RBC Investments New Client Winter Investment Season 2026 Offer

A. Definitions:

“Contribution Deadline” means the date of May 29, 2026, by which the Eligible Client can make Qualifying Net Contributions to qualify for the offer.

“Eligible Client(s)” means a personal client who:

Is a resident of Canada and of the age of majority in the province or territory in which they reside as of the date the Eligible Investment Account is opened; and
Is a new investment client for:

I. Royal Bank of Canada (‘RBC’) or Royal Mutual Funds Inc. (‘RMFI’) and opens a new Eligible Investment Account with either RBC or RMFI within the Qualifying Period. A new investment client to RBC or RMFI is a person who does not hold a personal investment account with RBC or RMFI before the first day of the Qualifying Period.

AND/OR

II. RBC Direct Investing Inc. (‘RBC Direct Investing’) and opens a new Eligible Investment Account with RBC Direct Investing within the Qualifying Period. A new investment client to RBC Direct Investing is a person who does not hold a personal investment account with RBC Direct Investing before the first day of the Qualifying Period.
Is an Avion Rewards member before May 29, 2026.

“Eligible Investment Account(s)” means any of the following new personal investment accounts offered by Royal Bank of Canada (RBC), Royal Mutual Funds Inc. (RMFI), RBC Direct Investing Inc. (RBC Direct Investing):

Responsive Table Example
For Royal Bank of Canada or Royal Mutual Fund Inc.	For RBC Direct Investing Inc.
Tax Free Savings Account (TFSA)	Tax Free Savings Account (TFSA)
Registered Retirement Savings Plan (RRSP)	Registered Retirement Savings Plan (RRSP)
Non-Registered Investment Account	Non-Registered Investment Account
Locked in Retirement Account (LIRA)	Locked in Retirement Account (LIRA)
Life Income Fund (LIF) Account	Life Income Fund (LIF) Account
Registered Education Savings Plan (RESP)	Registered Education Savings Plan (RESP)
Retirement Income Fund (RIF)	Retirement Income Fund (RIF)
Investment Advantage Account	First Home Savings Account (FHSA)
Registered Disability Savings Plan (RDSP)	Margin Account

Eligible Investment Accounts opened with RBC Direct Investing under the Offer must be opened online or on the RBC Mobile app through an RBC Investments New Client Winter Investment Season 2026 Offer promotion.
Where available RRSP includes Spousal RRSP and Group RRSP, and TFSA includes Group TFSA as well.
All the net contributions and/or transfers-in, as defined in Qualifying Net Contributions, in the above Eligible Investments Accounts will count towards your eligibility for the Offer except (a) all Redeemable/Cashable Guaranteed Investment Certificates (GICs) and (b) Non-Redeemable GICs with a term of less than 2 years.
All investments in above RMFI accounts are subject to standard suitability assessments.
Account terms and conditions for RBC, RMFI, and account terms and conditions in RBC Direct Investing’s Operation of Account Agreement are applicable.
If you open multiple Eligible Investment Accounts during the Qualifying Period, all your contributions and/or transfers-in (net of withdrawals and/or transfers-out), as defined in Qualifying Net Contributions, will be added together to assess your qualification for the offer.
For LIF, RIF and LIRA, only transfers-in to Eligible Products may count as Qualifying Net Contributions.

“Eligible Product(s)” means RBC Registered Savings Deposit, RMFI distributed Mutual Funds or RBC Non-Redeemable Guaranteed Investment Certificate (GICs) with terms of 2 years or longer for RBC and RMFI. For RBC Direct Investing, these include cash deposits/securities listed on a US or Canadian exchange that are eligible for transfer-in. Canadian and US dollar Mutual Funds and GICs will qualify for RBC and RMFI, where allowed. If you contribute to multiple Eligible Products during the Qualifying Period, all the contributions and/or transfers-in (net of withdrawals and/or transfers-out) will be added together to assess the qualification for the Offer.

