April "And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom.

Having trouble viewing this email? Click here April 2015 "And the day came when the risk to remain tight in a bud was more painful than the risk it took to blossom." - Anaïs Nin Since arriving at RBC Dominion Securities five months ago, we have been researching some of the supplementary services available through the RBC network to better understand what each offer and to whom. To introduce these supplementary services, we have added a new section to our newsletter called Spotlight. This month we feature Private Banking with Michael Sangster. It's around this time of the year that we start to experience summer anticipation disorder - the moment in time when you start counting down the days until summer begins. To add fuel to this fire, we have included a save the date for our summer family event at Heritage Park Historical Village. As well, this summer Mark will be putting a few extra miles on his road bike as he trains for the 2015 Enbridge Ride to Conquer Cancer in August. His participation is in support of our colleague, Annette Fisher, who was recently diagnosed with cancer. More details on her courageous battle and Mark's fundraising efforts are included in this newsletter. Mark Farris, FCSI, CFP, CIM Vice President, Investment Advisor Kerri Alexander, FCSI, CFP, BSc Associate Wealth Planner * On maternity leave until 2016 * Investing for Women Workshop On April 16 we hosted our second Investing for Women Workshop with great success. Thank you to the group of Colette Achen, FCSI, CIM, BBA Associate Investment Advisor

women who attended. The two hours were filled with great questions and dialogue. Due to the continued demand for this workshop, we will be hosting it again this summer. A date will be announced over the next few months. GO FLAMES GO! 2015 Federal Budget The Honourable Joe Oliver, Minister of Finance, tabled Economic Action Plan 2015, the federal government's "balanced-budget, low-tax plan for jobs, growth and security" on Tuesday, April 21, 2015. Click here to read about the 2015 Budget and how it affects Canadian individuals, businesses and families. Joleene Archer Assistant Given the proposed TFSA and RRIF changes outlined in the Budget, our team will be in touch with clients to discuss your options. TFSA contributions previously made this year will be revisited to increase the contribution amount, and RRIF payments will be reviewed to determine if the lower minimum amount is more beneficial. Spotlight: RBC Private Banking RBC Wealth Management Private Banking is a globally recognized, industry-leading offering available to high-networth individuals and families in Canada. In 2015, RBC won top Canadian Private Bank in the Family Wealth Report Awards for the second year running and Best Private Banking Services Overall in Canada by the Euromoney Private Banking & Wealth Management Survey, for the eighth consecutive year. To introduce RBC Private Banking to our clients, we asked Michael Sangster, one of the top Private Bankers in Calgary, to explain the service in his own words. Click here for the conversation. Nicole Farris, BCom Assistant Address: 14505 Bannister Road SE Calgary, AB T2X 3J3 www.fwmg.ca Farris Wealth Management Group 403.299.7235 FarrisWealth@rbc.com If you would like more information on RBC Private Banking and the services they offer, please contact Nicole at 403.299.7239 or Nicole.Farris@rbc.com. Save the Date: Client Appreciation Event on June 27, 2015 To celebrate and show our appreciation for your support through the transition to RBC Dominion Securities, the Farris Wealth Management Group would like to invite you and your family to join us on Saturday, June 27, 2015 at Heritage Park Historical Village. The day will include a BBQ lunch and access to the antique midway, steam train, S.S. Moyie paddle wheeler, and all the historic attractions. More event details to come in May. Admin Changes One of the changes we've experienced with the transition to RBC Dominion Securities is the stricter enforcement of compliance regulations and standards. Due to the increase in fraudulent activity in our industry, financial institutions

