RSP planning with your client
Make RSP lending a cornerstone of your growing business and a key part of your clients’ financial success.
Meet the qualifying and loan credit criteria? »
Be able to carry additional debt? »
Be able to manage the loan payments? »
Credit approved RSP Loans $50,000 and under do not require Proof of Income (POI)/Proof of Assets (POA).1
POI/POA will be required if the RSP Loan amount requested plus any RSP/TFSA Loan balances with B2B Bank exceed $50,000.
1Occasionally, B2B Bank may request POI/POA on certain applications. Subject to dealer requirements.
Loan administration tips »
The application process
The easiest and fastest way to submit your clients’ loan applications is online through EASE.
Enter, save, print and submit applications.
Receive status emails within seconds.
Track multiple applications through to funding.
Generate reports to keep track of your business.
The Benefits of EASE
- Save time with straightforward navigation and pre-populated forms.
- Reduce paperwork and avoid delays arising from missing information or unclear handwriting on paper applications.
- Receive an application status email within seconds of submitting an application.
- Track and monitor the status of your clients’ loan applications.
- Generate several types of reports to help you manage your business.
With EASE, the loan application process is easier.
Not registered for EASE?
There are two ways of registering for EASE:
1. Register online
- Complete the enrollment page.
- You will receive an email confirming that you have been activated on EASE with your access code and password.
- Remember your access code and password for future use.
2. Contact us at 1‑800‑263‑8349
Ensure RSP Loan Success
Pre-Screen Your Clients
Pre-screening your clients
Will they Qualify?
B2B Bank’s RSP credit basics will help you save time because you’ll have an idea of whether or not your clients may qualify before you submit their applications. This will improve the experience for you both.
Capacity – Can your clients handle the debt?
Rule of thumb: Regular monthly debt payments (including the new loan payment) should be less than or equal to 40% of their gross monthly income.
We use the Total Debt Service Ratio (TDSR) to calculate capacity.
How is TDSR calculated?
Income consists of:
- Net self-employed earnings
It is important that your clients accurately report their income and debts, ensuring that you recommend the right lending solution for them.
Capital – Do your clients have positive net worth?
Rule of thumb: Their net worth should be at least equal to the loan amount (or 1.5 times the loan amount if the loan is greater than $50,000).
How is it calculated?
To qualify for a B2B Bank RSP loan, the applicant’s net worth should be at least equal to the loan amount requested.
Use our TDSR calculator to help determine whether your clients will qualify.
Examples of debt:
- Monthly mortgage or rental payments
- Monthly property taxes
- Outstanding loans – fixed monthly payments
- Lines of credit – monthly payment based on outstanding balance
- Lease payments – fixed monthly payment
- Unpaid income taxes – CRA-approved monthly payment
- Alimony/child support fixed monthly payment
Credit History – How have your clients managed credit in the past?
How long is your clients' credit bureau history?
Character – Do your clients have good financial management habits?
Character is important. Look for career stability, residence history and their willingness to provide complete information.
The better your clients' financial habits and history, the greater their chances of qualifying.
Questions to ask your clients:
- Have they been approved for a loan before — car, investment loan, line of credit, other?
- Do they make monthly bill, loan and credit card payments on time?
- Do they usually have money left over after meeting their monthly expenses and debt obligations?
If your clients answer "No" to one or more of these questions, they may not qualify for an RSP loan.
Get faster funding for your clients' RSP loans by using our 5 step checklist.
As a Primerica representative you can evaluate your client's ability to qualify for an RSP loan before submitting an application to B2B Bank.
Have all the key pieces of information available before you start the application.
A) Personal and employment information
(for both borrower and co-borrower, if applicable.)
B) Required supporting documentation.
All RSP loans require the following support documentation to be submitted:
- Void cheque from a personal account imprinted with the applicant's name.
- if no cheque is available, a pre-authorized debit slip may be used instead (must be dated within 3 months and stamped by bank teller)
- Proof of assets (upon request).
- Letter of Direction (if paying out another financial institution).
C) Include details from two pieces of valid identification for each applicant.
Clearly indicate the ID type, unique ID number, issuer, and the expiration date (if applicable) in the Borrower Information section of the application.
Types of identification accepted by B2B Bank:
One piece of Type 1 and one piece of Type 2 Documentation
Two pieces of Type 1 Documentation
Type 1 Identification Documents
- Driver’s Licence issued in Canada.
- Certificate of Indian Status - issued by Government of Canada.
- Canadian Permanent Residence Card.
- Quebec Health Card (with photo ID and expiration date).
- Identification Card - issued by the Province (not available in Quebec).
- NOTE: Health Cards in Quebec must be offered by clients - they cannot be requested.
Type 2 Identification Documents
- Certificate of Canadian Citizenship or Naturalization.
- Provincial Health Card (without photo ID and/or expiry date).
- Birth Certificate - issued in Canada only (by the Government, Church issue not accepted).
- Social Insurance Card - issued by Government of Canada.
- Major Credit Card (bearing the name of the applicant and their signature).
- College/University Student ID Card (bearing the name of the applicant, signature and photograph.
- Firearms Licence - issued federally with photo ID.
- NEXUS Card (bearing the applicant’s name, passport number and photograph).
- CNIB Card.
- Canadian Forces Identification Card (bearing individual's name, photo and expiration date).
- NOTE: Health Cards are not acceptable identification for Manitoba, Ontario, Nova Scotia or Prince Edward Island.
For RSP loan amounts greater than the maximum RRSP deduction limit for the current year, or loans with a term longer than 2 years we require:
D) Proof of income.
Salaried income - Recent pay stub or Notice of Assessment.
Commissioned income - Last two years' Notice of Assessment.
Self-employed income - Last two years' Notice of Assessment and Financial Statements.
Is Proof of Income/Proof of Assets required?
Credit approved RSP Loans $10,000 and under do not require Proof of Income (POI)/Proof of Assets (POA).1
|Requested RSP Loan amount||$10,000||$6,000||$10,000|
|B2B Bank Existing RSP/TFSA Loan balance||$0||$4,000||$8,000|
|Total B2B Bank RSP/TFSA Loan balance||$10,000||$10,000||$18,000|
1 Occasionally B2B Bank may request POI/POA on certain applications.
NOTE: Additional documentation may be requested at the discretion of B2B Bank.
B2B Bank Dealer Services includes B2B Bank Financial Services Inc. (Member of the Mutual Fund Dealers Association of Canada (MFDA)), B2B Bank Securities Services Inc. (an IIROC member, Member – Canadian Investor Protection Fund) and B2B Bank Intermediary Services Inc. (an AMF-regulated dealer operating in Quebec). B2B Bank Dealer Services does not endorse nor promote any investment products, programs or strategies.
Avoid the most common delays in the application process:
Invalid home address
- Include street name and type (e.g., street, road, avenue, etc.)
Length of time in current residence
- Tell us the year the borrower(s) moved into their home
Vague employment information
- Be as specific as possible — include employer’s name and address, years of service and annual salary. If less than two years, provide previous employer details
Consent and authorization dates
- Borrowers must sign and date the loan application
If you filled out a paper application before logging into EASE, include the EASE transaction number on all documentation.
Check that you include all pages when mailing, even the Terms and Conditions.
Separate notices or statements for co-borrower, if applicable
Missing or Invalid VOID cheque/pre-authorized debit form
- VOID cheques must be from a personal account imprinted with the applicant’s name
Invalid identification types submitted.
It can take as little as one business day for an approved application, with all required documentation, to be funded.
If you have any questions contact B2B Bank Client Services at 1.800.263.8349.
For more information
B2B Bank Dealer Services RRSP Account
Consolidating retirement savings and investments in an RRSP with B2B Bank Dealer Services makes it easier to manage your clients' assets.
One single account means fewer contribution receipts and tax slips, consolidated statements and a comprehensive view of asset allocation.
Through Advisor Access and Investor Access, our secure and convenient online access tools, you and your clients can monitor their portfolio performance and make informed investment decisions according to changing markets and retirement goals.
