Bonus and commission income in Ontario.

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

Ontario adds its own layer. Two distinct files: GTA/GTHA condo + freehold underwriting, and the rest of the province. Lenders treat them differently on appraisal risk. 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 Ontario can push a marginal file over the edge.

Provincial Land Transfer Tax on a sliding scale; Toronto adds a municipal LTT that effectively doubles the bill inside city limits.

Programs to check eligibility for in Ontario:

• First-time buyer LTT rebate up to $4,000
• Toronto municipal LTT rebate up to $4,475
• Federal First Home Savings Account (FHSA)

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

Ontario nuance: Employment letters from Ontario employers are scrutinized for probation clauses; underwriters frequently call HR to verify.

• Status certificate review on condos is non-optional, not a formality.
• Some lenders cap exposure in specific GTA postal codes.
• Property tax estimates on new builds often understate year-2 assessments.

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.