have become more strict to ensure the safety of your personal information and accounts. Under these compliance standards, setting-up new banking information and instructions has changed. To link a new bank account with your investment accounts, regardless of who you bank with, we will need one of the following: An original void cheque, or A stamped letter obtained from your bank, or A letter or void cheque printed from online banking, with a verification stamp from your bank To provide enough time to set-up the new banking information on our systems and receive approval from the RBC Dominion Securities processing department, one of these documents must be submitted to Joleene at a minimum of five (5) business days prior to the requested withdrawal date. If you have any questions or concerns about this process, please do not hestiate to contact Joleene at 403.299.7236 or Joleene.Archer@rbc.com. Team Update Mark waving during the 2011 Ride to Conquer Cancer Mark has recently signed-up to participate in the Enbridge Ride to Conquer Cancer which takes place August 8-9, 2015. This is his 3rd time participating and he will be dedicating his ride to Annette Fisher, a colleague of ours at RBC Dominion Securities who was recently diasnosed with cancer. Please click here to visit Mark's personal participant page to read more about Annette's story and how her spirit, strength and courage inspired Mark to dedicate his ride in her honor. On June 5 Mark will be attending one of Annette's chemotherapy treatments at the Tom Baker Cancer Centre to see first-hand, and better understand, what she is going through. A few weeks ago Mark was the #10 Top Fundraiser in Alberta (he is now #13) and we are looking for interesting fundraising ideas to help move us toward our goal of raising $20,000. If you have any ideas, please share them with the team at FarrisWealth@rbc.com. There are even rumors going around that Mark will shave his head if we raise $25,000... Nicole and Joleene have signed up for the Calgary Humane Society's annual Dog Jog on Sunday, June 14. With their furry companions Lily and Bentley respectively in

tow, they will be walking 5km to raise funds for the shelter and compassionate care of animals in need. This information is not investment advice and should be used only in conjunction with a discussion with your RBC Dominion Securities Inc. Investment Advisor. This will ensure that your own circumstances have been considered properly and that action is taken on the latest available information. The information contained herein has been obtained from sources believed to be reliable at the time obtained but neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers can guarantee its accuracy or completeness. This report is not and under no circumstances is to be construed as an offer to sell or the solicitation of an offer to buy any securities. This report is furnished on the basis and understanding that neither RBC Dominion Securities Inc. nor its employees, agents, or information suppliers is to be under any responsibility or liability whatsoever in respect thereof. The inventories of RBC Dominion Securities Inc. may from time to time include securities mentioned herein. RBC Dominion Securities Inc.* and Royal Bank of Canada are separate corporate entities which are affiliated. *Member-Canadian Investor Protection Fund. RBC Dominion Securities Inc. is a member company of RBC Wealth Management, a business segment of Royal Bank of Canada. Registered trademarks of Royal Bank of Canada. Used under licence. 2015 RBC Dominion Securities Inc. All rights reserved. Farris Wealth Management Group FarrisWealth@rbc.com www.fwmg.ca Copyright 2015. All Rights Reserved. Forward this email This email was sent to mark.farris@rbc.com by farriswealth@rbc.com Update Profile/Email Address Rapid removal with SafeUnsubscribe Privacy Policy. Farris Wealth Management Group 14505 Bannister Road SE Calgary Alberta T2X 3J3 Canada

RBC Wealth Management Services 2015 Federal Budget 2015 Federal Budget s Tax Measures A summary of the key tax measures that may have a direct impact on you. Federal Minister of Finance Joe Oliver delivered the Conservative government s budget on April 21, 2015. The budget is balanced and provides targeted tax relief to seniors, families and small businesses. Key Highlights of the Budget An increase to the Tax-Free Savings Account (TFSA) contribution limit to $10,000 per year beginning in 2015; 1 RB C WE A LT H M A NA G E M E N T SE R VICES Reducing the minimum withdrawal requirements for Registered Retirement Income Funds (RRIFs) beginning in 2015; A decrease to the federal small business tax rate from 11% to 9%, to be implemented gradually from 2016 to 2019, and a corresponding

