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RBC Direct Investing > Account Types > Registered Retirement Savings Plan
Registered Retirement Savings Plan (RRSP)
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. An RBC Direct Investing Registered Retirement Savings Plan (RRSP) can help you build a diversified portfolio.
How does an RRSP work?
- While designed specifically as a retirement savings vehicle, an RRSP has benefits throughout your lifetime
- By contributing to an RRSP you'll realize immediate tax benefits as your annual contribution can be deducted from your gross income at tax time, reducing the amount you pay in income tax that year
- The income earned in your RRSP is not taxed until it is withdrawn
- You can withdraw funds from your RRSP tax-free to purchase your first home or to pay for training or educational pursuits
- Your RRSP holdings can be used to cover an emergency situation. However, there is a tax consequence to making a withdrawal and an impact on your retirement plan
RRSP Account Types
Key benefits of an RBC Direct Investing RRSP
- Competitive trade commissions as low as $6.95 - $9.95 flat with no minimum account balance required
- Create a diversified portfolio with access to a broad selection of investments including stocks, exchange traded funds (ETFs), guaranteed investment certificates (GICs), mutual funds, options, bonds and more
- No commissions when you buy or sell mutual funds1
- Hold and settle trades in U.S. and Canadian dollars and save on foreign exchange conversion
- No maintenance fee when you hold combined assets of $15,000 or more across all of your RBC Direct Investing accounts. Plus, you can take advantage of several other ways to have the fee waived.2
- Access to innovative tools and the latest research to help you make confident investment decisions
1) Mutual fund companies may assess additional fees — for example, deferred sales charges on back-end load funds, early redemption fees, setup fees and fees for insufficient funds on pre-authorized purchases.
2) Clients with combined assets of $15,000 or more in all of their RBC Direct Investing accounts pay no quarterly maintenance fee. Clients with combined assets of less than $15,000 in all of their RBC Direct Investing accounts pay $25 per quarter. Clients can open a maximum of 10 accounts for a combined maintenance fee of $25/quarter. Additional maintenance fees will apply if
a client opens more than 10 accounts. This fee will be assessed on client information as at the end of each quarter (March 31, June 30, September 30, December 31) and will be charged in April, July, October and January of every year. For complete details and for information about additional ways to have the quarterly fee waived read our Commissions and Fees Schedule.