*Update: September 18* Although it feels like we’ve barely had enough time to enjoy the simple pleasures of summer this year, the end of the season is now just around the corner. As 2020 progresses, DIY investors continue to be met with market volatility. In fact, as we release this month’s discount brokerage deals and promotions update, stock market indices are continuing their push into record territory.
Despite September’s chillier weather, the Canadian online brokerage space appears to be heating up this month. After a few quiet months devoid of new promotions, Canadian discount brokers have recently begun to gradually unveil new deals, signaling the return of some sense of “normalcy” in the world of discount brokerages.
Heading into this month, a pair of new commission-free trade offers from two bank-owned discount brokerages have appeared on our radar. Scroll on to learn more about these recently launched promotions, as well as other deals that are currently being offered by Canadian discount brokerages.
Be sure to check back throughout September, as we continue to monitor and provide updates on new discount brokerage deals. Here’s hoping these updates will keep you warm as the fall season approaches!
Expired Deals
No expired deals to report at this time.
Extended Deals
*Update: Sept. 18 – National Bank Direct Brokerage’s recently launched commission-free trade offer has been extended. Previously set to end on October 30th, this deal will now expire one month later on November 30th. See the table below for full details regarding the promotion and eligibility.*
New Deals
DIY investors looking for free trade promotions can rejoice. National Bank Direct Brokerage launched a commission-free trade offer this summer that is set to run until October 30th. Also, HSBC InvestDirect has jumped into the deals pool with a commission-free trading offer of their own. See the table below for more details.
Discount Brokerage Deals
- Cash Back/Free Trade/Product Offer Promotions
- Referral Promotions
- Transfer Fee Promotions
- Contests & Other Offers
- Digital Advice + Roboadvisor Promotions
- Offers for Young Investors
Cash Back/Free Trade/Product Offer Promotions
| Company | Brief Description | Minimum Deposit Amount | Commission/Cash Offer/Promotion Type | Time Limit to Use Commission/Cash Offer | Details Link | Deadline |
|---|---|---|---|---|---|---|
 | HSBC InvestDirect is offering 60 days of free online equity and ETF trading (up to 60 transactions) for new accounts opened during the promotional period. There is no minimum funding requirement for the accounts; however, the fund must be from outside HSBC InvestDirect. Trading commissions will initally be charged but will then be credited back to the customer’s account within 120 days after the free trading period ends. | $0 | 60 days of free trading | 60 days | Please refer to the full Terms and Conditions | October 30, 2020 |
 | New accounts opened between Jun 22 and Nov 30, 2020 will be awarded 100 free online trades in one year. This promotion applies to new and existing NBDB clients who uses the code “FREE2020” to open new accounts.There’s no minimum funding requirement, however some other restrictions may apply. | $0 | 100 Free Trades | 1 year | Please refer to the full details of the deal. | November 30, 2020 |
 | Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive $88 in commission credits (up to 17 commission-free trades). Use promo code SPARX88 when signing up. Be sure to read terms and conditions carefully. | $1,000 | $88 commission credit | 60 days | Access this offer by clicking here: $88 commission-credit offer. For full terms and conditions, click here. | none |
| Open and fund a new account (TFSA, Margin or RRSP) with at least $1,000 and you may be eligible to receive 5 commission-free trades. Use promo code 5FREETRADES when signing up. Be sure to read terms and conditions carefully. | $1,000 | 5 commission-free trades | 60 days | 5 commission-free trade offer | December 31, 2020 |
| Open and fund a new qualifying account with at least $25,000 and you may qualify for one month of unlimited commission-free trades and up to one month free of an advanced data package. Use promo code ADVANTAGE14 when opening a new account. Be sure to read terms and conditions for full details. | $25,000 | commission-free trades for 1 month + 1 month of advanced data. | 1 month | Active Trader Program | December 31, 2020 |
 | Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. | A) $50,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ | A) $250 B) $450 C) $800 D) $1,000 E) $2,000 | Cash back will be deposited week of December 14, 2020 | BMO InvestorLine Cash Back Offer Details | June 1, 2020 |
