Tips to guide you through the application process

RSP Loan Application Checklist

Get faster funding for your client's RRSP contributions by using our 5-step checklist.

 

1

Pre-screen your client to save you time.
As an advisor, you can evaluate your client's ability to qualify for an RSP loan before submitting an application to B2B Bank.

2

Know what information you need from your client in advance.

Have all key pieces of information available before you start the application.

(for both borrower and co-borrower, if applicable.)

All RSP loans require the following support documentation to be submitted:

  • Void cheque from a personal account imprinted with the applicants 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).

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 Documentation

  • 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:

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.

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.

NOTE : Additional documentation may be requested at the discretion of B2B Bank.

For faster adjudication, complete the application using EASE.

3

Please ensure you and your client(s) have signed all the required fields. Send original, completed and signed B2B Bank RSP Loan Application 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 send the application.

  • To open a B2B Bank Dealer Services Registered Account, include the signed B2B Bank Dealer Services Retirement Plan Application.
  • For B2B Bank Deposit RRSP Accounts, mail the original, signed B2B Bank RSP or RIF Account Application, completed with investment instructions, for the purchase of GICs through B2B Bank, Laurentian Bank, Laurentian Trust, or LBC Trust.
  • For a new RRSP/RESP account at a participating Distribution Alliance, send the respective Investment Application with instructions directly to the Distribution Alliance. The RSP Loan Application must be sent to B2B Bank.
5

Review all materials carefully before submitting. Correctly completed applications can be processed in as little as 1 day.

Get started with EASE today!

Submission Tips

  • The earlier the better.
  • Allow time for the trustee or the fund company to receive the loan proceeds in time to issue your clients' first 60-day contribution receipts.

If the loan documents need to go to your dealer’s head office before being sent to B2B Bank, allow extra time.

RSP Loan Program Brochure

 

*Occasionally, B2B Bank may request POI/POA on certain applications. Subject to dealer requirements.