2023-04-15 | 15:31:05

Documents Required for Proof of Downpayment

Savings or Investments Statements
If using savings from your bank account as your downpayment, you will need to provide a recent three month bank statements showing accumulation of funds.
If your downpayment is from investments (RSP, GIC, stocks, bonds), you will need to provide a copy of a recent quarterly account statement or a 90 day history.
* If you have money in several accounts that you intend to use towards the downpayment then you will need to provide a 90-day history of each account
* If internet printouts are provided, your name and account number must be on the document to confirm ownership
* Cannot black out any information, otherwise, they are considered altered and will be rejected
* ​Large deposits will always require a history of 90 days. If possible, it's best to leave money where it is instead of moving it from account to account
Sale of an Existing Property
If your downpayment comes from the sale of a property, the lender will need a copy of the MLS Listing and the Agreement of Purchase and Sale.
Withdrawal from RRSP through the Home Buyer’s Plan
If you are buying your first home, you may be eligible to use money from your RRSPs to put toward your downpayment through the Home Buyer’s Plan. A 90-day history is required, along with proof of withdrawal of funds.
Gift Letter
If you have been “gifted” with a downpayment from an immediate family member, they will need to provide a "Gift Letter" (available from your mortgage broker) confirming that the payment is made as a gift and it is not required to be repaid. Will also need proof that the funds have been deposited into your bank account.