Many financial terms differ from country to country. This page contains an alphabetical list of key banking words and phrases that are used throughout this website, along with their definitions.
A
Account balance — The amount of money currently in your bank account.
Amortization period — Number of years it takes to repay the entire amount of a mortgage.
Asset class — A category of financial investments that share certain key characteristics. The three main asset classes are equities (stocks), fixed income (such as bonds and mortgages) and cash or cash equivalents (such as money market investments).
Automated Teller Machine (ATM) — A self-service machine where you can complete basic banking transactions and withdraw cash using your Client Card and a PIN. Also known as an Automated Banking Machine (ABM).
Automatic Savings Program (ASP) — A plan in which you arrange to have a selected amount of money transferred automatically from your bank account to a savings account or Registered Retirement Savings Plan (RRSP) on a recurring basis, such as weekly, biweekly or monthly.
Automobile insurance — A type of insurance that covers costs relating to damage to your car or injuries to yourself or others, in the event of accident, vandalism or theft. You must have auto insurance in order to drive a car in Canada.
B
Balanced fund — A type of mutual fund that holds a mix of fixed income, equity and cash equivalents.
Bank draft — see money orders and bank drafts.
Banking card — see Client Card.
Banking machine — see Automated Teller Machine.
Beneficiary — A person who has been designated to receive money or other benefits. Depending on the situation, this might include people named in your will, a person designated in your life insurance policy or a child or children you name to receive the funds from a Registered Education Savings Plan (RESP) when they attend a post-secondary school.
Bond — A way for governments and companies to borrow money. In return, the issuer promises to pay the holder a specific amount of interest for a specified length of time and to repay the loan on its maturity.
Budget — A document you create that lists all your fixed expenses (such as rent/mortgage, utilities, food), as well as discretionary spending, usually on a monthly basis.
Business number — A nine-digit number issued to a business by the Canada Revenue Agency (CRA) as identification in dealings with the CRA, such as payroll, corporate income tax or collecting GST/HST.
C
Canada Education Savings Grant (CESG) — A federal government grant deposited automatically into a Registered Education Savings Plan (RESP), equal to 20% on the first $2,500 of the annual RESP contribution to a maximum grant of $7,200 per child. Additional grants of 10% or 20% on the first $500 of annual contributions are available for qualifying families (based on family income).
Canada Learning Bond — A federal government grant, paid directly into an RESP, available to families with modest income to help them pay for post-secondary education for their children born after 2003.
Canada Pension Plan (CPP) — A social program operated by the Canadian government that provides retirees with a pension income when they retire, based on their contribution to the plan during their working years. It also provides retirees and their dependants with basic financial protection if the retiree becomes disabled or dies.
Canada Revenue Agency (CRA) — The department of the government of Canada that is responsible for financial areas such as tax law and many social and economic benefit programs in Canada.
Capital gain (loss) — The difference between the cost of an asset and the proceeds received from the sale of an asset.
Cheques — A way of paying for goods or services. A cheque is written for the amount to be paid, and when the recipient cashes the cheque, the money is transferred from the payer’s account into the payee’s account.
Client Card — This is provided to you when you open an account. It allows you to access your accounts while in your bank branch, at an ATM or store, or through online banking, often in combination with your Personal Identification Number (PIN) or RBC Online Banking password. Also known as a bank card or debit card.
Closed-end lease — A rental agreement in which you are not obligated to purchase the item leased when the term of the lease is complete.
Closed mortgage — A mortgage which cannot be prepaid, renegotiated or refinanced prior to the expiry of the term. You will pay a prepayment charge if you wish to renegotiate your interest rate or pay off your mortgage balance prior to the end of its term. Usually offered at a lower rate than a more flexible open mortgage.
Closing costs — The various fees or one time costs needed to complete or “close” the purchase of a home. Standard closing costs include adjustments for prepayments of taxes, utilities and condominium common expenses, if any, made by the vendor; property land transfer taxes; property insurance; and legal/notary fees.
Co-applicant — A second person named in addition to the primary person requesting a credit card, mortgage or loan and is equally responsible for the payments and money borrowed.
Common shares — An ownership stake in a company that gives you the right to vote on decisions regarding how the company is run.
Compounding — Investment income that is earned on previously earned investment income. This “income on income” increases your rate of growth over time.
Condominium — A type of real estate in which the living units are individually owned while the common areas (such as hallways, lobbies, elevators and recreational areas) are owned jointly by all the unit owners.
Contents insurance — see Renters or Tenants insurance.
Convertible mortgage — A fixed-rate or variable rate mortgage which offers the same benefits as a closed mortgage, but which can be converted to a longer, closed mortgage at any time without pre-payment charges.
Corporation — A company that is structured as a separate legal entity from its owners. A corporation may be privately or publicly owned.
Credit bureau report — Your credit history is compiled by Canada’s central credit bureaus. When a bank or utility considers an application for credit or an account, it will request the applicant’s credit report.
Credit card — A plastic card that enables you to purchase items or services from a range of stores and establishments and pay for them at a later date. A minimum amount must be repaid each month. If you pay the full balance by the due date, no interest is charged.
Credit card balance — The total amount owing on your credit card.
Credit check — A review by a lender or other party, such as a prospective landlord, of a person’s track record for repaying borrowed funds according to schedule.
Credit history — A list of facts, gathered from financial institutions, retailers and other lenders, about how you have handled credit in the past. Most of this information stays in your file for seven years. This information forms a profile of your credit-worthiness, called your credit rating. Your credit rating is used to help banks and other companies to decide whether they will allow you to borrow money, and how much.
Credit limit — The amount of credit a financial institution will give a client. Can also be the maximum amount a credit card company allows someone to borrow on one credit card.
Currency — The form of money that is accepted in a country. Canada’s currency is the Canadian dollar.
E
Earnings — A company’s revenues minus its cost of sales, operating expenses and taxes, over a period of time (such as a year or a quarter year). Personal earnings are money a person receives from a job (including regular and overtime pay, vacation pay, commissions and tips) or investments, but not from social assistance programs or personal savings.
Education Savings Plan (ESP) — See Registered Education Savings Plan (RESP).
Employment Insurance (EI) — A government program that provides temporary benefit payments to employees who cannot work because of layoff, because they are upgrading their skills or looking for work, or who are sick, pregnant or caring for a newborn or adopted child. Premiums for EI are deducted from the employee’s paycheque.
Equities — Shares issued by a company that represent an ownership stake in that company.
Equity funds — Mutual funds that invest in shares of public corporations. They may have a particular focus, such as small companies, or companies within a sector, such as technology or natural resources.
Expenses — Everyday living costs, such as rent/mortgage, food, heating, electricity, transportation, clothing and debt repayment.
F
Financial institution — A company, such as a bank or insurance company, that deals with financial transactions such as deposits, loans and investments.
Financial planning — The process of creating a strategy to reach your future goals taking into account what you own, what you owe and what you expect to earn in the intervening years.
Financing — Arrangements, usually in the form of some type of loan or credit, to secure funds so that a person can make a purchase.
Fixed income fund — A mutual fund that invests in debt instruments that pay predetermined amounts on a regular basis, such as government or corporate bonds or mortgages.
Fixed rate — A loan whose interest rate is the same throughout the term of the loan.
Fixed-rate mortgage — The interest rate for a fixed rate mortgage is locked in for the full term of the mortgage. Payments are set in advance for the term, providing you with the security of knowing precisely how much your payments will be throughout the entire term. Fixed rate mortgages can be open (may be paid off at any time without breakage costs) or closed (breakage costs apply if paid off prior to maturity).
Foreign exchange/foreign exchange rate — The level at which the currency of one country can be converted to the currency of another.
G
Goods and Services Tax (GST) — A federal tax (currently 5%) applicable on the sale of most goods and services in Canada. It is collected by the vendor on behalf of the government.
Gross earnings/pay — The total amount of money a person is paid by an employer, including regular pay, overtime and vacation pay, before deductions such as income tax, Canada/Quebec Pension Plan contributions or Employment Insurance premiums.
Growth fund — A mutual fund whose primary objective is to generate capital appreciation over time. These funds typically hold equities (stocks).
Guaranteed Investment Certificate (GIC) — A type of deposit investment that guarantees the investment principal and usually pays a predetermined rate of interest for a specified amount of time (the term).
H
Harmonized Sales Tax (HST) — A tax on goods and services, applicable on sale, that reflects both the federal Goods and Services Tax (GST) and provincial sales tax. HST exists in the provinces of New Brunswick, Nova Scotia and Newfoundland and Labrador.
High-interest savings account — A bank account that pays a rate of interest on the balance that is higher than ordinary savings accounts.
Hold — A pre-set waiting period once you deposit a cheque to ensure that the cheque has “cleared” (the issuer’s account has sufficient funds) before you can access the money. The length of the waiting period can vary depending on the location of the issuing financial institution. Note, however, that a hold provides no guarantee that a cheque will not be returned for any reason after the hold period has expired. Clients are responsible for any cheque they deposit that is returned to us, whether or not the hold period has expired.
Home Buyers’ Plan (HBP) — A program of the Federal Canadian government that lets first time home buyer’s withdraw money from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. Some restrictions apply.