“Offer” as defined in Section B of these Terms & Conditions.

“Offer Payment(s)” means four payments of Avion points. One Avion points payment will be made within eight weeks after May 31, 2026, August 31, 2026, November 30, 2026, and February 28, 2027, respectively, provided the Eligible Client continues to meet the Qualifying Criteria at the time of the payment.

“PAC” means Pre-authorized Contributions to Eligible Investment Accounts at a weekly, bi-weekly, semi-monthly, monthly or quarterly basis (where available through RBC, RMFI & RBC Direct Investing).

“Promotional Period” means the period starting on December 1, 2025, and ending February 28, 2027. The Offer qualification will be assessed based upon the sum of all Qualifying Net Contributions completed during the Promotional Period.

“Qualifying Net Contributions” means the total of all lump sum contributions collectively deposited or transferred (in cash or in-kind) into the Eligible Investments Accounts net of all withdrawals or transfer-outs by the Contribution Deadline. For PACs, the Qualifying Net Contributions will be the annualized amount of the PAC as of the Contribution Deadline. Contributions or transfers from non-RBC affiliated legal entities and RBC Personal Banking Accounts will qualify but contributions or transfers-in from other RBC-affiliated legal entities do not qualify (including but not limited to Royal Mutual Funds Inc., RBC Direct Investing Inc., RBC InvestEase Inc., RBC Dominion Securities Inc., RBC Dominion Securities Global Inc., Phillips, Hager & North Investment Services, RBC Phillips, Hager & North Investment Counsel Inc, Royal Trust Corporation of Canada and the Royal Trust Company). For RBC and RMFI, all redeemable GICs and Non-Redeemable GICs with term of less than 2 year will not qualify for these Qualifying Net Contributions calculations. Securities not listed on a Canadian or U.S marketplace that are transferred in-kind to an Eligible Investments Account at RBC Direct Investing are not counted towards Qualifying Net Contributions, and do not qualify under this Offer. For the purposes of calculating Qualifying Net Contributions, any transactions in currencies other than Canadian Dollars will be converted into Canadian dollars based on the end of day valuation on the transaction date, asdetermined by RBC, RMFI, and RBC Direct Investing at our sole discretion.

“Qualifying Period” means the period starting on December 1, 2025, and ending at 3PM ET on March 31, 2026. Qualifying period is the time during which Eligible Clients need to open an Eligible Investment Account to qualify for the Offer.

“Terms” mean these terms and conditions that govern this Offer.

“we”, “us”, “our” and “RBC Royal Bank” mean Royal Bank of Canada or Royal Mutual Funds Inc. or RBC Direct Investing.

"you" and “your” mean the Eligible Client;

B. Offer:

Eligible Clients who open an Eligible Investment Account during the Qualifying Period and satisfy the Qualifying Criteria (as defined below) and these Terms and Conditions will receive 12,500 Avion Points, plus 1 Avion Point for every $2 of Net Contributions (“Offer”) up to a maximum of 500,000 Avion Points deposited into their Avion Reward Account over the four quarterly payments as Offer Payments.

See examples below:

Responsive Table Example
Example 1	Example 2	Example 3
Client has PAC of $500 per month	Client makes a one-time contribution of $5,000	Client makes a lump sum contribution of $4,000 and sets up a PAC of $100 per month
Total annualized contribution: C$6,000	Total contribution: C$5,000	Total contribution: C$4,000 + 1,200 = C$5,200
Avion Points Offer: 12,500 + 3,000 = 15,500 points paid in four quarterly payments	Avion Points Offer: 12,500 + 2,500 = 15,000 points paid in four quarterly payments	Avion Points Offer: 12,500 + 2,600 = 15,100 points paid in four quarterly payments
Points paid per quarter: 3,875	Points paid per quarter: 3,750	Points paid per quarter: 3,775

C. Qualifying Criteria

To qualify to receive this Offer you must satisfy each of the following criteria:

