What is Stated Income in Canadian mortgages?
Income declared by the borrower without full CRA documentation. Accepted by B-lenders for self-employed borrowers with 2+ years of business history. Higher rates apply.
Stated Income example
Worked example
Contractor earns $150K/yr but claims $60K after expenses. B-lender accepts $120K stated income (80% of gross revenue) with 2yr business registration.