Select a location from above to display BDMs
Contact a BDM
Manager, B2B Solutions
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook Phone: 587.341.4160 Toll Free: 1.844.430.4846 lcook@bridgewaterbank.ca
Ontario north, central & Niagara region
Matt Royston Phone: 705.730.9387 Toll Free: 1.855.730.9387 mroyston@bridgewaterbank.ca
Select a location from above to display BDMs
Contact a BDM
Manager, B2B Solutions
Jason Provencher
Phone: 403.472.7340
Toll Free: 1.888.472.7340
Fax: 403.718.3042
jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook
Phone: 587.341.4160
Toll Free: 1.844.430.4846
lcook@bridgewaterbank.ca
Ontario north, central & Niagara region
Matt Royston
Phone: 705.730.9387
Toll Free: 1.855.730.9387
mroyston@bridgewaterbank.ca

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.

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

  • 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.
  • 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.
  • 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?
  • If the client’s corporation has a holding company, the holding company’s financials will also need to be provided.
  • Commission income that is taxed at the source cannot be used in combination with BFS programs.
  • 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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