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Discount Brokerage Weekly Roundup – August 26, 2019

It seems like more and more discussion is taking place around the “R” word. Of course, with stranger things taking place around the world with respect to interest rates, trade wars, and conflicting accounts from economic indicators, it’s tough to make heads or tails of what’s going on. Despite the pervasive and heightened uncertainty, one thing is clear: there’s a lot of forecasting taking place about what may happen next in the stock markets.

In this edition of the roundup, we pile onto the prognostication bandwagon to forecast what online brokerages and DIY investors can expect heading into the last few months of the year. From what online brokerages have already telegraphed to signals of interesting developments, an intriguing picture is forming of the new landscape for online brokerages. As always, we’ve got a healthy serving of DIY investor chatter from Twitter and the investor forums to close things out.

Interactive Brokers Big Bet Gets Bigger

As far back as April of 2019, Interactive Brokers founder and outgoing CEO, Thomas Peterffy, signalled that Interactive Brokers would officially launch something “big” to catalyze growth to their business. That big bet, as it turned out, was the launch of a simulated sports betting platform (launched in July) designed to attract individuals who were a cut above the traditional gambler. Think Moneyball meets Wall Street.

With September now just a few weeks away, the kickoff to the new season of the NFL will also usher in a tsunami of football chatter around trading desks and water coolers across North America. As it happens, the NFL is slated to be added to the lineup of games that users of the Interactive Brokers sports betting simulator can bet on.

Fantasy football (indeed fantasy sports in general) is a wildly popular endeavour. So, it stands to reason that with the influx of interest in the new season of the NFL combined with a platform that offers up the stats and quant geeks of the football world a chance to flex their bulging bell curves, Interactive Brokers may find its pool of potential new clients after all.

Another big catalyst for online brokerages like Interactive Brokers is the market volatility itself.

When markets become uncertain, that’s typically when efficiency in pricing breaks down and when active traders step back into the mix to find compelling trades. So, despite volatility being generally bad news for many investors, for active traders, the volatility is a sign of opportunity.

Combined with lower interest rates, the ability to access margin means that firms like Interactive Brokers could stand to benefit from increased trading activity (and therefore commission revenue). That said, the last time the markets were signalling an increase in volatility, Interactive Brokers pre-emptively raised margin requirements to protect against the sudden swing in prices, a deft move that saved them from considerable margin loan losses while their peer firms unfortunately did not fare as well.

As September nears, we’ll be keeping a close eye on what Interactive Brokers (and other online brokers) will be doing with margin requirements as that may once again prove a definitive canary-in-the-coal-mine.

Stimulus in the Deals & Promotions Section

With the “R” word now making the rounds in major news and business media (as well as the content of several large online brokerages), sentiment among DIY investors towards entering into the markets is undoubtedly going to turn negative.

As it just so happens, September is historically when investing activity picks up again and for many financial services firms (especially online brokerages), this represents the second-last month of the fiscal year. Translation: it’s a great time to boost performance stats for the fiscal year by landing more client accounts.

Financial performance aside, savvy online brokerages understand that in today’s fiercely competitive market for DIY investor assets, it will be important to stand out, especially during the market storm.

One quick way to incentivize investors to pay attention is with a good deal. The seasoned investors will undoubtedly be out looking for compelling deals in the stock market and will also recognize a good offer from an online brokerage if one were to surface. Ironically, central banks won’t be the only ones contemplating how to boost market performance with rate cuts.

Pricing discounts are just one option, however. In the current market climate, one way to soothe the angst of investor uncertainty is with access to good information and market coverage. So, while cash back promotions or commission-free trades are always fan favourites, the ability to stay informed about what’s happening in markets in either real-time or with in-depth coverage would also be value added.

This past week, RBC Direct Investing tackled the thorny subject of trade protectionism in its “Inspired Investor” publication, and TD’s MoneyTalk tried to unpack the possibility of a recession in its most recent episode. Most Canadian online brokerages, however, have been mum on the subject. For those online brokerages who have invested in strong content production programs, now is the time when those investments pay off not only as news sources for their own clients, but also as a mechanism to stand apart from other brokerages (or other content providers) who can’t offer the same degree of insight into market direction.

More Price Disruption Coming

Of course while incentives and promotions are one quick way to get on investors’ radar, the so-called “nuclear option” of getting noticed is to drop commission fees down to zero.

So far, Wealthsimple Trade is the only Canadian online brokerage to offer zero commissions on all trades, with other providers such as Questrade, Virtual Brokers, and National Bank Direct Brokerage offering some kind of commission-free trading on ETFs.

