Can I get a mortgage if my taxable income is low?

Possibly. It depends on why your taxable income is low, how long you have been self-employed, the strength of your business, your credit, down payment or equity, and the lender program available.

Do lenders look at business bank statements?

Some lenders may consider business banking activity and cash flow as part of the overall review. Requirements vary by lender and program.

Can retained earnings help me qualify?

In some situations, retained earnings may be relevant. It depends on the lender, the company structure, the financial statements, and how accessible the funds are.

Can I refinance if I am self-employed?

Yes, potentially. Refinancing can be used for debt consolidation, accessing equity, buying out a partner, investing in your business, renovations, or restructuring your mortgage. Approval depends on income, equity, credit, and lender guidelines.

What documents should I prepare?

Usually, start with two years of Notice of Assessment, business registration or incorporation documents, recent business bank statements, financial statements where available, proof of existing debts, and documents supporting your down payment or property equity.

Speak with a mortgage broker who understands self-employed files

You do not need to have every answer before reaching out.Bring the real numbers, the actual documents, and a clear picture of what you are trying to accomplish. I will help you assess the available paths and determine the most appropriate next step.Serving Vaughan, Woodbridge, Toronto and the GTA.

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Self-Employed Mortgages in Vaughan, Woodbridge & the GTA

Your income may look different on paper. That does not mean you do not qualify.

Being self-employed offers you freedom and control over your business, but it can complicate mortgage qualification for self-employed individuals. Many business owners lower their taxable income through legitimate write-offs, retain earnings within the company, or earn through commissions, which often do not align with traditional bank applications. This is where the expertise of a mortgage broker in Vaughan becomes essential. Mortgage by Farshid assists self-employed clients in Vaughan, Woodbridge, Toronto, and across the GTA in understanding their real mortgage options, ensuring they don't mistakenly assume banks have the final say on self-employed mortgages.

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Who is this For?

This page may be relevant to you if you are self-employed, incorporated, or operating as a sole proprietor looking for self-employed mortgages. You might be compensated through commissions, dividends, retained earnings, or business income. If you're showing strong business deposits but lower taxable income, or if you're recently self-employed or returning to business after time away, this is for you. Whether you're looking to purchase, refinance, renew, access equity, or consolidate debt, it's important to find the right support from a mortgage broker in Vaughan. Many frustrated clients come to us because their bank only considers the number on their Notice of Assessment, but every file is different. The goal is not to push you into the wrong lender; instead, we aim to structure your application around your full financial picture, ensuring your mortgage qualifications as a self-employed individual are addressed.

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Mortgage Options for Self-Employed Borrowers

Depending on your situation, available options may include:

Traditionally, mortgage qualifications for self-employed individuals can vary. For established business owners with strong personal tax returns, a mortgage broker in Vaughan can help you explore lender options using your reported net income, two-year average income, or other verified income sources.

Stated-income and business-for-self programs are also available. Some lenders offer specific programs for self-employed borrowers whose income is legitimate but does not clearly reflect through standard tax documents, making self-employed mortgages a viable option.

Additionally, a bank-statement and cash-flow review can provide insight. Business bank statements, retained earnings, contracts, invoices, financial statements, and deposit patterns may help illustrate the narrative behind your income.

If high-interest debt or cash-flow pressure is impacting your finances, consider refinancing and debt consolidation. This may offer a more manageable financial structure. However, the right decision will depend on your overall mortgage, income, equity, and long-term plan.

Finally, when conventional financing is not available today, alternative and private solutions may provide the necessary time to enhance your financial file, stabilize income, repair credit, or prepare for a return to traditional financing options.

Self-Employed Mortgage Options in Vaughan, Woodbridge & the GTA

A self-employed mortgage application requires more than simply submitting a tax return. I look at the complete picture, including:

Your business structure
Length of self-employment
Business bank statements and deposit history
Financial statements
Notice of Assessments and tax filings
Retained earnings
Existing mortgage and debt obligations
Down payment or available home equity
Credit profile
Your actual objective: purchase, refinance, renewal, consolidation, or investment

The better the file is understood at the beginning, the less time is wasted applying to lenders that do not fit.

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Why Work With Farshid

Farshid Azarang, mortgage broker for self-employed borrowers in Vaughan, Toronto and the GTA

You should not have to explain your business from scratch to someone who only knows how to submit a standard salaried application. As a mortgage broker in Vaughan, my role is to help you understand your options, prepare a stronger application, and identify financing that aligns with your actual situation. I work with self-employed clients who need clarity around their mortgage qualifications, including:

How much they may qualify for
Whether their business income can be used for self-employed mortgages
What documents lenders will require
Whether they should apply now or improve their file first
Whether refinancing, alternative lending, or a short-term solution is appropriate

There are no shortcuts and no fake paperwork. A strong mortgage file is built on accurate documentation, proper lender selection, and a realistic exit strategy.

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Frequently asked questions

Self Employed Mortgages FAQ

Ready to move forward? Apply online now.
Prefer to discuss your options first? Call Farshid directly.

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