adjustment to the gross-up factor and dividend tax credit for noneligible dividends; and The elimination of capital gains tax upon the donation of cash from the sale of private corporation shares and real estate. Prior to implementing any strategies, individuals should consult with a qualified tax advisor, legal professional or other applicable professional. While it has been the long-standing practice of Canada Revenue Agency (CRA) to allow taxpayers to file their tax returns based on proposed legislation, a taxpayer remains potentially liable for taxes under current law in the event that a budget proposal is not ultimately passed. Therefore, if proposed legislation does not become law, it is possible that CRA may assess or re-assess your tax return based on existing legislation. It is recommended that you consult a professional tax advisor to assist you in assessing the costs and benefits of proceeding with specific budget proposals as they relate to you. Personal Tax Changes TFSA Contribution Limit Increase The budget proposes to increase the TFSA annual contribution limit to $10,000. This increase will apply as of January 1, 2015 and subsequent years and will no longer be indexed to inflation. This means that the TFSA contribution room for 2015 is $10,000 instead of $5,500. If you have already made your maximum contribution for 2015 you will be able to contribute an additional $4,500 in 2015. If you have never made a TFSA contribution you can make a maximum contribution of $41,000 in 2015. Reducing the RRIF Minimum Withdrawal Requirements The existing RRIF rates are determined on the basis of providing a regular stream of payments from age 71 to 100 assuming a 7% nominal rate of return on RRIF assets and indexing at 1% annually. The rates are capped at 20% for ages 94 and above. The budget proposes to adjust the RRIF minimum withdrawal rates that apply from ages 71 to 94, on the basis of a 5% nominal rate of return and 2% indexing (see the following table). There will be no change to the minimum withdrawal rates that apply to ages 70 and under, which will continue to be determined by the formula 1/(90 age). The effect of the new RRIF rates is to reduce the RRIF minimum withdrawals that are required and allow you to preserve more of your RRIF savings in order to provide income at older ages, while continuing to ensure the tax deferral on RRSP/RRIF savings. As an example, if we assume that you are 71 at the start of 2015 and your RRIF balance was $500,000, instead of withdrawing $36,900 you will now be required to withdraw only $26,400. If you are in a 45% tax bracket, your tax savings would be $4,725 this year. The new RRIF withdrawal rates will apply for the 2015 and subsequent taxation years. Transitional rules will allow RRIF holders who, at any time in 2015, withdraw more than the reduced 2015 minimum amount to re-contribute the excess (up to the new minimum withdrawal amount) to their RRIFs. Re-contributions will be permitted until February 29, 2016 and will be deductible for the 2015 taxation year. Similar rules will apply to minimum payments from a locked-in plan. Age (at start of year) Existing Rate % Proposed Rate % 71 7.38 5.28 72 7.48 5.40 73 7.59 5.53 74 7.71 5.67 75 7.85 5.82 76 7.99 5.98 77 8.15 6.17 78 8.33 6.36 79 8.53 6.58 80 8.75 6.82 81 8.99 7.08 82 9.27 7.38 83 9.58 7.71 84 9.93 8.08 85 10.33 8.51 86 10.79 8.99 87 11.33 9.55 88 11.96 10.21 89 12.71 10.99 90 13.62 11.92 91 14.73 13.06 92 16.12 14.49 93 17.92 16.34 94 20.00 18.79 95 & over 20.00 20.00 2 RBC WEALTH MANAGEMENT SERVICES

Streamlining T1135 Foreign Reporting Requirements Currently, a Canadian-resident individual, corporation or trust that, at any time in a taxation year, owns specified foreign property with a total cost of more than C$100,000 must file a Foreign Income Verification Statement (Form T1135) with the CRA. Form T1135 must also be filed by certain partnerships that hold specified foreign property. Specified foreign property generally includes funds and investments held outside of Canada and investments in foreign entities (there are exceptions). Property held in registered plans, such as Registered Retirement Savings Plans and Tax- Free Savings Accounts, are excluded from the Form T1135 reporting requirements. The budget proposes to simplify the foreign asset reporting system for taxation years that begin after 2014. Under the revised form being developed by the CRA, if the total cost of a taxpayer s specified foreign property is less than C$250,000 throughout the year, a new simplified foreign asset reporting system will apply. The current reporting requirements will continue to apply to taxpayers with specified foreign property that has a total cost at any time during the year of C$250,000 or more. The budget does not specify details on what the simplified foreign asset reporting system will involve or whether there will be a minimum threshold for completing this reporting. Home Accessibility Tax Credit The budget proposes a new Home Accessibility Tax Credit. This proposed non-refundable credit will provide tax relief of 15% on up to $10,000 of eligible expenditures (to a maximum credit of $1,500) per calendar year per eligible home for a qualifying individual. Qualifying individuals are seniors, 65 years of age or older, and persons entitled to claim the Disability Tax Credit. This credit may also be claimed by a spouse, parent, or other related family members of the qualifying individual. Expenditures will be eligible if they are incurred to renovate an eligible home (the principal residence of the qualifying individual) to allow them to gain access to the home or improve their mobility within the home. An individual who claims an eligible expenditure that also qualifies for the Medical Expense Tax Credit will be permitted to claim both credits. Lowering the Employment Insurance Premium in 2017 The budget proposes to implement a program that will ensure that Employment Insurance (EI) premiums are not higher than what is needed to fund the EI program. It is expected that this program will lower EI premiums from 1.88% to 1.49% in 2017, a 21% reduction. Mineral Exploration Tax Credit The budget proposes to extend eligibility for the mineral exploration tax credit for one year, to flow-through share agreements entered into on or before March 31, 2016. Registered Disability Savings Plan Plan Holder The 2012 budget introduced a temporary measure that allowed a qualifying family member (spouse, common-law partner, or parent) to be a plan holder of a Registered Disability Savings Plan (RDSP) for an adult who may not have the capacity to enter into a contract. Prior to the introduction of this measure, a plan holder of an RDSP for an adult could only be the beneficiary of the RDSP, the beneficiary s legal representative, or in certain circumstances, the parent of the beneficiary. The budget proposes to extend the 2012 temporary measure to the end of 2018. A qualifying family member that becomes a plan member before the end of 2018 may remain as plan holder after 2018. Extending Compassionate Care Benefits Through the Employment Insurance program, Compassionate Care Benefits are provided to individuals who have to be away from work temporarily to care for a family member who has a terminal illness. The budget proposes to extend the duration of Compassionate Care Benefits from six weeks to six months, beginning January 2016. Previously Announced Family Tax Cuts In October 2014, the government RBC WEALTH MANAGEMENT SERVICES 3

