In This Article What "Projected Income" Actually Means Approach 1: Contract-Based (Scotiabank, TD, National Bank) Approach 2: Tiered Schedule (CMLS, MERIX) Which Lenders Accept Projected Income? Documentation You'll Need Timing: When to Apply Relative to Your Start Date The general rule: Working backward: What happens if your start date changes? Beyond Medicine: Does Projected Income Work for Other Professionals? FAQ Don't Wait for Your First Paycheque Table of Contents You've matched into your specialty. You have a signed contract. Your income is about to jump from $75,000 to $300,000 or more. But right now, today, you're still earning a resident's salary — and most mortgage lenders don't care what you'll earn next year. Projected income qualification changes that. A handful of Canadian lenders will qualify you based on your future guaranteed income rather than your current pay stub. It's how thousands of physicians, dentists, and veterinarians buy homes during training or immediately after — instead of waiting years until they can "prove" an income that everyone already knows is coming. What "Projected Income" Actually Means In standard mortgage underwriting, your qualifying income is whatever you earned in the most recent tax year, documented by your T4, Notice of Assessment, or (for self-employed borrowers) your two-year average on your tax returns. It's backward-looking by design. Projected income flips this. The lender accepts that your income will be a certain amount within a defined timeframe, based on one of two approaches: Approach 1: Contract-Based (Scotiabank, TD, National Bank) The lender uses the salary or guaranteed income stated in your signed employment contract. If your contract says $285,000, that's what they use for qualification. Requirements: Signed employment contract or formal offer letter Start date within 90–120 days of mortgage closing Confirmation of position from the employer Provincial college registration (completed or in progress) Approach 2: Tiered Schedule (CMLS, MERIX) The lender uses a standardised income figure based on your profession and training stage — regardless of what your specific contract says. This is useful when you don't yet have a signed contract but your career path has a well-documented income trajectory. CMLS income tiers (current program sheet): Training Stage Qualifying Income Veterinary medicine — final year or newly practising $86,000 Dentistry — general and specialty $118,000 Medical residents, 1st or 2nd year $183,000 Medical residents, 3rd year+ (listed specialties) $210,000 Family medicine — final year of study $216,000 Listed specialties — final year or newly practising $281,000 The tiered approach has a practical advantage: if you're a PGY-2 who hasn't matched to a fellowship yet, you still qualify at $183,000 without needing a contract in hand. The CMLS schedule reflects conservative median incomes for each stage, so it works even without a specific employer commitment. Which Lenders Accept Projected Income? Lender Approach Eligible Professionals Timing Window Scotiabank (MD Financial) Contract-based Physicians, residents Start within 120 days of closing TD Canada Trust Contract-based Physicians, dentists Start within 90 days of closing National Bank (Medici) Contract-based Physicians Start within 120 days of closing CMLS Financial Tiered schedule Physicians, dentists, vets Final year of training or within 24 months post-completion MERIX Financial Tiered schedule Physicians, dentists, vets Final year of training or within 24 months post-completion RBC and CIBC do not currently offer projected income qualification in their physician programs. RBC uses "income-growth modelling," which is a softer version — they may consider your career trajectory when making a lending decision, but it's not a formal projected income policy. Documentation You'll Need Regardless of which lender you choose, expect to provide: For contract-based qualification: Get Expert Mortgage Advice Our team of mortgage professionals is here to help you make the best decision for your financial future. Talk to an Expert Signed employment contract or formal offer letter (must include salary, start date, and position) Residency confirmation letter from your program director Provincial college of physicians and surgeons registration (or confirmation of pending registration) Current pay stubs (to verify your existing employment) T4s and Notices of Assessment (most recent two years) PLOC statement showing current balance and authorised limit Proof of down payment (bank statements, RRSP for HBP, gift letter if applicable) For tiered-schedule qualification (CMLS/MERIX): Confirmation of enrolment in a recognised Canadian medical, dental, or veterinary program Proof of training stage (residency year, fellowship status) Provincial college registration or confirmation of eligibility Same personal and financial documents as above Timing: When to Apply Relative to Your Start Date This is where many applicants make mistakes. The timing window varies by lender, and getting it wrong can mean the difference between approval and decline. The general rule: Your mortgage closing date must fall within 90 to 120 days of your employment start date (depending on the lender). If you're starting a staff position on July 1, 2026, you need to close on your mortgage no earlier than March 2026 (for a 120-day window) or April 2026 (for a 90-day window). Working backward: 6 months before start date: Begin working with a mortgage broker. Get pre-qualified and understand your budget. 4–5 months before: Start house-hunting. You need time to find, offer, inspect, and close. 3–4 months before: Submit your formal mortgage application with all documentation. 90–120 days before start: Close on the property. Move in. What happens if your start date changes? If your fellowship or employment start date shifts (which happens more often than people expect in medicine), communicate immediately with your broker and lender. Most physician programs build in some flexibility, but a significant delay — say, six months — could void the projected income qualification. Beyond Medicine: Does Projected Income Work for Other Professionals? Short answer: no. Projected income qualification programs in Canada are specific to regulated healthcare professionals — physicians, dentists, and veterinarians. Lawyers, engineers, accountants, and other professionals who also have defined career income trajectories do not have equivalent programs. Why? The lending logic depends on two factors unique to medicine: Regulated professional licensing — a physician's income is tied to a provincial college registration that guarantees practice rights. There's no equivalent guarantee for a newly called lawyer. Historically low default rates — physician mortgage default rates are among the lowest of any demographic. Lenders have decades of data showing that medical professionals almost always repay their mortgages. If you're a lawyer or engineer looking for flexible qualification, your options are limited to self-employed/business-for-self lending with two years of documented income, or alternative lenders that use stated income. Self-employed mortgage options for non-medical professionals Don't Wait for Your First Paycheque The entire point of projected income programs is that you don't have to wait. Your career trajectory is clear, your income is predictable, and lenders have decades of data proving that medical professionals are among the lowest-risk borrowers in the country. The key is working with a broker who knows these programs — which lender is best for your specific profession, training stage, and financial situation. Back to the complete medical professionals mortgage guide Frequently Asked Questions Which Lenders Accept Projected Income? RBC and CIBC do not currently offer projected income qualification in their physician programs. RBC uses "income-growth modelling," which is a softer version — they may consider your career trajectory when making a lending decision, but it's not a formal projected income policy. What happens if your start date changes? If your fellowship or employment start date shifts (which happens more often than people expect in medicine), communicate immediately with your broker and lender. Most physician programs build in some flexibility, but a significant delay — say, six months — could void the projected income qualification. Beyond Medicine: Does Projected Income Work for Other Professionals? Short answer: no. Projected income qualification programs in Canada are specific to regulated healthcare professionals — physicians, dentists, and veterinarians. Lawyers, engineers, accountants, and other professionals who also have defined career income trajectories do not have equivalent programs.
