Bonus and commission income in British Columbia.

Lenders apply 2-year averaging on T4 box 14 income that exceeds base salary, with discounts on certain commission structures.

British Columbia adds its own layer. Lower Mainland and Victoria carry premium pricing and tighter lender appetite on leasehold and strata files. Wildfire/flood disclosures now affect insurance binders in the Interior. That matters here because underwriters are already scrutinizing the income side of a bonus and commission income file — a property or program complication local to British Columbia can push a marginal file over the edge.

Property Transfer Tax: 1% on first $200K, 2% to $2M, 3% above, 5% above $3M on residential.

Programs to check eligibility for in British Columbia:

• First-Time Home Buyers' Program (PTT exemption up to $500K)
• Newly Built Home Exemption
• FHSA

• Two years of T4s
• Two recent paystubs showing year-to-date
• Employment letter detailing base, bonus structure, and commission program

British Columbia nuance: Self-employed BC borrowers should expect to provide T1 Generals plus business bank statements going back 12 months.

• Strata depreciation reports and contingency reserves are underwriter-grade documents in BC.
• Speculation and Vacancy Tax applies to certain owners — disclose residency status upfront.
• Foreign Buyer ban interacts with BC's additional property transfer tax.

Underwriter view of this scenario: Box 14 minus base salary, averaged over 24 months, is the qualifying portion. A single strong year does not move the average meaningfully.

• Two consecutive years of strong bonus/commission income
• Employment letter that clearly separates base from variable
• Use base salary alone in your affordability math; treat the average as upside

• Commission income that dropped more than 30% year-over-year without explanation.
• Less than 24 months of bonus/commission history at the current employer.