Skip to main content

RBC Group Advantage FAQs

Find answers to your questions, big and small, about the RBC Group Advantage Plan.

General FAQs

If you’re not already enrolled in your group savings plan, there are two ways you can join:

  • Attend a session through your place of work
  • Call us at 1-888-769-2566, 8-8 Eastern Time, Monday-Friday

What you need to bring to enroll:

  • One piece of government issued photo identification (passport, driver’s licence, etc.)
  • Your employee number and social insurance number
  • Your group savings plan number (included in your Plan Overview)

MyAdvisor is a unique digital platform that will provide you with a comprehensive look at your finances and allow you to access financial advice safely and securely from the comfort of your home.

  • Receive a personalized savings plan - Answer a few questions online about your goals and MyAdvisor will create a personalized plan for you. You’ll be able to track your finances online at any time.
  • See all your savings and investments in one spot - even accounts outside of RBC so you know where you stand. Simply add non-RBC accounts to MyAdvisor.

Getting started will only take a few minutes. Sign in to RBC Online Banking to give it a try.

Tell me more about MyAdvisor

With RBC Online Banking, you can transfer money, pay bills and view transactions. To sign up, visit rbc.com/enrol. Before you begin, make sure you have one of the following: RBC Royal Bank Client Card, RBC Royal Bank Credit Card, RBC Royal Bank Account Number. Alternatively, you may sign up while setting up your Group savings plan.

Saving early and often will help you reach your financial goals faster. With your group savings plan, it’s easy to set up regular and automatic contributions directly from your payroll. An RBC Group Advantage advisor can help you plan and set up your payroll deductions.

You can connect directly with an advisor to begin planning for your financial goals by phone. A Group Advantage advisor can either assist you over the phone or will be happy to set up an appointment for you with a dedicated advisor for advice and guidance in branch or virtually.

  • Call an RBC Group Advantage advisor at 1-888-769-2566, 8:00 am to 8PM, Eastern time, Monday to Friday
    • Mention that you are calling about your ‘company plan’
    • When asked if you are an existing client, answer ‘Yes' if you are an existing RBC client and ‘No' if you are not.
    • If you are already an RBC client, you will be asked to enter your client card number to help our advisors better identify you
    • If you are not an RBC client, please have two pieces of government issued identification (such as a driver’s license or passport) with you for our advisors to virtually set up your client file.
    • Please note, you will also need access to a computer/mobile device and email.

Group Registered Retirement Savings Plan (GRRSP) FAQs

Contributions

No. there is no fee to join or to make changes within your plan.

Yes. As your circumstances or financial goals change, you may wish to adjust the amount of your payroll contributions. If you wish to change your contribution amount or stop contributing to the plan, contact your payroll services or human resources department.

Yes. You are responsible for ensuring you do not exceed your individual RRSP contribution limit, which is listed on your Notice of Assessment from CRA, for the previous year.

Yes. the amount reported as employer contribution will reduce your available contribution room for future.
Receipts for Group RRSP contributions made from the first business day of March to December 31 are usually mailed in late January of the following calendar year. Receipts for Group RRSP contributions made in the first 60 days of the year are mailed in mid-March of the same calendar year.
Check with your company’s payroll or human resources department or speak with an RBC advisor to see if your plan allows you to make a lump sum contribution through payroll.
Administrative Changes
Contact a RBC Group Advantage advisor to make changes to your legal name or mailing address. Make sure you have supporting proof of your name change. This can include marriage certificate, divorce decree, property tax, utility bill, or other approved documentation.
Subject to the laws governing designation of beneficiaries, you may name a beneficiary (someone who will inherit the funds in your plan under the GRSP on your death) by completing and submitting the Designation of Beneficiary form to RBC to the address specified on the form. Please contact -1-888-769-2566 to get the required Designation of Beneficiary form. If you wish to name more than one beneficiary, you may need to complete a separate Designation of Beneficiary form.
Financial Changes
You can view your current investment balance, the book value and the types of investments in your plan under the GRSP by logging into RBC Online Banking. You can enrol online at rbc.com/enrol.
An investment switch1 allows you to sell an existing investment in your plan under the GRSP in order to buy another eligible investment in your plan. If you wish to perform an investment switch, simply contact RBC Royal Bank. We will help you review your options and provide guidance based on your needs. Investment switches do not affect the investment of your ongoing contributions or your employer’s ongoing contributions to your plan; these need to be modified separately.
Contact an RBC Group Advantage advisor to review your options and get guidance based on your needs.
Please refer to your Plan Overview for details on withdrawals.
Retiring or leaving the plan
If you leave your current employer, your plan under the GRSP can no longer be held under the GRSP. Your GRSP will automatically be changed to an RBC Royal Bank RSP when you leave your employer.
As you approach retirement and have questions about your retirement income options, you may contact an RBC Group Advantage advisor at 1-888-769-2566; they will assist you over the phone or book a meeting at a time that is convenient to evaluate the various options available in line with your situation today and your personal plans for the future. Upon retirement, your plan under the GRSP can no longer be held under the GRSP. You will be given the option to convert your plan to another eligible retirement income option. Please note that you are required to convert your RRSP to an eligible retirement income option by December 31 of the year in which you turn 71.
Subject to applicable legislation, in the event of death, the funds in all your accounts under the GRSP will be paid to your designated beneficiary or, if you have not designated a beneficiary, your estate.

