How do we assess an application?
Our assessment is not based solely on a credit score.
We may consider the applicant’s current financial position, income stability, financial obligations and recent banking behaviour.
Eligibility assessment grid
Depending on the program, the assessment may include the following.
Identity and contact information
- Applicant’s identity
- Date of birth and age
- Address and length at address
- Telephone
- Identity verification
- Verification of certain information when necessary
Status in Canada
- Canadian citizenship
- Permanent residency
- Work permit
- Study permit
- Refugee status
- Temporary status or visa
Housing situation
- Homeowner
- Tenant
- Living with parents
- Shared housing
Employment
- Full-time employment
- Part-time employment
- Seasonal employment
- Contract work
- Self-employment
- Employer
- Length of employment
- Occupation
- Gross and net income
- Pay frequency
- Direct deposit
Types of income
- Employment (full-time, part-time)
- Documented tips
- Seasonal employment
- Self-employment and incorporated businesses
- Gig-economy or transportation income
- Construction
- Professional income
- Employment Insurance
- Social assistance
- Provincial or federal disability benefits
- QPP, CPP, OAS, GIS
- Canada Child Benefit
- CNESST, WSIB, SAAQ
- Veterans Affairs benefits
- Parental and maternity benefits
The fact that a category is assessed does not mean it automatically qualifies for every program.
We look beyond income.
The assessment may consider both income (salary, benefits, pension, other eligible income) and recurring obligations such as housing costs, utilities, vehicle payments, credit cards, personal loans, auto loans, short-term loans and other financial obligations.
Total Income − Expenses and Obligations = Available Income
The objective is to determine whether the obligation being guaranteed appears compatible with the applicant’s financial capacity.
Your recent financial behaviour matters.
Depending on the program, up to 90 days of banking activity may be reviewed.
We may assess: regularity of deposits, source of income, deposit frequency, stability of deposit amounts, employment continuity, NSF transactions, stop payments, pre-authorized debits, overdraft usage and other visible financial obligations.
A banking incident does not necessarily result in an automatic decline. The frequency, nature and overall financial profile are considered.
Documents that may be required
Identification
- Driver’s licence
- Passport
- Permanent resident card
- Work or study permit, when applicable
Banking
- Instant Bank Verification (IBV)
- Up to 90 days of statements
- Void cheque
Employment
- Pay stubs
- Employment letter
- Employment contract
- Record of Employment
- T4
- Employment confirmation
Self-employment
- Notice of Assessment
- T1
- Business number
- Additional proof of income
Benefits
- Benefit letter
- Payment notice
- Proof of bank deposits
Possible decisions
After review, an application may be:
- Approved
- Approved with conditions
- Additional documentation required
- Referred for further review
- Declined
Inconsistencies or potential fraud indicators may trigger additional verification. Criteria vary by program and partner. The fact that a particular factor is assessed does not mean it is automatically eligible. All applications remain subject to a complete review.