Royal Bank Account Types

　　Royal Bank offers various types of brokerage accounts to cater to different investment needs. Here are the main account types:

• Registered Accounts:
• Tax-Free Savings Account (TFSA): Allows for tax-free growth on investments. Contributions are not tax-deductible, but withdrawals are tax-free.
• Registered Retirement Savings Plan (RRSP): Contributions are tax-deductible, and the investment growth is tax-deferred until withdrawal.
• Registered Education Savings Plan (RESP): Designed for saving for a child's post-secondary education with tax-deferred growth and access to government grants.
• Registered Retirement Income Fund (RRIF): Converts RRSP savings into income during retirement.
• Non-Registered Accounts:
• Cash Account: Offers easy access to funds with no contribution limits, but income is taxable.
• Margin Account: Allows borrowing against the value of investments to increase buying power, with associated risks.
• Non-Personal Accounts: Tailored for businesses or organizations, including corporate and partnership accounts.

　　

Royal Bank Broker Account Opening Process

　　Opening a brokerage account with Royal Bank is a straightforward process. Here are the steps:

• 　　Select the Account Type: Choose from registered or non-registered accounts based on your investment goals and tax considerations.

• 　　Gather Required Documents: Prepare necessary personal information, including:

• Identification (e.g., driver's license, passport)
• Social Security Number or Tax ID
• Bank account information for funding

• 　　Complete the Application: You can open your account online through the Royal Bank website. If you are an existing RBC client, signing in can save time.

• 　　Fund Your Account: After the account is opened, link your bank account for electronic transfers to fund your brokerage account. Initial deposits can typically be made electronically or via check.

• 　　Start Investing: Once your account is funded, you can begin buying and selling securities like stocks, bonds, and ETFs.

　　For more detailed information, visit the Royal Bank Direct Investing page.