Sarah works part-time as a cashier and also receives income from a seasonal landscaping business. She is applying for a mortgage in Calgary, Alberta. For a standard lender to consider her seasonal landscaping income, what is generally required?

Question: Sarah works part-time as a cashier and also receives income from a seasonal landscaping business. She is applying for a mortgage in Calgary, Alberta. For a standard lender to consider her seasonal landscaping income, what is generally required?

Answer options: ✅ A two-year history of consistent seasonal income, typically supported by T4s or T1 Generals and NOAs.

• A formal letter from the seasonal employer confirming future employment, even without past income history.
• Only the most recent year's seasonal income, provided it is significantly higher than her part-time cashier income.
• Acceptance that seasonal income will be treated as rental income for qualification purposes.

Correct answer: A two-year history of consistent seasonal income, typically supported by T4s or T1 Generals and NOAs.

Explanation: For most lenders, a minimum two-year history of bonus, commission, or seasonal income is required for it to be considered stable and reliable for mortgage qualification, as per their income guidelines.