One interesting dark horse that could still shake things up for online brokerages in Canada is Canaccord, whose 2018 acquisition of Jitneytrade could enable them to pursue a maneuver akin to Wealthsimple’s acquisition of the brokerage Canadian ShareOwner Investments Inc., which then enabled Wealthsimple Trade to offer online brokerage services to DIY investors.

In addition to price, there’s also going to have to be a step change in how incumbent Canadian online brokerages connect with clients (and potential clients).

What Wealthsimple’s latest advertising stunt of the tiny stadium in downtown Toronto shows, is that they’re also capable of pushing the envelope for innovation in messaging for wealth management services providers. At the heart of it though is the “perceived value” of what a commission charge gets you. Many large Canadian online brokerages have publicly been called out for struggles with technology stability or scalable customer service access, so the notion that “bigger is better” doesn’t necessarily match consumers comments and reviews online.

The takeaway is that as competition continues to grow for investor assets, so does the likelihood that there will be another major commission pricing announcement from an existing provider. For new entrants into the online brokerage space, unless there’s a quantum leap in trading platform experience, going to zero-commission or using ultra-low commission pricing is likely the path forward.

Regardless of the stock market’s immediate direction and sentiment, Canada’s online brokerages have had to navigate choppy waters before. What is different this time, however, is that there is a strong likelihood that there is a recession on the horizon and considerably more competition to boot. Heading into busier times in the weeks ahead, the advice for Canadian online brokerages is simple: prepare accordingly.

Discount Brokerage Tweets of the Week

From the Forums

Pure and (Wealth)simple

An inexperienced investor collected opinions about Wealthsimple and found out what fellow Redditors like, what types of investments they recommend through this brokerage, and how they use their Wealthsimple accounts. Read the discussion here.

Asset Tripping

Freshly motivated to maximize his returns and concerned about missed opportunities, a Redditor who passively accumulated savings into a TFSA is looking for advice on a more assertive investment strategy.

Into the Close

Savvy investors know that there’s always a bull market somewhere. With headlines the world over fixated on the trade war and uncertainty, sentiment is clearly shifting negative, but with gold perking up and a range of vehicles available to capitalize on volatility, it seems that aside from capital to wade into this storm, it’s going to take the gumption to keep going.

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Discount Brokerage Deals & Promotions, August 2019

*Updated Aug. 28* As we round the corner into August, most DIY investors are patiently waiting for new discount brokerage promotions to drop. Unfortunately, it seems like most Canadian online brokerages are in summer vacation mode when it comes to offering new deals.

Even so, the summer so far hasn’t been totally silent. HSBC InvestDirect launched a new promotional offer in July and CIBC Investor’s Edge also extended one of their deals until the early portion of August. Perhaps the biggest extension though came from Questrade, which extended their transfer-fee offer yet again, this time pushing the deadline out to the end of September.

With the long weekend almost here, it seems likely that any new offers that want to get a jump on the September rush will be waiting until later this month. We’ve got our radar up and of course, if there are any offers that could benefit other deal hunters, let us know.

Expired Deals

No expired deals to report at this time.

Extended Deals

CIBC Investor’s Edge extended their commission-free trade promotion for just a few more days, extending the offer from July 31st to August 9th.

Questrade’s transfer fee promotion has found yet another life and is now extended until the end of September. See table below for more details.

New Deals

*Update August 28 – Scotia iTrade has a new hybrid offer for prospective account holders. Complete a brief form by October 15, 2019 to be eligible for $6.99 equity and ETF trades until March 1, 2020. You will also receive $50 cash back by January 31, 2020. Scroll down for more details.*

*Update August 28 – If you have an existing Scotia iTrade account, you may be eligible for free trades. Fill out this form by October 15, 2019 to receive 5 commission free trades. You account must be funded with a minimum of $10,000 by October 31, 2019 to qualify for this offer. You are also eligible for 3 free trades when you attend the Scotia iTrade “US Dollar Position” webinar on September 24, 2019.

*Update August 2 – Just when we thought things were going to be a tad quiet heading into a long weekend in August, RBC Direct Investing decided to roll out a tried and tested favourite offer for investors to consider while on vacation. As of the beginning of August, RBC Direct Investing has launched a commission-free trading offer which gives investors 25 commission-free trades which are good for up to one year. Best of all, there’s an easy offer code to remember to access the offer: SPARX. Scroll down for more details.*

Other than that, there were no new deals that launched at the outset of the month, midway through last month HSBC InvestDirect jumped back into the deals pool with a new commission-free trading offer. This promotion offers up 30 commission-free trades to new and existing clients who open an eligible account and doesn’t require a minimum deposit.


Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details click here none
Open a qualifying account at HSBC InvestDirect and you may be eligible to receive up to 30 commission-free North American equity or ETF trades. No minimum deposit is required for this offer and it is open to new and existing clients. Trades are eligible to be used for up to 60 days. See terms and conditions for full details. n/a 30 commission-free trades 60 days HSBC InvestDirect Summer Offer September 30, 2019
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, 2019
Scotia iTrade Open a new qualifying account and fund it with a minimum of $2500 by October 31, 2019 to be eligible to receive $50 cash back by January 31, 2020. This offer also includes $6.99 per trade commissions until March 1, 2020. Terms and conditions can be found in the offer URL. $2,500 $50 cash back and $6.99 per Canadian and US equity/ETF trade. Cash back will be deposited by January 31, 2020. $6.99 per trade commission pricing active until March 1, 2020. Cash Back Offer Details October 15, 2019
Open a new account and get 25 commission-free equity and ETF trades when you apply the code “SPARX”. $5,000 25 commission-free Equity & ETF trades 1 Year Commission-Free Trade Details August 30, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $250,000; B) $500,000 or C) $2M+ and you may be eligible to a cash back reward of up to A) $500; B) $1,000 or C) $2,500. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $250,000 B) $500,000 C) $2M+ A) $500 B) $1,000 C) $2,500 Cash back will be deposited the week of March 16, 2020. BMO InvestorLine Summer 2019 Campaign September 3, 2019

Expired Offers

Last Updated:August 28, 2019 11:49 PT

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: August 1, 2019 17:11 PT

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 September 30, 2019
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine 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

Last Updated: August 1, 2019 17:08 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Scotia iTrade 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: August 1, 2019 17:09 PT

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: August 1, 2019 17:10PT
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Discount Brokerage Deals & Promotions – July 2019

*Updated: July 8* Despite all the fanfare and celebration that typically accompanies the beginning of July, it seems like many Canadian online brokerages are taking a bit of a break from the promotional game. Heading into the first official month of the summer, the discount brokerage deals section appears to be keeping its cool with two big offers expiring in June and no new offers coming to market just yet.

Of course, it being Canada Day, online brokerages are closed at the time of posting this update so there may be something interesting to emerge in the early part of July. Even so, this is one deals pool that we’re not holding our breath in at this point.

Despite rallying markets, a rebound in cryptocurrency and hot IPOs, there’s been muted participation in the deals section – which is not to say that there aren’t promotions in the works – but for the time being, it’s more of a lazy river than a wild water park of savings for DIY investors.

It’s not all bad news for investors or the online brokerages who are still hanging in there with promotional offers, however. There are still a handful of offers – ranging from commission free trades to cash-back offers – for DIY investors to choose from.

As always, we’ll be keeping an eye out on the deals activity during the summer months but if there are any you think would be great to share with readers that we’ve not posted yet, please mention them in the comments or let us know.

Expired Deals

There were two noteworthy offers that expired in June. The first was the RBC Direct Investing cash back offer. This promotion was fairly short-lived and offered up between $100 and $1,000 depending on the amount deposited (ranging between $25,000 and $500,000+).

The second big offer to finally expire was Questrade’s transfer fee coverage promotion. It was a definite game changer in that there was no stated minimum deposit required to have transfer fees covered. Now that the offer has expired though, Questrade is reverting back to the standard minimum deposit requirement of $25,000 to have transfer fees waived.

Extended Deals

*Update July 22 – CIBC Investor’s Edge have extended their commission-free trades promotion for an extra 9 days.  See table below for more details.*

*Update July 8 – Much like a cat, the Questrade transfer fee promotion has found yet another life and is now extended until the end of September. See table below for more details.*

No deals were extended at the outset of July.

New Deals

*Update July 8 – HSBC InvestDirect jumped back into the deals pool with a new commission-free trading offer. This promotion offers up 30 commission-free trades to new and existing clients who open an eligible account. There is no minimum deposit required for this offer. See table below for more details*

No new deals crossed the wire at the beginning of July, however there was a new deal from BMO InvestorLine which did launch in June and which is a unique offer in that it targets a very high minimum deposit tier for investors to qualify. This offer is a cash back promotion that offers between $500 and $2,500 cash back for deposits ranging from $250,000 to $2M+. It is the first time in recent memory that an online brokerage has created a cash back tier for a deposit level so high. Also, it is one of the highest starting points for an offer – perhaps a signal that BMO InvestorLine is targeting higher deposit amounts across the summer (given that this offer is live until the beginning of September).

