A down payment represents the amount you pay upfront towards the purchase price of a property, with the remainder financed through a mortgage. Lenders require specific documentation to confirm the source of your down payment, in compliance with Canadian Anti-Money Laundering regulations.

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Down Payment Sources & Documentation

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1. Savings or Investments:

   • Provide a 3-month account history with your name and account number on the statement to verify ownership.

   • If your account number is the only detail visible on the printout, please provide an older statement that includes both your name and account number to verify account ownership

   • For quarterly investment statements, submit the most recent quarterly statement along with an online statement (including your name) showing the current balance.

2. Sale of Property:

   • Provide the sale contract and an addendum confirming subject removal, or the “Order to Pay” document from your lawyer or notary confirming the net proceeds.

   • Include a recent mortgage statement for the sold property confirming current mortgage balance.

3. Gifted Funds:

   • Gifts must come from a direct family member.

   • The lender will require:

     • A completed gift letter I will provide.

     • Confirmation of the gifted amount being deposited into your account.

     • The lender may also require proof of the funds  being gifted from the person gifting the down payment

   • Ensure the deposited amount matches the gift letter amount.

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Additional Notes

• If your account shows large deposits, provide a full 3 month history of the source of those funds. For example, if $5,000 was deposited on September 1st, you will need statements from June 1st to September 1st.

• If possible, avoid transferring funds between accounts, as this requires additional paperwork. Keep funds in the same account for at least 90 days before your purchase.

• Frequent large deposits or transfers can complicate the approval process and lead to delays.

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Important Reminder

• Lenders require documents to be submitted in their original format. Please do not black out or redact any portions, as this could result in non-compliance and delay the approval process.

• Lenders must comply with anti-money laundering policies. To streamline the process and reduce additional documentation, if possible, please keep your down payment funds in a single account as early as possible

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If you have access to your mortgage online, please see if the following steps work to access your online bank statements for down payment confirmation.

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1. Log in to your online banking account:
    

2. Navigate to the "Statements/Documents" page:

   • Look for the "Statements/Documents" section within your online banking account or app. This is usually found in the main menu or under the "Accounts" or "Services" tab.
      

3. Select the account and date range:

   • Choose the specific account(s) for which you want to view statements.

   • Specify the date range for the statement you require. You can typically select a specific month, a range of dates, or view the most recent statement.
      

4. View or download your statement:

   • Once you've selected the account and date range, you can:

     • View online: View the statement directly within your online banking browser.

     • Download: Download the statement as a PDF file for offline viewing or printing.

     • Please provide documents in their original, unaltered format (e.g., no sections can be blacked out) to meet lender compliance requirements.
        

5. To confirm account ownership, the statements must clearly display both your full name and the account number.

   • If the statement only shows the account number, please provide an older statement that includes both your name and account number to link ownership.

   • Alternatively, you can provide an online account summary that includes your full name along with a list of your account numbers to link ownership.

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If your online access doesn't allow you to generate a statement for a month that isn't complete yet (ie this month), can you please provide an online statement (with your name or account number on the statement) that shows the current balance as of the date you generate the form.