announced the Family Tax Cut and other benefit increases for families with children. The Family Tax Cut is a proposed federal non-refundable tax credit, capped at $2,000, for couples with children under the age of 18. The budget proposes to revise the calculation of the Family Tax Cut for the 2014 and subsequent taxation years to ensure that couples claiming the Family Tax Cut and transferring education-related credits between themselves receive the appropriate value of the Family Tax Cut. After the enacting legislation receives Royal Assent, the CRA will automatically reassess affected taxpayers for the 2014 taxation year. Business Tax Changes Small Business Tax Rate Decrease and Non-Eligible Dividends Adjustment Currently, the small business deduction reduces the federal corporate income tax rate to 11% on the first $500,000 of qualifying active business income earned by a Canadian-Controlled Private Corporation (CCPC). The budget proposes to decrease this rate to 9%. This decrease will be implemented gradually from 2016 to 2019. public corporations and CCPCs that are subject to the general corporate tax rate. However, to the extent that the income of a CCPC is subject to tax at the small business rate, any dividends paid by the CCPC from that income would be considered a non-eligible dividend. The effect of this measure will allow the corporation to retain more Small business tax rate funds for reinvestment. However the overall impact on the corporate and personal integrated tax rate when the corporation s income is flowed out to its shareholders is small. The small business tax rate reduction, dividend gross-up and tax credit adjustment will be implemented as follows: 2015 2016 2017 2018 2019 & later 11.0% 10.5% 10.0% 9.5% 9.0% Dividend gross-up 18.0% 17.0% 17.0% 16.0% 15.0% Dividend tax credit 11.0% 10.5% 10.0% 9.5% 9.0% Top federal marginal tax rate for noneligible dividends 21.2% 21.6% 22.2% 22.6% 23.0% The combined federal and provincial tax impact will vary by province. In conjunction with the proposed reduction in the small business tax rate, the budget proposes to adjust the gross-up factor and dividend tax credit applicable to non-eligible dividends. Canadian corporations may pay both eligible and non-eligible dividends. Eligible dividends generally include dividends paid by Canadian 4 RBC WEALTH MANAGEMENT SERVICES

