Exhibit 7

CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES

The tables below set forth our consolidated ratios of earnings to fixed charges for the five-year period ended October 31, 2015:

	Year ended October 31, 2015		Year ended October 31, 2014		Year ended October 31, 2013		Year ended October 31, 2012		Year ended October 31, 2011
Excluding Interest on Deposits		6.14		6.23		5.34		4.88		3.47
Including Interest on Deposits		2.53		2.43		2.28		2.12		1.84

For purposes of computing these ratios, earnings represent net income plus income taxes and fixed charges (excluding capitalized interest). Fixed charges represent (i) estimated interest within rental expense, (ii) amortization of debt issuance costs, and (iii) interest (including capitalized interest), including or excluding deposit interest as indicated.

Royal Bank of Canada and Subsidiaries

Ratio of Earnings to Fixed Charges and Preferred Dividends

	Year Ended October 31 2015			Year Ended October 31 2014			Year Ended October 31 2013			Year Ended October 31 2012			Year Ended October 31 2011
(Canadian dollars in millions)
Excluding Interest on Deposits
Net Income before income taxes	$	12,623		$	11,710		$	10,447		$	9,513		$	8,191
Less: Income/(loss) from equity investees (Note 1)		(146	)		(162	)		(139	)		6			9	Note 1
Fixed Charges:
Interest expense (excl. Deposits)	$	2,235		$	2,030		$	2,205		$	2,298		$	3,164
Estimated interest within rental expense		193			177			169			155			156
Total fixed charges		2,428			2,207			2,374			2,453			3,320
Preferred dividend requirements (note 2)		240			277			317			328			326	Note 2
Fixed charges and preferred dividends		2,668			2,484			2,691			2,781			3,645
Earnings		14,905			13,755			12,682			11,972			11,520
Ratio of earnings to fixed charges		6.14			6.23			5.34			4.88			3.47
Ratio of earnings to fixed charges and preferred dividends		5.59			5.54			4.71			4.31			3.16
Including Interest on Deposits
Net Income before income taxes	$	12,623		$	11,710		$	10,447		$	9,513		$	8,191
Less: Income/(loss) from equity investees (Note 1)		(146	)		(162	)		(139	)		6			9	Note 1
Fixed Charges:
Interest expense (incl. Deposits)	$	7,958		$	7,903		$	7,899		$	8,379		$	9,626
Estimated interest within rental expense		193			177			169			155			156
Total fixed charges		8,151			8,080			8,068			8,534			9,782
Preferred dividend requirements (note 2)		240			277			317			328			328	Note 2
Fixed charges and preferred dividends		8,391			8,357			8,385			8,862			10,110
Earnings		20,628			19,628			18,376			18,053			17,982
Ratio of earnings to fixed charges		2.53			2.43			2.28			2.12			1.84
Ratio of earnings to fixed charges and preferred dividends		2.46			2.35			2.19			2.04			1.78
Note (1)	2015			2014			2013			2012			2011
Equity in Undistributed Earnings of Unconsolidated Subsidiaries Calculation (C $’000s):
Associated Corporations
(equity accounted investments)		149			162			159			162			(8,890	)
Impairment of investments in JV and associates		(3	)		-			(20	)		(168	)
		146			162			139			(6	)		(8,890	)
Note: Losses are presented with a negative sign in this calculation.
Note (2)
Preferred Dividend Requirements Calculation (C $ millions):
Preferred Dividends (per Income Statement)		191			213			253			258			258
Taxable Equivalent Gross-up
(1-Effective Tax Rate for period)		79.4	%		76.9	%		79.9	%		78.9	%		78.7	%
Preferred Dividend Requirement		240			277			317			327			328
Effective Tax Rate		20.6	%		23.1	%		20.1	%		21.1	%		21.3	%