CONFIRMATION OF RENTAL INCOME
WHAT IS CONFIRMATION OF RENTAL INCOME?
Confirmation can be proven in three different ways:
T1 General (amount claimed on taxes)
Signed current lease agreement
Market rents by an appraiser
WHY DO LENDERS REQUIRE A CONFIRMATION OF RENTAL INCOME?
Lenders require confirmation that the rental income declared on the application is accurate.
WHERE CAN I FIND MY CONFIRMATION OF RENTAL INCOME?
Your confirmation can be obtained from your tax documents for your T1 General by scanning your current lease agreement. If you require an economic rent letter, I would be happy to obtain that on your behalf.
If you do not have a current lease agreement the Ontario templated lease agreement can be found here: https://forms.mgcs.gov.on.ca/en/dataset/047-2229