Definition
Government retirement income programs constitute the most stable and best-accepted income by mortgage lenders:
- **QPP/CPP retirement pension**: received from age 60-65 (65 = full amount, 60 = reduced amount). Documented by QPP annual statement. Recognized at 100% by all lenders. - **Old Age Security (OAS)**: available at 65 to Canadian residents. Fixed amount indexed to CPI. Documented by Service Canada letter. - **Guaranteed Income Supplement (GIS)**: income-tested, not considered by most A-lenders (income too low).
Advantage of this income: it is guaranteed for life by the State, has no job loss risk, and is indexed. Even a modest QPP + OAS amount may suffice to qualify if the down payment is large (low loan-to-value ratio).