Rental income on existing properties in British Columbia.

Common methods: 50% addback to income, 80% rental offset against carrying costs, or full T776 schedule on the T1 General. Each method changes the math.

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 rental income on existing properties 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

• Signed lease agreements
• Bank statements showing 3+ months of deposits
• T1 General with Form T776
• Property tax and mortgage statements for the rental

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: Lenders that use the 80% offset method give the strongest qualification math; addback methods are more conservative. Choice of lender materially changes ratios.

• Provide both leases and deposit history, not just leases
• Ensure T776 is filed and matches the rental program
• Match lender to the rental method that helps your file

• T776 showing rental losses for multiple consecutive years.
• Leases with related parties (family members) and no arms-length verification.