Grow Your Savings and Wealth in Canada
Plan for Your Future
In Canada there are many investment solutions that can help you reach your savings goals. For example a TFSA can help you grow your savings tax-free; an RESP can help you save for your child’s post secondary education and an RRSP can help you plan for your retirement.
Whether you’re looking for security, moderate income or significant growth, at RBC®, you have access to a comprehensive selection of investments, including mutual funds, stocks and low-risk options such as GICs, to help you get you where you want to go. Understanding all the investment choices and how to take advantage of the plans that provide tax benefits can be overwhelming. We’re here to help with solutions to meet your individual needs.
Start Investing for Life in Canada
Grow Your Money Faster
A Tax-Free Savings Account (TFSA) can be a great way to save for both medium- and longer-term goals. Any investment income earned in this plan is tax-free29. This means you can withdraw your funds at any time30 without paying tax. Plus, you can open this account soon after you arrive in Canada, as long as:
- You are a Canadian resident who is reached the age of majority in the province where you live and
- You have a Social Insurance Number
You can contribute up to the annual contribution limit, which is $5,50048.
Open a TFSA
Save For Your Child’s Education
A post-secondary education in Canada can be expensive. One of the best ways to save for a child’s education after high school is with a Registered Education Savings Plan (RESP). RESPs are designed to help parents (and grandparents or other family members) set money aside to cover a child's future education costs. With an RESP:
- You can take advantage of government grants, up to $7,200 per child31, or more depending on the family’s income level or province of residence.
- Income and investment growth is tax-deferred,32 and may be taxed at a lower rate, or not taxed at all, when it is paid out to the beneficiary for their education costs.
- There is no charge to open one and no administration fees.
Open an RESP Today
Save For Your Retirement
By living and working in Canada, you may be eligible for government benefits when you retire. However, these benefits may not be enough to support the retirement lifestyle you want.
A Registered Retirement Savings Plan (RRSP) can help you set money aside now, while you’re still working, to use later to supplement your income, when you retire. And the sooner you start, the more time your money has to grow.
Other benefits to saving in an RRSP:
- Contributions are tax-deductible
- Growth is tax-deferred
Ready to Start Investing?
Secure Investments that Guarantee to Preserve your Principal
Guaranteed Investment Certificates (GICs) are secure investments that protect your principal investment. Choose from a range of GICs and enjoy:
- A preferred rate for 1 or more years10
- Competitive rates and flexible terms
- Returns that are guaranteed or linked to the prime interest rate or the stock market
Ready to Buy a GIC or Need Advice?
Mutual funds: Professionally managed investments
Mutual funds pool the contributions of many investors into an investment fund managed by professional fund managers. This approach offers a number of benefits, including:
- Access to financial markets
- A low minimum investment
- Professional investment management
We offer a wide range of funds to choose from, including funds that focus on Canadian and international stocks, bonds and money market instruments, from very conservative to aggressive growth, designed to meet your investment needs and goals. Be sure to read the applicable Fund Facts, which outlines its objectives, management approach and any associated costs and fees. Talk to an RBC advisor today.
Do You Have More Sophisticated Investment Needs?
If you have more specific investing needs, RBC Wealth Management may be the right financial partner for you.
- Your dedicated RBC Wealth Management advisor can create a personalized investment portfolio drawing on a complete range of investment choices worldwide.
- RBC Wealth Management also provides customized wealth management solutions encompassing financial, retirement and estate planning.
Prefer To Manage Your Own Investments?
Whether you’re new to investing, an experienced investor or somewhere in between, RBC Direct Investing has what you need to invest with confidence, including:
- A wide range of investments, such as stocks, bonds, exchange-trade funds (ETFs), mutual funds and GICs that can be held in a variety of registered and non-registered accounts.
- Low-cost trades for every investor. $9.95 flat33 equity trades for all clients — no minimum account balance or trading activity required. And $6.95 flat equity trades when you make 150 or more trades per quarter.
- Find inspiration and new ideas in the Community34, where you can connect with other investors and exchange ideas about potential investments.
- Practice Accounts. Try out online investing without risking any of your own money. The Practice Account is fully integrated with the RBC Direct Investing site, so you get the same online experience as with a real account.