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Using Your RBC Direct Investing Account for the First Time

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UPDATE: This article is historical, from 2013. I no longer invest with RBC Direct Investing.

Ok, on October 16, I mailed in my application for a RBC Direct Investing RRSP account. On October 24, they sent me an email welcoming me and telling me I could use my account the next business day, October 25. It didn’t have an account number or a client card number, though, so I couldn’t do anything. Then on October 31, I received a client card in the mail. Closer! But without the account number I still couldn’t do anything. Finally today, November 1, I have received my Welcome Kit in the mail. It has my account number. It’s time to finally access my RBC Direct Investing account for the first time.

For those of you who are trying to do the math, I finally have all the numbers I need to sign in 12 business days after I mailed in my application. That’s actually pretty fast for a brokerage.

To Sign In to your RBC DI Account for the First Time

Have your client card number and your account number handy.

  1. Go to http://www.rbcdirectinvesting.com/
  2. On the left side of the screen, click on the Sign In button.
  3. On the next screen, beside the Sign In button, click on the link: First Time Sign In.
  4. On the screen
    • In the Client Card Number: field, type your number.
    • In the Account #: field, type the first 8 digits of your number with no spaces or hyphens.
    • In the Postal Code: field, type the postal code used in your application with NO SPACES.
    • From the drop-down lists, select the year, month and day of your date of birth.

    Click on the Continue button.

On the First Time Sign In – Select Password screen

  1. Check your client card number is correct.
  2. In the Enter your password: field, type your choice of a password of 8-32 characters. You can use some special characters as well as letters and numbers.
  3. In the Re-enter your password: field, type it again.
  4. If desired, in the Email Address: (Optional) field, type your email address.
  5. Click on the Continue button.

The First Time Sign in – Complete screen should state your password was accepted.

To actually sign in to your account
Click on the link: Proceed to sign into RBC Direct Investing Online.

On the Sign in to RBC Direct Investing TM Online screen

  1. In the Client Card Number field, type your number.
  2. Do not click on the selection box for Remember My Client Card Number.
    Why make it easier for someone to hack into your account?!
  3. In the Password field, type your new password.
  4. In the Go to: field, select your choice from the drop-down list, from the choices
    • Pre-set Home Page
    • Summary
    • Order Status
    • My Portfolios
    • Markets Overview
    • Stock Order Entry
    • Mutual Fund Screeners
    • Mutual Fund Order Entry
    • Fixed Income Screeners
    • Fixed Income Advanced Search
    • Option Order Entry
  5. Then click on the Sign in button.

And you’re in! Time to start looking around the screen to see what’s where.

Fascinatingly enough, exactly after I set up my account, I received an email claiming to be from RBC asking me to click a link to Please Sign in to complete the verification process and ensure you fill in the required information.

Of course this was a PHISHING attack! The timing was a little spooky though. I reported the email to RBC at: phishing@rbc.com.

What’s Next? Trying to Use RBC Direct Investing!

Unfortunately, although the account is now set up I am still waiting. I am funding the account by transferring in funds from a RSP Investment Savings Account at ING Direct. I figure that they could not send my T2033 to ING until they assigned my account number on or about October 31. So it may be a few weeks before I can use one of my “free” trades.

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Do you use RBC Direct Investing as your brokerage? Are there any things you’d like to warn me about before I start using my account? Please share your views with a comment.

How to Make a RRSP Contribution Quickly and Easily Using ING Direct

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If you already bank with ING Direct now Tangerine.ca like we do, you can make a RRSP contribution in under two minutes, including getting your RRSP contribution slip for your income taxes. We used to make contributions at our “Big 5” bank when we were younger. Even though they were fairly quick about it, we still usually had to spend an entire lunch break getting it done. The first time we made a RRSP contribution online with Tangerine ING, I couldn’t believe how quickly and easily we got the job done.

