Rbc visa rbc yonge and sheppard Online banking Go to the Online Banking Sign-In page and select Reset Your Password, just below the Password field. Then follow the instructions on the screen. RBC Mobile Users If your account is temporarily disabled, you can tap the Reset Password link anytime directly from the Sign In page. Then follow the instructions on the screen. A better way to manage business travel and expenses. If you have forgotten your password, enter your user details below and a new randomly generated password will be emailed to your email address.

Royal bank rrsp rbc 003

Financial planning services and investment advice are provided by Royal Mutual Funds Inc. Enter an amount that you would like to borrow to contribute to your RRSP that is between $1,000 and the maximum amount you can contribute to your RRSPs for the current tax year (to a maximum of $50,000). This calculator assumes you will deduct the full amount of the RRSP loan in the current year on your tax return. An RRSP top-up loan allows you to take advantage of unused RRSP contribution room carried over from previous years, and it offers a longer repayment period – up to 10 years – than is offered with a regular RRSP loan, which is based only on the current year’s contribution room. Loan repayment period This is the amount of time you would like to take to repay the loan. If you have selected a top-up loan, the maximum repayment period is 10 years 0 months. Otherwise, the maximum repayment period is 5 years. Payment Frequency Select the payment frequency which coincides with your pay period to meet your cash flow needs. Choosing to repay your loan more frequently will reduce the amount you pay in interest costs over the life of your loan. Did you want to defer the start of your loan repayment by up to 90 days? Deferring your payments means your first payment will be due up to 90 days after the start of the loan so you can use your tax rebate to repay all or some of your loan. Once repayment begins, all accrued interest will be collected from the payments before principle reduction begins. Your marginal tax rate This is the amount of tax that you have to pay on each extra dollar of income you make. Your marginal tax rate is used to calculate the expected tax refund amount on the RRSP contribution. For illustration purposes, this calculator shows a 40% marginal tax rate by default, However, you should check with your accountant to determine what your marginal tax rate would be based on your circumstances, and edit the default amount to reflect your individual marginal tax rate. The entry made in the "Percentage of tax refund to apply to the loan balance" field was either not a valid number, a number with more than 2 decimal places, or was outside the allowed range (0-100). Percentage of tax refund to apply to the loan balance Applying all or a portion of your tax refund to your loan balance will reduce the amount of interest you would pay over the course of the loan repayment period. The entry made in the "Estimated annual RRSP rate of return" field was either not a valid number, a number with more than 2 decimal places, or was outside the allowed range (0-100). Estimated annual RRSP rate of return This is the annual percentage rate of return that you estimate you would receive on your RRSP. For illustration purposes, this calculator shows a 6% estimated annual RRSP return by default. However, individual results will vary, perhaps to a large degree, and this does not reflect an anticipated or expected rate of individual return. If you know the average rate of return you received on other similar investments in your portfolio and expect to earn a similar rate in future, you may wish to enter that rate of return into this calculator. If you are closer to retirement, you may wish to enter a more conservative rate of return. Number of years until retirement Subtract your age from the age at which you plan to retire, to determine the number of years until your retirement. This should be a number between 1 and 53 years, as the minimum age to invest in an RRSP is 18, and at age 71 no further contributions can be made. This calculation assumes the following: (i) a constant interest rate throughout the loan amortization period, (ii) interest is compounded each payment period; and (ii) the payment schedule you selected is maintained with no additional payments. The interest rate for variable rate loans may fluctuate in conjunction with a change in Royal Bank of Canada Prime Rate, which may affect your loan amortization. Interest rates may have changed or may be different due to information contained in your application. The calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard. Actual results may vary, perhaps to a large degree. Royal Bank of Canada uses reasonable efforts to include accurate and up-to-date information in this calculator, but cannot guarantee that all information is accurate or complete or current at all times. You should speak with one of our credit specialists or RBC advisors before making a final decision on a RRSP Loan to ensure it meets your overall financial needs. Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.. It is assumed that the entire RRSP loan amount is claimed as a deduction on the current year’s income tax return, and that the entire tax savings resulting from the RRSP contribution results in a tax refund payable to you. Assumes the tax rebate is applied to the loan balance within 120 days of the loan advance, and that the principal repayment amount is used to reduce the loan balance, therefore reducing the amortization period. No revised loan documentation will be sent out to show revised amortization and payments. Payments that were set at origination will remain for the entire amortization term. The amortization is based on the client making all of their payments on the due date and with no delinquencies. Royal bank rrsp rbc banking The RRSP proceeds will be transferred to an RRSP or RRIF registered in their names, or used to purchase an annuity. In all other situations, the balance of the RRSP at the date of death is included as income on the plan holder's final tax return. Royal Bank of Canada does not make any express or implied warranties or representations with respect to any information or results in connection with this calculator. Royal Bank of Canada will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in. A Registered Retirement Savings Plan (RRSP) is a saving and investing account explicitly purposed to help make retirement planning and saving easier for Canadians of all ages and financial backgrounds. Not only do RRSPs grant tax benefits, they also provide Canadians with immense flexibility when it comes to saving and investing their money. That said, it’s never too early (or late) to start thinking about retirement. Savings Accounts that are eligible for a promotional offer are marked throughout the comparison chart with a promotional offer icon such as or . Click this box to show only Savings Accounts that contain free promotional offers. For gift card FAQs and Terms & Conditions click here. Royal Bank of Canada (RBC) is the largest bank in Canada and has operations in 38 countries. RBC offers a number of savings accounts with varying rates and support from RBC’s network of branch locations and bank ATMs. This network is the largest across Canada, as RBC offers clients convenient access to accounts through more than 4,600 banking machines and online, mobile, and telephone banking services. All insured by CDIC insurance, RBC savings accounts vary from high interest, tiered interest, to basic savings accounts. RBC’s Royal Bank High Interest e Savings Account is an online savings account that offers a competitive annual interest rate. Some main benefits of the Royal Bank High Interest e Savings account are: It offers unlimited online transfers to other RBC accounts, one free withdrawal per month, and has no monthly fee. E-transfers are $1.00 each and withdrawals from external ATMs cost $1.50 per transaction. The Royal Bank Leo’s Young Savers Account is for children 0 to 19 years old. The Leo’s Young Savers Account includes 15 debits per month and unlimited Interac e-Transfers. At non-RBC ATMs, withdrawals will cost $1.50 per transaction. The Day to Day Savings account is designed for those who are just beginning to save. Interest rates are tiered and the highest possible rate earned when balances exceed $5,000. The account has no monthly fee and there’s one free debit transaction included each month. However, individual transaction fees of $2.00 apply in addition to charges for e-transfers and withdrawals from external ATMs. For this account, interest is earned only on balances of more than $5,000, from which the tiered rate begins. There’s no monthly fee for the Royal Bank Enhanced Savings account. Rather, it charges $2.00 for each transaction, $1.00 for E-transfers, and $1.50 for withdrawals from non-RBC ATMs. If these savings accounts don't quite match up with what you're looking for, try our savings account comparison tool to see how RBC's rates compare to other financial institutions. A spousal RRSP is a registered retirement savings plan that names your spouse as the "annuitant" or owner of the plan, even though you might be making the contributions. The idea is that the spouse who earns a higher income is able to shift retirement income to the spouse who earns the lower income. When the lower-income spouse retires and begins to draw on the income, their lower tax rate can be helpful in managing your tax burden as a couple. At the same time, the tax deduction on contributions made by the higher-income spouse may allow for more immediate tax relief. For the purposes of the Income Tax Act (the legislation that governs taxation in Canada), a spouse includes common-law partners of the same or opposite sex as well as legally married spouses. Here are the main reasons a spousal RRSP might be a suitable choice: Contributing to a spousal RRSP can help to equalize your retirement income as a couple and lower your household income tax at retirement. This can happen when your lower-income spouse withdraws the funds at a lower marginal tax rate. You may recall that you cannot contribute to an RRSP after the end of the year in which you turn 71. But if you have a younger spouse and you still have contribution room, you can contribute to a spousal RRSP until the end of the year in which your turn 71. You can contribute to a spousal RRSP based on your own contribution room. If, for example, you have $15,000 of RRSP contribution room in a year, you may contribute all or a portion of this amount to a spousal plan. If your spouse has contribution room but