RBC Direct Investing Inc. RESP review

Supported grants and incentives

• Basic CESG: offered on the Canada.ca RESP promoters list.
• Additional CESG: offered on the Canada.ca RESP promoters list.
• Canada Learning Bond (CLB): offered on the Canada.ca RESP promoters list.
• B.C. Training and Education Savings Grant (BCTESG): offered on the Canada.ca RESP promoters list.
• RBC's RESP withdrawal form references Quebec Education Savings Incentive (QESI), Quebec tax slips, and Revenu Quebec repayment handling. Quebec residents should still confirm current QESI application handling directly with RBC because the Canada.ca promoter list does not track QESI.

Account types

• Individual RESP.
• Family RESP.
• RBC says either RESP type can be opened with a spouse or common-law partner as joint subscriber.
• RBC's current RESP page says a family RESP can add or change beneficiaries, but beneficiaries must be related to the subscriber by blood and/or adoption.

Fees

• $9.95 per online or mobile stock or ETF trade, or $6.95 per trade with 150 or more trades per quarter.
• $9.95 plus $1.25 per contract for online or mobile options trades, or $6.95 plus $1.25 per contract with 150 or more trades per quarter.
• No commission is listed for mutual fund buys, sells, or switches, but RBC says mutual fund companies may assess other fees such as deferred sales charges, early redemption fees, setup fees, or insufficient-funds fees.
• $25 quarterly maintenance fee can apply when combined RBC Direct Investing assets are below $15,000.
• The fee schedule lists several maintenance-fee waiver paths, including $100 per month or $300 per quarter in pre-authorized contributions, being a client for less than six months, three or more commission-paid trades during the quarter, Royal Circle qualification, recent RBC Student Banking, or RBC VIP Banking.
• $135 transfer-out fee according to the RBC Direct Investing commissions and fees schedule.
• RESP withdrawal requests use RBC's dedicated withdrawal form; the posted fee schedule does not list a separate RESP withdrawal fee.
• Underlying ETF, mutual fund, fixed-income, foreign-exchange, and foreign withholding-tax costs can still apply depending on the investments used.

Transfer process

• RBC says transfer-ins can be completed when opening the account online or later through its secure online transfer form.
• RBC says assets can be transferred in cash or in kind, but registered accounts must be moved to like registered accounts.
• RBC says it does not charge a fee to transfer in an account.
• RBC says clients transferring $15,000 or more from outside RBC can request reimbursement of up to $200 in fees charged by the delivering institution if proof is provided within six months.
• The RBC transfer FAQ says transfer-in-cash requests may trigger selling commissions or fees at the delivering institution and cancel outstanding trade orders.

Withdrawal process

• RBC uses a Registered Education Savings Plan Withdrawal Request form for educational and non-educational withdrawals.
• RBC's withdrawal form requires proof of enrolment for Educational Assistance Payments (EAPs) and Post-Secondary Education withdrawals, and says a separate withdrawal form is needed for each beneficiary.
• RBC's withdrawal form states that EAPs cannot exceed $8,000 during the first 13 weeks of full-time study or $4,000 every 13 weeks for part-time study unless a higher amount is permitted under program rules.
• RBC says completed RESP forms can be forwarded by mail or in person at an Investor Centre or RBC Royal Bank branch.
• The withdrawal form says EAPs are calculated across the entire plan and may result in disproportionate grant payment to one beneficiary of a multiple-beneficiary plan.
• The withdrawal form says grant and income are taxable to the beneficiary, T4A/Releve 1 slips are issued the following February, and non-resident tax is withheld if the beneficiary is non-resident at the time of withdrawal.
• RBC's RESP plan text says subscribers can request refunds of contributions in writing and that payment is made within 30 days after the promoter receives the request, or sooner at the promoter's discretion.
• RBC's current withdrawal form uses the updated $8,000 full-time EAP limit for the first 13 weeks; an older RBC education article still shows an outdated $5,000 figure, so families should rely on the current form and provider confirmation for current limits.

Neutral comparison notes

• This is a self-directed brokerage RESP rather than an adviser-led or group-plan RESP.
• RBC publishes broad investment access and a formal fee schedule, but total cost still depends on trading activity, account size, and the investments chosen.
• Canada.ca confirms the core federal grants plus BCTESG for this promoter; provincial support beyond that should be checked directly with RBC using current forms and plan documents.
• The Canada.ca promoter list shows several separate RBC legal entities. Families comparing RBC-branded choices should not assume RBC Direct Investing, RBC Royal Bank, RBC Dominion Securities, and RBC Global Asset Management have identical account features or grant support.
• RBC's public pricing pages summarize fees in more than one way, so the detailed commissions and fees schedule is the more precise source for maintenance and transfer charges.
• Compared with providers that support U.S.-dollar RESP sub-accounts, RBC's single-currency RESP setup may matter to families planning to hold U.S.-listed securities or receive foreign dividends.

Investment options noted on official pages

• Stocks.
• ETFs.
• Mutual funds.
• GICs.
• Bonds.
• Options.
• RBC's RESP education materials say RESP accounts at RBC Direct Investing are single-currency accounts: trades settle in Canadian dollars, U.S.-dollar values may be displayed, and foreign income is automatically converted to Canadian dollars.
• RBC Direct Investing states it does not provide investment advice or recommendations, so RESP subscribers are responsible for investment decisions in this self-directed account.

Sources to use