Home equity — The current market value of your home less any outstanding mortgage(s), representing the portion of the home’s value that you own. For example, if your home is worth $300,000 and the mortgage is $125,000, your equity is $175,000.
Homeowner’s insurance — A type of insurance that protects the insured from the financial consequences of loss or damage to his or her home and its contents caused by e.g. theft, fire or other covered loss. A homeowner’s policy also provides coverage against liability claims in case an insured injures another person or causes damage to their property.
Host Program — A Canada government program that matches newcomers with a Canadian family or individual.
I
Immigrant Loans Program (ILP) — A Canadian government program that provides loans to government-assisted or privately sponsored members of the Convention Refugees Abroad, Country of Asylum and Source Country classes to help pay for overseas medical exams, travel documents and transportation to Canada.
Immigrant Settlement and Adaptation Program (ISAP) — A program funded by the government of Canada to help immigrants settle and integrate into Canadian society.
Income — The money a person receives from all sources, including employment, interest and investments, social assistance or pensions.
Income fund — A type of mutual fund whose primary objective is to generate regular income by investing in bonds, preferred shares, income trusts and other assets that provide regular cash flow.
Income tax — Money collected by the federal and provincial governments that is used to fund government programs and services for all Canadians. The amount you pay is based on the amount of money you earn.
Income tax return — A form that a person files each year to the Canada Revenue Agency (and Revenu Quebec for Quebec residents) that states the amount of earnings, investment and other income, as well as eligible deductions, to reconcile the amount that he or she has actually paid in income tax with the amount owing or owed.
INTERAC — RBC Client Card holders may use any ATM or direct payment machine bearing the INTERAC symbol.
Interest rate — The rate of return the lender receives for permitting the borrower to use money for a specified term. The interest rate is usually expressed as an annual rate. The compounding frequency (for example, semi-annual compounding) will depend on the type of loan or mortgage you select.
Insurance — A contract in which a person agrees to pay a certain amount of money to a licensed insurance company in exchange for financial protection against losses of a particular type (such as health, life or property), if damage, injury or loss occur within established circumstances.
Insurance premium — The amount that you pay to the insurance company, usually monthly or annually, in exchange for financial protection in the stated circumstances.
Investment — Money that a person uses with the expectation of receiving income or profit.
Investment portfolio — see portfolio.
Investment risk — The possibility that a person’s investment returns may not be as high as expected, or that he or she may lose some of the original investment.
Investor profile — An analysis of a person as an investor, including his or her comfort with risk, investment goals and the length of time he or she plans to invest.
L
Laddering — A strategy for purchasing fixed-income investments such as bonds or GICs so that the maturity dates are staggered.
Lease — An agreement under which a person pays a monthly amount for the right to use a specific asset, such as a car, for a specified length of time.
Life Income Fund (LIF) — A fund that turns pension funds within a Locked-in Retirement Account (LIRA) into pension income, with a maximum annual value based on a percentage of the fund’s value.
Life insurance — A policy that provides a benefit payment to the insured’s named beneficiary or beneficiaries in the event of the covered death of the insured person.
Lifelong Learning Plan — A plan from the federal government which allows you to borrow funds from your Registered Retirement Savings Plan (RRSP) to finance training for yourself or your spouse or common-law partner.
Line of credit — A type of credit that offers a person immediate access to part or all of a pre-determined amount of cash upon demand. A line of credit may be either unsecured or secured with personal assets such as bonds, term deposits or equity in a home. A secured line of credit results in a lower rate of interest for the borrower.
Loan — An agreement under which a borrower receives cash from a lender (often a bank) for a predetermined length of time at a given interest rate, generally with a stated repayment schedule. The principal must be paid back at a specified future date. Interim payments may consist of interest only or a blend of interest and principal. With a fixed-rate loan, the interest rate stays the same for the term of the loan. With a variable-rate loan, the interest rate changes with market rates.
M
Market linked — Investments that provide a return based on increases in equity markets, while protecting your capital.
Market volatility — see volatility.
Maturity — The end of an investment period or loan term. For example, the last day of the term of a mortgage agreement, or the length of time until the principal amount of a bond must be repaid.
Money market fund — A type of mutual fund that invests in short-term, government-issued debt and other low-risk, cash-equivalent investments.
Money orders and bank drafts — A way of making secure payment. The money order or bank draft is purchased from the bank and issued to the vendor.
Mortgage — A loan secured by real property, typically a home.
Mortgage pre-payment options — Additional principal payment(s) you make to your mortgage prior to the maturity date. These payments are beyond your scheduled repayments in order to help repay the loan more quickly.
Mutual fund — A portfolio of investments managed by professionals on behalf of a number of investors, who own “units” in the fund.
N
National Child Benefit (NCB) — A monthly benefit paid by the federal government to help low-income families with children.
Net pay — The amount of income from employment remaining after deductions such as income tax, Canada/Quebec Pension Plan contributions and Employment Insurance premiums.
Non-redeemable investments — Investments that cannot be withdrawn before the maturity date.
Non-registered investments — Investments held outside of a tax-deferred plan registered with the Canada Revenue Agency.
Notice of Assessment — A statement the Canada Revenue Agency mails to people after they file an income tax return, which summarizes earnings, the amount of tax owing or owed, Registered Retirement Savings Plan (RRSP) contribution room and other details.
N.S.F. (“Non-Sufficient Funds”) cheque — When a cheque is written for an amount that exceeds the funds available in the account, the item is marked “NSF” to indicate that there are insufficient funds. A penalty is charged for NSF items.
O
Old Age Security (OAS) — A pension provided by the Canadian government at age 65 to people who have lived in Canada for at least 10 years after the age of 18.
Online banking — A convenient and secure way of making many transactions, such as transfers and bill payments, by accessing your account via the Internet from any computer.
Open-end lease — A rental agreement in which a person is obliged to purchase the item leased at the end of the lease agreement. Also known as a “finance lease.”
Open mortgage — A mortgage that can be repaid either in part or in full at any time without prepayment charges. Open mortgages can be converted to any other term, at any time, without a prepayment charge. Interest rates for open mortgages are generally higher than for closed mortgages because of the added pre-payment flexibility.
Overdraft protection — By paying a small monthly fee, you receive protection should you become overdrawn on your account.
P
Partnership (business) — A formal business structure between two or more people, with shared responsibilities and liabilities.
Payroll deductions — Money withheld from a person’s pay to cover mandatory or voluntary payments such as income tax, government or company pension plan contributions, Employment Insurance premiums and other “at-source” deductions.
Pension — Retirement income paid to those who have contributed to a pension fund managed and invested specifically for that purpose.
Permanent life insurance — A type of life insurance that covers a person for as long as he or she lives.
Personal Identification Number (PIN) — A password, usually four digits, created by the user to access his or her account, in combination with a Client Card, when making an ATM or point-of-sale transaction.
Portfolio — A group of investment products held by one individual.
Post-secondary education — Schooling provided after high school, typically provided by universities, colleges, community colleges, trade schools and vocational and technical institutes.
Power of Attorney — A legal document authorizing someone to make financial or personal care decisions for another person if that person becomes incapable of doing so.
Pre-authorized automatic savings plan — see Automatic Savings Program.
Preferred shares — An ownership stake in a company that generally includes regular payments out of company earnings. Unlike common shares, preferred shares do not have voting rights but have a prior claim on assets in the case of insolvency.
Principal — The amount of the loan or mortgage owed to the lender at any specified time, not including interest.
Private Banking — Personalized banking services for people with assets over a certain value and complex credit or investment needs.
Private health insurance — Health insurance funded by an individual to cover health and medical expenses when he or she is not eligible to receive provincial health insurance benefits.
Professional money manager — A financial expert who manages investments.
Property insurance — Insurance that provides compensation to a homeowner covered in case of fire, loss, theft or liability. Property insurance is usually required in order to get a mortgage.
Q
Quebec Pension Plan (QPP) — The Québec Pension Plan is a compulsory public plan. Its purpose is to provide persons who work in Québec (or have worked in Québec) and their families with basic financial protection in the event of retirement, death or disability.
R
RBC Royal Bank Visa* card — A type of credit card that is widely accepted across Canada and around the world.
Real estate agent — A licensed agent employed to negotiate the purchase and sale transaction between the buyer and the seller.
Redeemable investment — An investment that can cashed in or returned to the issuing institution before the maturity date.
Registered Education Savings Plan (RESP) — A tax-deferred account registered with the federal government that enables a person to set aside money specifically for a child’s education.
Registered Retirement Income Fund (RRIF) — A tax-deferred investment account into which a person may transfer Registered Retirement Savings Plan (RRSP) assets to provide a stream of income during retirement.
Registered Retirement Savings Plan (RRSP) — A special investment account registered with the government in which contributions are tax-deductible and investment earnings are tax-deferred.
Rent — The amount of money, usually paid monthly, that a tenant pays a landlord in exchange for living accommodations.
Renter’s (or tenant’s) insurance — A type of insurance that provides compensation to tenants for damage to or loss of their personal belongings. A tenant’s policy also provides coverage against liability claims in case an insured injures another person or causes damage to their property.
Resettlement Assistance Program — A program of the Canadian government that helps refugees and protected persons resettle in Canada. The program provides financial assistance to cover the costs of essential living expenses such as accommodation, basic clothing and essential household items.
Residual value — The value of the car at the end of the loan or lease term.
