A few common tax documents that are required throughout your mortgage financing process are T4s, Notice of Assessments (NOAs), and T1 Generals (tax returns). If you’re wondering about the difference between these documents and want to see an example of each, take a look at our blog post.
You should receive a copy of your T4 from each of your employer(s) by the end of February in each calendar year, but no need to worry if you’re missing your copy. Your employer should have also sent your T4 to the Canada Revenue Agency (CRA), and you can easily access it through your online CRA account. Take a look at the video walkthrough below on how to find your T4 information through the CRA website.
If you are looking for your T4 as part of your mortgage financing process, unfortunately the simple T4’s that come up on the CRA account are not quite what the lender will accept. Those T4’s do not include your name (which is essential to confirm that you are the owner of the T4). There is a document called ‘proof of income’ statement that most lenders will accept. Here are the steps to find that document on the My CRA website.
- Navigate to CRA login services through your web browser.
- Login to your individual CRA account.
- Scroll down until you see ‘Related Services’ along the right side.
- Click ‘proof of income statement (option ‘C’ print)’
- Select the applicable tax year requested by your lender (usually they want to see the most recent two years T4s). Hit ‘next.’
- Along the top, click the button that says ‘Print/Save PDF.’
- There should be a button to download the PDF in the top right hand corner. Once you’ve downloaded the proof of income statement, go back and select any additional year(s) requested by your lender.
Still having trouble? If you’re a current Innovative client or if you’re interested in mortgage financing, we have a team of dedicated specialists to help you find and submit the right documentation. Contact us today.