Group Tax-Free Savings Account (GTFSA) FAQs

Contributions

No. there is no fee to join or to make changes within your plan.

Yes. As your circumstances or financial goals change, you may wish to adjust the amount of your payroll contributions. If you wish to change your contribution amount or stop contributing to the plan, contact your payroll or human resources department.

You are responsible for ensuring you do not exceed your individual TFSA contribution limit, which is listed on your Notice of Assessment for the previous year.

Yes. the amount reported as employer contribution will reduce your available contribution room in the future.

Receipts for Group TFSA contributions are made available to you electronically, in late January of the following calendar year.

Check with your company’s payroll or human resources department or speak with an RBC advisor to see if your GTFSA allows you to make a lump sum contribution through payroll.
You can view your available TFSA contribution room by visiting the Canada Revenue Agency’s website.
Administrative Changes
An RBC Group Advantage advisor can help you make changes to your legal name or mailing address. Make sure you have supporting proof, which can include marriage certificate, divorce decree, property tax, utility bill, or other approved documentation.
  • Subject to the laws governing designation of beneficiaries, you may name a beneficiary (someone who will inherit the funds in your account under the GTFSA on your death) by completing a Designation of Beneficiary form and submitting it to RBC to the address specified on the form. Please contact the Group Advantage line @ 1-888-769-2566 to get the required Designation of Beneficiary form. If you wish to name more than one beneficiary, you may need to complete a separate Designation of Beneficiary form. Note that under the Income Tax Act (Canada), you can identify your beneficiary on the Designation of Beneficiary form as the “successor holder” of your TFSA.
  • Your successor holder must be a spouse or common-law partner.
Financial Changes
You can view your current investment balance, the book value and the types of investments in your GTFSA by logging in to RBC Online Banking. You can enrol online at rbc.com/enrol.
An investment switch1 allows you to sell an existing investment in your account under the GTFSA in order to buy another eligible investment in your account. If you wish to perform an investment switch, contact an RBC Group Advantage advisor @ 1-888-769-2566. They will help you review your options and provide guidance based on your needs. Investment switches do not affect the investment of your ongoing contributions or your employer’s ongoing contributions to your TFSA; these need to be modified separately.
Contact an RBC Group Advantage advisor to review your options and get guidance based on your needs.
Please refer to your Plan Overview for details on withdrawals.
Retiring or leaving the plan
If you leave your current employer, your account under the GTFSA can no longer be held under the GTFSA. Your GTFSA will automatically be changed to an RBC Royal Bank TFSA when you leave your employer.
As you approach retirement and have questions about your retirement income options, you may contact 1-888-769-2566; an RBC Group Advantage advisor will assist you over the phone or book a meeting at a time that is convenient, to evaluate the various options available in line with your situation today and your personal plans for the future. Upon retirement, your account under the GTFSA can no longer be held under the GTFSA.
Subject to applicable legislation, in the event of death, the funds in your account under the TFSA will be paid to your designated successor holder/beneficiary or, if you have not designated a successor holder/beneficiary, your estate.

Deferred Profit Sharing Plan (DPSP) FAQs

Contributions

No. There is no fee to join or to make changes within your plan.

No. only employers may contribute to a DPSP. Once your DPSP is set up, your employer will make contributions to it in accordance with the terms of the plan.

Yes. Contributions to your DPSP result in a pension adjustment, which reduces the amount you can contribute to an RRSP. Pension adjustments impact your RRSP contribution room for the year following the DPSP contribution and are recorded on your T4.

Yes. Your employer will contribute to the DPSP in accordance with the terms of the plan, subject to a maximum limit established by the Canada Revenue Agency (CRA).

