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20 Meg Dr
London, ON, N6E 2X9


We have been proudly serving the mortgage and financial needs of individuals in London, Ontario and all across Canada for more than a decade.

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Welcome to Our Blog, where you'll find the latest news and gain insight into a variety of mortgage-related topics.

Government Change Regarding Mortgages, Especially the Self Employed

Mike De Sousa


There are some big changes to how mrtgages are approved in Canada...especially or the self employed.  This video blog summarizes the changes the Canadian government has made and how they will affect Canadians.

My view is that these changes are punishing anyone who is an entrepreneur who uses CRA rules to legitimately split income.  After the changes and if you've been in business more than 3 years, you will only be able to qualify for a mortgage using your NET income.  For most successful entrepreneurs, writing off expenses and personal income so that the tax act is maximized will be a disadvantage unless one has 20% down payment!

However, if you're a brand new entrepreneur, the government allows the bank to take a chance on lending money to you with a mere 10% down payment.   It does not make sense that an established business who can prove that their business is profitable and has god credit cannot get a high ratio mortgage but a new one can.

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671