Financial Consumer Agency Of Canada
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For self employed individuals, it can sometimes be difficult to qualify for a traditional mortgage. Lenders focus on several factors when making the decision to approve or decline a mortgage application, and reported income is one of the main criteria. When a self employed individual expenses business related items, they reduce their reported income, which, in turn, reduces the amount of tax they pay. One drawback of this process for the self employed is the result of a lower reported income that is given to a prospective lender, often causing mortgage applications to be declined.