Application checklist
Get faster funding for your clients' RSP loans by using our 5-step checklist.
1. Pre-screen your clients to save you time.
As a financial advisor, you can evaluate your clients' ability to qualify for an RSP loan before submitting an application to B2B Bank.
2. Know what information you need from your clients in advance.
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.
- 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
OR
Two pieces of Type 1 documentation
Type 1 identification documents
- Driver’s licence issued in Canada
- Passport
- 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 a Proof of Assets or Proof of Income required?
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.
NOTE: Additional documentation may be requested at the discretion of B2B Bank. For faster adjudication, complete the application using EASE.
3. Make sure you and your clients have signed all the required fields.
Mail original, completed and signed B2B Bank RSP Loan Application and supporting documentation to:
Fax application to:
Attn: B2B Bank Investment Lending
Fax: 1.866.941.7711
OR
Mail original documentation to:
B2B Bank, Investment Lending
199 Bay Street, Suite 600
PO Box 279 STN Commerce Court
Toronto ON M5L 0A2
- Include all pages, even the Terms and Conditions.
- Make sure the EASE number is included, if applicable.
4. Include investment instruction forms when you mail the application.
- For a new RRSP/RESP account at a participating Distribution Alliance, send the respective Investment Application with instructions directly to the Distribution Alliance. The original RSP Loan Application must be sent to B2B Bank.
- To open a B2B Bank Dealer Services Account, include the signed B2B Bank Financial Services Inc. Retirement Plan Application.
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.
5. Review all materials carefully before submitting.
Correctly completed applications can be processed in as little as one day.