Tariffs, Account Types, Home Page Updates: 3 Things On Our Radar This Week

Last updated on February 26, 2025.

Let's dig deeper into the three things we're watching this week. 

1.Tariffs

On March 1, President Donald Trump may – or may not – impose a 10 per cent tariff on Canadian oil and a 25 per cent tariff on all our other goods. He has already said he would impose 25% tariffs on all aluminum and steel imports into the U.S. on March 12, including from Canada. If the U.S. does place duties on our wares, Canada has said it will respond with a 25 per cent tariff on $155 billion worth of U.S.-made products that cross our border. 

Canadians are anxious about what all this means for their shopping bills, their jobs and their investments. While the U.S. and Canada have exacted tariffs on one another in the past – including in Donald Trump’s first term – the scope and scale of these duties is unprecedented in modern North American history.

What we’re watching out for: At a high level, markets don’t like uncertainty, but given how tariffs could upend supply chains and well-established commercial norms, investors may want to factor the current trade environment. Here’s a breakdown of how tariffs might work and what they might mean for your portfolio. 

2. Do I need an RRSP, a TFSA or both?

As the RRSP contribution deadline nears, it may be worthwhile to explore how Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) can play a role in maximizing your savings.

RRSPs offer a way to reduce taxable income now — providing immediate tax benefits — with the trade-off that taxes are deferred until funds are withdrawn in retirement when most people are likely to be in a lower tax bracket than in their working years. In contrast, TFSAs allow for tax-free growth of investments and the flexibility to withdraw money at any time without tax penalties, making them versatile for various financial needs. Each account has its strategic benefits, depending on one’s financial goals and timeline. Understanding how RRSPs and TFSAs work together might help you with your investment and tax planning. 

What we’re watching out for: This season is an opportune time to reflect on how best to utilize these accounts to align with your personal financial circumstances. Before jumping into either or both, read on to learn what these accounts are and how they can form the foundation of a healthy portfolio. 

3. Cash breakdown by account is coming back… plus more homepage updates!

By now you might have had a chance to check out the new RBC Direct Investing home page. Coming soon, there will be a couple additional updates, for example, you’ll be able to see your cash breakdown at a glance. Plus, you’ll be able to choose which accounts to display. That means if you have Trading Authority, you’ll now be able to easily differentiate between your own accounts and those you manage using a drop-down menu.

You’ll also be able to customize your market snapshot to help you stay on top of market trends.

What we’re watching out for: “I travel often so something I’m really looking forward to is the new privacy mode, which will allow me to hide my portfolio values when I’m investing at an airport or in public.” – Client Experience Manager