Donation of Private Corporation Shares or Real Estate Currently, the capital gain triggered upon the disposition of publicly listed securities, ecologically sensitive land and certified cultural property donated to qualified donees is exempt from tax. The budget proposes to extend this exemption to the disposition of private corporation shares and real estate subject to certain anti-avoidance rules. The exemption is available where: Cash proceeds from the disposition of private corporation shares or real estate are donated to a qualified donee within 30 days of disposition; and The private corporation shares or real estate are sold to a purchaser that is dealing at arm s length with both the donor and the qualified donee. If only a portion of the cash proceeds are donated, the exemption of the capital gain will be pro-rated. This measure will apply to donations made in respect of dispositions occurring after 2016. Lifetime Capital Gains Exemption for Qualified Farm or Fishing Property Currently, the Lifetime Capital Gains Exemption (LCGE) provides individuals with a tax exemption for capital gains realized on the disposition of qualified small business corporation shares and qualified farm or fishing property. The amount of the LCGE is $813,600 in 2015 and is indexed to inflation. The budget proposes to increase the LCGE to $1 million on the capital gains realized on the disposition of qualified farm or fishing property that occurs on or after April 21, 2015. This may result in maximum additional tax savings of $27,000 to $50,000 (varies by province). For taxation years after 2015, the LCGE for qualified farm or fishing property will be maintained at $1 million until the indexed LCGE applicable to capital gains realized on the disposition of qualified small business shares ($813,600 in 2015) exceeds $1 million. At that time, the same LCGE limit, indexed to inflation, will once again apply to the three types of property. Consultation on Eligible Capital Property The Eligible Capital Property (ECP) regime governs the tax treatment of eligible capital expenditures that are generally of an intangible nature. Eligible capital expenditures include the cost of goodwill when a business is purchased. The 2014 budget first announced a public consultation on the proposal to repeal the ECP regime with a new class of depreciable property that will be subject to the capital cost allowance rules. The Government has heard from a number of stakeholders and continues to receive submissions on the proposal. It is the intention of the Government to release detailed draft legislative proposals for stakeholder comment before their inclusion in a bill. Accelerated Capital Cost Allowance for Manufacturing and Processing Machinery and Equipment The budget proposes to provide an accelerated Capital Cost Allowance (CCA) rate of 50% on a decliningbalance basis for machinery and equipment acquired after 2015 and before 2026 primarily for use in Canada for the manufacturing and processing of goods for sale or lease. Other Measures Update on the Automatic Exchange of Information for Tax Purposes In 2013 G-20 leaders committed to the automatic exchange of tax information in respect of financial accounts as the new global standard. Under this new standard, foreign tax authorities will provide information to the CRA relating to financial accounts held by Canadian residents in their jurisdictions. The CRA will, on a reciprocal basis, provide corresponding information to the foreign tax authorities on accounts in Canada held by residents of their jurisdictions. Canada proposes to implement the common reporting standard starting on July 1, 2017, allowing a first exchange of information in 2018. RBC WEALTH MANAGEMENT SERVICES 5

Please contact us for more information about the topics discussed in this article. This document has been prepared for use by the RBC Wealth Management member companies, RBC Dominion Securities Inc. (RBC DS)*, RBC Phillips, Hager & North Investment Counsel Inc. (RBC PH&N IC), RBC Global Asset Management Inc. (RBC GAM), Royal Trust Corporation of Canada and The Royal Trust Company (collectively, the Companies ) and their affiliates, RBC Direct Investing Inc. (RBC DI) *, RBC Wealth Management Financial Services Inc. (RBC WM FS) and Royal Mutual Funds Inc. (RMFI). Each of the Companies, their affiliates and the Royal Bank of Canada are separate corporate entities which are affiliated. *Members-Canadian Investor Protection Fund. RBC advisor refers to Private Bankers who are employees of Royal Bank of Canada and mutual fund representatives of RMFI, Investment Counsellors who are employees of RBC PH&N IC, Senior Trust Advisors and Trust Officers who are employees of The Royal Trust Company or Royal Trust Corporation of Canada, or Investment Advisors who are employees of RBC DS. In Quebec, financial planning services are provided by RMFI or RBC WM FS and each is licensed as a financial services firm in that province. In the rest of Canada, financial planning services are available through RMFI, Royal Trust Corporation of Canada, The Royal Trust Company, or RBC DS. Estate & Trust Services are provided by Royal Trust Corporation of Canada and The Royal Trust Company. If specific products or services are not offered by one of the Companies or RMFI, clients may request a referral to another RBC partner. Insurance products are offered through RBC Wealth Management Financial Services Inc., a subsidiary of RBC Dominion Securities Inc. When providing life insurance products in all provinces except Quebec, Investment Advisors are acting as Insurance Representatives of RBC Wealth Management Financial Services Inc. In Quebec, Investment Advisors are acting as Financial Security Advisors of RBC Wealth Management Financial Services Inc. RBC Wealth Management Financial Services Inc. is licensed as a financial services firm in the province of Quebec. The strategies, advice and technical content in this publication are provided for the general guidance and benefit of our clients, based on information believed to be accurate and complete, but we cannot guarantee its accuracy or completeness. This publication is not intended as nor does it constitute tax or legal advice. Readers should consult a qualified legal, tax or other professional advisor when planning to implement a strategy. This will ensure that their individual circumstances have been considered properly and that action is taken on the latest available information. Interest rates, market conditions, tax rules, and other investment factors are subject to change. This information is not investment advice and should only be used in conjunction with a discussion with your RBC advisor. None of the Companies, RMFI, RBC WM FS, RBC DI, Royal Bank of Canada or any of its affiliates or any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. Registered trademarks of Royal Bank of Canada. Used under license. 2015 Royal Bank of Canada. All rights reserved. NAV0095-EN (04/2015) 6 RBC WEALTH MANAGEMENT SERVICES

