 Important Information
As of July 1, 2012 some of the RBC Direct Investing commissions and fees will be changing. View the complete new Commissions and Fees Schedule.
These days, more and more Canadians are looking for a retirement
savings account that gives them the power to choose from a wider
range of investment opportunities, provides them with the
potential for greater returns and allows them to match their
investments to their comfort level.
A RBC Direct Investing retirement savings account can help you build a well diversified
portfolio. It gives you access to a whole range of RSP-eligible
investments, including GICs, treasury bills, money market
instruments, bonds, strip bonds, stocks, over
2,500 mutual funds
, and more.
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Introducing Dual Currency in Registered Accounts
You can now hold or settle trades in U.S. and/or Canadian dollars in your RSP with Dual Currency in Registered Accounts. What this means is when you are trading in U.S. securities, and you choose to settle in U.S. dollars, you can avoid the cost of foreign exchange conversions from and to Canadian dollars. The option to hold U.S. dollars and settle trades in U.S. dollars will be automatically available in all new and existing RSPs.
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There is NO annual administration fee for a RBC Direct Investing Self-Directed retirement savings account if
you maintain a balance of $25,000 or more. If your balance
is less than $25,000, you pay a low annual administration
fee. However as a client you'll pay only one annual administration fee, no matter how many RBC Direct Investing RSPs or RIFs are registered in your name.
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Use our convenient online form to transfer your retirement savings account from another
institution to RBC Direct Investing.
Learn More |
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Retirement Savings Plans (RSPs)
RSPs are savings plans registered with Canada Customs and Revenue Agency into which you contribute savings or investments for retirement. An individual may have several RSP accounts. Canadians invest in RSPs for two primary reasons they can reduce their overall tax bill by making a contribution and because the income earned within the RSP is tax sheltered until it is withdrawn.
Spousal Retirement Savings Plan
A spousal RSP can be an effective method of income splitting by directing part of your annual contribution into a Spousal
RSP, you can build a separate retirement fund for your spouse
and gain the benefit of a tax deduction now.
Here is how it works:
- Each year, you can split your allowable
contributions between your RSP and a separate Spousal RSP set up
for your spouse.
- You receive the same deduction as if you
were contributing to a single RSP.
- This allows you to save taxes during your retirement
years by splitting your retirement income with your spouse.
Generally, any withdrawals from the plan are taxed in the spouses hands. However funds withdrawn from the plan in the year of the contribution or the two years following are taxed in the contributors name. This type of plan is available to married or common-law couples.
Locked-in Retirement Account (LIRA)
Upon leaving your employer (i.e. for a position with a new employer or for retirement) you have two options available for any pension benefits you have accumulated. You can decide to leave the money with your former employers pension fund or remove it.
Since both the federal and provincial governments do not permit you to convert your pension into cash, an alternative is to transfer locked-in funds from a registered pension plan to a separate RBC Direct Investing RSP called a Locked-in Retirement Account (LIRA), or a Restricted Locked-In Savings Plan (RLSP) available for Federally regulated plans only.
Restricted Locked-In Retirement Savings Plan
Restricted Locked-In Savings Plans (RLSPs) are able to accept transfer from RLIF (Restricted Life Income Fund) plans for individuals who wish to return RLIF assets into a locked-in plan and are younger than 71 years of age. Someone may want to make such a transfer because they do not want a steady stream of retirement income at the time.
Transfers from an RLSP by the holder will only be permitted if they are into another RLSP, into an RLIF or into a life annuity (not available through RBC Direct Investing).
Contribute to your RSP without cash
An advantage of the self-directed RSP is the ability to contribute
RSP-eligible securities from your RBC Direct Investing investment account.
The value of each direct security contribution is based on the fair market
market value of the security.
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With your eligible RBC Royal
Bank® credit card, you can earn RBC Rewards® points on purchases made. In turn,
you can redeem your points for RBC Financial Rewards
vouchers that you can use to make a contribution into your RBC Direct Investing
RSP, just like cash.
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Make the right move and start enjoying the speed, security and reliability of RBC Direct Investing. |
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