RBC Direct Investing RRSP Update

As promised, RBC Direct Investing began offering the option to hold U.S. cash and securities within an RRSP as of May 14th. I called early the next week to have my U.S. securities transferred back into U.S. dollars.

The process was smooth once I got to speak with a trader. I just told him what I wanted to do, he repeated, I confirmed, and it was done. Two days later the securities were sitting in the U.S. side of my account.

While the securities were moved over smoothly, and they correctly tracked the market value in U.S. dollars, there was no book value attached to them. I left it for a while, but since there was still nothing in the book value column this week, I sent an email and, subsequently, made a phone call.

If you have the same situation (no book value or percent change), there are two possible remedies:

  1. If you originally moved your securities from a non-registered RBC Direct Investing account to your RRSP, you simple have to call (1-800-769-2560), explain the situation, and ask to have the book value calculated. They will put you on hold while they search your account and crunch the numbers.
  2. If you originally moved your securities from another institution to the Direct Investing RRSP, you will have to submit documents from the delivering institution (ie. an old monthly statement that shows the book value) as well as a “Book Value” form, which is available here.

I originally moved my securities from my non-registered account to my RRSP within Direct Investing, so it was a very simple phone call that took all of about 15 minutes, half of which was on hold while the rep searched my account history and calculated the book values of my securities. She came back and said the book values would appear on my account page in 2 or 3 business days.

All-in-all I’m quite happy with the situation, though am at a loss as to why they couldn’t have dealt with the book values automatically, given that it was all with the same brokerage. Perhaps it’s only growing pains. A 15 minute phone call is well worth the savings on future dividends.

If you’d like to see the back story to this, please see the following posts:

  1. Dividend Conversions within an RRSP
  2. Withholding Tax/GICs and an RRSP
  3. The First Update
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