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All About Down Payment Verification

Before you read anything else… a quick (very important) reminder:

Please do not move large sums of money around.

Let’s all say it together: please do not transfer big lumps of money — until we’ve talked and your down payment verification is in place.

It sounds simple, but this one step can save you a lot of extra paperwork later. Large, unexplained transfers are one of the biggest reasons down payment verification becomes tedious — and our goal is always to keep this as clean and straightforward as possible.

With that, let’s get into it.

One of the most common steps in the mortgage process for purchases is down payment verification. While it can sound intimidating, it’s actually very straightforward (so long as you don’t move around large sums of money, ha!) — and we’re here to help you every step of the way.

Below, we’ll explain what lenders need, why they need it, and exactly how to download your bank statements from the most common Canadian banks.

Why Lenders Ask for Down Payment Verification

Lenders are required to confirm where your down payment is coming from. This is part of standard federal lending guidelines and applies to all banks and lenders in Canada.

What we’re demonstrating is simply:

  • That you’ve had a Canadian bank account for at least 90 days
  • That the funds needed to complete your purchase are available and accessible

Important:

  • You do not need the money sitting in one account for 90 days.
  • We’re simply showing the history of where the funds came from.

This is routine, expected, and something we handle with clients every day.

What You’ll Need Before You Start

To keep things smooth, here’s what lenders typically require:

  • 90 days of bank statements from the application submission date
  • PDF statements (screenshots or photos are usually not accepted)
  • Statements must clearly show:
    • Your full name
    • Account number
    • Transaction history

These statements can come from:

  • Chequing accounts
  • Savings accounts
  • TFSA, RRSP, or other investment accounts (with statements)

If your down payment is coming from more than one account, that’s completely okay.

A Quick Note About Monthly Statements (Important)

Some banks only generate monthly statements, rather than a custom 90-day transaction history.

If that’s the case — for example, if it’s mid-month and your most recent full statement is from the end of the prior month — that’s completely fine.

In this situation, we’ll usually ask for:

  • The most recent monthly statements available, plus
  • A full-page screenshot of your account summary showing:
    • Your full name
    • Account number
    • Current account balance

This helps bridge the gap between statement periods and ensures the lender has everything they need. If you’re unsure whether this applies to you, just send us what you have and we’ll confirm.

How to Download Your Bank Statements (By Bank)

Below are step-by-step instructions for the most common banks we see. If your bank isn’t listed, the process is usually very similar — and we’re always happy to help.

RBC (Royal Bank of Canada)

  1. Go to RBC Royal Bank Online Banking and sign in.
  2. From the Accounts Summary page, locate the account your down payment is coming from.
  3. In the top-right corner, click Statements / Documents.
  4. On the Account Documents page, select the correct account.
  5. Use the statement period dropdown to select the most recent statements covering the past 90 days (usually the last 3 monthly statements).
  6. Click each statement to open it as a PDF.
  7. Use the Download / Save icon to save the PDF to your computer.

Helpful tip: If you don’t see statements available, you may need to enable eStatements in your account settings.

TD Canada Trust

  1. Sign in to TD EasyWeb.
  2. From the main dashboard, click Statements & Documents.
  3. Select the account your down payment is coming from.
  4. You’ll see a list of available monthly eStatements.
  5. Select the statements that cover the most recent 90 days (typically the last 3 monthly statements).
  6. Click each statement to open it as a PDF.
  7. Use the download/save icon to save each PDF to your computer.

Scotiabank

  1. Sign in to Scotiabank Online Banking.
  2. From your Accounts or Account Summary page, click the relevant account.
  3. Look for Documents, Communications Centre, or Statements.
  4. In the eStatements area, select the statements covering the past ~90 days (usually the last 3 monthly statements).
  5. Open each statement as a PDF.
  6. Use your browser or PDF viewer’s Download / Save option to save the files.

BMO (Bank of Montreal)

  1. Sign in to BMO Online Banking.
  2. Select the account your down payment is coming from.
  3. Click View eStatements, Statements & Notices, or a similar option.
  4. You’ll see a list of available monthly eStatements.
  5. Select the statements covering the most recent ~90 days.
  6. Click View or Download for each statement.
  7. If the statement opens in a new tab, use your browser’s download icon to save the PDF.

CIBC

  1. Sign in to CIBC Online Banking.
  2. From the main dashboard, click My Documents or eStatements.
  3. Select Account Statements.
  4. Choose the account your down payment is coming from.
  5. You’ll see a list of available monthly statements organized by month.
  6. Select the most recent three monthly statements (covering roughly the last 90 days).
  7. Open each statement and click Download to save the PDF.

Helpful tip: If you don’t see eStatements, you may currently receive paper statements. You can switch to online delivery in your account settings.

A Few Helpful Things to Know

  • Joint accounts are completely fine — both names will appear on the statements
  • If there are larger deposits, the lender will ask us to confirm where they came from
    • This circles back to where we started: we recommend not moving large sums of money around unless we’ve discussed it first. Keeping funds where they are makes verification cleaner and avoids extra questions.
  • Gifted down payments usually require a simple gift letter (we’ll provide the template)
  • Investment accounts may require statements from your financial advisor

If any of this applies to you, don’t stress — we’ll guide you through exactly what’s needed.

What If You’re Not Sure You Have the Right Documents?

Connect with our team. We’ll review what you have and let you know if anything else is needed.

Our goal is to make this process feel clear, supported, and stress-free — not overwhelming.

If you have questions at any point, just reach out. We’ve got you.