The RBC Direct Investing Winter 2025 Avion Points Plus Offer
Terms and Conditions

The Winter 2025 Avion Points Plus Offer (the “Offer”), is subject to the following terms and conditions:

Only the following individuals are eligible to participate in the Offer. You must –

1. be a new RBC Direct Investing client. A new client is a client that has not had an RBC Direct Investing Account before the first day of the Offer Period (defined below);
2. open one or more eligible RBC Direct Investing account(s) (defined below) using a qualifying offer code during the Offer Period (defined below); and
3. be a Canadian resident and at least the age of majority in your province/territory at the time of opening the Eligible Account(s) as defined below.

Under the Offer, you could receive up to 50 Commission-Free Trades, a C$300 Cash Reward (“Cash Reward”) and up to 500,000 Avion points (“Avion points”) if you satisfy certain qualifying criteria.
To receive Avion points under this Offer, you must be an Avion Rewards member by May 3, 2025. For more information, please visit https://www.avionrewards.com/eligibility.html and see below.

Qualifying Requirements to Receive up to 50 Commission-Free Trades:

1. Open an Eligible Account during the Offer Period

   • Open one or more eligible RBC Direct Investing account(s) (“Eligible Account(s)”), using a qualifying offer code between December 4, 2024 to March 31, 2025 inclusive (the “Offer Period”).

   • Eligible Account(s) include:

     • Cash (single or joint account holder)
     • Margin (single or joint account holder)
     • Tax-Free Savings Account (single account holder) (TFSA)
     • Registered Retirement Savings Plan (single account holder) (RRSP)
     • First Home Savings Account (single account holder) (FHSA)
     • For joint account(s), the primary accountholder must not have had an RBC Direct Investing Account before the first day of the Offer Period.

   • Accounts not eligible for the Offer include:

     • Non-Personal (e.g. Corporate or Trust)
     • Collateral Pledge (single/joint/3^rd Party)
     • Locked-in Registered
     • Registered Education Savings Plan (RESP)
     • Retirement Income Fund (RIF)
     • Spousal Registered Retirement Savings Plan (Spousal RRSP)
     • Group Retirement Savings Plan (Group RSP)
     • Life Income Funds (LIF)

2. Receive up to 50 Commission-Free Trades:

   • You will receive a rebate of the trade commission fees you pay on up to 50 “Qualifying Trades” that you place within the first year of opening your first Eligible Account.

   • For a trade to qualify as a “Qualifying Trade” it must be –

     • placed via the RBC Direct Investing online investing site or the RBC Mobile^† app;
     • a trade in a Canadian or US exchange-listed security or option; and
     • placed in your new Eligible Account(s) opened using the Offer code.
   • You will not receive a rebate of trade commission fees for any trades placed after the first anniversary of your first Eligible Account open date, and any unused rebates will expire. You will not receive a rebate on trade commission fees once you have placed more than 50 Qualifying Trades collectively in your Eligible Accounts.
   • For trades in Canadian or US exchange-listed options, you will only receive a rebate in respect of the flat trade commission fee. Commission fees applicable to the option contract and other applicable fees will not be rebated.
   • The rebate will be deposited into the Eligible Account used to place the Qualifying Trade within 3 to 5 business days after your Qualifying Trade is filled and will be paid in either C$ or US$, depending on the currency used to settle the Qualifying Trade.
   • The maximum rebate you may receive per Qualifying Trade will be $9.95 (C$ or US$).

Qualifying Requirements to Receive a C$300 Cash Reward and Avion points:

1. Open an Eligible Account during the Offer Period

   • Open one or more Eligible Account(s) during the Offer Period using the Offer code.

   • Eligible Account(s) include:

     • Cash (single or joint account holder)
     • Margin (single or joint account holder)
     • Tax-Free Savings Account (single account holder) (TFSA)
     • Registered Retirement Savings Plan (single account holder) (RRSP)
     • First Home Savings Account (single account holder) (FHSA)
     • For joint account(s), the primary accountholder must not have had an RBC Direct Investing Account before the first day of the Offer Period.

