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Contact a BDM
Lower Mainland, Island and northern British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
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Edmonton, central & northern Alberta
Eric Doucet Phone: 403.806.8466 edoucet@bridgewaterbank.ca
Headshot of Eric Doucet
Manager, National Accounts
Eric Doucet Phone: 403.806.8466 edoucet@bridgewaterbank.ca
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Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island
Paul Delaney Phone: 905.866.7162 Toll Free: 1.844.734.4762 pdelaney@bridgewaterbank.ca
Headshot of Paul Delaney
Manager, National Accounts
Eric Doucet Phone: 403.806.8466 edoucet@bridgewaterbank.ca
Headshot of Eric Doucet
Select a location from above to display BDMs
Contact a BDM
Lower Mainland, Island and northern British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Headshot of Yvonne Futter
Edmonton, central & northern Alberta
Eric Doucet
Phone: 403.806.8466
edoucet@bridgewaterbank.ca
Headshot of Eric Doucet
Manager, National Accounts
Eric Doucet
Phone: 403.806.8466
edoucet@bridgewaterbank.ca
Headshot of Eric Doucet
Nova Scotia, New Brunswick, Newfoundland and Prince Edward Island
Paul Delaney
Phone: 905.866.7162
Toll Free: 1.844.734.4762
pdelaney@bridgewaterbank.ca
Headshot of Paul Delaney
Manager, National Accounts
Eric Doucet
Phone: 403.806.8466
edoucet@bridgewaterbank.ca
Headshot of Eric Doucet

6 Tips for Coordinating a Smooth Income Verification

Income and employment history matter… a lot. The Office of the Superintendent of Financial Institutions (OSFI) says income must be “rigorously” verified; however, there are lots of ways your client can prove their income.

RelatedVerifying Income & Understanding Income Verification Documents

Here are 6 tips that’ll help make income verification a breeze with underwriters:

  1. For your clients who have confirmable taxed at source income (salaried, hourly, part-time), our underwriters request an employment letter and current paystub, and will call the employer for confirmation.
  2. If your client’s overtime, bonus, or other income is required – or their hours are not guaranteed – a 2-year history is needed. The current YTD on the paystub should also support their income.
  3. If your client is self-employed, underwriters need to know the details of the business.
    • What is the line of work?
    • How long have they been in business?
    • Are they a sole proprietor or incorporated/Ltd?
    • Do they have any employees?
    • Are they the only owner of the business?
    • Do they have current accountant prepared financial statements if incorporated/Ltd?
  4. If the client’s corporation has a holding company, the holding company’s financials will also need to be provided.
  5. Commission income that is taxed at the source cannot be used in combination with BFS programs.
  6. If you’re dealing with a regulated lender, the NOAs need to show that no income taxes are owing.

Hopefully this provides additional clarity. Please check out our income verification webpage for more information on the documents your clients need!

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