Definition
Seasonal workers (construction, ski resorts, agricultural sector, northern tourism) have income concentrated over 4-9 months per year, often supplemented by employment insurance (EI) benefits in the off-season.
Mortgage treatment: - A-lenders recognize seasonal income if the borrower can demonstrate 2 consecutive years of employment in the same sector and with the same employer (or stable sector). - Qualifying income is calculated based on total annual income including EI benefits, confirmed by T1 Generals from the last 2 years. - T4s from the employer AND T4E slips (EI) are required.
Example: an electrician in construction who earns $80,000 in 8 months and receives $20,000 in EI will have a recognized total annual income of $100,000 if this pattern is stable over 2 years.