but my bonus, which is usually not shown in the job letter, won't be counted right?
- Last Updated:
- Jan 17th, 2021 7:20 pm
Tags:
- SCORE+34
- MikeMOON2
- Member
- Nov 1, 2020
- 226 posts
- 111 upvotes
- MikeMOON2
- Member
- Nov 1, 2020
- 226 posts
- 111 upvotes
thanks for the detailed explanation. makes a lot sense.skeet50 wrote: ↑ As you have a closing at the end of this year, you will have filed income taxes for 2019 and 2020.
If you want to include your bonus in your salary calculations, the general procedure is that as a bonus isn't guaranteed, the lender will request your Notice of Assessment for the previous 2 years and take the average of these years as your salary. In your case, you had total income of $110k in 2019 and $70k in 2020 with was result in an average annual salary of $90k.
Your expected salary for 2021 will also be $90k.
So, for qualification purposes, if you can produce an employment verification letter stating that you earn a base annual salary of $100k plus potential for bonus pay, it would be better to use this as then your mortgage qualification can be based on an $100k base salary.
Now the other question is whether or not your mortgage broker will do this.
- jk9088
- Deal Addict
- May 23, 2017
- 1002 posts
- 754 upvotes
- AddictRC
- Jr. Member
- Sep 29, 2013
- 176 posts
- 97 upvotes
My banks count it cause they show up on my T4. In fact benefits, bonus, rrsp, and any stock options exercised show up on ones T4. But in moon's case, he can only use the employment letter which is less than his T4 were he to work a full year.
- AjayA2050
- Newbie
- Feb 25, 2020
- 40 posts
- 22 upvotes
Prices for New release of Claridge Watter's Pointe.
Ignoring the first two small models... starting price prices seem to have hit ~700 K for new build town homes.
Ignoring the first two small models... starting price prices seem to have hit ~700 K for new build town homes.
- jk9088
- Deal Addict
- May 23, 2017
- 1002 posts
- 754 upvotes
Yes, in usual years it would be fine as you can use the T4, but yeah not if you have been away on leave.
These prices are truly incredible... O_o
- MikeMOON2
- Member
- Nov 1, 2020
- 226 posts
- 111 upvotes
man, i would rather go with small singles for 750k...have no shared wall is something fundemental. Claridge seems has become one of the most pricey builders. Urbandale, Richcraft seem pretty economical relatively...
- welcomelm
- Member
- May 6, 2012
- 360 posts
- 212 upvotes
- KANATA
I found there are lots of rentals over Kanata south. The competition is crazy.
- aaasay
- Newbie
- Oct 22, 2020
- 15 posts
- 7 upvotes
Maybe it's only me, but I tend to think their price is very reasonable, and winners will be those buyers. Let's see by the end the year.
- ZhaoW9051
- Newbie
- Apr 9, 2020
- 47 posts
- 40 upvotes
- z613
- Member
- May 23, 2007
- 464 posts
- 176 upvotes
- Wild Wild West / Ott…
I'm all for making money, but this is just sad. Even more sad, Claridge is charging a hefty premium and providing very low quality builds.
I guess pretty soon we will be on par with Toronto prices and Ottawa may not be a bargain for Torontonians to move to. That may be a good thing.
I guess pretty soon we will be on par with Toronto prices and Ottawa may not be a bargain for Torontonians to move to. That may be a good thing.
- ZhaoW9051
- Newbie
- Apr 9, 2020
- 47 posts
- 40 upvotes
I heard from several real estators that claridge improves their build quality in just these 2 or 3 years. Is it your impression based on the past or recent? I am curious why claridge seemingly sells more expensive townhouse than rich craft , unbandale, etc.
Thread Information
There are currently 7 users viewing this thread. (6 members and 1 guest)
Zero Hope, nycetryguy, jk9088, William W, cyberfreak123, canabiz