you don’t, you can no longer make contributions to the spousal plan. Your spouse would have to make the contributions him/herself. If you contribute funds to a spousal RRSP, and your spouse withdraws funds from the plan during the year you made the contribution or in the following two calendar years, you will have to pay the tax on the money withdrawn, at your tax rate. The amount attributed back to you (the spousal contributor) for tax purposes is limited to the contributions you made to the spousal RRSP during this three-year period. Let’s look at an example: Let’s say you contributed $30,000 four years ago to your spouse’s RRSP and $5,000 in the last calendar year. If you're preparing for retirement and are focused on creating tax efficiencies, you might be interested in Preparing for Retirement? Spousal RRSP Conversion At the end of the calendar year in which the annuitant turns 71, the spousal RRSP plan must be collapsed. You can then begin drawing from your retirement income by looking at options such as a spousal RRIF. For more information about spousal RRSP plans, visit the Canada Revenue Agency website at The information provided in this article is for general purposes only and does not constitute personal financial advice. Please consult with your own professional advisor to discuss your specific financial and tax needs. and Royal Bank of Canada are separate corporate entities which are affiliated. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. Investors are responsible for their own investment decisions. RBC Direct Investing is a business name used by RBC Direct Investing Inc. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.


If you’re not comfortable relying on a government or workplace pension plan to fully finance your retirement you’re not alone. In fact, about two thirds of Canadians are contributing to Registered Retirement Savings Plans (RRSPs) to supplement their anticipated Canada Pension Plan, Old Age Security, and company pension benefits during their retirement years. When those golden years arrive, you’ll be required to shift from saving mode into withdrawal mode. You may need to adjust your RRSP portfolio when this roll-over occurs, from an emphasis on growth and capital preservation to a strategy aimed at growth and income. That’s where Registered Retirement Income Funds (RRIFs) come in. Popular with Canadians, a Registered Retirement Income Fund (RRIF) is a federally registered account, designed to provide you with a steady income at retirement by drawing from your hard-earned savings and investments. You can transfer your Registered Retirement Savings Plan (RRSP) or your employer’s registered pension plan (RPP) into a RRIF by December 31 of the year in which you turn 71 at the latest. A RRIF is really just an extension of your registered savings plans. For example, your Registered Retirement Savings Plan (RRSP) might be used to save for your retirement while your RRIF is designed to provide you with retirement income. Keep in mind that a RRIF may only be one of several sources of income available to you. When a spousal RRSP plan is converted to a RRIF, it becomes a spousal RRIF where withdrawals are made by the annuitant (not the spouse who contributed to the RRSP). If you’ve contributed to a spousal RRSP plan in the year or in either of the two preceding taxation years of the RRIF withdrawal, be aware that there may be income attribution back to the contributing spouse. This would be the case if the annuitant withdraws more than the minimum annual withdrawal amount for the year. RRIFs are similar to RRSPs and other registered savings plans in that they offer multiple investment options, allow for tax–deferred growth of qualified investments, and funds are taxable as income when withdrawn. While you must make annual minimum withdrawals (and contributions can no longer be made), a RRIF allows for tax free-growth of investment income and capital gains from the investments that remain within the plan. You may convert funds from your RRSP into a RRIF any time you wish, but you must transfer all your registered plan savings into a retirement income option by December 31 of the year in which you turn 71. When that time comes, you must collapse your registered savings plans such as RRSPs, LIRAs or pension plans and consider these options: The main benefit of a RRIF is that it provides you with flexibility in establishing an income stream during your retirement. You can choose to receive payments monthly, quarterly, semi-annually or annually, and the funds can be deposited into your RBC Direct Investing account, your RBC Royal Bank account, or to an account at another financial institution. If there is an unused portion of the funds you withdrew from your RRIF, you may choose to contribute the money to a TFSA (if you have the contribution room) to continue the tax-free growth of your investments (as you cannot redeposit them to your RRIF). You cannot move your RRIF payments directly into a TFSA. RRIFs allow your remaining retirement savings to stay invested and continue to grow on a tax-deferred basis until withdrawn. There are two key decisions to make with regard to withdrawing income from your RRIF. Do you have enough income to support your dreams in retirement? The federal government sets the minimum amount that must be withdrawn every year and it’s