Self-employed mortgages
Any mortgage brokers here or anyone else know what line on the tax returns/Notice of Assessments lenders use to calculate income? Mine has told me both Line 101 (in the case of multiple employers) for some and Line 150 for others.
Also, if I incorporate part of my business (required for my trucking work), I was informed that Line 150 of its tax return is used. This would be a very small number after all the business deductions. Could I then pay myself dividends through it to my personal income, to get around this problem? Yes I will pay more tax, but it's better than shooting myself in the foot for financing my real estate.
Also, if I incorporate part of my business (required for my trucking work), I was informed that Line 150 of its tax return is used. This would be a very small number after all the business deductions. Could I then pay myself dividends through it to my personal income, to get around this problem? Yes I will pay more tax, but it's better than shooting myself in the foot for financing my real estate.
Accountant (Public Practice)