How does variable income — bonuses, commissions, overtime — affect my mortgage qualification?
Lenders typically use a 2-year average of variable income components (bonuses, commissions, overtime) from your T4s and NOAs. The key is demonstrating consistency — a one-time bonus doesn't help much, but 2 years of regular commissions usually qualifies at 80-100% of the average.
Primary sources
Primary sources cited by the Ratellow Research Team. Editorial standards · Correction policy
Related Questions
What are the exact credit score requirements by lender tier?
A-lenders (Big 5 banks, credit unions): 680+ Beacon score for prime rates, 720+ for best available rates.
What is the exact timeline after bankruptcy or consumer proposal?
Discharged bankruptcy: A-lenders typically require 2+ years post-discharge with 2 re-established credit accounts active for 12+ months.
Which credit rebuilding actions have the highest impact?
Ranked by impact: (1) Payment history — 35% of score, never miss any payment, set up auto-pay.
How long do negative items stay on a Canadian credit report?
Varies by province: Late payments: 6 years from date of last activity.