Canada qualifies you above your rate. The stress test uses the higher of your contract rate plus 2%, or the benchmark 5.25%. Your statements must support that payment, not the discounted one.
Lenders review about 90 days of statements. They confirm payroll credits match employment letters. They average variable income down. They exclude transfers between your own accounts.
Large deposits need paper. Gifts need signed gift letters. Transfers need both sides. Cash deposits without source weaken the file fast.
Down payment seasoning matters. Funds must sit 90 days or arrive with a full trail. Last-minute transfers invite conditions or refusal.
Preview the math first. Run statements through a bank statement analyser for monthly income, obligations, and balance trends before the pre-approval meeting.