Expired Offers | ||||||
| Last Updated: Sep. 18, 2020 10:28PT |
Referral Promotions
| Company | Brief Description | Minimum Deposit Amount | Incentive Structure | Time Limit to Use Commission/Cash Offer Deposit | Details Link | Deadline |
|---|---|---|---|---|---|---|
| Refer a friend to Questrade and when they open an account you receive $25 cash back and they receive either A) $25; B) $50; C) $75; D) $100; or E) $250 depending on the amount deposited amount. Enter code: 476104302388759 during account sign up to qualify. Be sure to read the terms and conditions for eligibility and additional bonus payment structure and minimum balance requirements. | A) $1,000 B) $10,000 C) $25,000 D) $50,000 E) $100,000+ | $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back | Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) | Refer a friend terms and conditions Code Number: 476104302388759 | none |
 | If you refer a friend/family member who is not already a Scotia iTRADE account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. | A) $10,000 B) $50,000+ | A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) | 60 days | Refer A Friend to Scotia iTrade | tbd |
 | If you (an existing Qtrade Investor client) refer a new client to Qtrade Investor and they open an account with at least $1,000 the referrer and the referee may both be eligible to receive $25 cash. See terms and conditions for full details. | $1,000 | $25 cash back (for both referrer and referee) | Cash deposited at the end of the month in which referee’s account funded | Refer A Friend to Qtrade Investor | none |
| If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $5,000 the referrer and the referee may both be eligible to receive $50 cash. To qualify the referee must use the email of the referrer that is linked to their BMO InvestorLine account. See terms and conditions for full details. | $5,000 | You(referrer): $50; Your Friend(referee): $50 | Payout occurs 45 days after minimum 90 day holding period (subject to conditions). | BMO InvestorLine Refer-a-Friend | January 5, 2021 |
Expired Offers | ||||||
| Last Updated: Aug 31, 2020 15:56PT |
Transfer Fee Promotions
| Company | Brief Description | Maximum Transfer Fee Coverage Amount | Minimum Deposit Amount for Transfer Fee Eligibility | Details Link | Deadline |
|---|---|---|---|---|---|
| Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. | $150 | n/a | Transfer Fee Promo | none |
 | Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. | $200 | $15,000 | Transfer Fee Rebate Details | none |
| Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. | $152.55 | $15,000 | Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. | none |
| Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. | $150 | $15,000 | Transfer Fee Rebate | none |
| Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. | $135 | $20,000 | Transfer Fee Rebate | none |
 | Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. | $150 | $25,000 | Transfer Fee Promo Contact client service for more information (1-800-465-5463). | none |
 | Transfer $25,000 or more into a CIBC Investor’s Edge account and they will reimburse up to $135 in brokerage transfer fees. Clients must call customer service to request rebate after transfer made. | $135 | $25,000 | Confirmed with reps. Contact client service for more information (1-800-567-3343). | none |
| Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account and you may be eligible to have transfer fees covered up to $200. Contact client service for more details. | $200 | Contact client service for more information | Contact client service for more information (1-888-776-6886) | none |
Expired Offers | |||||
 | Desjardins Online Brokerage is offering up to $150 to cover the cost of transfer fees from another institution. To be eligible, new/existing clients need to deposit $10,000 into a Desjardins Online Brokerage account. You’ll have to call 1-866-873-7103 and mention promo code DisnatTransfer. See details link for more info. | $150 | $10,000 | Disnat 1% Commission Credit Promo | January 8, 2020 |
| Last Updated: Aug 31, 2020 14:25PT |
Other Promotions
| Company | Brief Description | Minimum Deposit Amount Required | Details Link | Deadline |
|---|---|---|---|---|
| Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. | n/a | Hardbacon Free Trade Promo | none |
| Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. | $1,000 | Broker@ge 18-30 Promotion | none |
| Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. | $1,000 | StartRight Free Trade offer | none |
