Income qualifier
Check qualification from a mortgage amount, income, and debts.
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Income qualifier
Check qualification from a mortgage amount, income, and debts.
Calculation notes
Methodology for the income qualifier
Estimate the maximum mortgage amount you can qualify for based on gross household income, existing debts, and current stress-test rules.
See how different income compositions — salary, bonus, self-employed, rental — affect your borrowing power under standard lender guidelines.
Determine your target income for a specific mortgage amount, or how much debt to eliminate to qualify for the home you want.
Compare single vs dual-income scenarios and understand why two $60K incomes often qualify for more than one $120K income.
Inputs to check
- Gross household income
- Monthly debt payments
- Target interest rate
- Amortization length
Assumptions
- Uses standard GDS/TDS ratio limits; some lenders allow higher ratios for strong borrowers.
- Variable and self-employed income requires two-year averaging per standard lender guidelines.
- Stress-test qualifying rate applies to all income-based qualification per OSFI rules.
- Results are estimates — final qualification depends on lender-specific income treatment policies.
How this calculator works
Estimate the maximum mortgage amount you can qualify for based on gross household income, existing debts, and current stress-test rules.
See how different income compositions — salary, bonus, self-employed, rental — affect your borrowing power under standard lender guidelines.
Determine your target income for a specific mortgage amount, or how much debt to eliminate to qualify for the home you want.
Compare single vs dual-income scenarios and understand why two $60K incomes often qualify for more than one $120K income.
Inputs you will need
- Gross household income
- Monthly debt payments
- Target interest rate
- Amortization length
Assumptions and limitations
- Uses standard GDS/TDS ratio limits; some lenders allow higher ratios for strong borrowers.
- Variable and self-employed income requires two-year averaging per standard lender guidelines.
- Stress-test qualifying rate applies to all income-based qualification per OSFI rules.
- Results are estimates — final qualification depends on lender-specific income treatment policies.
Example scenarios
Dual-income household
Two earners at $75K each with no debt at 4.50% qualify for ~$610K mortgage — income diversification plus dual tax brackets strengthen the file.
Self-employed income scenario
A self-employed borrower showing $100K on line 15000 with $20K in business write-offs has effective qualifying income of ~$80K-$90K depending on lender add-back policy.
Bonus and overtime income
A two-year average of $15K in bonuses adds ~$1,250/month to qualifying income, boosting max mortgage by ~$50K-$60K at current rates.
Rental income inclusion
A legal basement suite generating $1,500/month in documented rent typically adds 50-80% of that to qualifying income — an extra $750-$1,200/month toward ratios.
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Frequently asked questions
Does bonus and variable income count?
Yes, but lenders require a two-year history and average both years. If you earned $12K in bonuses last year and $18K this year, qualifying amount is $15K/year or $1,250/month. Some lenders use the lower of the two years. Commission income requires T1 Generals and Notices of Assessment.
How do lenders handle self-employed income?
Lenders use the two-year average of line 15000 (total income) from your Notice of Assessment, not gross business revenue. If your business generates $150K revenue but you write off $60K in expenses showing $90K on line 15000, $90K is your qualifying income — even though actual cash flow may be higher.
Why do two $60K incomes often qualify for more than one $120K income?
Progressive taxation means the single earner pays more tax with lower after-tax income. Having two incomes diversifies risk for lenders. Additionally, dual-income files often receive slightly more favourable ratio treatment.
Does child tax benefit income count?
Generally yes, if children are young enough that the benefit will continue for several years. Lenders require proof from CRA and confirmation of children's ages. CCB can be meaningful — a family with two young children may receive $10K-$14K annually, adding $800-$1,200/month in qualifying income.