Be an Eligible Client;
Open Eligible Investment Account(s) during the Qualifying Period;
Complete Qualifying Net Contributions of at least $5,000 in Eligible Products and Eligible Investment Accounts by the Contribution Deadline through:
- Lump sum contribution(s); or
- Pre-authorized Contribution (PAC) of at least $500 per month; or
- A combination of lump-sum contributions and PAC (annualized) that amounts to at least $5,000 in Qualifying Net Contributions
For clients with PAC, the ‘1 Avion Point for every $2 Net Contribution’ will be calculated based on the annualized amount of PAC as of the Contribution Deadline.
Clients must maintain the lump sum and/or PAC(s) Qualifying Net Contributions for the duration of Promotional Period. If you withdraw, deregister, or remove contributed/transferred assets from your new Eligible Investment Account(s) at any time during the Promotion Period, these amounts will be subtracted from your Contributions.

For clarity, market driven changes in your account balance will not impact your qualification for the Offer. However, changes to your account balance due to withdrawals (and/or transfers-out) or PAC cancellation during the Promotional Period will be taken into account (Contributions net of withdrawals will be used) for assessing qualification for the Offer.

D. Limitations

This Offer is available only once per Eligible Client, no matter how many Eligible Investment Accounts you may open during the Qualifying Period.
Only the primary account holder of a joint account may participate in this Offer.
Lump sum Qualifying Net Contributions or PACs may be combined across Eligible Investment Accounts with RBC, RMFI and/or RBC Direct Investing to meet the Offer’s qualifying criteria. For example, an Eligible Client who contributes $3,000 into an RRSP and $2,000 into a TFSA will qualify for the Offer.
Lump sum Qualifying Net Contributions or PACs may be combined across Eligible Products to meet the Qualifying Criteria. For example, an Eligible Client who contributes $3,000into RMFI distributed Mutual Funds and $500 into Registered Savings Deposit (RBC) and $1,500 in a 2-year term GIC in a TFSA (RBC) will qualify for the Offer as the total of all qualifying investments meets the minimum investment criteria.
Multiple transfers or contributions may be initiated into your new Eligible Investing Account(s) to meet the minimum amount of Net Qualifying Contributions required in your new Eligible Investing Accounts. All transfers received across your new Eligible Investing Account(s) before the Contribution Deadline will be considered cumulatively.
The value of Transferred Assets, as well as any withdrawals, will be determined in Canadian dollars based on the end of day valuation on the date Transferred Assets are received in the new Eligible Investment Account by RBC at its respective discretion. Foreign currencies will be converted to Canadian dollars at RBC’s prevailing prescribed rate on the date Transferred Assets are received.
Options and Securities not listed on a Canadian or U.S marketplace recognized by RBC Direct Investing will not qualify as Transferred Assets to a new Eligible Investment Account at RBC Direct Investing under the Offer.
Lump sum contributions into your new Eligible Investment Account(s) after the Contribution Deadline are not eligible under the Offer and do not form part of the Qualifying Net Contributions.
If your Qualifying Net Contributions fall below the minimum required under the Offer at any time during the Promotion Period, you will cease to qualify to receive Avion Points under the Offer.
If you have an RBC Avion Visa or another Avion points-earning RBC credit card where points are earned on net purchases, your Avion points will be deposited to your respective credit card points account. If you do not have an Avion points-earning credit card, your Avion points will be deposited into your Banking Rewards Account. If you do not have either an RBC credit card where points are earned on net purchases or a Banking Rewards Account, your points will be deposited to the Avion Rewards Core Account. If you have more than one Avion Rewards points account, RBC will determine which account to deposit the points, which could include both joint or solely owned credit card accounts. Once deposited, you may move your points to another account of your choice. For complete terms and conditions that apply to the Avion Rewards Program, please visit http://www.avionrewards.com/terms-and-conditions or call 1 800 769 2512.
If you close or change your Credit Card Account for another type of RBC Royal Bank credit card before the Avion points have been deposited to your account, you may lose the benefit of this Offer. For more information on Avion Rewards membership levels and program eligibility, please visit: https://www.avionrewards.com/eligibility.html.