Vesting
A vesting period refers to the period of time when the contributions an employer makes to the DPSP are not immediately owned by a member and cannot be withdrawn from the plan. Refer to your Plan Overview for specific details on the vesting period that applies under your company’s DPSP.
If you leave your employer prior to the end of your vesting period, any assets in your DPSP account will be forfeited to your employer.
Please refer to your Plan Overview for details on withdrawals.
Administrative Changes
An RBC Group Advantage advisor can help you make changes to your legal name or mailing address. Make sure to have supporting proof, which can include marriage certificate, divorce decree, property tax, utility bill, or other approved documentation.
Subject to the laws governing designation of beneficiaries, you may name a beneficiary (i.e. an individual who will inherit the funds in your DPSP account on your death) by completing a Designation of Beneficiary form and submitting it to RBC. If you wish to name more than one beneficiary, you may need to complete a separate Designation of Beneficiary form. To obtain this form, please contact a RBC Group Advantage advisor @ 1-888-769-2566.
Financial Changes
You can view your current investment balance, the book value and the types of investments in your plan by logging in to RBC Online Banking. You can enrol online at rbc.com/enrol.
An investment switch1 allows you to sell an existing investment in your account under the DPSP in order to buy another eligible investment in the plan. Contact 1-888-769-2566 if you wish to perform an investment switch. We will help you review your options and provide guidance based on your needs. Investment switches do not affect the investment of your employer’s ongoing contributions to your plan; therefore, these need to be modified separately.
Contact an RBC Group Advantage advisor to review your options and get guidance based on your needs.
Retiring or leaving the plan
If you terminate employment before retirement and have met the vesting period under the DPSP, the funds in your DPSP account will be paid to you in a lump sum, in accordance with the terms of the plan or, upon your election and subject to the terms of the plan, can be transferred to an RRSP or used to purchase an annuity. If you leave your employer prior to the end of the vesting period, any assets in your DPSP account will be forfeited to your employer. Once your company advises us of your termination, you will receive a letter from RBC with the options available to transfer your DPSP account.
As you approach retirement and have questions about your retirement income options, you may contact 1-888-769-2566; an RBC Group Advantage advisor will assist you over the phone or book a meeting at a time that is convenient, to evaluate the various options available in line with your situation today and your personal plans for the future. When you retire, the funds in your DPSP will be automatically vested and will be paid in a lump sum, in accordance with the terms of the plan or, upon your election and subject to the terms of the plan, can be transferred to an RRSP or used to purchase an annuity.
Subject to applicable legislation, in the event of death, the funds in your account under the DPSP will be paid to your designated beneficiary or, if you have not designated a beneficiary, your estate.

Defined Contribution Pension Plan (DCPP) FAQs

General

Your DCPP is accessible via the DCPP Portal on MyAdvisor. Once you are on MyAdvisor, you will be able to view how you are progressing towards your investment goals.

Yes. Earnings in DCPP investments are tax sheltered.

No. You are already enrolled by your Sponsor.

The Income Tax Act imposes an overall limit of 18% of an individual’s earned income, to a specified dollar limit, on retirement savings.

The overall limit applies to the total of contributions made to registered pension plans (such as your DCPP), RRSPs, deferred profit-sharing plans and pooled registered pension plans.

Opting out may or may not be available; kindly refer to your employer for confirmation.

‘Vesting’ in your DCPP means your entitlement of employer contributions made to your plan as defined by your plan terms. If a vesting period applies, once the vesting period is fulfilled you may be entitled to 100% of your DCPP balance and any ongoing contributions made. Refer to the Plan details section of this Booklet for specific details on the vesting, as vesting rule vary by jurisdiction.

  • When you enroll in your plan, your contributions default to a target date fund, which will automatically adjust the level of risk in accordance with your expected retirement date.
  • If you wish to contribute to other investment options available to you, you may make this change via MyAdvisor.
Contributions
Using MyAdvisor, a digital advice platform, you can view, track and modify your pension contributions online any time. You can also review a clear, up-to-date overview of your retirement picture and other financial goals.
Yes, with a DCPP, both employee and employer may contribute a percentage of employee earnings as set out in the DCPP plan terms, up to a maximum prescribed by the Income Tax Act.
Retiring or leaving the plan
If you terminate your employment, you will be entitled to the full value of your account under the DCPP if you are vested. Generally, the proceeds of a DCPP account must be used to purchase an annuity or be transferred to another locked-in vehicle such as a locked-in retirement income account or other registered pension plan. However, pension benefits may be paid out in cash in certain circumstances, such as when the value of the pension is considered a “small pension” under applicable legislation.
Following your death, the proceeds of your account under the DCPP are payable as a death benefit. If you had a spouse at death, the death benefit is payable to your spouse unless your spouse has previously waived entitlement to the death benefit. Subject to applicable legislation, if you did not have a spouse or your spouse waived their entitlement, the death benefit is paid to your designated beneficiary or, if you did not designate a beneficiary, your estate.

Group Investment Account (GIA)

General

No. There is no fee to join or to make changes within your plan.

No. your contributions are not tax deductible. However, as contributions are deducted directly from your payroll from after tax dollars, this may provide you with a tax advantage.

There is no withholding tax. However, earnings in the form of capital gains, interest income or dividends are taxable in accordance with the Income Tax Act.

Yes. Your GIA may be held in sole ownership or may be jointly owned.

No. Contribution receipts are not issued for a GIA. You will receive an annual statement; as well, you are able to view your GIA via RBC Online Banking.

Let’s Start the Conversation

Ask an RBC Group Advantage advisor to help you design a plan for the life you want—whether it’s down the road, around the corner or already here.

Call your dedicated Group Advantage line

1-888-769-2566
RBC Group Advantage Advisor;
Hours of operation 8-8 ET M-F.

Legal Disclaimer
Financial planning services and investment advice are provided by Royal Mutual Funds Inc. (RMFI). Investment advice provided by RMFI may be delivered through the MyAdvisor platform. RMFI, RBC Global Asset Management Inc., Royal Bank of Canada, Royal Trust Corporation of Canada and The Royal Trust Company are separate corporate entities which are affiliated. RMFI is licensed as a financial services firm in the province of Quebec.