RESP-Matic — Automatic RESP contributions made through RBC Royal Bank, whereby amounts are deducted from your bank account at regular intervals and contributed directly to an RESP.
Retirement — The period in later life during which a person stops working.
Rewards points — Points that are earned by making purchases at eligible stores or services with a credit card that has a rewards points program, such as the RBC Visa* card with RBC Rewards. Rewards points can be redeemed for items such as travel, household items or gift certificates.
Risk tolerance — A person’s level of comfort with the idea that the value of investments may change, and is part of that person’s investor profile.
S
Salary — The amount a person is paid for a job, as expressed in an amount of money per year, as opposed to an hourly wage.
Secure investment — An investment that guarantees the safety of principal (the money invested) and possibly also the amount of interest earned on that money, providing a low level of risk.
Secured line of credit — A type of loan that is accessible at any time and that is guaranteed by an asset such as real estate or investments and therefore has a lower rate than an unsecured line of credit.
Securities commission — A provincial body that administers and enforces laws governing stocks, bonds and derivatives.
Security deposit — A sum of money that a tenant gives to a landlord, on top of rent, when he or she first moves into a rented property. The landlord is required to return the money at the end of the rental period and to pay interest on it annually.
Security pledge — An amount of money equal to the amount of credit you wish to receive on an RBC Royal Bank Visa card. The security pledge is held by Royal Bank of Canada in case you are unable to pay the amount owing on the credit card.
Shares — Ownership stake in the company. Also known as stocks or equities.
Social Insurance Number (SIN) — A nine-digit identification number issued to individuals by the Canadian government. It is required in order to work in Canada, receive government benefits, hold investments and pay taxes.
Sole proprietorship — The simplest form of business structure, in which a business is owned by an individual who takes sole responsibility for all debts and obligations related to the business.
Statement — A document from a person’s financial institution listing all transactions for a given account, loan, investment or credit card for a given period of time.
Supplemental Health Insurance — Additional insurance purchased to cover medical expenses that are not covered by a person’s provincial health plan.
T
Tax-deferred — An investment holding within a registered plan that is not subject to tax until withdrawn.
Telephone banking — Clients can make transactions remotely by telephone.
Term — The period of time for which a loan, lease or mortgage agreement is in effect. May range from several months to several years.
Term life insurance — A type of life insurance in which coverage is provided only for a specified period of time, such as one, five, 10 or 20 years. This is often less expensive than permanent insurance.
Trade-in — A car you own that can be sold to the car dealer when buying a new car. The trade-in reduces the price of the new car.
Transit number — A four-digit number, found at the beginning of a person’s bank account number, that indicates the branch where the account is held.
Travel Insurance — Insurance that provides coverage for eligible emergency expenses incurred if illness, accident or other unexpected covered risks cause a person to cancel a trip or disrupt travel plans. This insurance can provide reimbursement in the case of lost or delayed luggage, emergency trip cancellation prior to departure and emergency trip interruption coverage after departure or emergency medical attention during a vacation or business trip outside of Canada.
Treasury bill (T-Bill) — A short-term investment, available in terms of one month to a year, issued by a federal or provincial government and therefore considered a safe investment.
Trip interruption coverage — Travel insurance that pays expenses incurred if illness, accident or other unexpected covered risks cause a person to cancel a trip or disrupt travel plans.
U
Universal Life Insurance — Life insurance that provides coverage over the span of your life and includes a savings component.
Unsecured line of credit — A type of loan that is accessible at any time up to your approved limit that is not secured by an asset such as investments or real estate, and therefore has a slightly higher interest rate than a secured line of credit, but typically lower than a credit card.
V
Variable rate — A loan whose interest rate moves up or down with changes in market interest rates.
Variable-rate mortgage — With a variable rate mortgage, mortgage payments are set for the term, even though interest rates may fluctuate during that time. If interest rates go down, more of the payment is applied to reduce the principal; if rates go up, more of the payment is applied to payment of interest. Variable rate mortgages may be open or closed.
Volatility — Fluctuations, typically with respect to stock market prices.
W
Will — A legal document stating how a person wishes his or her assets to be distributed after death.
Wire payments/wiring money — A safe way to transfer money electronically from a bank account into that of another person or business in Canada or other countries.
Withdraw/withdrawal — The act of taking money out of a bank account, by taking cash from an automated bank machine (ABM) or at a branch, by writing a cheque or by using a debit card.
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Available to international students who have arrived in Canada within the last 5 years. Must show proof of entry into Canada with supporting documents, i.e., passport and study permit.
To participate in this offer, you must have an eligible RBC Debit Card, Personal Credit Card or Business Credit Card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“RBC Card”). RBC Business Owners will only be able to link up to two (2) Business Credit Cards and one RBC Debit Card to a Be Well Card. Eligible RBC Debit Cards are debit cards tied to a personal banking or savings account or a business banking or savings account in good standing that is set up to pay for goods and services at a store or merchant that has point of sale or other designated debit card terminals that accept debit card payments. You must be enrolled in RBC Online Banking or the RBC Mobile app in order to link your RBC Card to your Be Well Card. Card linking may take up to 2 business days to process before Be Well points can be applied to purchases. Each time you scan your Be Well Card and pay with your Linked RBC Card, you will earn 50 Be Well points for every $1 spent on eligible purchases at Rexall Locations, in accordance with the Be Well Terms and Conditions available at https://www.letsbewell.ca/terms-conditions
Be Well points are not awarded on taxes; tobacco products; products containing codeine; lottery tickets; alcohol; bottle deposits; gift cards; prepaid cards and wireless or long distance phone cards; event tickets; transit tickets and passes; post office transactions; stamps; passport photos; cash back; gifts with purchases; delivery charges; environmental levies; Home Health Care services/rentals and any other products or services that we may specify from time to time or where prohibited by law.
Available to newcomers who are (i) permanent residents or international students who arrived in Canada within the last 12 months, or (ii) temporary resident workers who arrived in Canada within the last 48 months, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.
You must apply for the RBC Cash Back Mastercard by February 28, 2025, at an RBC Royal Bank branch, and be approved by us. You will earn an additional $10.00 back for every $100.00 (10% Cash Back Credit) in Net Purchases (including pre-authorized bill payments) charged on your RBC Cash Back Mastercard account within the first 3 months of account opening, up to a maximum total combined spend of $2,000 (“Welcome Bonus”). Thereafter, the standard Cash Back Credit earn rates of up to 2% on Grocery Store Purchases and up to 1% on other Net Purchases (that are not Grocery Store Purchases) apply. The Welcome Bonus is in addition to the standard Cash Back Credit earn rates. Cash Back Credits are not earned on cash advances (including balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the cash back credits earned by the amounts originally charged. The Welcome Bonus will appear on your next monthly statement after it was earned, and will be credited as set out in disclosure 35 (below). For complete details on the RBC Cash Back Program including standard earn rates and crediting of Cash Back Rewards, please refer to the RBC Cash Back Program Terms and Conditions at www.rbc.com/cashbackterms. Offer applies to new RBC Cash Back Mastercard accounts only.
One offer per eligible account. Existing cardholders of any RBC personal credit card, applying for or transferring to an RBC Cash Back Mastercard card, are not eligible for this offer. This offer may not be combined or used in conjunction with any other offer except as otherwise set out. Royal Bank of Canada reserves the right to modify, cancel or withdraw this offer at any time. This offer may be revoked at any time if we suspect you may be manipulating or abusing it, or engaging in any suspicious or fraudulent activity, as determined by Royal Bank of Canada in its sole discretion.
Available only to (i) Newcomers to Canada who arrived within the last 5 years and (ii) for non-credit card accounts with RBC. Must show proof of entry into Canada and provide supporting documents such as landing papers or permanent resident card. Other conditions apply. See branch for details. This offer may be withdrawn at any time and is subject to change without notice.
An RBC Royal Bank credit card with no credit history required is available to RBC personal deposit clients who are (i) permanent residents and international students who arrived in Canada within the last 12 months, or (ii) temporary resident workers who arrived in Canada within the last 48 months, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.
No annual fee is available with the following RBC Royal Bank credit cards: RBCCash Back Mastercard, RBC Rewards + Visa, RBC Visa Platinum.
RBC automotive financing products are offered by Royal Bank of Canada by way of conditional sales contract (in Quebec, installment sales contract) and are subject to its standard lending criteria.
Available to permanent residents and temporary foreign workers who have been in Canada for less than 3 years. Down payment of up to 15% may be required. Maximum financing term is 96 months with a maximum loan amount of $75,000. Note: for investor class permanent residents, there is no maximum loan amount. No credit history required on vehicles less than 10 years old, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.
You may be eligible for an RBC Royal Bank residential mortgage or mortgage within an RBC Homeline Plan, even if you have no or thin Canadian credit history, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada and do not have adverse credit bureau information . All residential mortgages and lending products are provided by Royal Bank of Canada are subject to its standard lending criteria. Available to permanent residents who have been in Canada less than 5 years. Temporary residents may also apply. To take advantage of these offers, you must show proof of entry into Canada and provide supporting documents such as a passport, and landing papers (work permit/visa) or Canadian permanent resident card. Additional documents may be required to validate down payment funds sourced from another country.
For applications that result in a written mortgage pre-approval or approval, containing an interest rate commitment, the interest rate is guaranteed for up to 120 days from the rate commitment. The mortgage must fund within 120 days from the start of the rate commitment. Other terms and conditions may apply. See your RBC mortgage specialist or find an RBC Mortgage Specialist for more details.
Monthly fee will be waived for the first twelve months upon account opening of the RBC Advantage Banking account or RBC VIP Banking account. Thereafter the standard monthly fee applicable to your account type will be charged: monthly fee of $11.95 for the RBC Advantage Banking account or monthly fee of $30.00 for the RBC VIP Banking account. For RBC VIP Banking account, $10,000 CAD must be deposited into the account within 20 days of account opening to qualify for the promotional offer, which expires February 28, 2025. Other account transaction fees may apply. Monthly fee waiver for the first twelve months may be replaced with any in-market offer that applies to the RBC Advantage Banking or RBC VIP Banking account. Available only to newcomers; please see the eligibility requirements in above note 1. Offer may be withdrawn or amended at any time without notice. See complete terms and conditions that apply to this promotional offer.
Debit transaction means a withdrawal of funds from an account and includes an assisted transaction and an electronic self-serve transaction. RBC Virtual Visa Debits, RBC Royal Bank loan payments, RBC Royal Bank mortgage payments, pre-authorized or self-serve RBC Royal Bank credit card payments, contributions to RBC investment accounts (such as GICs, Royal Mutual Funds, Registered Savings Plans, Registered Education Savings Plans, Registered Disability Savings Plans and Tax-Free Savings Accounts) and electronic self-serve fund transfers from your savings account to any account in your name are free of charge. All other Debit Transactions from any Savings Account are counted as Debit Transactions in the account and give rise to an Excess Debit Transaction Fee, if any free monthly Debit Transaction is exceeded.
Your credit limit will be based on financially related information about you, including income and asset information. Offer available to RBC personal deposit accountholders who are (i) permanent residents who arrived in Canada within the last 12 months, or (ii) temporary resident workers who arrived in Canada within the last 48 months, applying for a new RBC Royal Bank personal credit card (excluding the RBC Rate Advantage Visa). Existing RBC Royal Bank personal credit card cardholders are not eligible. Royal Bank of Canada reserves the right to cancel, modify or withdraw this offer at any time. Higher credit limits are subject to higher income and asset requirements.
RBC Virtual Visa Debits, Third-party payment Debits, RBC Royal Bank loan payments, RBC Royal Bank mortgage payments, pre-authorized and self-serve RBC Royal Bank credit card payments and contributions to RBC investment accounts (such as GICs, Royal Mutual Funds, Registered Savings Plans, Registered Education Savings Plans, Registered Disability Savings Plans and Tax-Free Savings Accounts) from your RBC Day to Day Banking account, U.S. Personal Account, Leo’s Young Savers account or RBC Advantage Banking account for students are free of charge. All other Debit Transactions from these Accounts are counted as Debit Transactions towards the free monthly Debit Transactions included in the Account, and give rise to an Excess Debit Transaction Fee if the total free monthly Debit Transactions are exceeded.
Additional service fees by any intermediary and receiving bank may apply.
To receive the 20,000 bonus Avion Rewards points, your application form must be approved by us. Upon enrolment, 20,000 bonus Avion Rewards points will appear on your first credit card statement. Bonus points offer is only offered to the Primary Business Cardholder on the account; Secondary Business Cardholder as well as existing RBC Avion Visa Business cardholders as of the offer eligibility period are not eligible for this offer. This offer may not be combined or used in conjunction with any other offer. RBC Royal Bank reserves the right to withdraw this offer at any time, even after acceptance by you.
Get preferred interest rates on select GICs. Contact an RBC branch for more details.
Additional service fees by any intermediary and receiving bank may apply.
If you are a post-secondary student and an Account owner of an RBC AdvantageTM Banking Account for students (an “Eligible Student Bank Account”) and the primary cardholder of the RBC ION+TM Visa‡, Signature® RBC® Rewards Visa credit card, or WestJet RBC MasterCard credit card (each, an “Eligible Student Credit Card”), you may be entitled to a rebate towards the annual fee of your Eligible Student Credit Card, every year. For any other RBC Royal Bank credit card, regular annual fees apply as they are not eligible for a rebate.
To benefit from a rebate towards the annual fee of an Eligible Student Credit Card, you must: i) be approved for an eligible RBC Student Credit Card, ii) Open or Activate an Eligible Student Credit Card, and iii) be an Account owner of an Eligible Student Bank Account.
| Eligible Credit Cards | Annual Fee Rebate |
|---|---|
| RBC ION+™ Visa‡ | $4 a month ($48 annually) |
| Signature® RBC Rewards® Visa | $39 |
| Visa Cash Back Card | $19 |
| WestJet RBC® MasterCard‡ | $39 |
You will continue to benefit from the rebate on your annual fee: i) until you close your Eligible Student Bank Account, or ii) until the Expected Graduation Year you have provided for your Eligible Student Bank Account, whichever comes first. Thereafter, you will no longer receive the rebate on the annual fee. If, for some reason, the Expected Graduation Year you have provided at the opening of your Eligible Student Bank Account differs from the one you have indicated on your credit card application form, the Expected Graduation Year you have provided at the opening of your Eligible Student Bank Account will prevail and be used for determining the expiry of this offer.
Additional cardholders (co-applicants and authorized users) are not eligible for this offer. Only one credit card annual fee rebate per Eligible Student Bank Account is allowed. This means that if this is a jointly held Eligible Student Bank Account, and each co-owner is also the primary cardholder of an Eligible Student Credit Card, only the Primary Owner of the Eligible Student Bank Account will be entitled to the credit card annual fee rebate.
As a sole or joint owner of an RBC Signature No Limit Banking (SNL) account and the primary RBC ION+ Visa cardholder, the $4 monthly fee ($48 annually) of your RBC ION+ Visa card will be fully rebated, every month, as long as your eligible credit card remains in good standing and you remain an SNL account owner. Additional cardholders (co-applicants and authorized users) do not qualify for the annual fee rebate, even if they are also owners of an SNL account. Only one credit card annual fee rebate per SNL account is allowed. Other conditions and restrictions apply. Royal Bank of Canada reserves the right to withdraw this offer at any time, even after acceptance by you.
Subject to credit approval. As a sole or joint owner of an RBC VIP Banking (VIP) account and the primary cardholder of one of the eligible credit cards listed below, the annual fee of that eligible credit card will be fully or partially rebated (as indicated below), every year, as long as your credit card remains in good standing and you remain a VIP account owner. Additional cardholders’ annual fee is also fully or partially rebated (as indicated below), every year, as long as your eligible credit card remains in good standing and you remain a VIP account owner. Only one credit card annual fee rebate per VIP account is allowed, which means that if you own a joint VIP account and each co-owner is also the primary cardholder of an eligible credit card, only the primary owner of the VIP account will be entitled to the credit card annual fee rebate. Other conditions and restrictions apply. Rebates that apply to eligible credit cards are: (i) partial rebate of $120 for the primary cardholder and $50 for the co-applicant on the annual fee of an RBC Avion Visa Infinite Privilege card, and (ii) annual fee fully rebated for the primary cardholder and the additional cardholders (co-applicant and authorized users) on any of the following cards: RBC Avion Visa Infinite, RBC Avion Visa Platinum, RBC Rewards Visa Preferred, RBC U.S. Dollar Visa Gold, RBC British Airways Visa Infinite, RBC Cathay Pacific Visa Platinum, RBC Cash Back Preferred World Elite Mastercard and WestJet RBC World Elite Mastercard.
RBC VIP Banking account comes with a choice of up to two additional Canadian dollar deposit accounts, to be selected among the RBC Day to Day Banking, RBC Enhanced Savings and RBC Day to Day Savings accounts, and one additional U.S dollar deposit account, limited to the U.S. Personal Account, with the monthly fees waived. Note: Due to system limitations all accounts must be opened by the client in the same geographic location or region to be recognized for this bundling feature. If you have questions, please speak to your branch.
Open an eligible business deposit account for your first business in Canada and receive a $50 bonus which will be credited to your new business deposit account within 90 days. Eligible business deposit accounts include: RBC Digital Choice Business account package, RBC Flex Choice Business account package and RBC Ultimate Choice account package. This offer is only available to Small Businesses registered in Canada by newcomers who have been in Canada for 5 years or less. This offer cannot be combined with any other offer. The account must remain open for at least 6 months from the date it was opened. If the account is closed within 6 months, Royal Bank of Canada reserves the right to recover the full cash credit. RBC can amend or withdraw this offer at any time without notice.
Must be enrolled in RBC Online Banking or the RBC Mobile app and have either a Canadian RBC Royal Bank chequing or savings account. Some restrictions may apply. Cannot send funds from a US dollar account, or the RBC High Interest eSavings account.
RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. RBC Canada, Avion Rewards and RBC eGift are operated by Royal Bank of Canada. RBC Online Banking and Telephone Banking are provided by Royal Bank of Canada. Standard message and data charges apply. Transaction fees may apply for bill payments or fund transfers made through Online Banking and are separate from access fees.