SPOTLIGHT: RBC PRIVATE BANKING RBC Wealth Management Private Banking is a globally recognized, industry-leading offering available to high-net-worth individuals and families in Canada. In 2015, RBC won top Canadian Private Bank in the Family Wealth Report Awards for the second year running and Best Private Banking Services Overall in Canada by the Euromoney Private Banking and Wealth Management Survey, for the eighth consecutive year. To introduce RBC Private Banking to our clients, we asked Michael Sangster, one of the top Private Bankers in Calgary, to explain the service in his own words. Tell us about Private Banking. At Private Banking, we re all about raising the bar for our clients we always want to exceed their expectations for service, support and execution. So whether they have a very complex banking arrangement with multiple accounts, currencies and generations or they need access to wealth management, we re there to respond, advise and make the arrangements on their behalf. We work with our clients Investment Advisors to make sure they have all the right banking solutions without the hassle of dealing with multiple advisors. We actually have a name for this the black card experience because of the exclusive Private Banking black client card. Describe your typical Private Banking client. Most of our clients are people with busy lives business owners, executives, professionals and large or multi-generational families. Typical net worth would be $1 million or more in investable assets or $3 million or more net worth. For them, one of the main advantages of Private Banking is having a dedicated team to manage all of their banking proactively so they can focus on other things. What is the biggest difference between branch banking and Private Banking? Private Banking is for a more sophisticated client who has multiple and often more complex banking needs. Private Banking teams work with fewer clients and often provide a more sophisticated continuum of credit from mortgages to revolving funds accounts, Bankers Acceptances (BAs) and LIBOR loans. Why would an individual or family benefit from RBC Private Banking? What is the value you provide? I think the greatest benefit overall is having a dedicated team with at least one Private Banker, a Private Banking Associate, and a Credit Structures Manager. Each team serves a very limited number of families so we can commit to a high level of service and a completely personalized banking package for every client. This can include personal accounts for each family member, personal holding companies or domestic and international trusts. It can also include credit solutions that can grow wealth, diversify assets or for cross-border or investment leveraging, real estate purchases and liquidity. There s also an exclusive credit card that only our clients have access to which includes access to faster RBC rewards, 24-hour service and travel perks.

Why do you think RBC has been an industry-leader in Canadian Private Banking for so long? What sets RBC apart from other firms? I could recite the awards but maybe it s better to put them into context. When we received top honors for Best Private Banking Services Overall in Canada in the Euromoney survey, the category took into account our excellence at relationship management, privacy and security and a range of advisory services. This was awarded based on peer feedback and is a leading benchmark for the global wealth management industry. The Family Wealth Report Awards, for two years in a row, named us number one for our relationship management services. It s this overall relationship, comprehensive approach and collaboration with our Investment Advisors that makes the biggest difference to our clients and our peers alike. Michael Sangster brings more than 15 years of private banking experience to his role as RBC Private Banker. He leads his team in creating sophisticated banking packages, wealth and legacy planning and high-end credit solutions for his clients and their families. Michael is a Calgary native who enjoys playing hockey and golf, and spending time with his wife and their three daughters. When providing financial planning services, or engaging in any mutual fund related activities, private bankers are acting on behalf of Royal Mutual Funds Inc. Products and services such as GICs, personal and business banking, loans, and credit are products provided by Royal Bank of Canada. Royal Mutual Funds Inc. and Royal Bank of Canada are separate legal entities that are affiliated. Certain services may be provided by companies under RBC Wealth Management. Royal Mutual Funds Inc. is licensed as a financial services firm in the province of Quebec. / Trademark(s) of Royal Bank of Canada. Used under licence.