based on your age and the dollar value of your RRIF at the start of the year. See Government of Canada at more information on RRIF withdrawals. You can also access the 2020 RRIF/LRIF/PRIF/LIF/RLIF withdrawal rates here. While there is no minimum payment required in the year you’ve converted to a RRIF, you must start withdrawing from your account in the year after you open it. When considering your retirement income, calculate the minimum payment you must withdraw from your RRIF each year and identify additional sources of income to meet your income needs, if necessary. Next, determine the payment frequency that best meets your needs—monthly, quarterly, semi-annually or annually—and choose the investments you'll want to have your income payments taken from. The information provided in this article is for general purposes only and does not constitute personal financial or tax advice. You can keep the balance of your RRIF invested, allowing your account to grow on a tax-deferred basis until your income is withdrawn though it’s best practice to ensure the funds are available in cash at the time the withdrawal goes through. Please consult with your own professional advisor to discuss your specific financial and tax needs. and Royal Bank of Canada are separate corporate entities which are affiliated. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. you take out more money from your RRIF than the government-prescribed annual minimum amount. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. This also applies if you withdraw securities in-kind and the value of these investments exceeds the minimum annual amount. Investors are responsible for their own investment decisions. Withholding tax rates differ depending on your province of residence. RBC Direct Investing is a business name used by RBC Direct Investing Inc. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. Ready to convert your RRSP or pension funds into a self-directed registered retirement income fund? Each type of investment account has rules for naming beneficiaries (or other designations). To help you understand your choices, let's break it down by account type. Note for Quebec residents: You cannot name a beneficiary, successor holder or annuitant on a registered account. The proceeds of your plan will be part of your estate. If you wish to designate a person to receive them, you must do so in a will under Quebec legislation. You can name anyone you wish as a beneficiary (or beneficiaries) of your Registered Retirement Savings Plan (RRSP). However, to benefit from the deferral of taxes upon your death, the named beneficiary of your RRSP must be: As with RRSPs, you can name anyone you wish as beneficiary (or beneficiaries) of your Registered Retirement Income Fund (RRIF). To benefit from the deferral of taxes, the qualifications are the same as with RRSPs above. However, with RRIFs, you also have the option of naming your spouse as a "successor annuitant" rather than beneficiary. Naming one or more beneficiaries is your only option.) What is a successor annuitant? With RRIFs, you can choose to name a "beneficiary" or "successor annuitant" to inherit your RRIF assets. A successor annuitant can only be a spouse or common-law partner and the designation enables them to take on ownership of your RRIF without the need to transfer funds out of the account. Upon your death, your successor annuitant assumes ownership of your RRIF account, with no tax consequences to your estate. Your spouse or common-law partner would simply replace you as the holder of your RRIF, or they could transfer your RRIF investments into their own RRIF account and continue to receive your RRIF payments. If the RRIF investments are rolled into the successor annuitant's RRSP instead of a RRIF, their RRSP contribution room would be unaffected. What if I name a beneficiary rather than a successor annuitant? When a surviving spouse or common-law partner is named as a beneficiary instead of a successor annuitant, the RRIF account is treated differently. It is closed after the assets are transferred to the beneficiary, though tax deferral options can still be available. When you leave TFSA assets to your spouse or partner, you can choose to designate them as a "successor holder" instead of a beneficiary. A "successor holder" is who you name to inherit your TFSA assets, and can only be your spouse or common-law partner. Upon your death, your successor holder assumes ownership of your TFSA account and isn't required to transfer funds out of the account. They would simply replace you as the holder of your TFSA, and their own TFSA contribution room would be unaffected. Naming a successor holder also effectively ensures that income earned in your TFSA account after your death is not taxed. If you have a spouse or common-law partner, you might choose to name him or her as a successor holder, rather than as a beneficiary. In this way, income earned in your TFSA after death is not taxed. What if I name a beneficiary rather than a successor holder? If someone other than a spouse is named to inherit the assets in your TFSA, this person is considered your "beneficiary" and is entitled to receive the assets up to the date of your death tax-free. After the assets are transferred, your TFSA account is closed. If your spouse is the beneficiary of your TFSA, he or she can make