Commissions and Fees

Commission and Fee Schedule

	Equities
	Options
	Gold and Silver certificates
	Mutual Funds
	Fixed Income
	Self-Directed Registered Plans (RRSP, RIF, RESP, Locked-in plans)
	Tax-Free Savings Account (TFSA)
	Investment Accounts (Non-Registered)
	Employee Stock Option Plans
	Other Fees

Equities

The following prices apply to each buy and sell transaction of stocks, rights and warrants trading on all North American exchanges and over-the-counter markets.

Orders placed using our Online Investing Site and Automated Telephone Service

¹ Quarterly trading activity and asset levels of clients will be reviewed on a monthly basis and pricing will go into effect on the 22nd of every month. Clients must re-qualify on a monthly basis for the pricing to stay in effect. Clients will qualify based on one of the following:

– Eligible trading activity from the previous three calendar months (e.g. Total trades count from September 1 to November 30, with the pricing structure going into effect on December 22). A trade is defined as a commissionable filled equity or option order. Trades that are consolidated will count as one trade.

– Client asset levels as at the end of the previous month (e.g. Asset levels at November 30, with the pricing structure going into effect on December 22)

² All commissions are charged in the currency in which the security trades. This pricing only applies to trades placed through the online investing site and the automated telephone service.

³ Household asset accounts are defined as RBC Direct Investing accounts for clients living in the same household, with the same address. You must advise RBC Direct Investing of these multiple account relationships.

Orders placed with an Investment Services Representative

Minimum commission: $43 (Cdn. or U.S.) per transaction

Canadian and U.S. equity transactions with a principal dollar value of $2,000 or less: $43 (Cdn. or U.S.)

Note: Commissions are in addition to fees charged by the local securities commission as applicable, and they are billed in the same currency in which the security trades. Multiple trades on the same account, same security, same exchange, same side of the market (buy versus sell) and the same day are consolidated; and commissions are charged based on the consolidated end-of-day total share quantity.

Partially filled orders: Full commissions and fees apply for each partial fill, except when transacted within the same business day. If transacted within the same business day the average fill price will be used.

Purchase of new Canadian stock issues (when available): No commission

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Options

Orders placed using our Online Investing Site and Automated Telephone Service

¹ Quarterly trading activity and asset levels of clients will be reviewed on a monthly basis and pricing will go into effect on the 22nd of every month. Clients must re-qualify on a monthly basis for the pricing to stay in effect. Clients will qualify based on one of the following:

– Eligible trading activity from the previous three calendar months (e.g. Total trades count from September 1 to November 30, with the pricing structure going into effect on December 22). A trade is defined as a commissionable filled equity or option order. Trades that are consolidated will count as one trade.

– Client asset levels as at the end of the previous month (e.g. Asset levels at November 30, with the pricing structure going into effect on December 22)

² All commissions are charged in the currency in which the security trades. This pricing only applies to trades placed through the online investing site and the automated telephone service. Multiple trades on the same account, same security, same exchange, same side of the market (buy versus sell) and same day are consolidated; and commissions are charged based on the consolidated end-of-day total share quantity.

³ Household asset accounts are defined as RBC Direct Investing accounts for clients living in the same household, with the same address. You must advise RBC Direct Investing of these multiple account relationships.

Assignments and Exercises: Regular Investment Services Representative equity commission schedule applies.

Orders placed with an Investment Services Representative

Minimum commission: $43 (Cdn. or U.S.) per transaction

Note: Orders include Canadian and U.S. transactions only and commissions are charged in the currency of the transaction.

Canadian and U.S. options transactions with a principal dollar value of $2,000 or less: $43 (Cdn. or U.S.)

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Gold and Silver Certificates

Gold Certificates

Price of Gold per Oz. (U.S.$)	Commission (U.S.$)
$0.00 - $299.99	$25 + $0.20/oz.
$300 - $349.99	$25 + $0.30/oz.
$350 - $399.99	$25 + $0.40/oz.
$400 - $449.99	$25 + $0.50/oz.
$450 and over	$25 + $0.60/oz.

Silver Certificates

Price of Silver per Oz. (U.S.$)	Commission (U.S.$)
$0.00 - $4.99	$25 + $0.01/oz.
$5.00 - $5.99	$25 + $0.0125/oz.
$6.00 - $6.99	$25 + $0.015/oz.
$7.00 - $9.99	$25 + $0.0175/oz.
$10.00 and over	$25 + $0.02/oz.

Minimum commission: $43 (U.S.) per transaction

No safekeeping charges for RBC gold or silver certificates. Minimum purchase of 5oz. for gold and 100oz. for silver.

