TFSA Loan FAQ
B2B Bank's TFSA Loan Program allows your clients to borrow money for a current lump-sum contribution within a TFSA, which can allow them to grow their investments on a tax-free basis today. Other benefits include:
|Pricing is based on the term selected, not the loan amount.|
|All or part of a loan can be repaid at any time without penalty.|
|Variable rate loan with a term between one and ten years.|
Choice of program
|Choose between our Standard loan program (with B2B Bank Dealer Services) or DAP (with various dealers or manufacturers)|
A $5,000 minimum applies across all terms.
Yes, loans greater than the lifetime contribution limit, will be assessed based on B2B Bank’s credit qualification criteria. Loans greater than B2B Bank's maximum loan size will be assessed based on B2B Bank’s credit qualification criteria, at the sole discretion of B2B Bank.
All TFSA loan payments are a blend of principal and interest. Applicants may choose to have their monthly payments automatically withdrawn from their bank account on any date between the 1st and the 28th of the month. The first payment is due on the first payment date following the advance of the TFSA loan.
There is no deferral option available for B2B Bank TFSA Loans.
There are no annual or administration fees associated with our TFSA loans. However, should an attempted loan payment come back as NSF (‘Non-sufficient funds’) from the client’s bank account, there will be a $50 NSF fee applied by B2B Bank.
We recommend using our online EASE loan application. Our Electronic Application Submission Entry system allows you to quickly and easily enter, save, print and submit TFSA loan applications on behalf of your clients. Access EASE at b2bbank.com/ease.
You may also complete a PDF loan application. In both cases, B2B Bank requires the original signed application to be sent in as follows:
Fax application to:
Attn: B2B Bank Investment Lending
Mail original documentation to:
B2B Bank Investment Lending
199 Bay Street, Suite 600
PO Box 279 STN Commerce Court
Toronto ON M5L 0A2.
Yes, in all cases, B2B Bank requires a void cheque from the borrower's personal chequing account from which to withdraw the loan payments. Other supporting documentation may include:
- Letter of Direction (included with the loan application). This form is required if paying out a TFSA loan at another financial institution.
- Proof of assets upon request.
- Proof of income for loan amounts greater than $20,000 or for loans with a term longer than 2 years:
- Salaried income: recent pay stub or Notice of Assessment.
- Commissioned income: last 2 years’ Notice of Assessment.
- Self-employed income: last 2 years’ Notice of Assessment and Financial Statements.
Advisors interested in or currently doing business with B2B Bank for TFSA loans can visit b2bbank.com/tfsaloan for more information, tools, forms and resources. Existing or prospective clients can visit b2bbank.com/tfsaloan for information on the potential benefits of choosing a TFSA loan within their overall financial plan. If you would like more information on any aspect of B2B Bank's TFSA Loan Program, simply call one of our Client Service Representatives at 1.800.263.8349. We're here to help you get the answers you need. Our Client Service Representatives would be happy to assist you Monday to Friday from 8 a.m. to 8 p.m. ET.