Expired Offers | ||||
| Last Updated: Aug 31, 2020 14:29PT |
Digital Advice + Roboadvisor Promotions
| Robo-advisor / Digital advisor | Offer Type | Offer Description | Min. Deposit | Reward / Promotion | Promo Code | Expiry Date | Link |
|---|---|---|---|---|---|---|---|
 | Discounted Management | Open and fund a new Questrade Portfolio IQ account with a deposit of at least $1,000 and the first month of management will be free. For more information on Portfolio IQ, click the product link. | $1,000 | 1st month no management fees | KDKFNBBC | None | Questrade Portfolio IQ Promo Offer |
 | Cash Back | Open and fund a new or existing SmartFolio account with at least $1,000 and you could receive 0.5% cash back up to $1000. Use promo code PROMO1000 when opening a new account. See terms and conditions for full details. This offer can be combined with the refer-a-friend promotion. | $1,000 | 0.5% cash back to a maximum of $1000. | PROMO1000 | January 2, 2020 | SmartFolio Cash Back Promo |
| Discounted Management | Open a new account with BMO SmartFolio and receive one year of management of up to $15,000 free. See offer terms and conditions for more details. | $1,000 | 1 year no management fees | STSF | April 30, 2019 | SmartFolio New Account Promotion |
| Cash Back – Referral | BMO SmartFolio clients will receive $50 cash back for every friend or family member who opens and funds a new SmartFolio account. Friends and family referred to SmartFolio will receive $50 cash back for opening and funding an account, plus automatic enrollment into SmartFolio’s mass offer in market at the time. See offer terms and conditions for more details. | $1,000 | $50 cash back (referrer) $50 cash back (referee) | Unique link generated from SmartFolio required. | None | SmartFolio Website |
 | Transfer Fee Coverage | Transfer at least $25,000 into Virtual Wealth when opening a new account and you may be eligible to have up to $150 in transfer fees covered by Virtual Wealth. | $25,000 | up to $150 in transfer fees covered | None | None | Contact customer service directly for more information. |
| Last Updated: Aug. 31, 2020 15:51PT |
Offers for Young Investors
| Brokerage | Offer Type | Eligible Age Range / Client Segment | Offer Description | Min. Deposit | Expiry Date | Link |
|---|---|---|---|---|---|---|
| Student Pricing | Clients with CIBC Smart™ Account for students | $5.95 per trade and zero annual account fees | not required | None | CIBC Student Pricing |
| Broker@ge 18-30 | 18-30 years old investors | Benefits: * 5 free transactions (Minimum deposit of $1,000 required) * No inactivity fees * No asset minimum to maintain for free registered accounts * Exclusive events * Disnat Mobile App | $1,000 | None | Broker@ge 18-30 |
| Offers for professionals & Students | Students in selected fields of study | Professionals and students in the below fields can benefit from a reduced pricing structure: * Engineering students * Legal, accounting and business students * Healthcare students * Health sciences students * Nursing students Benefits: * $5.95 commission on equities * $0 commission on ETFs * $0 annual administration fee | not required | None | NBDB Student Pricing |
| Young Investors Offer | 18-30 years old investors | Accounts holders who are 30 years old or younger are offered 10 free trades each year. After the free transactions, a commission rate of $4.95 per transaction will be applied (which is just half of the regular price). | not required | None | Young Investor Offer |
| Young investor pricing | 18-30 years old investors | Benefits: * $7.75 commissions for stock and ETF trades * No account minimums * No quarterly admin fees | min. $50 a month through pre-authorized contributions. | None | Young Investor Pricing |
| Waiver of account maintenance fee | Clients who have RBC Student account, currently or in the past 5 years. | The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance. | not required | None | Zero Account Management Fee |
| Young Investors Offer | Clients below 26 years old | Low activity account administration fee and the RSP account administration fee are waived. | not required | None | Young Investors Offer |
 | Zero Account Administration Fee | Clients below 26 years old | The account administration fee ($24.95 per quarter) is waived. | not required | None | $0 Account Administration Fee |
| Last Updated: Aug. 31, 2020 15:57PT |
April has finally arrived. As much as the year is moving quickly, it simultaneously feels like it is moving incredibly slowly. As with the reality in markets, any bit of information about where things go next with the COVID-19 crisis is highly prized.