- Select from Individual, Spousal, and Locked-in account options
- Consolidate deposits, mutual funds, bonds and other securities in one retirement savings account
- Make annual contributions into a single account
- Invest pre-authorized contributions into mutual funds on a weekly, bi-weekly, semi-monthly or monthly basis, subject to availability
- Online advisor and client access to review account balance and transaction information
- Receive emailed statements showing all investments and transactions
B2B Bank Dealer Services is a family of mutual fund and investment dealers and has more than 30 years of experience serving Canada’s investment community, helping Canadians build and manage their wealth. We are comprised of three firms: B2B Bank Financial Services Inc.; B2B Bank Securities Services Inc.; B2B Bank Intermediary Services Inc.
- Retirement plan application – MFDA
- Retirement plan application – IIROC
- Retirement plan application – AMF
B2B Bank RRSP-GIC
B2B Bank's RRSP-GICs provide your clients with a safe investment option from four different issuers.
Because GICs guarantee principal and offer a competitive interest rate, they're widely considered to be an important component of a well-balanced portfolio.
- Short-term GICs: 30 - 89 days ($25,000 minimum), 90 - 364 days ($5,000 minimum)
- Long-term GICs: 1 - 5 years ($1,000 minimum)
- Four issuers: B2B Bank, Laurentian Bank, Laurentian Trust, LBC Trust – all are members of CDIC
- Account types: individual or spousal/common-law partner (Locked-In RRSP and Locked-In Retirement Accounts also available)
- Competitive rates
New contributions and transfers
If you are looking to contribute to your existing B2B Bank RRSP GIC or B2B Bank Dealer Services RRSP Account, or to consolidate your investments by transferring an account held elsewhere, there are several options available to grow your RRSP.
To make a cash contribution to a B2B Bank Dealer Services registered account, there are several options available:
- Clients can deposit money directly into the account using their bank's online bill payment services.
- Please Note: B2B Bank Intermediary Services Inc. is not currently set up for online payments.
- Dealers can log in to Advisor Access and use the "Move Money" functionality to contribute from their Dealer trust account.
- Mail cheques with investment instructions to B2B Bank Financial Services Inc., B2B Bank Intermediary Services Inc. or B2B Bank Securities Services Inc., as applicable.
To make a cash contribution to a B2B Bank RRSP GIC account, the following options are available.
- Clients can deposit money directly into the account using their bank's online bill payment services.
- Complete the Term Deposit Renew form or Renew or Purchase Additional Investment Term Deposit form and mail cheques to B2B Bank.
To make a cash or in-kind transfer to a B2B Bank RRSP-GIC or B2B Bank Dealer Services RRSP, complete the respective Transfer Authorization for Registered Investments form.
1. Where do I send the original loan application and other supporting documentation?
If the loan proceeds are being directed towards Common Sense Funds, you will need to mail the original loan application, supporting loan documentation and investment instructions to Citi.
If the loan proceeds are being directed towards Concert, AGF or any other Primerica approved mutual funds, you will need to mail the original loan application, supporting loan documentation and investment instructions to Primerica Head Office.
Citi or Primerica will separate the loan documents from the investment instructions and will forward them to B2B Bank for processing. Do not send your documents directly to B2B Bank.
Review the mail submission workflow:
2. Can my clients use the proceeds from the same loan to purchase both Primerica Concert and Common Sense Funds?
No. While the proceeds from the same loan may be split between different registered accounts (RRSP, RESP or Spousal RSP), through the B2B Bank Distribution Alliance Program, the investments must be made to the same fund family. If borrowers would like to purchase both Concert and Common Sense Funds, they would need to apply for two loans.
3. Can a client obtain a B2B Bank RSP Loan to pay out a loan that was transitioned from AGF Trust?
Primerica clients who wish to increase their existing B2B Bank RSP Loan originating from AGF Trust may apply for a new RSP loan to both pay out the existing loan as well as make a current-year contribution to their RSP account.
4. Does my client need to provide a void cheque? What if they don’t have one?
Evidence of valid banking information is required to support the repayment obligations of the loan. As such, clients must provide a personalized void cheque in the applicant’s name. If your client doesn’t have a void cheque, we accept a pre-authorized debit form that has been stamped and authorized by their financial institution within the last three (3) months.
