Business For Self (BFS)

If you are self-employed, you may have experienced some trouble obtaining a mortgage. There may be complications for self-employed individuals when applying and qualifying for a mortgage with a standard chartered bank or a prime lender. That is why as a mortgage broker, my job is to find you the right product designed for an entrepreneur.

Difficulties qualifying could be due to factors such as low declared income, lack of proof of business, inability to prove income in a standard fashion, and large business write-offs. All these factors influence lenders’ willingness to approve a self-employed individual. Fortunately, there are programs for the self-employed through both institutional/bank lenders along with alternative B-lenders.

There are several other factors that distinguish self-employed workers from typical employees.

—They have the right to work for other companies;

—They are responsible for paying provincial and/or federal sales taxes, but also have the right to claim certain deductions as business expenses;

—They typically use their own tools, spaces, and equipment;

—They are not subject to detailed instructions and supervision;

—Their employment is not subject to the same employment legislation.

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    4435 boul Samson, Laval, QC H7W 2G8