If you are a regular full-time employee, you can submit a standard pay stub. The pay stub cannot be handwritten, or be a Payroll Online Deduction Calculator (PDOC), and it must include the following:
- Date of receipt (must be within 30 days of the application date)
- Names of employer and employee
- Hours of work and associated pay (for example, regular pay at $12 per hour, overtime pay at $20 per hour, bonuses, commission, etc.)
- Year-to-date (YTD) totals
- Pay period and pay date
Note: The application assessment is based on regular hourly earnings. Borrowers with non-regular pay will need to provide a T4 or Notice of Assessment to have those earnings considered.
T4 and Notice of Assessment
If a significant part of your income is based on non-regular pay (for example, bonuses or commission), you can submit your most recent T4 or Notice of Assessment. These should be submitted in addition to your pay stub.
If you are self-employed, you can submit your most recent Notice of Assessment (if applicable). Financeit assumes a 15% higher gross income in order to account for any business write-offs.
Note: If you are self-employed, pay stubs and T4s cannot be used in the assessment process.
If you are retired, or on permanent disability, you can submit bank statements for the three most recent months. Bank statements must show consistent deposits in each month.
Pension and retirement statements
If you are retired, you can submit pension or retirements statements for the three most recent months.