Quote:
Originally Posted by PeanutButter
Hey RS,
When it comes to getting a mortgage...
My sister has a rental suite that is not authorized and she is not claiming it on her taxes.
Does it matter if she declares that income to her mortgage broker?
It's a super small studio that's pretty old and she's only getting $600 for it.
Do you think it'll make a big difference?
My thinking is she should just tell the broker so she can get a bigger qualification, it's not like CRA and the bank share that type of information.
What do you think she should do?
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My bank (TD) only takes into account 50% of the rental income and I assume other banks do the same so $600/mo works out to only an additional $3600 in annual income which is a pretty small amount when it comes to mortgage qualification.
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