UPDATE: Please be aware that as of January 2015, Tangerine has started charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

As of the time this was written, in October 2013, ING Direct Tangerine does not charge any fee to transfer all or part of a RRSP to another institution. (Please see: Does It Cost Anything to Transfer Part of my Tangerine RRSP to Another Institution? (You can’t transfer a GIC, though, until it matures.) So we often make our initial contribution to our RSP Investment Savings Account at Tangerine, and then transfer it elsewhere at our leisure.

(Sometimes we just keep it at Tangerine and buy a RSP GIC if they are offering a great rate. Keep an eye out on unusual days like “Cyber Monday” and “Black Friday” if you’re interested in unusual GIC rates.)

Making a Contribution to a RSP Investment Savings Account at Tangerine

Before starting this procedure, check to make sure you still have room to contribute to your RRSP. Remember you’ll have to pay a ridiculous level of tax on any over-contributions.

  • Log in to your Tangerine.ca account.

If You Already Have a RSP Investment Savings Account at Tangerine

  1. From the links on the left side of the screen, click on Move My Money
  2. In the Amount ($): field, type the amount you want to contribute.
  3. From the From: drop-down list choose the account from which you want to fund the RSP Investment Savings Account.
  4. From the To: drop-down list, choose your RSP Investment Savings Account.
    A message will be displayed reminding you to check your available contribution room.
  5. In the When: section, select the radio button beside
    • Now
    • Later; or
    • Ongoing

    I selected Now.

  6. Click on the Go button.
  7. Review the details. If they look ok, click on the Go button.

You’re done!

Copy the confirmation number and information and paste it into a document to save until you’re sure the transaction went through properly.

If You Don’t Already Have a RSP Investment Savings Account

  1. Click on the tab at the top of the screen called Savings.
  2. In the RSP Investment Savings Account section, click on the Open Account button.
  3. Review your name, address, date of birth and social insurance number.
  4. If they are correct, in the Amount: field, type the amount of money you want to contribute to your RRSP.
  5. If desired, type a Nickname for the account. (For example you could type: 2013 first contribution)
  6. In the Fund from this Account: section, from the drop-down list select from which account to take the money.
  7. In the Effective Date field, review the date and change it if needed.
  8. Answer the anti money-laundering and registration questions.
  9. Click on the Next button.
  10. Review all of the information. If it’s correct, to set up and fund the RSP Investment Savings Account, click on the Go button.

You’re done!

Copy the confirmation number and information and paste it into a document to save until you’re sure the transaction went through properly.

To Print Your RRSP Contribution Receipt for your Taxes

Oh crumbs. I forgot that you can’t print the 2013 contribution receipts until January 2014. I’ll have to wait. However, here’s how you would do it then:

  1. From the list of links on the left side of the screen click on the My Documents link.
  2. Click on Tax Receipts.
  3. From the drop-down list, select the year you made the contribution.
    For example, select 2013. (once you can!)
  4. Look for your name under the RSP – RRSP contributions section.
    • If you made the contribution in 2013 after February, it will say (Balance of Year).
    • If you made the contribution before March, it will say (First 60 days)

    Click on your name to open the receipt.

  5. Click to select Open with Adobe Reader, then click OK.
  6. Click on the Printer icon to print your income tax receipt.
  7. Close the document.

If You Have Finished Banking with Tangerine

  • Click on the Log me out link.
    For added security, close your browser session.

Imagine No Lining Up Till Midnight at Your Bank to Make a RRSP Contribution!

The best part about this fast, simple way to contribute is that if you suddenly realize you have a bit more money you can contribute and it’s the last contribution day, usually February 28, you can login and be done in minutes! No more walking to the bank through a snowstorm and waiting in line!

UPDATE: Please be aware that as of January 2015, Tangerine plans to start charging a fee if you transfer your RRSP or TFSA from Tangerine to another bank, credit union, brokerage or financial institution.

Related Reading

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Do you ever use Tangerine as a quick way to make a contribution that you then take the time to move to its final well-planned resting place later? Please share your experiences with a comment.

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