“I was in the process of obtaining a mortgage and the lender required the most recent notice of assessment,” McIntyre told CTVNews.ca in an email. “It has been over a one month delay so far.”
Since 2023 isn’t due yet, I’m not sure why a broker would require it? If you don’t have your 2023 NOA, the most most recent NOA is your 2022. I know my income went up mid-year, and my broker just asked for my latest NOA, paystub, and a salary verification letter from my employer.
Typically, mortgage brokers ask for a Notice of Assessment to prove income, I don’t think they’d use it to confirm funds for a down payment. I’m not all that familiar with the FHSA, but it seems like an extension on what we have with the HBP, which lets first time home buyers borrow against RRSPs (retirement saving) for a down payment. In both of these cases, they are savings accounts you open with a financial institution. For the HBP, you need to prove these funds with bank statements, and I would think the same thing would go for the FHSA.
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Since 2023 isn’t due yet, I’m not sure why a broker would require it? If you don’t have your 2023 NOA, the most most recent NOA is your 2022. I know my income went up mid-year, and my broker just asked for my latest NOA, paystub, and a salary verification letter from my employer.
Would it even be on 2022 if the account didn’t exist until 2023?
Not Canadian so I’m probably misunderstanding something. Either way that type of savings account sounds really cool.
Typically, mortgage brokers ask for a Notice of Assessment to prove income, I don’t think they’d use it to confirm funds for a down payment. I’m not all that familiar with the FHSA, but it seems like an extension on what we have with the HBP, which lets first time home buyers borrow against RRSPs (retirement saving) for a down payment. In both of these cases, they are savings accounts you open with a financial institution. For the HBP, you need to prove these funds with bank statements, and I would think the same thing would go for the FHSA.