Where the prospective tenant is self employed, we ask the tenants to provide us with a copy of their most recent Notice of Assessment from the Canada Revenue Agency. This will allow us to see how much income an individual has reported with the government and how that money was allocated (i.e. personal income vs. business income).
We search the tenants name and any other useful information to see if we can uncover any information that would affect the tenancy and that was omitted from the application form or that further supports the information they submitted.
Linked in is a great social platform for employees and those who are self employed. As such, we use this resource as an additional way to confirm someone’s employment.
Everyone is on Facebook these days, however, not everyone behaves on Facebook. So if the privacy conditions allow, we will have a look at their profile to take a closer look into their personal lifestyle.
Pay Stub Verification
As an additional means of screening employment, we will request two to three recent pay stubs. Usually confirming employment with the tenants HR department is enough, however in cases that we feel merit it, we will ask for copies of paystubs for additional security.
We always ask our prospective tenants to provide 3 personal references either in their community, workplace, religious group or anyone else who knows the character of the tenant.
Debt to Income Ratio
Just because an individual has good credit and makes their payments on time doesn't necessarily mean that they can afford to pay their rent. As such, we examine the tenants monthly income and through analysis of their credit report, we examine what the tenants monthly expense obligations are to credit card companies, auto financing, student loans, etc. to ensure that they have enough money left over to cover their rent and lifestyle expenses.