If you’re applying for a mortgage, it’s a good idea to start gathering your financial documents. That’s why it’s important to know what information you need to provide to your broker or agent and the difference between some of these common documents. Lenders will request income, debt and other documents when working on your mortgage application.
| What is it? | Where can I find it? | |
|---|---|---|
| Notice of Assessment (NOA) | Your notice of assessment (NOA) is an evaluation of your tax return that the Canada Revenue Agency sends you every year after you file your tax return – like a receipt for filing your tax return. Your NOA includes the details about how much you may owe or get as a refund or credit. If there are any changes to your tax return after it was already submitted, they will also issue a Notice of Reassessment. | There are two ways you can get your Notice of Assessment: By mail: Canada Revenue Agency mails it to you via the mailing address on your tax return By CRA Website: Canada Revenue Agency notifies you that your assessment is available to view by logging in to My Account. Your NOA can be found under the ‘tax returns’ tab. |
| T1 General | The T1 General is your tax return. Think of your T1 as a summary of all the other forms you complete for your income taxes. | Whether you submit your taxes or you have someone else submit them, you will be provided with a copy of your T1 General as soon as your return is complete. If you file your taxes through software such as TurboTax, your T1 can be found there. If you have misplaced your return, you will need to contact the agency or person who completed your return to request a copy. |
| T4 | A T4 slip is a summary of your employment earnings and deductions for the year. Your employer will provide you with a copy of this year as well as for CRA | Your employer should provide you with a copy by the end of February each year. This can also be found on the CRA website under ‘tax information slips.’ |
When your broker or agent requests these documents you must ensure you submit all pages of your documents to avoid causing delays. If you are doubting which documents you need for your mortgage application, do not hesitate to ask your mortgage agent.
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