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details click here none
Open a new qualifying account with CIBC Investor’s Edge and you may be eligible to receive 100 commission-free trades. Eligible trades include equity, ETF and options trades (per contract charges still apply). Commission-free trades are good for up to 90 days after account opening date. Use promo code EDGE28 when signing up. Be sure to read terms and conditions for full details. n/a 100 commission-free trades 90 days CIBC Investor’s Edge Free Trade Promotion August 9, 2019
Open a qualifying account at HSBC InvestDirect and you may be eligible to receive up to 30 commission-free North American equity or ETF trades. No minimum deposit is required for this offer and it is open to new and existing clients. Trades are eligible to be used for up to 60 days. See terms and conditions for full details. n/a 30 commission-free trades 60 days HSBC InvestDirect Summer Offer September 30, 2019
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, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $250,000; B) $500,000 or C) $2M+ and you may be eligible to a cash back reward of up to A) $500; B) $1,000 or C) $2,500. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $250,000 B) $500,000 C) $2M+ A) $500 B) $1,000 C) $2,500 Cash back will be deposited the week of March 16, 2020. BMO InvestorLine Summer 2019 Campaign September 3, 2019

Expired Offers

Last Updated: July 22, 2019 11:30 PT

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: July. 1, 2019 17:45 PT

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 September 30, 2019
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine 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

Last Updated: July 8, 2019 16:30 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Scotia iTrade 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: July 1, 2019 17:30 PT

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: July 1, 2019 17:30PT
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Discount Brokerage Deals & Promotions – June 2019

June is here, and for many Canadian DIY investors, their attention is fixed on the Raptors’ amazing journey to the NBA finals. As we cross into a new month in the deals and promotions section, however, it appears that there aren’t going to be nearly as many slam dunks in here to start off the month as there will be on the court.

Even so, the deals section has started to see a very interesting uptick in activity in what is usually a pretty quiet season for Canadian discount brokerages. While there were no new deals that launched at the beginning of June, there were a pair of intriguing offers that crossed our deal radar in May.

The first, which we noted in an earlier edition of the Weekly Roundup, was a new cash back offer from RBC Direct Investing. This offer was not one that appeared to be advertised as widely as previous offers from one of the largest players in the space – which is a curious maneuver that signals this being more a targeted test than a full-throttle push. Importantly, it was also for a very limited time, as this offer is set to officially expire in early June.

The other interesting deal that surfaced in May was from another bank-owned brokerage – CIBC Investor’s Edge. This was a commission-free trading offer which, like the offer from RBC Direct Investing, was also quietly rolled out and for a very limited time. The latest promotion from CIBC Investor’s Edge is unique in that it is not a tiered promotion, and the offer is for 100 commission-free trades. It is also not a fee rebate offer, so there is no waiting for reimbursement for a trade commission. These two elements make it an especially compelling offer coming from a bank-owned brokerage where this kind of structure is uncommon.

So, the good news for DIY investors shopping around – especially those doing some searching for offers at the beginning of June – is that there are a couple of extra offers still on the board this month.

June will be an exciting month to keep watching the deals action because there are several offers set to expire in the first week. It’ll be worth tuning in between Raptors games to see what unfolds next.

Expired Deals

HSBC InvestDirect’s cash back offer is now officially “on vacation.” We’ve noticed promotional activity from HSBC InvestDirect start to pick up over the past two years so though their current offer has expired, there still may be other promotional offers coming later on in the year.

Also, with summer just around the corner, it was time to do a little spring cleaning. The Moneytalks offer in conjunction with Desjardins Online Brokerage no longer appears to be advertised/active and as a result we are removing it from its place in the other deals/promotions section.

Extended Deals

*Nothing new to report here yet*

New Deals

Though technically not new, it is something that we are adding into the deals section for transfer offers. Although not advertised, BMO InvestorLine does have a tiered transfer fee rebate offer available, with a maximum coverage of $200. To access it or find out additional information about qualifying deposits and rebate rates, contact customer service.

Also updated, RBC Direct Investing’s transfer fee coverage amount has moved up to $200.



