Income Tax Loans
Income Tax Loans
This special loan program is designed to assist our members with paying off current year or past years income taxes owing.
All tax loans are “open” meaning that they can be paid down or paid off in full without penalty at any time.
Loan repayment may be up to two years in length.
Weekly, biweekly, semi-monthly and monthly payment options are available.
Loan interest rates fluctuate and are based on the VPCU Prime Lending Rate.
Current interest rate for this loan program is Prime + 2%.
The maximum loan amount eligible for the promotional rate is $10,000.
Affordable payment protection is available.
Members may obtain up to one income tax promo loan every two years unless their current income tax promo loan has been repaid in full.
Please complete a loan application form and provide all supporting documents. You can reach our Loan Application webpage by clicking HERE. Also, please note that these loans are subject to VPCU credit approval guidelines.
Frequently Asked Questions
1. Where can I get information regarding interest penalties for income taxes owing?
You can find all the information regarding interest penalties for income taxes owing on the Government of Canada website by clicking HERE.
2. Where can I find general information regarding paying income taxes in Canada?
You can find general information regarding paying income taxes on the Government of Canada website by clicking HERE.
3. How long does it take to get the loan processed?
Once you have provided us with a completed loan application form and the required documentation, we will respond to your request within 1 to 2 business days. Response times will vary depending on the volume of requests. The most efficient way to submit your request is to email the signed completed loan application form and your documents to [email protected] .
4. I want to pay off my loan or make an extra payment. How do I do that?
Please email our loans department at [email protected] to submit your request. Alternatively, please feel free to give us a call at 604 683 2434 or visit one of our branches if you have any questions.
5. How does the VPCU Prime lending rate work exactly?
The VPCU Prime lending rate is a variable rate. It may increase or decrease based on market conditions. In addition, all financial institutions use the interest rates set by the Bank of Canada as a benchmark when setting their respective Prime lending rate. A summary of the Bank of Canada interest rates can be viewed HERE.