Apple, Apple Pay, iPhone, iPad and MacBook Pro are trademarks of Apple Inc., registered in the US and other countries. Apple Pay and Touch ID are trademarks of Apple Inc. All other trademarks are the property of their respective owner(s). View the full list of Terms and Conditions for use of RBC Royal Bank credit cards and/or debit cards with Apple Pay.
For sole proprietorship registration, “$89 back” offer, and for incorporation, “$300 back” offer are each inclusive of any applicable taxes (“Offer”). Offer available when you register or incorporate with Ownr and apply and get approved for a new RBC business deposit account associated with the business registered or incorporated with Ownr (“BDA”) within 60 days (“Application Criteria”). Royal Bank of Canada (not Ownr or RBC Ventures Inc.) will in its discretion make approval decisions for all BDA applications. Once you complete the Application Criteria, you must log back into your Ownr account and click ‘Refund Me’. You will receive the Offer as a credit in your BDA within 7-10 business days of clicking ‘Refund Me’. To qualify for this Offer your BDA must remain open for a period of 1 year from the date it is opened but there is no minimum balance that must be maintained in your BDA. If you received this Offer then change or close your BDA within 1 year of the date it was opened, we reserve the right to debit from your BDA an amount equal to the value of this Offer (inclusive of applicable taxes), even if this places the BDA into overdraft. Offer may be revised or withdrawn at any time without notice.
Request Money is a feature of the Interac e-Transfer service. RBC business deposit accounts will incur an Interac e-Transfer fee of $1.50 for each funds request sent. Recipients of the request may have payment limits at their Financial Institutions.
ATM use outside Canada
Each account cash withdrawal at an ATM outside Canada displaying the PLUS System symbol and any fees that may be imposed by any third party for using the ATM are converted to Canadian dollars at an exchange rate that is 2.5% above the benchmark rate set by the payment card company when the transaction is posted. Exchange rates fluctuate and, as such, the rate applied will usually differ from the posted exchange rate at the time of the transaction.
ATMs – 3 withdrawals from other bank ATMs refunded per Monthly Cycle
ATM operator surcharge (also called a convenience fee) may apply. It is charged by a third party and added directly to the amount of your cash withdrawal. Totals are not cumulative, and if not used, may not be carried over into the next Monthly Cycle
ATM – Unlimited banking transactions including Interac and PLUS System network fees waived
ATM operator surcharge (also called a convenience fee) may be charged by other ATM operators. The convenience fee is not a Royal Bank fee and is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold.
Autodeposit is a feature of the Interac e-Transfer service. There are no additional fees to register or receive funds via Autodeposit. Standard fees and charges, such as Regular account deposit fees, apply.
RBC will refund the Interac network access fee for RBC Signature No Limit Banking account holders, up to a maximum of 3 refunds per Monthly Cycle, if used. RBC will refund the Interac network access fee for RBC VIP Banking account holders, if used. ATM operator surcharge (also called convenience fee) charged by other ATM operators may apply. The convenience fee is not an RBC fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of account they hold.
The interest rate is an annual interest rate and a simple interest calculation. Interest is calculated daily on the closing credit balance. Deposit interest is paid monthly to the account on the second business day of the following calendar month, backdated to the previous business day. Interest rate is subject to change at any time without notice. https://www.rbcroyalbank.com/rates/persacct.html
You will earn i) $2.00 back for every $100.00 (2% Cash Back Credit) in Grocery Store Purchases you make up to a maximum of $6,000 per Annual Period; ii) $1.00 back for every $100.00 (1% Cash Back Credit) in Grocery Store Purchases you make in excess of $6,000 during an Annual Period, unlimited; iii) $0.50 back for every $100.00 (0.5% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, up to a maximum of $6,000 per Annual Period, and iv) $1.00 back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments), other than Grocery Store Purchases, in excess of $6,000 during an Annual Period, unlimited. Grocery Store Purchases are purchases made at merchants classified by Mastercard’s “Merchant Category Code” as “grocery stores and supermarkets” (MCC 5411). Royal Bank of Canada (“Royal Bank”) cannot guarantee that any merchant, operating in whole or in part as a grocery store, is classified by MCC 5411 and in no event will Royal Bank be liable or responsible for any claims with respect to a grocery store purchase made at a merchant that is not classified by MCC 5411. To consult the list of participating merchants, please visit www.rbc.com/nofeecashback. For complete details, please refer to the RBC Cash Back Program Terms and Conditions at www.rbc.com/nofeecashback
You will earn 1.5 Avion points for every $1.00 in Grocery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions Purchases you make on your RBC ION Visa credit card at merchants classified by Visa’s “Merchant Category Code” (MCC). Depending on how certain merchants are categorized by Visa’s “Merchant Category Code” (MCC) they may not qualify as an eligible MCC. Eligible MCCs are listed as:
(i) “Grocery Stores and Supermarkets” (MCC 5411) are “Grocery Purchases”;
(ii) “Service Stations (With or without Ancillary Services)” (MCC 5541), “Automated Fuel Dispensers” (MCC 5542), “Taxicabs and Limousines” (MCC 4121), “Local and Suburban Commuter Passenger Transportation, Including Ferries” (MCC 4111), Electric Vehicle Charging” (MCC 5552) are “Rides, Gas & Electric Vehicle Charging Purchases”. Non-commuter passenger railway purchases and non-commuter bus line purchases do not qualify as part of “Rides, Gas & Electric Vehicle Charging Purchases”;
(iii) “Digital Goods Media – Books, Movies, Music” (MCC 5815), “Digital Goods – Games” (MCC 5816), “Digital Goods – Applications (Excludes Games)” (MCC 5817), “Digital Goods – Large Digital Goods Merchants” (MCC 5818), “Cable, Satellite, and Other Pay Television/Radio/Streaming Services” (MCC 4899) are “Streaming, Digital Gaming & Subscriptions Purchases”. The “Digital Goods – Games” MCC does not include games of chance and gambling.
You will earn 1 Avion point for every $1.00 on all other purchases (including pre-authorized bill payments) you make on your RBC ION Visa credit card.
Even though some merchants may sell Grocery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions merchandise, purchases made at these locations may not necessarily qualify as Eligible MCCs if the merchant is not classified as such by Visa. Also, you may make a purchase at a merchant that is not classified as an Eligible MCC but is located on the premises of a merchant that is classified as an Eligible MCC, in which case your purchase would not qualify as an Eligible MCC. We cannot guarantee that any merchant, operating in whole or in part as a Grocery, Rides, Gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions merchant is classified as an Eligible MCC and in no event will we be liable or responsible for any claims with respect to a Grocery, Rides, gas, Electric Vehicle Charging, Streaming, and Digital Gaming & Subscriptions purchase made at a merchant that is not classified as an Eligible MCC. Avion points are earned on net purchases only; they are not earned on cash advances (balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the points earned by the amounts originally charged.
In cases where down payment is less than 20% of the value of a property, the maximum 30-year amortization will apply only to (i) all first-time home buyers provided they satisfy the definition of a first-time homebuyer, or (ii) all purchasers of newly built homes. In addition, if your down payment is less than 20%, you must pay a mortgage default insurance premium charged by a mortgage insurer. This insurance protects the financial institution if you ever default on your mortgage. Available for Conventional Newcomer Equity and Standard Programs. Default insured programs that do not fit within the qualifying criteria above will have a maximum amortization period of 25 years.
This is provided for informational purposes only and is not intended as legal or other professional advice. Automotive financing products are offered by Royal Bank of Canada and are subject to its standard lending criteria.
This information is in summary form and is intended for general guidance and information only. It is not intended to provide financial, legal or other advice. It should not be regarded as comprehensive or a substitute for professional advice.
This publication provides general information only and is not intended to provide specific advice. Not intended to offer services or solicit customers where prohibited by law. Automotive financing products are offered by Royal Bank of Canada and are subject to its standard lending criteria. Some additional conditions apply. Offer may be changed or withdrawn at any time, without notice. Not available in combination with any other rate discounts, offers or promotions.
Income earned in a TFSA is tax-free in Canada. There are penalties if excess contributions are made. If a Canadian resident is subject to taxation on their world income in another country (e.g. based on citizenship), the TFSA income may not be tax-free in that country. U.S. taxpayers who hold TFSAs need to comply with U.S. tax requirements such as the annual filing on a timely basis of IRS Forms 3520 and 3520-A.
The TFSA only shelters foreign workers’ investment income from Canadian tax; seek professional advice regarding tax rules in other jurisdictions.
Income earned in an RESP is tax-deferred in Canada. There are penalties if excess contributions are made. If a Canadian resident is subject to taxation on their world income in another country (e.g. based on citizenship), the RESP income may not be tax-free in that country. U.S. taxpayers who contribute to RESPs need to comply with U.S. tax requirements such as the annual filing on a timely basis of IRS Forms 3520 and 3520-A.
Foreign workers and international students may begin contributing to an RRSP or RESP before obtaining or applying for permanent residency.
The maximum RRSP contribution limit for 2018 is $26,230; for 2017, it was $26,010.
ETFs, stocks and bonds may be purchased through RBC Direct Investing, our low-cost online investing and trading service for self-directed investors or RBC Wealth Management.
