Canadian Western Trust

CWT RRSP Loan Program

Competitive rates and superior service for RRSP Loans

We are very pleased to offer the CWT RRSP Loan Program in collaboration with our partner company, CWB Optimum Mortgage, for our financial advisors and
their clients.

Loan amounts

One year loan

Preferred minimum $5,0001 up to current year’s maximum RRSP contribution ($25,370 for 2016)

1Loans lower than the minimum will be evaluated on a case by case basis. Please contact Patricia Hunter at 604.699.4856.

Catch up loan

From $5,0001 up to $50,000

Amortization period

One year loan         

1 or 2 years

Catch up loan

Up to 10 years
Rates

One year loan

3.2% (CWB Prime Rate2 + 0.50%, fixed or floating)
2"CWB Prime" refers to the annual interest rate announced by Canadian Western Bank from time to time as its reference prime rate then in effect.

Catch up loan

Term

Variable Rate

Fixed Rate

 

 1 to 5 years

3.2%

(CWB Prime2 + 0.50%)

3.2%

(CWB Prime2 + 0.50%)

Payment type

One year loan

Blended principal + interest (variable or fixed rate)

Catch up loan

Blended principal + interest (variable or fixed rate
Payment frequency

One year loan         

Monthly

Catch up loan

Monthly
Payment deferral

One year loan       

120 days deferral available3 (interest accrues during deferral)

3The loan will need to be paid back within one year of the issue date.

Catch up loan 

Not available for this loan type
Credit criteria

One year loan

  • Satisfactory credit bureau with a minimum Beacon Score of 600
  • Applicant must be at least 18 years old
  • Applicant must be a Canadian Resident
  • Net worth statement
  • Income documentation to be requested upon underwriter discretion

 

Catch up loan
  • Satisfactory credit bureau with a minimum Beacon Score of 600
  • Applicant must be at least 18 years old
  • Applicant must be a Canadian Resident
  • Proof of Income required and defined as follows:
    1. Salaried: recent pay stub or Notice of Assessment
    2. Commissioned: last two years’ Notice of Assessment
    3. Self-Employed: last two year’s Notice of Assessment and Financial Statements
  • Net worth statement

 

Eligible investments

One year loan     

No restrictions

Catch up loan

No restrictions
Payouts

One year loan    

There is no penalty for early payout

Catch up loan

There is no penalty for early payout
Forms

RRSP Loan Program forms
RRSP Loan Application & Agreement (Fixed Rate)
RRSP Loan Application & Agreement (Variable Rate)
RRSP Loan Program Checklist
CWT/CWB RRSP Loan Program (Advisor Guide)

 

How-to guides

RRSP Loan How-to Guide - Fixed Rate
RRSP Loan How-to Guide - Variable Rate

 

CWT account applications

Required for new CWT accounts only. If the client has an existing CWT account, please indicate the RRSP account number in the first paragraph of the Loan Application.

CWT New Account Application for RRSP account
How to complete the CWT New Account Application form

 

Submitting forms and applications

Please email a copy of all the applications and associated documents to rrsploans@cwt.ca or fax to 604.669.6069 ATTN: RRSP Loans

Mail original documents to:

Canadian Western Trust
Attn: RRSP Loans
300 – 750 Cambie Street
Vancouver, BC, V6B 0A2

We will start working on the loan application and open a Registered Account (if applicable) once a faxed/emailed copy has been submitted; however, loan proceeds will not be advanced until the original documents have been received.

Who is the lender for this program?

Canadian Western Bank will be the lender for this program and Canadian Western Trust (Optimum Mortgage) will be the underwriter. For specific loan underwriting questions and support, please contact Optimum Mortgage at 1.866.441.3775. If there are questions during the underwriting process, a member of their team will be contacting you directly.


Is there an information sheet for the RRSP Loan program?

Information sheets for the RRSP Loan Program are available here:


Where do I send the forms?

Please send copies of all loan applications and documents by fax or email to:
rrsploans@cwt.ca or fax to 604.669.6069 ATTN: RRSP Loans

We will start working on the loan application and open a Registered Account (if applicable) once we receive a faxed/emailed copy.

However, loan proceeds will not be advanced until the original documents have been received.


Who do I call for more information?

For any questions about the loan program, contact our Client Service Team. If you have new business inquiries, please contact your regional Self-Directed Plans Business Development Manager.

Questions?

Looking for more information about our RRSP Loan Program?