5. Can a client defer their first loan payment? If so, what is the maximum deferral?
Yes. Clients may choose to have their first loan payment deferred for up to a maximum of 180 days from the date of the advance. While payments may be deferred, interest accrues from the date of funding which may result in a longer amortization.
6. Can my clients use the proceeds of a B2B Bank RSP Loan to purchase investments outside of Primerica Concert, Common Sense Funds and AGF Investments?
Yes. With our Distribution Alliance Program, proceeds from a single loan may be deposited to client name registered accounts at one of our Distribution Alliances. See a complete list of our Distribution Alliances.
7. Where can I find a list of what constitutes “required supporting documentation” for my client’s RSP Loan application?
On the last page of the RSP Loan application, you will find an Application Requirements Checklist. This checklist will assist you in identifying by program, as well as the supporting documentation you will require for completing and submitting your client’s loan package.
8. Do I need to send in every page of the application, including the Terms and Conditions?
Yes, our requirement is to receive the original, fully completed and signed application.
9. What is EASE?
EASE stands for Electronic Application Submission Entry. It's B2B Bank's secure online loan application that allows you to enter, save, print and submit RSP loan applications on behalf of your clients. EASE is:
- Fast: offers your clients a status of the application in a matter of seconds
- Easy to use: screens are intuitive – both easy to navigate and complete
- Practical: search functions allow you to retrieve existing applications and monitor their status
- Useful: you can generate a variety of reports for information at your fingertips
10. How does EASE work?
Representatives can log in to EASE at b2bbank.com/ease (new users can register online) and enter their clients' information. When all pages have been saved and completed, representatives print the application and have the client sign where required. By clicking the Submit for Credit Review button, the application is submitted electronically for adjudication; a status is emailed and/or faxed to representatives.
If approved, representatives then forward the printed application, with the original signatures and all the supporting documentation to B2B Bank for funding. If the status of the application is Under Credit Review, representatives are contacted with a decision typically within one business day by email and/or fax.
11. What happens if I save a loan but don't complete all the fields?
That's okay. EASE allows you to come back and complete the application later. Applications are saved as soon as a single character is entered by clicking Save This Data.
12. A loan application I entered is in pending status. Why?
Typically, this means B2B Bank requires additional information and/or supporting documentation in order to complete the adjudication process. In this case, you will receive a fax from B2B Bank with further details. Sometimes, this status means that a counter offer has been proposed and is awaiting your response. On occasion, it can also mean that a Credit Bureau warning was generated.
13. What happens if I've already completed and saved my application but want to make changes?
You can make changes to saved applications prior to clicking on the Submit for Credit Review button. The application that the client signs must accurately reflect what is being submitted electronically for credit review. After the loan has been submitted, please make all the changes on the original client-signed application. Note: The client may be required to sign or initial to authorize any changes.
14. Is there a particular day of the month that loan payments must be made?
We try to accommodate your clients' needs. As such, borrowers may select any day of the month – from the 1st to the 28th – whatever is most convenient for them. Flexible payment dates can be helpful to your clients when it comes to managing their monthly cash flow.
15. Can a borrower pay off their RSP loan at any time?
Of course. To pay off their loan, the borrower simply forwards a cheque payable to B2B Bank for the full amount outstanding. All loans can be paid out at any time without any additional charge or penalty from B2B Bank.
16. Is the borrower’s work phone number required when completing an application?
Yes. The borrower’s work phone number is a mandatory requirement when completing a B2B Bank RSP Loan application, except for applicants that are self-employed and have indicated this on the application. If the borrower is not self-employed and the “Work phone number” field is left empty or incomplete, the application will not be accepted and will be sent back for completion.
17. Can my client use one B2B Bank RSP Loan application to fund to different RSP accounts?
Proceeds from a single Distribution Alliance Program (DAP) RSP loan can be invested in an RSP, RESP, or any combination thereof (up to a maximum of three (3) accounts within the same DAP).
18. Can my client use one B2B Bank RSP Loan application to fund to different DAPs?
No. If your client would like to purchase funds at two or more different DAPs, each DAP would require its own separate B2B Bank RSP Loan application and separate investment instructions.
If you have any further questions, contact the service team.