What documents do I need to verify my downpayment?

Joel Olson • June 7, 2017

There are several laws around tracking the money that is alloted for your downpayment. It can be very frustrating to

provide the proper documentation. Here is what would be needed in several situations:

  1. Money Gifted from a Family Member:  we will need a bank statement with your name on it that shows the deposit in the bank account. This should be in your account fifteen days prior to closing. We will also require a letter signed by the person gifting you the money. We will supply this at time of approval.
  2. Money Saved Through your Savings Account:  we will need ninety days of transaction history. Not just the balance on your account. Any amount over $3000, aside from those labelled payroll, will require an explanation of where it came from. For example, if you sold a vehicle, we will need the bill of sale. If it’s for payment of side work, an invoice will do. If it is a deposit from an investment account, we will need the last quarterly statement from that account.
  3. Money Saved Through your Investment Account (TFSA/Stocks and Bonds/Mutual Funds/RRSPs): we need the last quarterly statement that you were provided.
  4. Money from the Sale of a Home:  please provide us with the full purchase contract, statement of adjustment of the sale of your house, and bank statement showing funds in your account. If the sale of your home is closing the same day as your purchase, all we need is the purchase contract.
  5. Money from a Borrowed Source: we need a copy of the credit line or credit card statement.
It is very important to note that all statements will need to have both your account number and also your name.

Any funds being borrowed, we need to know upfront or it could change your approval.


If you are having trouble getting these statements, you can take a screenshot of your account. Here are some

instructions on how to do this: https://www.take-a-screenshot.org/

A man with a beard and a suit is smiling for the camera.
Joel Olson
GET STARTED
Vineyard at sunset overlooking a lake and mountains, with people walking along a gravel path

Rural & Acreage Mortgages in the Okanagan: Vernon, Kelowna & Beyond

By Joel Olson • September 15, 2026
Buying an acreage in the Okanagan? Rural and acreage mortgage help for Vernon, Kelowna, Lake Country and beyond, from BC's rural mortgage specialist Joel Olson.
A man is holding a credit card while using a laptop computer.

New to Credit? Let’s Build a Solid Foundation

By Joel Olson • September 15, 2026
New to credit? Get expert tips on building a solid foundation. Contact Joel Olson for tailored mortgage solutions today!