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)
- 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)
- 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