There are three main types of income verification methods for self-employed individuals: traditional, non-traditional, and stated income verification. Traditional income verification involves providing two years’ worth of tax returns, including Personal Tax Notices of Assessment (NOAs) and financial statements from your business. Non-traditional income verification methods are used when a self-employed individual cannot provide the standard documentation required for traditional income verification. These could include bank statements, client contracts, or a statement from your accountant. Stated income verification is where the borrower simply states their income, without the need for extensive documentation.