When you use Virtual Visa Debit to make a payment: a) The merchant performs an authorization on your personal deposit account at the time of the purchase and this authorization amount is immediately debited from that account. This process is followed by a settlement, typically 2-5 business days after authorization, which finalizes the amount of the purchase and, in some cases, reflects adjustments to the initial authorization amount. When this happens, a credit adjustment in the amount of the original authorization will be credited to your account, followed immediately by a debit adjustment that reflects the final settlement amount of your purchase. b) The funds are debited from your personal deposit account, which is the account you access with your RBC Royal Bank Client Card when you select the “Chequing” option on a point-of-sale terminal or at an ATM. If the account linked to the primary chequing position on your Client Card is changed before a payment has been settled, it may impact the processing of that payment if the merchant needs to adjust the initial authorization amount. The final settlement amount will be processed on the account that is linked to the primary chequing position on your Client Card at the time of settlement, even if a different account was debited for the authorization amount. Please see your RBC Royal Bank Virtual Visa Debit Agreement for further details.
Debit transactions made using your Virtual Visa Debit Number do not count against any monthly transaction limits applicable to your personal deposit account. Other account fees may apply. Please see the RBC Royal Bank Disclosures and Agreements related to Personal Deposit Accounts booklet or other applicable account agreement for further details.
When you use your Virtual Visa Debit Number for a transaction in a currency other than Canadian dollars, we will convert the transaction amount into Canadian dollars at an exchange rate that is 2.5% over a benchmark rate Royal Bank of Canada pays Visa International, a subsidiary of Visa Inc., on the date of the conversion. For most transactions, the authorization amount debited by the merchant at the time of purchase will be adjusted at settlement to reflect changes in the applicable exchange rate.
You will earn i) $1.00 back for every $100.00 (1% Cash Back Credit) in Net Purchases you make (including pre-authorized bill payments) and, ii) for the first 3 full monthly statement periods (approximately 3 months from the date your Account is opened), you will earn an additional $1.00 back for every $100.00 (1% Cash Back Credit welcome bonus, for a total of 2%) in Net Purchases you make (including pre-authorized bill payments), up to a maximum combined Cash Back Credit of $650.00 per Annual Period, when you use your RBC Business Cash Back Mastercard to pay. For clarity, the additional $1.00 Cash Back Credit welcome bonus will only apply for the first 3 full monthly statement periods in your first Annual Period. Provided your New Cash Back Balance is $25.00 or more, Cash Back Credits earned during the year will i) automatically be credited to your January Account balance and appear on your February monthly statement, and/or ii) be credited at any other time, upon request. Cash Back Credits are not earned on cash advances (including balance transfers, cash-like transactions and bill payments that are not pre-authorized charges that you set up with a merchant), interest charges or fees, and credits for returns and adjustments will reduce or cancel the cash back credits earned by the amounts originally charged. From time to time we may offer bonus cash back promotions and will disclose the terms and conditions in the offer details. For complete details, please refer to the RBC Cash Back Program Terms and Conditions at: www.rbc.com/cashbackterms. Royal Bank of Canada reserves the right to withdraw or amend this benefit at any time.
Each time you use your linked Eligible RBC Card to purchase any grade of gasoline, including diesel, at a Retail Petro-Canada Location, you will:
i) save three cents ($0.03) per litre at the time of the transaction. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases.
ii) earn a bonus of twenty percent (20%) more Petro-Points than you normally earn, in accordance with the Petro-Points Terms and Conditions
iii) earn a bonus of twenty percent (20%) more Avion Points than you normally earn for every $1 in purchases in accordance with the Avion Rewards Terms and Conditions Please allow up to ninety (90) days from the date the transaction is posted on your credit card statement for the bonus points to be deposited into Avion Rewards account. Authorized Users are excluded from earning Avion points bonus.
To participate in this offer, you must have an RBC debit or credit card which is issued by Royal Bank of Canada (excluding RBC commercial credit cards) (“Eligible RBC Card”). You must be enrolled in RBC Online Banking in order to link your Eligible RBC Card to your Petro-Points card. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases. Each time you use your linked Eligible RBC Card to purchase any grade of gasoline, including diesel, at a retail Petro-Canada location, you will save three cents ($0.03) per litre at the time of the transaction.
Petro-Canada and Petro-Points are trademarks of Suncor Energy Inc. Used under licence. All other trademarks are the property of their respective owner(s).
The annual contribution limit is $5,500. This limit will rise along with inflation in future years, in $500 increments. In addition, you can carry forward unused contribution room indefinitely. Previous contribution limits were $5,500 for 2016 and 2017, $10,000 for 2015, $5,500 for 2013 and 2014, and $5,000 for the years 2009 to 2012. Your TFSA contribution limit is tracked by the Canada Revenue Agency (CRA); if you are unsure of your limit, please check with the CRA.
To participate in this offer as an RBC business client, you must have an RBC client card or credit card issued by Royal Bank of Canada (excluding RBC Commercial Avion, RBC Commercial U.S. Dollar Visa, RBC Commercial Cash Back Visa, and RBC Commercial Visa) (“Eligible RBC Card”). When you participate in the Linked Loyalty Program as an RBC business client, you will only be able to link up to two (2) eligible business RBC credit cards and one RBC client card to a Petro-Points account. You must be enrolled in RBC Online Banking for Business in order to link. Card linking may take up to 2 business days to process before savings and bonus points can be applied to purchases. For more information, visit rbc.com/linkbusiness .
Unlimited means there is no maximum cash back credits you can earn on Grocery Store Purchases and other purchases (up to your available credit limit) per Annual Period. For complete RBC Cash Back Program Terms and Conditions, please visit: www.rbc.com/cashbackterms
Includes electronic (digital) debit and credit transactions to the account, such as online bill payments, pre-authorized payments (PAPs) and point of sale (POS) transactions. Standard fees apply for other services, including cheques and cash deposited at RBC ATMs, Pay Employees & Vendors (PEV), Interac e-Transfer transactions and wire transfers not expressly included in the package when completed online. For full list of fees not included with the account review the RBC Digital Choice Business Account Package page.
Only includes outgoing Interac e-Transfer transactions sent on the RBC Online Banking for business platform. Excludes all other Interac e-Transfer services such as Autodeposit, Request Money, Request Money Fulfillment and Bulk Interac e-Transfer service.
There is a limit of 999 free Interac e-Transfer Transactions per Month per Account; for every Interac e-Transfer Transaction over the limit, you will be charged $1.00.
To get a short-haul flight to any adjoining province/state in Canada or the U.S., you will need a total of 15,000 Avion Rewards points, for a maximum ticket price of $350. To receive the 15,000 bonus Avion Rewards points which will appear on your first statement, your application form must be approved by us. Additional cardholder(s), as well as cardholder(s) with existing RBC Royal Bank travel rewards credit cards, applying for or transferring to an RBC Avion Visa Infinite card as of the offer eligibility period, are not eligible for this offer. This offer may not be combined or used in conjunction with another offer. All applicable taxes, service fees and surcharges are the responsibility of the traveller. For Air Travel Reward redemption details, visit https://www.rbcrewards.com/travel-rewards/avion-redemption-grid/. Some restrictions apply. For complete terms and conditions that apply to the Avion Rewards program, please visit: http://www.rbcrewards.com or call 1-800-769-2512. Royal Bank of Canada reserves the right to withdraw this offer at any time, even after acceptance by you.
Trip Cancellation insurance is subject to a limit of $1,500 for each Covered Person (to an overall maximum of $5,000 for all Covered Persons) per trip, and it protects eligible cardholders against the cost of non-refundable travel arrangements that were purchased with your RBC Avion Visa Business card if the trip is cancelled prior to your departure due to an unexpected or unforeseen covered risk. Trip Interruption insurance is subject to a maximum limit of $5,000 for each Covered Person, per trip, for a total maximum of $25,000. This coverage provides reimbursement for the non-refundable unused portion of your prepaid travel arrangements purchased with your RBC Avion Visa Business card, and interrupted due to a covered risk, including the extra costs of economy class transportation to your departure point. Please refer to the Insurance Certificate for complete details regarding these coverages.
Coverage underwritten by Aviva General Insurance Company in the Province of Quebec and by RBC Insurance Company of Canada in the rest of Canada.
All insurance is subject to limitations and exclusions. Please refer to the insurance certificates included in your printed Welcome Kit for complete details or online at https://www.rbcroyalbank.com/credit-cards/cardholders.html
Interac e-Transfer Transactions expire 30 days after they are sent and cannot be claimed by the recipient after this time. You have 15 days after the Interac e-Transfer Transaction is sent to cancel without charge. A $5.00 Interac e-Transfer Transaction Reclaim Fee is charged when a recipient does not accept it before it expires and the sender does not cancel the transaction before the 15-day cancellation period.
An ATM operator surcharge (also called convenience fee) may be charged by other ATM operators. The convenience fee is not a Royal Bank fee. It is added directly to the amount of your cash withdrawal. All clients who use non-RBC ATMs may be charged a convenience fee regardless of the type of Account they hold.
When you use your Client Card to make a withdrawal in a currency other than Canadian dollars at an ATM outside Canada displaying the PLUS system symbol, we will convert the amounts withdrawn and any associated charges imposed by any third party for the use of the ATM to Canadian dollars when we deduct the funds from your Account. We will convert these amounts to Canadian dollars no later than the date we post the transaction to your Account at our exchange rate, which is 2.5% over a benchmark rate set by Visa International, a subsidiary of Visa Inc., and which Royal Bank of Canada pays on the date of conversion. This rate may be different from the rate in effect on the date your ATM withdrawal occurred or on the date of the transaction.
