How to Calculate your Income - In the eyes of financial institutions

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When calculating your TDSR Total Debt-Servicing ratio the following indicates how income should be calculated:

How to calculate your income:

Weekly pay (every week)
Multiply your average paycheque amount by 52 (pay periods per year) and divide by 12 months to get your monthly income number
Bi-Weekly pay (every other week)
Multiply your average paycheque amount by 26 (pay periods per year) and divide by 12 months to get your monthly income number
Bi-Monthly Salary (1st and 15th)
Multiply your pay by 24 and divide by 12
Variable pay amounts (contract work, commission, etc)
Use a period of 30 to 60 days taking into account all income and figure out your average monthly income
Other Income
Don't forget to calculate your monthly income from sources like investments, interests, dividends, capital gains, rental income, etc. - it may be to your advantage to bring in a copy of last year's tax assessment to show your total annual income which can be divided into 12 to get your monthly amount.

Now that you've calculated your income it's time to calculate your "Debts".

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