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Mutual Funds

Orders Placed Using our Online Investing Site or Automated Telephone Service

	Buy	Sell	Switch2
RBC Funds	$0	$0	$0
Front End and No Load Funds1	$0	$0	$0
Back End Load Funds	$0	$0	$0

Orders placed with an Investment Services Representative

	Buy	Sell	Switch2
RBC Funds	$0	$0	$0
Front-end and no-load funds1	$0	$43	$0
Back-end load funds	$0	$0	$0

Mutual fund companies may assess additional fees, for example, deferred sales charges on back-end load funds, early redemption fees, set-up fees and insufficient funds on pre-authorized purchases.

¹ Processing fees may be charged on some funds at the time of purchase (1% to 5%). Please verify with a RBC Direct Investing Investment Services Representative.

² Switch orders are only permitted within the same family of funds and load type.

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Fixed Income

Commission for the purchase and sale of treasury bills, bonds, strip bonds, debentures, GICs and other money market instruments, if any, are included in the quoted price, except for listed debentures, for which commissions are charged according to the equity commission schedule.

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Self-Directed Registered Plans
(RRSP, RIF, RESP, Locked-in plans^{^})

Annual administration fees
If plan market value is $25,000 or more	$0
If plan market value is less than $25,000	$50 - for RESP's  $75 - for all other plan types

If your plan is terminated or transferred to another financial institution, the full administration fee is owed.

The annual administration fee covers the period from January 1 to December 31, or any part thereof. The fee is charged in June of every year, based on account equity levels at the end of May. It will appear on June month-end statements.

Your account will be exempt from this fee, if:

• You qualify for the Royal Circle program at the time of the balance review.
• You qualify for preferred commission rates, based on trading volumes, at the time of the balance review.

Mortgages in Self-Directed Plans (funds in locked-in plans are not eligible)
Annual mortgage administration fee (prorated fee is deducted monthly from your RRSP)	$200
Mortgage set-up fee	$200

Transaction Fees
RSP withdrawals	$50
Home Buyer's and Life Long Learning Plan withdrawals	$25

RIF, LIF, RLIF, PRIF, LRIF Withdrawals
Two withdrawals per year in addition to the scheduled payments	$0
Each additional withdrawal	$25

Substitution or Swap
Exchanging cash or securities held in a registered plan with cash or securities of equal value outside of the plan	$35

^{^} Pension related plans.

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Tax-Free Savings Account (TFSA)

Transaction Fees
Annual administration fees	$0
TFSA withdrawals	$0

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Investment Accounts (Non-Registered)

Quarterly Maintenance fee

A fee of $20 Cdn, charged quarterly, will be applied to your non-registered investment accounts with market balances less than $10,000. Your account will be exempt from this fee if:

• You also hold a RBC Direct Investing registered account (RRSP, LIRA, RIF, LIF, LRIF, PRIF or RESP)
• Your account has been open for less than 90 days
• You qualify for the Royal Circle program at the time of the balance review
• You qualify for preferred commission rates, based on trading volumes, at the time of the balance review

This fee will be assessed on account balances at the close of business on the 15th day of the third month of each quarter (March 15, June 15, September 15, December 15).

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Employee Stock Option Plans

Stock Option Processing Fee

$50

Debit interest on exercise cost accrues from the day the funds are sent to the company to the day the shares are received.

Regular commission fees on sale of shares will apply, plus any applicable out-of-pocket expenses charged by the company or its transfer agent.

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Other Fees

Wire transfer of funds to another financial institution† $20
Cheque Requests†	$10
Confirmation Replacement	$2
Statement Replacement	$5
Research Account Inquiries $40 per hour (minimum $20)
Dishonoured Item	$25
Certificate Registration	$50
Rush (3-5 business days)	$200
Transfer-out (all account types, excluding Donations of Shares)	$135
Internal Transfers (third party name)	$25
Legal Security transfer fee+	$100
Restricted Shares§† $200 per security
(holding securities subject to legal restrictions on distribution and sale)
Private Shares§† $250 setup + $200 annual
Collateral Pledge Accounts§† $0 setup + $0 annual

^§ Service offered on an exception-basis only.

^† Any out-of-pocket (e.g. wires, courier charges, etc.) expenses will be charged in addition to the fee specified.

⁺ Includes: certificates from estates, guardianship, corporate name change, General Power of Attorney transfer, trust agreement, bankruptcy, and committee.

Note: GST, HST and provincial taxes are charged where applicable.

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Service fees are effective December 12, 2008.