Royal Bank of Canada is committing more than $1.5 million a year to a new national scholarship program intended to support Canadians entering the workforce, pursuing post-secondary education or retraining for new careers.
The bank said recently it is launching the RBC Next Step Scholarships, a suite of three programs that will provide funding to 640 Canadians annually. The initiative is being delivered in collaboration with Universities Canada and is positioned as a response to skills disruption in the labour market and barriers to education access.
Focus on workforce preparation and retraining
RBC said the scholarships are designed to support learners at different stages of their education and career paths, ranging from youth seeking job-ready skills to adults returning to school for retraining.
The bank said the program was created in response to what it described as an anticipated 15 per cent disruption in Canada’s labour force over the next decade, as well as widening social and financial inequalities.
Through the program, RBC said it will provide annual funding of more than $1.5 million to help recipients prepare for first jobs, enroll in post-secondary programs or pursue upskilling and reskilling opportunities.
Andrea Barrack
“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, senior vice-president, sustainability and impact at 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.”
Universities Canada, which will administer the program, said the scholarships are intended to reduce financial barriers for students while supporting workforce development objectives.
“Expanding access to education is essential to Canada’s social and economic success,” said Julia Scott, vice-president, member services at 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.”
Three scholarship streams
The RBC Next Step Scholarships consist of three separate programs, each targeting a different group of learners and career stages.
RBC Ignite Scholarship: fueling youth skills development
Awarded to: Youth aged 16 to 20 who are Canadian citizens or permanent residents and require financial assistance to pursue learning opportunities aimed at developing new skills and training.
Scholarships available: 500 scholarships annually, valued at up to $1,500 each.
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 to 29 who are citizens or permanent residents, are enrolled in or accepted to an accredited Canadian post-secondary institution, and require financial assistance.
Scholarships available: 40 scholarships annually, valued at up to $15,000 per year.
Eligible learning opportunities: Two- to four-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 and older who have been out of school for at least three years, are active in the workforce or seeking employment, and require financial assistance.
Scholarships available: 100 scholarships annually, valued at up to $5,000 each.
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.
Administration and application timeline
Universities Canada will administer the scholarships and convene selection committees to determine recipients. The organization said it has more than 60 years of experience managing scholarship programs.
Applications for the RBC Next Step Scholarships are open. RBC said additional details, including eligibility requirements, are available through its scholarship information portal.
The bank said the program represents a long-term annual funding commitment rather than a one-time initiative, with scholarships to be awarded each year across the three streams.
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Entrepreneur. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 and 2024 as one of the top business journalists in the world by PR News. He was also named by RETHINK to its global list of Top Retail Experts 2024, 2025 and 2026.
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