Proof of Down Payment

Due to the Money Laundering and Terrorist Act of Canada, you are required to provide a full 90 day history of the account or accounts (savings, chequing, RRSP, mutual funds etc.) in which your down payment currently is. Any deposits over $1,000.00, the source of these deposits, must be proven, excluding payroll.

Of course down payment can come from a combination of any of the example below. Any questions just let us know.

Multiple bank accounts

  • If your down payment is in multiple accounts (chequing / savings / TFSA) we will need a 90 day online print off of each bank account + proof of account ownership (via void cheque or home screen print off showing name and account #) The Bank statements CANNOT be altered in any way (example: blacked out)

RRSP

  • 90 day history of RRSP (online is fine) + proof of the RRSP’s being cashed. (Please wait to cash your RRSP’s until AFTER you have made an offer and we have secured your financing)

Gifted

  • 2 week print off of bank account showing the previous balance + Proof of gift deposited into account and then balance after gift is in account.
  • Gift letter (provided by our office) filled out and signed by you and the person gifting you the funds.

Sale of asset (like a vehicle)

  • 2 week print off of bank account showing the previous balance + Proof of sold asset deposited into account and then balance after sale proceeds is in account to date.
  • Proof of ownership of asset and sales contract.

Sale of a property (Bridge Financing is Available if required)

  • Unconditional sales contract of old property
  • Copy of mortgage statement showing current balance to confirm equity available.

Borrowed off of a secured or unsecured line of credit / loan.

  • Copy of statement confirming current balance, credit limit and minimum payments