Any Avion Rewards Account that is closed prior to the deposit of the Offer, will forfeit this Offer.
This Offer is distributed by Royal Bank of Canada (‘RBC’). Royal Bank of Canada, RBC Direct Investing Inc. (‘RBC Direct Investing’) and Royal Mutual Funds Inc. (‘RMFI’) are separate corporate entities which are affiliated. RBC Direct Investing and RMFI are wholly owned subsidiaries of RBC. Other products and services may be offered by one or more separate corporate entities that are affiliated to RBC, including without limitation: RBC Direct Investing, RBC InvestEase, RMFI, RBC Dominion Securities, RBC Global Asset Management Inc., Royal Trust Corporation of Canada and The Royal Trust Company.
We may change this Offer and/or these Terms at any time without notice. The posting of the current Terms at https://www.rbcroyalbank.com/dms/campaign/wis2026/conditions/index.html shall be deemed sufficient notice to you of any such changes, if required.
In the event of a conflict between these Terms and the content of any document, brochure or promotional material advertising the Offer, these Terms shall prevail. You may always view the current Terms by visiting https://www.rbcroyalbank.com/dms/campaign/wis2026/conditions/index.html or you may call 1800 ROYAL® 1-1 to request a current copy.
We reserve the right, in our sole discretion, to suspend, disqualify, limit or revoke the Offer to any person or account holder we find or believe to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer, without further explanation or advance notice to such person or account holder. By participating in the Offer, you acknowledge and agree that we will not be held liable for any direct or indirect losses, damages, or opportunity costs suffered or incurred by you or any third party as a result of us suspending, disqualifying, limiting or revoking your participation in this Offer in the event that we find or believe you to be manipulating or otherwise abusing the process, fairness, integrity or operation of the Offer.
If we are unable to execute the Offer as planned for any reason, including but not limited to infection of our computers/systems by virus, bugs, tampering, unauthorized intervention, fraud, technical failures, force majeure, pandemic, or any other cause beyond our reasonable control which corrupts, interferes with, or otherwise impacts the administration, security or proper conduct of this Offer, we reserve the right at our sole discretion to, without advance notice, terminate or suspend the Offer, in whole or in part, or modify it as we deem necessary.
You have ninety (90) days from February 28, 2027,to notify us if you believe you have completed all qualifying criteria but have not received the Offer due under these Terms. Any notice received after this date will not be accepted even if you had completed the applicable qualifying criteria during the Qualifying Period required to earn the Offer.
You are responsible for reviewing your contribution room available in registered plan accounts (i.e., TFSA, FHSA, RESP, and RRSP) you hold before effecting any transfer, contribution or PAC into your Eligible Investment Account(s). You are solely responsible for any excess contribution penalty or other tax consequence that may arise from a contribution or transfer of assets into your Eligible Investment Account(s). Please consult your personal tax advisor for advice.
There may be tax implications associated with this Offer. You will be solely responsible for any tax consequences associated with the Offer and/or the transfer of any assets into the Eligible Investment Account(s). Please consult your personal tax advisor for more information.
Investment advice is provided, and Mutual Funds are sold, by RMFI. There may be commissions, trailing commissions, management fees and expenses associated with mutual fund investments. Please read the Fund Facts/prospectus before investing. Mutual fund securities are not insured by the Canada Deposit Insurance Corporation. For funds other than money market funds, unit values change frequently. For money market funds, there can be no assurances that a fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in a fund will be returned to you. Past performance may not be repeated. RMFI is licensed as a financial services firm in the province of Quebec.
RBC Direct Investing is a Member of the Canadian Investment Regulatory Organization and the Canadian Investor Protection Fund. Royal Bank of Canada and certain of its issuers are related to RBC Direct Investing. RBC Direct Investing 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.

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