Personal Finance

Applying for LOC from RBC

  • Last Updated:
  • Apr 17th, 2018 9:29 pm
[OP]
Jr. Member
Mar 21, 2013
144 posts
5 upvotes
Toronto

Applying for LOC from RBC

Hi All,

I'm currently in the process of applying for a LOC from RBC and the advisor I'm working with is asking for my TFSA statement along with Business/Corporate Account statement both with account numbers on them; is this a normal practice?

Thanks in advance
2 replies
Deal Expert
Aug 22, 2011
24946 posts
11227 upvotes
Ottawa
A decade ago when I applied, there was no TFSA and I didn't have a business account.
All that was required, was proof of income.
Deal Expert
User avatar
Jan 27, 2004
39843 posts
3916 upvotes
T.O. Lotto Captain
Faith786 wrote:
Apr 17th, 2018 8:48 pm
Hi All,

I'm currently in the process of applying for a LOC from RBC and the advisor I'm working with is asking for my TFSA statement along with Business/Corporate Account statement both with account numbers on them; is this a normal practice?

Thanks in advance
Yes it is normal.
Liquid and accessible assets like tfsa can be used to pay off loans and show capacity if something bad happens like job loss.

Business statements is to demonstrate income.

Otherwise... everyone can lie "i have 17 trillion dollars in my tfsa. Now lend me 20g's!"

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