The length of hold will be four (4) business days after the day of the deposit if the cheque or other negotiable item is deposited in person with an employee at one of RBC’s branches or points of service and is in Canadian dollars, drawn on a Canadian branch of a Canadian financial institution.
The length of hold will be five (5) business days after the day of deposit if the cheque or other negotiable item is deposited in any other manner, such as at an Automated Teller Machine (ATM) or using our Mobile Cheque Deposit service, and is in Canadian dollars, drawn on a Canadian branch of a Canadian financial institution.
The length of hold will also be five (5) business days after the day of deposit if the cheque or other negotiable item is in U.S. dollars and drawn on a Canadian branch of a Canadian financial institution.
The length of hold will be fifteen (15) business days after the first business day of deposit if the cheque or other negotiable item is drawn on a U.S. bank and is deposited at a Canadian branch of a Canadian financial institution.
The length of hold will be twenty-five (25) business days after the first business day of deposit if the cheque or other negotiable item is drawn on a foreign bank other than a U.S. bank and is deposited at a Canadian branch of a Canadian financial institution.
Subject to credit approval. The variable annual interest rate will be determined based on information you provide on the application and any credit bureau information. The annual interest rate is based on the Prime Rate plus an additional premium that ranges between 2.9% and 11.9%. Your premium will be calculated on an annual basis and could only change once a year. Prime Rate means the annual rate of interest Royal Bank of Canada announces from time to time as a reference rate for determining interest rates on Canadian dollar commercial loans in Canada. Our Prime Rate in effect on the first business day of the month will be the Prime Rate we use for the purposes of calculating your annual interest rate for the statement period ending in that month, even if our Prime Rate has changed during the month. The Prime Rate may fluctuate from time to time. It can be found in all our branches or online at www.rbcroyalbank.com/rates
Debit transactions made using your Virtual Visa Debit Number do not count against any monthly transaction limits applicable to your personal deposit account. Other account fees may apply. Please see the RBC Royal Bank Disclosures and Agreements related to Personal Deposit Accounts booklet or other applicable account agreement for further details. You must request a Virtual Visa Debit card.
When you enroll your eligible RBC personal bank account into the RBC Value Program, you will be eligible to earn Avion Rewards points within the Avion Rewards Program as an Eligible Personal Banking Client, and any such points earned will be deposited into the Avion Rewards account tied to your enrolled account. Purchases from your account refers to using your RBC Client Card to pay for items at a merchant or service provider with the amount electronically debited directly from your enrolled account or using your RBC Virtual Visa Debit for purchases online. Avion Rewards points are governed by the Avion Rewards Terms and Conditions available on our website, or a copy may be provided to you by contacting us. For complete details on the Value Program, please see the Value Program Terms & Conditions
RBC Advantage Banking for students allows eligible full-time students to receive a full waiver of the standard Monthly Fee applicable to our RBC Advantage Banking account. Please refer to the section labelled “Rebates and Discounts: RBC Advantage Banking for Students” in the document entitled “Addendum to April 30, 2020 Personal Deposit Accounts Disclosures and Agreements”, which provides information specific to the RBC Advantage Banking account to supplement the information provided in the Personal Deposit Accounts Disclosures and Agreements document.
To be considered a full-time student, you must attend a primary or secondary school OR be enrolled in a program at the post-secondary level at a college, university or other educational institution (whether in Canada or not). If you are a post-secondary student, you must take at least 60% of the usual course load for the program in which you are enrolled in any particular semester. Proof of enrollment may be requested at our discretion. Students who are 25 years of age and older must provide proof of enrollment.
Your RBC Virtual Visa Debit is associated with your primary chequing account. This is the account you access with your RBC Royal Bank Client Card when you select the “Chequing” option on a merchant payment terminal or at an automated teller machine. RBC Virtual Visa Debit is not available to business clients.
RBC Mobile is operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC Dominion Securities Inc. RBC Mobile Student Edition is intended for clients under the age of 22. RBC Online Banking is operated by Royal Bank of Canada.
Arrive is powered by RBC Ventures Inc., a subsidiary of RBC.
We will rebate the standard NSF fee of $45.00 for your first NSF transaction in a given calendar year. You will be charged $45.00 for each NSF in the calendar year thereafter. You may not carry over unused NSF fee rebates from previous calendar years.
Up to 6,000 Avion Rewards points is a combination of 2,500 welcome Avion Rewards points exclusive to eligible newcomers, as outlined in note 71, and the digital bonus offer of up to 3,500 Avion Rewards points set out in note 87.
RBC Rewards+ Visa cardholders get our most popular $25 gift cards for 2,500 points. All rewards are subject to availability. The regular redemption rate for Avion Rewards members, other than RBC Rewards+ cardholders, is 3,500 Avion Rewards points for a $25 gift card for Amazon.ca, iTunes, Starbucks, McCafe and Cineplex. Point redemption values may fluctuate. For complete terms, conditions and restrictions that apply to the Avion Rewards program, please visit www.rbcrewards.com or call 1-800-769-2512. Please note that the redemption rate for gift cards not listed above, including Petro-Canada gift cards, is 3,500 Avion Rewards points.
Limited time offer must be fulfilled within 60 days from date of credit card approval. This offer is not transferable, may not be combined or used in conjunction with any other offer. Offer may be changed, cancelled or withdrawn at any time. Only the Primary Cardholder of an RBC Rewards+ Visa card is eligible for this offer and may receive a one-time bonus of 500 Avion Rewards points (“Bonus Points”) for each listed offer (each a “Bonus Offer”) up to a maximum of 3,500 Avion Rewards points. It may take up to 60 days after offer expires for the Bonus Points to appear on the credit card statement. Primary Cardholder can provide us their email address and sign up for eStatements through RBC Online Banking by visiting a branch or calling 1-800-769-2512.
To bank with RBC means you must hold any of the following RBC bank accounts (each an “Eligible Account”): RBC Day to Day Banking, RBC Advantage Banking,RBC Private Banking, RBC Signature No Limit Banking, RBC VIP Banking, US Personal Account, Ratelink Essential, Ratelink Preference, RBC Day to Day Savings, RBC Enhanced Savings or RBC High Interest eSavings. If you do not have an Eligible Account you may open one by visiting a branch.
Interac e-Transfer transactions are free for all RBC personal chequing accounts. US Dollar accounts are not eligible. A fee of $1.00 may be charged to the sender for Interac e-Transfers sent from RBC personal savings accounts listed as an Eligible Account (see note 18).
Deposits are subject to the same maximum deposit limits as well as release and payment amounts as deposits made at an RBC Royal Bank ATM. Cheques will also be subject to our Personal Banking hold policies.
Available only to newcomers (please see the eligibility requirements in above note 1). Annual fees will be waived for RBC Advantage Banking and RBC Signature No Limit Banking accounts (each an “Eligible Account”) for up to one-year rental (offer ends February 28, 2025) of a small safe deposit box (SDB), where such boxes are available. Standard safe deposit box fees are collected in advance in January for each calendar year. If you open, switch or are converted to an Eligible Account, the standard fee applicable to your eligible safe deposit box will be waived in full or in part for the current year, depending on the time when the box is opened, and in full for the following year. RBC VIP Banking account holders receive one small box free as a standard feature of that account type, so long as they maintain their RBC VIP Banking account in good standing; offer cannot be combined with any other safe deposit box offer. Offer is subject to change without notice
Guaranteed investment certificates are issued by Royal Bank of Canada, The Royal Trust Company, Royal Trust Corporation of Canada and Royal Bank Mortgage Corporation. Royal Bank of Canada, The Royal Trust Company, Royal Trust Corporation of Canada and Royal Bank Mortgage Corporation are members of Canada Deposit Insurance Corporation (CDlC). Deposits (such as deposits in a savings account, or GICs and other term deposits) with any of these institutions are eligible for CDIC deposit insurance coverage provided they are payable in Canada. For more information, including conditions of coverage, contact CDIC directly at info@cdic.ca or 1 (800) 461‑2342.
Quebec only: If a guaranteed investment certificate is with Royal Bank Mortgage Corporation or The Royal Trust Company, it is a deposit within the meaning of the Deposit Institutions and Deposit Protection Act (Quebec).
Please consult the Application Package documents for restrictions, limitations, and additional conditions that apply to all wire transfers sent by you to us, or returned by us to you.
All rewards are subject to availability and may change without prior notice. For complete terms, conditions and restrictions that apply to the Avion Rewards program, please visit: avionrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).
This information is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice, and should not be relied upon in that regard.
This is for general information purposes only and should not be relied upon as a complete list of all considerations when looking to purchase a new vs. used vehicle.
Financing rates available at participating dealerships on select vehicles.
