% on the portion above $500,000 up to $1,500,000
• Mortgage default insurance from CMHC, Sagen, or Canada Guaranty is mandatory
• Stress test applies at the higher of the contract rate plus 2%, or 5.25%
• GDS limit: 39%. TDS limit: 44%. (Source: WOWA, CMHC Mortgage Rules 2026)
• Gifted down payments are acceptable from immediate family members with proper documentation

Conventional mortgages (20% or more down payment):

• No default insurance required
• Maximum LTV ratio: 80%
• Lender-specific GDS and TDS limits apply (often more flexible than insured guidelines)
• Down payment source documentation still required

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Part 7: Common Reasons Files Get Delayed — A Broker's Reference

Based on underwriting patterns documented by Canadian mortgage professionals, these are the document issues that most frequently cause delays or conditions on approval: (Source: Frank Mortgage, 2025; OnLendHub, 2025; Loans Canada, 2024)

Employment letters that are outdated or incomplete. The letter must be recent (within 30 days), on company letterhead, and confirm job title, employment status, start date, and salary or hourly rate. Letters missing any of these details go back to the employer.

Bank statements with large unexplained deposits. Any deposit that is not clearly identifiable as a pay deposit, transfer, or known source will require a letter of explanation and documentation of the source.

Down payment funds that have not yet cleared or settled. Lenders need to see funds in the client's account — not in transit.

Self-employed NOAs showing tax arrears. Outstanding tax balances are a red flag that can stop a file entirely. Confirm with self-employed clients that their taxes are fully filed and paid before submitting the application.

Gift letters that don't include donor bank statements. The gift letter alone is not enough. Lenders need to verify that the gifted funds existed in the donor's account and were transferred to the borrower.

Condo status certificates that are not current. Status certificates are ordered through the condo corporation and can take several days to produce. Order them early in the process.

T4s and NOAs that don't match. If the income reported on a T4 doesn't align with the NOA for the same year, underwriters will ask for an explanation. Flag this with clients before submitting.

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Quick Reference — Document Checklist by Transaction Type

Self-employed borrowers: add T1 Generals (2–3 years), business financial statements, articles of incorporation where applicable, business bank statements, and business licence to any transaction type above.

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A Note on Document Collection

The checklist above tells you what to collect. The harder problem is actually getting it from clients quickly and completely.

The average broker request for documents turns into a multi-week back-and-forth — clients submit one document at a time, miss items, send the wrong year's NOA, or don't respond at all until you follow up three times. With the renewal wave producing a projected 57% increase in renewal volume in 2025 and 109% in 2026 compared to 2024 (Source: WOWA.ca), the document collection process at scale becomes the constraint on how many files a broker can run simultaneously.

CollectDoc is built specifically for this. Send your client a link. They upload everything in one place with no login required. Automatic reminders go out when documents are missing. You get notified when the file is complete. Nothing integrates with your existing tools — it works alongside whatever you already use.

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Sources: CMHC (cmhc-schl.gc.ca), Canada.ca / FCAC, Department of Finance Canada, Bank of Canada, FINTRAC (fintrac-canafe.gc.ca), WOWA.ca, Ratehub.ca, nesto.ca, Frank Mortgage, Loans Canada, OnLendHub, Mortgages.ca, Rates.ca, Clover Mortgage

This checklist is updated for 2026 and reflects the mortgage rule changes that came into effect December 15, 2024 (CMHC insured mortgage cap raised to $1.5M), November 21, 2024 (stress test exemption for lender switches at renewal), and January 15, 2025 (secondary suite refinancing). Always verify current lender-specific requirements before submitting a file.