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 Registered Retirement Savings Plans (RRSPs)

How do I:

 Know when to expect the tax receipt for my RRSP contributions?
 contribute to my RRSP online?
 Open a new RRSP?
 Withdraw from my RRSP?
 Start, change or stop my RSP-Matic?
 View my spouse's RRSP?
 Validate my Investor Profile?

Learn more about RRSPs

Learn more about online RRSP transactions




Know when to expect the tax receipt for my RRSP contributions?

You can expect to receive your tax receipts in the mail before the end of March. If you haven’t received them by that time, please let us know by either sending us a secure message through your Online Banking message centre, or calling us at 1-800- 463-3863.

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Contribute to my RRSP online?

As an Online Banking client, you can contribute to your existing RRSPs until 10:30 pm ET on Monday, March 1, 2010. The contribution will be included in the tax receipt for the "first 60 day" time period and will be eligible for the 2009 taxation year.

How to contribute:

  1. Sign in to Online Banking.
  2. From the Home page, select "View all account balances" under "Personal Banking."
  3. From the Account Balances page, select the RRSP you wish to contribute to.
  4. From the RRSP Account Holdings page, select "Contribute to this RRSP account" from the "Self Service" menu.
  5. Follow the easy on-screen instructions to complete your transaction.

Review your investor profile:

To avoid any potential delay, take a moment to review your investor profile online before the March 1, 2010 deadline. If your investor profile has not been validated in the last 12 months, securities legislation will not allow mutual fund transactions to be submitted on your investment account.

  1. Sign in to Online Banking.
  2. From the Home page, select "View all account balances" under "Personal Banking."
  3. From the Account Balances page, select your RRSP investment account.
  4. Select "Investor Profile" from the "Self Service" menu.
  5. If your profile has not been validated in the last 11 months, you will be prompted to validate it.

For more detailed information about online RRSP contributions, visit RRSP User Tips.

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Open a new RRSP?

Call us:

Our investment specialists are available by phone 24 hours a day, 7 days a week. Simply call 1-800- 463-3863 and select the Investments option before midnight (your local time) of March 1, 2010.

Visit a branch:

Visit your local RBC Royal Bank branch by the close of the March 1, 2010 business day. Most branches recommend that you call ahead to schedule an appointment.

RBC Funds are offered by RBC Asset Management Inc. and distributed through Royal Mutual Funds Inc.Top  

 

Withdraw from my RRSP?

Although you can withdraw money from your RRSP before you retire, it’s not recommended because the withdrawal will increase the amount of taxes you pay and have an impact on your retirement plan. Withdrawals must be declared as income on your tax return at the end of the year and withholding tax will also be withheld from the amount withdrawn.

If you do decide you’d like to withdraw from your RRSP, you can do so in several ways:

- Call us any time at 1-800-463-3863. We’ll be happy to help you
- Visit your branch. We recommend calling to make an appointment beforehand
- If the money is held in the RSP Savings Deposit option or is available in a Guaranteed Investment Certificate (GIC), we can also process your withdrawal through the Online Banking message centre. Send us a secure message any time with the details, and we’ll take care of it for you.

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Start, change or stop my RSP-Matic?

If your RRSP is in a Savings Deposit or a Guaranteed Investment Certificate (GIC):

You can start, change or stop your RSP-Matic schedule in one of 3 ways:

- Through the Online Banking message centre -- send us a secure message any time with the details, and we’ll take care of it for you
- Call us any time at 1-800-463-3863. We’ll be happy to help you
- Visit your branch. We recommend calling to make an appointment beforehand

If your RRSP is in mutual funds:

We recommend starting by reviewing your Investor Profile, since it must be up to date before you can start, change or stop your RSP-Matic payment schedule.

If your Investor Profile is up to date, you can change or stop your RSP-Matic, or start an RSP-Matic in a mutual fund you already hold, in one of 3 ways:

- Through the Online Banking message centre -- send us a secure message any time with the details, and we’ll take care of it for you
- Call us any time at 1- 800- 463-3863. We’ll be happy to help you
- Visit your branch. We recommend calling to make an appointment beforehand

If your Investor Profile is not up to date, and you’d like to change or stop your RSP-Matic, or start an RSP-Matic in a mutual fund you already hold; or if you’d like to invest in a new mutual fund, please either:

- Call us any time at 1-800-463-3863; or
- Visit any local RBC Royal Bank branch. We recommend calling beforehand to make an appointmentTop  


 

View my spouse's RRSP?

You can access Registered Retirement Savings Plan (RRSP) accounts that are in your name and associated with your Client Card through Online Banking. For this reason, even if you contribute to a spousal RRSP, you will be unable to view the account when you are signed into Online Banking. Your spouse can view their own RRSP accounts through their Online Banking session.

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Validate my Investor Profile?

Your Investor Profile ensures that investment transactions are compatible with your investment objectives, time horizon and risk tolerance. Securities legislation requires that you validate your Investor Profile at least once every 12 months. An up-to-date Investor Profile is required to conduct mutual fund purchases and switches. Online Banking customers will be notified via the secure Message Centre in Online Banking about one month before the Investor Profile needs to be updated. Transactions that are not compatible with your Investor Profile cannot be completed online. In these cases, call 1- 800-769-2599 (select "Investments") to review your transaction and Investor Profile. If we cannot complete your transaction for any other reason, you will be advised during the online transaction, or by email or telephone after the transaction is completed. Top  




Last modified: 02/18/2010 16:08:13