Tax Question-Finance Question-Mortgage Question-All In One

[2BLUE]

Quick run down:

I went on WCB and they screwed me around and my tax T4 isn't going to look so hot. Alot lower. Apply for mortgage and small T4 doesn't seem very promising.

I am wondering if its possible to add more income to my taxes (aka sold something etc, to make my T4 higher? I know that sounds crazy to some people but I did sell my snowmobile for $15,000 and catching up on my taxes on ufile.

I'll pay a bit more taxes but no big deal if it helps me get a house.

Any other ideas to bump my tax assement ??????

[davidI]

When I got a mortgage I had to provide a pay cheque, letter of employment, AND a few months history of my bank accounts. That's where the banks can see how much cash you have on hand. They shouldn't care about your T4 / tax situation, though perhaps it's more relevant for consultants or those without a constant stream of income.

[busdepot]

agreed ^^ base your income off pay period income, not T4.

When banks are assessing your finances for approval, they're looking if you have enough cash each month to cover payments, your T4 isn't really the factor.

[Zewind]

Todd can defiently help in this area. Thats why mortgage brokers are for.

T4 Isnt the end all for financing. We usually look previous 2 years, but if you have 2 recent pay stubs and are past the probabtion period; you should be ok.

[tpurcell4]

Hey, I sent you a PM. Call me to discuss further!

Cheers,

Todd