The Business for Self (BFS) stated income program lets entrepreneurs qualify based on realistic declared income and business operations, verified through bank statements rather than a rigid two-year tax return average.
Stated income, or Business for Self (BFS), mortgages allow self-employed borrowers and entrepreneurs to declare a reasonable income supported by bank statements and business activity, rather than relying solely on tax returns that may understate true earnings due to write-offs. Lenders assess plausibility against industry norms and account deposits.
Stated income programs bridge the gap between what you actually earn and what your Notice of Assessment shows.
12 months of business or personal bank statements support a declared, reasonable income figure.
Lenders compare your declared income to typical earnings in your industry and business type for plausibility.
Incorporated business owners, sole proprietors, and commission-based professionals are all considered.
A structured alternative to two years of tax returns.
State a realistic annual income figure based on your actual business performance.
12 months of statements are reviewed to support the reasonableness of the declared figure.
Business registration, licensing, or HST registration confirms active, ongoing operation.
Once income is deemed reasonable and supported, approval proceeds much like a standard B-Lender file.
This program is designed specifically around entrepreneurial and commission-based income patterns.
See where a conventional ratio check lands before layering a stated-income program on top.
What are we qualifying?
Mortgage amount is calculated from price less down payment (plus any CMHC premium).
Any other property the client keeps affects the ratios. Add each one — rental, second home, or their current home if they are keeping it. Mark a property “being sold” if it will be paid out at closing.
Annual gross amounts. For bonus, commission, overtime and self-employed income, use the 2-year average. Up to 4 applicants.
Rent is entered on each property above. These settings apply to all of them.
Add every liability. For credit cards, lines of credit and student loans, please always enter the balance — we need it even if you don't know the payment.
What entrepreneurs ask before applying under the BFS program.
Tell us about your business and income — we'll confirm what's realistic to declare.