To receive a complimentary DashPass subscription for $0 delivery fees on orders of $15 or more at eligible restaurants when you pay with your Eligible RBC Credit Card, you must subscribe to DashPass by adding an Eligible RBC Credit Card, accept the DoorDash terms and conditions, and activate your benefit by clicking “Activate Free DashPass” before July 5, 2023 (“Offer Period”). If you are an existing DashPass subscriber and have already added an Eligible RBC Credit Card to your account you must activate your benefit by clicking “Activate Free DashPass” during the Offer Period. If you have been charged for DashPass you will receive a refund to the method of original payment, in the amount of the monthly subscription fee for the month you activate your complimentary subscription. For all clients, by clicking on “Activate Free DashPass” you agree to the DoorDash terms and conditions which can be found https://help.doordash.com/consumers/s/terms-and-conditions-ca?language=en_US.
The DashPass monthly subscription fee will be waived (“Complimentary DashPass Subscription”) and you will receive either a 3 month or 12 month Complimentary DashPass Subscription based on the Eligible RBC Credit Card you use to subscribe to DashPass. DashPass subscriptions purchased through third parties, including third-party payment accounts, or online or mobile digital wallets (like Apply Pay and Google Pay) are not eligible for the Complimentary DashPass Subscription.
Eligible RBC Credit Cards: Your Eligible RBC Credit Card may only be used with one DoorDash account to receive a Complimentary DashPass Subscription. Once you have received a Complimentary DashPass Subscription you cannot use the same eligible RBC Credit Card to obtain a Complimentary DashPass Subscription with another DoorDash account. Eligible RBC Credit cardholders include primary cardholders, co-applicants, authorized users, primary business cardholders and secondary business cardholders on an Eligible RBC Credit Card account.
View eligible RBC credit cards
You are only eligible for one 12 month Complimentary DashPass Subscription and one 3 month Complimentary DashPass Subscription during the Offer Period. The Complimentary DashPass Subscription commences on the date you subscribe to receive the Complimentary DashPass Subscription. You will be auto-enrolled into full-price membership at the then-current rate after the end of the 3 month Complimentary DashPass Subscription. Your RBC credit card account must be open and not in default to maintain the benefits of DashPass. In order to validate your credit card as an Eligible RBC Credit Card, Royal Bank may need to administer a $0.50 charge to validate your card enrollment. This charge will be reversed in 3 to 5 days once your account has been validated. For full details on the Complimentatry DashPass Subscription visit: rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf
DoorDash not Royal Bank of Canada, is responsible for (i) services and products provided through DoorDash; (ii) DashPass, including the DashPass Benefits, the administration of DashPass and (iii) the DoorDash terms and conditions. The Complimentary DashPass Subscription offer may be amended or withdrawn at any time. To learn more about DashPass, visit www.doordash.com/dashpass. For full DashPass for RBC Program Terms and Conditions, visit rbcroyalbank.com/credit-cards/documentation/pdf/full-doordash-tcs-en.pdf.
DashPass is a DoorDash subscription service that offers unlimited deliveries for $0 delivery fee on eligible restaurant purchases (minimum order amount of $15.00 CAD before taxes and fees) at a monthly subscription fee of $9.99 CAD. To learn more about DashPass visit www.doordash.com/dashpass
Please note that it will take two (2) to three (3) business days for your payment to be credited to your credit card account and to adjust your available credit. Redemptions are final and cannot be cancelled or reversed once submitted. Not all Avion Rewards cards are eligible for these services. For details, visit the Avion Rewards Terms and Conditions.
Standard fees and charges apply for services and transactions exceeding the number included in the account package.
Includes cheques deposited through the RBC Mobile App, RBC ATM and ChequePro.
Offer Available to newcomers who are permanent residents, international students, or temporary resident workers who have arrived in Canada within the last 5 years, or RBC Student GIC clients. To participate in this offer, you must have an RBC debit or credit card which is issued by Royal Bank of Canada (“RBC Card”), or have enrolled in RBC Student GIC Program.
If your PhoneBox application is approved and you become a client of PhoneBox, Royal Bank of Canada (RBC) may receive one or more referral fee(s) from PhoneBox. RBC reserves the right to cancel this offer at any time for any reason at its complete discretion without notice.
RBC Student GIC clients are not required to sign up for the PhoneBox offer in order to participate in the GIC program.
Trademark(s) of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada. All other trademarks are the property of their respective owner(s)
Under the Newcomer High Net Worth Program, income from employment is not required in order to apply for an RBC mortgage; however, you must have, and be able to furnish proof of, Canadian income from another source, such as an eligible Canadian investment. All residential mortgages and lending products provided by Royal Bank of Canada are subject to its standard lending criteria. For additional information, speak to an RBC Mortgage Specialist.
You, and not Royal Bank of Canada, are responsible for verifying (including by seeking appropriate independent professional advice) that you are eligible to purchase a given residential property in Canada.
Fees may apply on the account from which the money has been transferred.
Transaction fees may apply for bill payments or funds transfers made through Online Banking and are separate from access fees.
“Up to $1,200 in value” represents the combined total value of the following separate promotional offers from General Motors of Canada Company (“GM”) and Royal Bank of Canada, respectively: (a) $1,000 Welcome to Canada bonus when you purchase an eligible new Chevrolet, Buick or GMC branded vehicle from any authorized GM Dealer by January 2, 2025 (see Footnote 1 for additional details), plus (b) an additional $200 account credit when you finance an eligible GM vehicle with Royal Bank of Canada as an eligible Newcomer within the Offer Period (see Footnote 2 for additional details). The “Up to $1200 in value” is only applicable between October 1, 2024 and January 2, 2025. Each of these offers is administered separately (by GM and Royal Bank of Canada, respectively) in accordance with their respective terms and conditions. For complete terms and conditions, visit www.rbc.com/newcomerautoterms
Offer provided by General Motors of Canada Company (“GM”) and available from January 3rd, 2024 to January 2, 2025 (“Promotional Period”).
The promotional offer of $1,000 bonus is available to be applied to reduce purchase price or down payment, with purchase or lease (OAC) of eligible new Chevrolet, Buick or GMC vehicles. $1,000 bonus is manufacturer-to-consumer (tax inclusive). Discount available only once to each eligible individual for a single vehicle purchase or lease. Valid Canadian driver’s license is required. Proof of status is required. Permanent Residents are eligible if their arrival date was in 2021 or later. Temporary Foreign Worker must be valid at the time of purchase. Please see dealer for details or visit Welcome to Canada Program (gmwelcometocanada.ca). This offer may not be redeemed for cash and may not be combined with certain other consumer incentives. Certain limitations and conditions apply. Void where prohibited. General Motors of Canada Company reserves the right to amend, modify or terminate this program, in whole or in part, at any time without prior notice.
The Promotional Offer is offered and administered by General Motors and Royal Bank of Canada takes no responsibility for the Promotional Offer.
The RBC Automotive Finance Offer (the “RBC Offer”) for Eligible Newcomers under the RBC Newcomer Automotive Loan Program is provided by Royal Bank of Canada and is available October 1, 2024 to January 2, 2025, inclusive (“Offer Period”). The RBC Offer is: $200 (“RBC Bonus Amount”) for an eligible Newcomer who has purchased an eligible General Motors of Canada Company (“GM”) vehicle and has enrolled under the RBC Newcomer Automotive Loan Program within the Offer Period. The RBC Offer is available to Newcomers who meet all eligibility criteria and otherwise comply with the terms and conditions of the RBC Offer (the “Terms”) as set out herein.
To qualify to receive the RBC Bonus Amount, you must i) be a Newcomer; ii) within three (3) years of the date you first legally entered Canada as a Permanent Resident or Temporary Foreign Working, and during the Offer Period, obtain an RBC automotive loan for the purchase of an eligible GM vehicle; and III) before January 2, 2025 have or open one of the following RBC Personal Deposit Account types: RBC Staff Banking, RBC Private Banking, RBC VIP Banking, RBC Signature No Limit Banking, RBC No Limit Banking, RBC Day to Day Banking, RBC Student Banking, RBC Student No Limit, RBC Advantage Bank Account, RBC Private Banking Savings, RBC D2D Savings, RBC Enhanced Savings, and eSavings / HISA (each an “Eligible Personal Deposit Account”).
If you qualify to receive the benefit of this RBC Offer by meeting all qualifying criteria described in the Terms, the RBC Bonus Amount will be deposited into your Eligible Personal Deposit Account within eight (8) weeks of your RBC automotive loan’s activation date. Only the Primary Applicant of the qualifying RBC automotive loan will be eligible to receive the benefit of this RBC Offer. You may only receive the benefit of this RBC Offer once in respect of each automotive loan account you open with RBC, regardless of how many Eligible Personal Deposit Accounts you may hold with RBC. This offer may be combined with other RBC offers, but only to the extent permitted under the applicable terms and conditions of such other offers. Royal Bank of Canada reserves the right to modify, cancel or withdraw this offer at any time. This offer may be revoked at any time if we suspect you may be manipulating or abusing it, or engaging in any suspicious or fraudulent activity, as determined by Royal Bank of Canada in its sole discretion. Royal Bank of Canada, and not GM, is responsible for the terms and conditions applicable to this RBC Offer. View full Terms and Conditions.
Available to permanent residents and temporary foreign workers who have been in Canada for less than 3 years. Down payment of up to 15% may be required. Maximum financing term is 96 months with a maximum loan amount of $75,000. Note: for investor class permanent residents, there is no maximum loan amount. No credit history required on vehicles less than 10 years old, provided you meet all of the eligibility and credit criteria of Royal Bank of Canada.