RBC Direct Investing Account Types

RBC Direct Investing offers a variety of account types to cater to different investment needs. Here are the main account types available:

• Registered Accounts:
• Tax-Free Savings Account (TFSA): No taxes on investment income or capital gains; ideal for saving towards any goal.
• Registered Retirement Savings Plan (RRSP): Tax-efficient way to save for retirement; tax-deferred growth.
• Registered Retirement Income Fund (RRIF): Convert your RRSP into income; offers tax-deferred growth.
• Registered Education Savings Plan (RESP): Save for a child's post-secondary education with tax-deferred growth.
• First Home Savings Account (FHSA): Save for your first home tax-free; contributions and withdrawals are tax-free if used for a qualifying home.
• Non-Registered Accounts:
• Cash Account: Flexible account for easy access to funds; trades at $9.95 or less.
• Margin Account: Allows borrowing against the value of investments; increases buying power.
• Non-Personal Accounts: Tailored for corporations, partnerships, and other entities.

RBC Direct Investing Broker Account Opening Process

Opening an account with RBC Direct Investing is straightforward. Heres a step-by-step guide:

• Select Account Type: Choose from various account types based on your investment goals.
• Personal Information: Provide personal details including your name, address, and social insurance number (SIN).
• Verify Identity: You can verify your identity through the Interac® verification service.
• Fund Your Account: Transfer funds from an existing RBC bank account or other sources.
• Risk Assessment: Complete a risk assessment to tailor your investment strategy.
• Submit Application: Review and submit your application for approval.
• Ready to Trade: Once approved, you can start trading immediately.

For more details on account types and the opening process, visit RBC Direct Investing.