   • Accounts not eligible for the Offer include:

     • Non-Personal (e.g. Corporate or Trust)
     • Collateral Pledge (single/joint/3^rd Party)
     • Locked-in Registered
     • Registered Education Savings Plan (RESP)
     • Retirement Income Fund (RIF)
     • Spousal Registered Retirement Savings Plan (Spousal RRSP)
     • Group Retirement Savings Plan (Group RSP)
     • Life Income Funds (LIF)

2. Transfer a minimum of C$15,000 into your new RBC Direct Investing Account(s) before the Funding Deadline

   • Transfer or deposit a minimum of C$15,000 (Fifteen Thousand Canadian Dollars), or the equivalent thereof, in cash and/or securities from another financial institution not affiliated with RBC (“Transferred Assets”) into your new Eligible Account(s) by May 3, 2025 inclusive (the “Funding Deadline”).
   • Transfers originating from a financial institution that is affiliated with RBC will not qualify under the Offer. Financial institutions that are affiliated with RBC include: Royal Mutual Funds Inc., RBC Direct Investing Inc., RBC InvestEase Inc., RBC Dominion Securities Inc., RBC Dominion Securities Global Inc., Phillips, Hager & North Investment Funds Ltd., Phillips, Hager & North Investment Services, RBC Phillips, Hager & North Investment Counsel Inc, Royal Trust Corporation of Canada and the Royal Trust Company. Transfers origination from an RBC bank account will qualify as Transferred Assets.
   • The value of Transferred Assets, as well as any withdrawals will be determined in Canadian dollars based on the end of day valuation on the transfer date by RBC Direct Investing in its sole discretion. Foreign currencies will be converted at RBC Direct Investing prescribed rates in effect at transfer date.
   • Multiple transfers may be initiated into your Eligible Account(s) to meet the minimum amount of Transferred Assets required. All transfers received across your Eligible Account(s) before the Funding Deadline will be considered cumulatively. Transfers or deposits received into your Eligible Account(s) after the Funding Deadline will not qualify under the Offer.
   • Options and Securities not listed on a Canadian or U.S marketplace recognized by RBC Direct Investing do not qualify as Transferred Assets under the Offer.

3. Maintain at least the minimum amount of Transferred Assets in your new RBC Direct Investing Account(s) until October 3, 2025 inclusive.

   • You must maintain at least the minimum amount of Transferred Assets required under the Offer (i.e., C$15,000) in your Eligible Account(s) until October 3, 2025 inclusive.
   • If you withdraw, deregister, or transfer out assets from your Eligible Account(s), such amounts will be subtracted from the amount of your Transferred Assets in order to determine your “Net Transferred Assets”.
   • Your Net Transferred Assets will be determined on October 3, 2025, and are calculated as: Transferred Assets received into your Eligible Account(s) on or before the Funding Deadline, less any withdrawals, de-registrations, or transfer-outs from December 4, 2024 until October 3, 2025.
   • Any assets that are deposited or transferred into your Eligible Account(s) after the Funding Deadline do not form part of the Transferred Assets and the value of those assets may be withdrawn without affecting the calculation of your Net Transferred Assets.
   • The calculation of your Net Transferred Assets will be based on the market value of the assets as of the transfer date and determined in Canadian Dollars. Market fluctuations will not impact the calculation of your Net Transferred Assets. For example: If you open two Eligible Accounts, with C$10,000 in Account A and C$47,000 in Account B, and you do not withdraw or transfer out any amounts, on October 3, 2025, your Net Transferred Assets will be C$57,000 and you will be eligible to receive the Cash Reward and Avion points.
   • If your Net Transferred Assets drop below the minimum C$15,000 required on or before October 3, 2025, you will not be eligible to receive the Cash Reward and no Avion points will be granted.

4. Receiving the Cash Reward and Avion points

   • You will receive a $300 Cash Reward if you have Net Transferred Assets of at least C$15,000 on October 3, 2025.
   • The Cash Reward will be paid in Canadian dollars into the first Eligible Account opened using the Offer code during November 2025.
   • Only one Cash Reward will be granted per client. Only one client per account with multiple account holders (i.e., joint account holders) may participate in this Offer.
   • You must be a member of the Avion Rewards program before the Funding Deadline to receive the Avion points available under this Offer. Avion Rewards members must be part of the Avion Elite or Avion Premium membership level.
   • The number of Avion points you will receive under this Offer will be based on the amount of your Net Transferred Assets, as determined on October 3, 2025.
   • You will receive 1 (one) Avion Point for every 2 (two) Canadian Dollars (or the equivalent thereof) of your Net Transferred Assets, as determined on October 3, 2025.
   • The maximum number of Avion points that you can receive under this Offer is 500,000 Avion points.
   • Your Avion points will be allocated to your Avion points account by November 29, 2025, or to the Avion points account of the primary accountholder of a joint account.
   • If you have an RBC Avion Visa or another Avion points-earning RBC credit card where points are earned on net purchases, your Avion points will be deposited to your respective credit card points account. If you do not have an Avion points-earning credit card, your Avion points will be deposited into your Banking Rewards Account. If you do not have either an RBC credit card where points are earned on net purchases or a Banking Rewards Account, your points will be deposited to the Avion Rewards Core Account. If you have more than one Avion Rewards points account, RBC will determine which account to deposit the points, which could include both joint or solely owned credit card accounts. Once deposited, you may move your points to another account of your choice.

Other Terms that Apply to the Offer:

• To receive any rewards available under this Offer, you must keep your Eligible Account(s) open, funded and in good standing with RBC Direct Investing for the duration of the Offer. To remain in “Good standing” an Eligible Account may not go into a debit position or into a margin call and must be operated in accordance with the RBC Direct Investing Operation of Account Agreement.
• If you close or change your Credit Card Account for another type of RBC Royal Bank credit card before the Avion points have been deposited to your account, you may lose the benefit of this Offer. For more information on Avion Rewards membership levels and program eligibility, please visit: https://www.avionrewards.com/eligibility.html.
• This Offer is non-transferable and cannot be combined with any other RBC Direct Investing offer or promotion.
• RBC Direct Investing and Royal Bank reserve the right to cancel, modify or withdraw this Offer at any time without notice, even after your application has been approved, including if we suspect that you may be manipulating or abusing it, or engaging in any suspicious or fraudulent activity, as determined by RBC Direct Investing and Royal Bank at its sole discretion. Terms and conditions applicable to the Offer are subject to change without notice at the sole and absolute discretion of RBC Direct Investing.
• In the event that you cease to qualify for any Cash Reward or rebate available under this Offer, RBC Direct Investing reserves the right not to grant such Cash Reward or rebate. If you cease to qualify for the Offer, RBC Direct Investing reserves the right to require you to repay any Reward previously granted in connection with the Offer, in which case you agree that such repayments may be applied against the respective Eligible Account(s).
• RBC Direct Investing general Pricing Terms and Conditions apply. You will be solely responsible for the payment of any applicable fees, penalties, charges or other amounts associated with or connected to the Offer or with the transfer of any assets to an Eligible Account. Visit Pricing or call 1-800-769-2560 for complete details.
• You are responsible for reviewing the contribution room available in registered plan accounts (e.g., TFSA, FHSA and RRSP) you hold before affecting any transfer into an RBC Direct Investing account. You are solely responsible for any excess contribution penalty or other tax consequence that may arise from the transfer of assets into your RBC Direct Investing account(s). Please consult your personal tax advisor before accepting this Offer.
• There may be tax implications associated with the payment of the Cash Reward or rebates into your RBC Direct Investing account(s). You will be solely responsible for any tax consequences associated with the Offer and/or the transfer of any assets into the Eligible Account(s). Additionally, you should note that registered accounts such as Tax-Free Savings Accounts (TFSAs) and Registered Retirement Savings Plans (RRSPs) have special requirements to ensure they remain tax-sheltered. To learn more about the contribution limits, types of investments you can hold and the risk of frequent trading in your registered account, check out the article “What to Know About Frequent Trading in Your TFSA, FHSA and Other Registered Accounts” at rbc.com/frequent-trading.
• Only the primary accountholder of a joint account may participate in this Offer, and the Cash Reward available under the Offer will only be granted to a client once.
• The payment of a Cash Reward or a rebate into an account with multiple accountholders is considered to be payment in full of sums owed under this Offer, and payment of any Cash Reward or rebate will not be allocated to individual accountholders. RBC Direct Investing is not responsible for the distribution of any payment amongst joint account holders once the amount is paid.
• You may opt out of the Offer at any time by notifying RBC Direct Investing at 1-800-769-2560.
• Additional terms and conditions may apply to opening an account with RBC Direct Investing and the transfer-in and operation of accounts at RBC Direct Investing, including without limitation, the requirements set forth in RBC Direct Investing’s Operation of Account Agreement. For complete terms and conditions that apply to the Avion Rewards Program, please visit www.avionrewards.com/terms-and-conditions or call 1-800-769-2512.