RBC announces $1.5 million annual commitment to help address Canada's skills gap and expand access to education by launching new scholarships

RBC announces $1.5 million annual commitment to help address Canada's skills gap and expand access to education by launching new scholarships

The RBC Next Step Scholarships will award more than $1.5 million to 640 Canadians annually to prepare for first jobs, enter post-secondary education, or reskill for new careers

TORONTO, Jan. 27, 2026 /CNW/ - Today, RBC announced the launch of its new RBC Next Step Scholarship suite, a collection of three scholarships designed to support Canadian learners and youth at every stage of their educational and career journeys. The RBC Next Step Scholarships were established in collaboration with Universities Canada to address the dual challenges of an anticipated 15 per cent disruption in Canada's labour force¹ over the next 10 years and widening social and financial inequalities that threaten the resilience of our communities. Through these scholarships, RBC has committed more than $1.5 million annually in funding to help Canadians prepare for their first jobs, enter post-secondary education, or reskill for new careers.

"At RBC, we believe that inclusive access to education and gaining in-demand skills are two critical drivers of Canada's long-term economic prosperity," said Andrea Barrack, SVP, Sustainability & Impact, RBC. "That's why we're proud to launch three new scholarships designed to support both Canadian youth and lifelong learners at every stage of their career journeys – whether they're looking to secure their first job or seeking to upskill or reskill in a rapidly changing economy. This investment reflects RBC's long-standing commitment to equipping people with the skills for a thriving future and helping build a more inclusive, future-ready workforce in Canada."

"Expanding access to education is essential to Canada's social and economic success," said Julia Scott, Vice-President Member Services, Universities Canada. "These scholarships will help reduce barriers for students so they can access post-secondary education, while strengthening Canada's ability to build and retain a competitive, skilled workforce in a global economy. They will empower learners to explore new fields, pursue specialized programs and develop in-demand skills aligned with evolving workforce needs."

The RBC Next Step Scholarships include:

RBC Ignite Scholarship: fueling youth skills development

• Awarded to: Youth aged 16-20 who are Canadian citizens or permanent residents requiring financial assistance to pursue learning opportunities that will help them access new skills and training.
• Scholarships available: 500 scholarships annually, valued up to $1,500 each to help youth access new skills and training.
• Eligible learning opportunities: Job-ready certifications, skills-building courses, and hands-on training for vocational or trade programs.

RBC Elevate Scholarship: helping expand access to post-secondary education

• Awarded to: Canadians aged 17-29 who are citizens or permanent residents, enrolled or accepted into an accredited Canadian post-secondary institution, and require financial assistance.
• Scholarships available: 40 scholarships annually, valued up to $15,000 per year to help individuals attend post-secondary education.
• Eligible learning opportunities: 2–4-year degrees, diplomas, or certificate programs at accredited Canadian institutions.

RBC Reimagine Scholarship: supporting upskilling and reskilling opportunities

• Awarded to: Canadian citizens or permanent residents aged 25+ who have been out of school for 3+ years, are active in the workforce or seeking employment, and require financial assistance.
• Scholarships available: 100 scholarships annually, valued up to $5,000 each for individuals seeking upskilling or reskilling opportunities to grow in their current career, or transition into a new field.
• Eligible learning opportunities: Formal credentialed programs, career certifications and trades, or stackable micro-credentials with a total duration of at least 40 instructional hours at accredited Canadian institutions.

Universities Canada, a national leader in scholarship management for more than 60 years, administers the scholarships and facilitates selection committees to award the scholarships. Applications open starting January 27, 2026. Visit www.rbc.com/scholarships to apply, learn more or view full eligibility requirements.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 100,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 19 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/peopleandplanet.

For more information, please contact:
Ema Asler, RBC Communications

SOURCE RBC