Canadian girls, Royal Bank

iVillage Member
Registered: 11-14-2008
Canadian girls, Royal Bank
4
Mon, 03-30-2009 - 1:05pm

HI girls,

If you bank with the Royal bank I have a questions for you. I have noticed that on my visa as a Rewards option I can buy financial services with my points. I am interested in the RRSPs. I asked my banker if I can use my business points for personal RRSPs and she said yes. Anyway at one point in time I notice these things went on sale? Is there any rhyme or reason as to when they go on sale? Is there one coming up? Do they do that anymore? I don't keep a balance on my credit card but thought this would be a good way to jump start savings(since I really don't have any) and help with taxes next year.

Thanks



iVillage Member
Registered: 07-14-2008
Mon, 03-30-2009 - 8:47pm

hmmm. I don't feel like I am qualified to answer your questions. But, I will give it a shot as nobody has answered.

You do not purchase RRSPs. You purchase other financial products such as GICs, mutual funds, other investments, etc. You can designate these as being "registered". The benefit to that is that you deduct the amount that you purchased from your income when you do your taxes. This usually increases your returns.

I am not sure if that clarifies or makes you more confused?






iVillage Member
Registered: 11-01-2007
Mon, 03-30-2009 - 10:58pm

Registered Retirement Savings Plan are like a special envelope.


Qualifying investments (GICs, mutual funds, savings accounts) can fit in the envelope.


You kind of reach through the envelope to buy the investments (and then keep them in it). The Royal Bank would be where you keep the envelope.


You generally get a tax break when you make the RRSP contribution (putting money in the envelope).

iVillage Member
Registered: 11-01-2007
Mon, 03-30-2009 - 11:04pm

almost forgot,


RRSPs are available to open and make investments into year round. There is usually a push on in Jan and

iVillage Member
Registered: 04-10-2003
Tue, 03-31-2009 - 9:51am

I'm not an RBC customer but I did look it up for you. It was 12,000 points for a $100 voucher for an RRSP right?


I have no idea if and when they come on sale. Maybe you could call them and ask? It can't hurt. Regardless if you just have the points sitting there then I say go for it sister!!! What a great option!


Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -