Trade with Points FAQs

If you have a credit card that collects Avion Rewards points, you can use your points to pay online trade commissions in eligible RBC Direct Investing^® (RBC DI) accounts.

Note:
Any trade commission you pay with Avion points to an eligible registered account is considered a “contribution”. This means that you will have less contribution room in your registered plan than you otherwise would have, and you may over-contribute to it. It is your sole responsibility to make sure you have sufficient contribution room within your registered plan. The Canada Revenue Agency may apply tax penalties for over-contribution. RBC DI is not responsible for any such penalties.

The FAQs below highlight some key information about this feature.

Who can trade with points?
Any RBC Direct Investing Client who has:

• Avion points and
• linked their RBC Direct Investing and RBC Royal Bank Online Banking profiles

can use their points to pay trade commissions online in RBC Direct Investing.

Please note that a trading authority or power of attorney cannot redeem points on your behalf. You cannot use Avion points in RBC DI non-personal accounts.

What types of trades allow me to pay commission with points?
You can use your Avion points to pay commissions for stock, exchange-traded fund (ETF) and options trades.

Can I pay trade commissions with points in any RBC DI account?
Avion points can be used to pay commissions for the following personal Canadian and U.S. dollar accounts:

• Investment cash account
• Margin account
• Registered Retirement Savings Plans (RRSPs)
• Tax Free Savings Accounts (TFSAs)
• Registered Education Savings Plans (RESPs) (CAD accounts only)

The Canadian-dollar equivalent (in points) of the commission amount will be redeemed for US-dollar trades.

Avion points cannot be used to pay trade commissions in the following accounts:

• Registered Retirement Income Funds (RRIFs)
• Life Income Funds (LIFs)
• Restricted Life Income Funds (RLIFs)
• Locked-In Retirement Accounts (LIRAs)
• Restricted Locked-In Savings Plans (RLSPs)
• Locked-in Retirement Income Funds (LRIFs)
• Prescribed Registered Retirement Income Funds (PRIFs)
• Any other registered accounts that don’t allow contributions
• RBC DI Non-Personal Accounts 
• RBC DI Practice Accounts

Please note: A trading authority or power of attorney cannot redeem points on your behalf. 

How can I pay commissions with points?
When you place an order through RBC DI and choose to pay the commission with points, the commission amount – in dollars – is deducted from your RBC DI account when the trade is filled. If your order requires partial fills executed over more than one day, applicable commissions will be charged for each day.

On the settlement date, we'll redeem the points equivalent of the total commission amount from your specified Avion Rewards Account. After this has happened, the commission you paid will be returned to the Canadian dollar side of your trading account in Canadian dollars even if the trade was placed on the US dollar side of the account. When the cash equivalent is put back into your account, it will be treated as a contribution for registered accounts and as a deposit for non-registered accounts. The rebate happens the day after settlement.

What if I don’t have enough points to cover my total trade commission on the settlement date?
If you don’t have enough points for the total commission amount on the settlement date, no redemption or dollar commission return will be made. For partial fills completed on separate days, each trade commission will be treated separately. Partial point redemptions aren't supported.

I want to pay the trade commission with points. Where do I start?
You can pay trade commissions with points online and on mobile. This feature is not available for trades submitted over the telephone via an Investment Services Representative or through the Trading Dashboard.

Just go to the Order Entry page and tick the Pay Commission with Points box.

Continue to the next page, where you’ll see the estimated commission in dollars, along with an estimated equivalent number of points for the commission. When you’re ready, follow the prompts to complete your transaction.

When your trade is filled, the commission will be deducted from your trading account in Canadian or U.S. dollars, as per your order currency, and then refunded in CAD after the settlement date following successful points redemption.

I want to pay for trade commissions with points on my business credit card. What do I do?
Avion points earned on non-personal rewards accounts cannot be directly used in an RBC DI account. In order to use these points at RBC DI, you can transfer the Avion points to an eligible personal rewards credit card and use them to pay trade commissions in eligible RBC DI accounts.

Where can I see my RBC DI points transactions?
Go to Trade & Transfer on the site menu, then scroll to Transactions and click on View Activity.  You'll see a separate item with the description “Deposits & Contributions" and "Avion Rewards" followed by a reference number. The dollar amount value of the points redemption will also be displayed.

What will appear on my Avion points Activity page when I pay commissions with points?
When you choose to pay your trade commissions with points, your redemptions will appear in your Avion points Activity page as “Redemption – RBC Direct Investing”. Selecting this item will reveal more details.

For joint Avion Rewards Accounts, please note that point redemptions can be made by and are visible to all joint account holders and will appear on the joint Avion Points Activity.

What happens if I pay commissions with points for a trade that qualifies for a commission-free trade offer?
Your points will still be used and you’ll receive the applicable rebate to your account after the settlement date. You’ll receive a second rebate (in dollars) of the commission amount if you are eligible for a commission-free trade.

Are point redemptions for commissions reversible?
Once the points are redeemed for a trade, the points cannot be credited back. If for any reason the trade is reversed or cancelled, the commission will be refunded in dollars and not in points.

Can I change my choice to pay commissions with points when I modify my submitted trade order?
The Pay Commission with Points selection cannot be changed after your order’s been placed. You can however cancel any unfilled portions of the order and place a new order. The commission on any filled portions will be charged in points.

Will I receive a contribution receipt for points redeemed in my RRSP?
Yes, you’ll receive contribution receipts for the relevant amounts. Commissions paid for trades in registered accounts using points as well as points transferred into registered accounts are contributions.

Why is my points balance on the Home and Order Entry pages different from the balance I see on the Transfer Rewards page?
The points balances you see on the Home and Order Entry pages are not reflected in real-time and may not include recent points redemptions or earnings. For real-time points balance information, please consult the Transfer Rewards page.

For joint Avion Rewards Accounts, please note that point redemptions can be made by, and are visible to, all joint account holders and will appear on the joint Avion Rewards Points Activity.

Who do I contact if I have additional questions?
For questions about your Avion Rewards Account balance or transactions, please call the Avion Rewards Customer Service Centre at 1-800-769-2512.

For questions relating to a trade, please call RBC DI at 1-800-769-2560. You can also send us a secure message through your Message Centre found under the person icon at the top right of your page.

To learn more about investing, visit the Investing Academy.