Self-employed pre-approval in British Columbia.

Prime lenders qualify on Line 15000 of your T1 General — after deductions. A profitable business can show a thin income figure once write-offs are applied.

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 self-employed 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 T1 Generals (all pages)
• Two years CRA NOAs (no balance owing)
• Business financial statements or 12–24 months of business bank statements
• Articles of incorporation, T2 corporate return and Notice of Assessment if incorporated
• GST/HST returns where relevant
• Proof your HST/CRA accounts are in good standing

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: Underwriters average 2 years of NOA income. A strong recent year alone will not carry the file at a prime lender; it will at a B-lender with a fee.

• Two consecutive clean NOAs with no balance owing
• Consistent or growing T1 income (no decline year-over-year)
• GST/HST filings current
• Personal credit kept clean — utilization under 30%

• CRA balance owing on either of the last two NOAs.
• Income that drops more than 20% year-over-year without a documented reason.
• Personal credit utilization above 50% or any missed payments in the last 12 months.