an "exempt contribution" to their own TFSA, provided certain requirements are met. In the absence of naming a successor holder, income earned in a TFSA after death is taxable. One beneficiary for an individual RESP Multiple beneficiaries for a family RESP Note: Unlike other registered accounts, an RESP's funds are not necessarily distributed when you pass away. If there is a joint or successor subscriber to the RESP, the RESP can remain open until amounts are paid to the account's beneficiary when he or she attends a qualified post-secondary education program. If there is no successor subscriber, sometimes the RESP needs to be closed and the assets distributed. For more information, read Understanding RESPs and RESPs: FAQs. Locked-in Plans: There may be restrictions on designating a beneficiary for a Locked- in Retirement Account (LIRA), Life Income Fund (LIF) and Locked-in Retirement Income Fund (LRIF) accounts. Most jurisdictions legislate that such funds be provided to your spouse/common-law partner, should you have one. Check with a tax advisor or estate planner in your province of residence about these types of plans. Access our View & Designate Beneficiaries page or access our forms directly. The information provided in this article is for general purposes only and does not constitute personal financial or tax advice. Please consult with your own professional advisor to discuss your specific financial and tax needs. and Royal Bank of Canada are separate corporate entities which are affiliated. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. The views and opinions expressed in this publication are for your general interest and do not necessarily reflect the views and opinions of RBC Direct Investing. Investors are responsible for their own investment decisions. Furthermore, the products, services and securities referred to in this publication are only available in Canada and other jurisdictions where they may be legally offered for sale. RBC Direct Investing is a business name used by RBC Direct Investing Inc. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. If you are not currently resident of Canada, you should not access the information available on the RBC Direct Investing website. Royal bank rrsp rbc rbc online banking An RRSP is a personal savings plan that lets you save for your retirement on a tax-sheltered basis, so your money grows faster! At RBC Royal Bank, you can now meet with an advisor online to discuss your retirement savings goals. Your annual contribution can be deducted from your gross income, reducing the amount of income tax you pay that year. When you use your loan to invest in your RBC Royal Bank ® RRSP, the variable interest rate on the loan is set as low as our Prime Rate. The RRSP proceeds will be transferred to an RRSP or RRIF registered in their names, or used to purchase an annuity. In all other situations, the balance of the RRSP at the date of death is included as income on the plan holder's final tax return. With tax-filing deadlines coming up, it's good to know when to expect the important slips you'll need to file your taxes. Among the most common slips required are contribution receipts for Registered Retirement Savings Plans (RRSPs) and Spousal RRSPs. Dates to receive RRSP tax slips vary depending on when you made your contribution. Here's a quick breakdown of when RBC Direct Investing clients can expect their RRSP contribution receipts: Contributions made in the last 10 months of 2019 (March-December): Available Online: January 8, 2020 Mailing Date: January 13, 2020 Contributions made from January 2-12, 2020: Available Online: January 14, 2020 Mailing Date: January 19-21, 2020 Contributions made starting January 13 and onward: Available Online: Next business day Mailing Date: Every 2-5 business days NOTE: For the 2019 tax year, the deadline for RRSP contributions is March 2, 2020. Online Access to Tax Documents If you are signed up for e Documents, you can log into your account to view and download your personal tax documents as soon as they become available. To find your documents, go to View & Manage Documents under the My Portfolio menu. To sign up for e Documents: Once signed up, you can access a PDF archive of your tax documents starting with the 2018 tax season. For additional important tax information and key dates, visit the RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated. is a wholly owned subsidiary of Royal Bank of Canada and is a Member of the Investment Industry Regulatory Organization of Canada and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing Inc. does not provide investment advice or recommendations regarding the purchase or sale of any securities. The views and opinions expressed in this publication are for your general interest and do not necessarily reflect the views and opinions of RBC Direct Investing. Investors are responsible for their own investment decisions. Furthermore, the products, services and securities referred to in this publication are only available in Canada and other jurisdictions where they may be legally offered for sale. RBC Direct Investing is a business name used by RBC Direct Investing Inc. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. If you are not currently resident of Canada, you should not access the information available on the RBC Direct Investing website.