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details click here none
Open a new qualifying account with CIBC Investor’s Edge and you may be eligible to receive 100 commission-free trades. Eligible trades include equity, ETF and options trades (per contract charges still apply). Commission-free trades are good for up to 90 days after account opening date. Use promo code EDGE28 when signing up. Be sure to read terms and conditions for full details. n/a 100 commission-free trades 90 days CIBC Investor’s Edge Free Trade Promotion July 31, 2019
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, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
Open and fund a new eligible RBC Direct Investing account with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000 or E) $500,000+ and you may be eligible to receive a cash back reward of A) $100; B) $150; C) $200; D) $500 or E) $1,000. Use promo code CASHB when registering. Be sure to read terms and conditions for full details. A) $25,000 B) $50,000 C) $100,000 D) $250,000 E) $500,000+ A) $100 B) $150 C) $200 D) $500 E) $1,000 Cash back will be deposited by December 16, 2019 RBC Cash Back Offer June 7, 2019
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019

Expired Offers

Last Updated: June 1, 2019 22:00 PT

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: June. 1, 2019 22:00 PT

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 no minimum required Transfer Fee Promo June 30, 2019
Transfer $15,000 or more to RBC Direct Investing and they will pay up to $135 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine 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

Last Updated: June 1, 2019 22:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat 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
Scotia iTrade 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: June 1, 2019 22:00 PT

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: June 1, 2019 22:00PT
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Discount Brokerage Deals & Promotions – May 2019

*Updated: May 27* April showers are supposed to bring May flowers but when it comes to deals for DIY investors in Canada, the promo parade in May is definitely getting rained on. After an incredibly busy start to the year – especially in the lead up to the RSP contribution deadline, deals activity at Canadian brokerages has tapered off considerably at the start of May.

Although some pullback in discount brokerage deals and promotions activity is normal for this time of year, to see brokerages step back in terms of offering incentives is noteworthy. Specifically, the context this year matters: there has been strong stock market performance to begin the year; there are lots of big-name IPOs coming to market and a new ultra-low cost competitor has entered the online brokerage space. Add these factors up, and it should be a perfect storm for Canadian discount brokerages to be more aggressively promoting offers to win over new investors and appealing to investors who are now more tuned into what the markets are doing.

Of course, it’s great news to the handful of online brokerages who are offering promotions to investors as they will get a greater share of attention from investors hunting around for an offer on a new account.

Specifically, to start off the month, BMO InvestorLine, CIBC Investor’s Edge, Desjardins Online Brokerage, HSBC InvestDirect and Questrade have offers in play. That said, CIBC’s offer is scheduled to expire on May 2nd and HSBC InvestDirect chose to extend their offer to the end of May from its previous deadline of April 30th.

On balance, we see a strong likelihood that additional online brokerage offers come to market over the late spring/early summer period. The opportunity to get access to a younger, engaged investor ahead of the major IPOs taking place this year seems too tempting to pass up. We’ll be keeping our eyes open for deals that hopefully also evoke that same sentiment.

Expired Deals

Heading into May, National Bank Direct Brokerage’s offer for 50 commission-free trades officially expired as did the BMO SmartFolio promotional offer for the free first year of management (BMO SmartFolio’s cash back offer is still running until June).

Extended Deals

In a surprise move, HSBC InvestDirect opted to extend their winter promotion for another month, with the new deadline for their cash back offer falling on May 31st.

New Deals

*Update: May 27 – There have been a couple of interesting deals from large bank-owned online brokerages to cross the deal wire this month.

RBC Direct Investing kicked things off earlier this month with a cash back offer for new (i.e. not existing) clients of RBC Direct Investing. This new promo was a really limited time offer and expires in early June. Cash back rewards for this promotion range from $100 for a minimum deposit of $25,000 to $1,000 cash back for a deposit of $500,000+. See table below for more details.

CIBC Investor’s Edge also launched a new deal in May that is going to turn a few heads with investors and competitors alike. CIBC Investor’s Edge is offering 100 commission-free trades which are good for 90 days from the date of account opening. This deal is especially enticing as it has no minimum deposit requirement stated to qualify and commission fees are waived at the time the trade is placed meaning there is no long wait for a commission rebate. See table below for more information.*

There are no new deals to announce (yet).



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details click here none
Open a new qualifying account with CIBC Investor’s Edge and you may be eligible to receive 100 commission-free trades. Eligible trades include equity, ETF and options trades (per contract charges still apply). Commission-free trades are good for up to 90 days after account opening date. Use promo code EDGE28 when signing up. Be sure to read terms and conditions for full details. n/a 100 commission-free trades 90 days CIBC Investor’s Edge Free Trade Promotion July 31, 2019
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, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
Open and fund a new account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer May 31, 2019
Open and fund a new eligible RBC Direct Investing account with at least A) $25,000; B) $50,000; C) $100,000; D) $250,000 or E) $500,000+ and you may be eligible to receive a cash back reward of A) $100; B) $150; C) $200; D) $500 or E) $1,000. Use promo code CASHB when registering. Be sure to read terms and conditions for full details. A) $25,000 B) $50,000 C) $100,000 D) $250,000 E) $500,000+ A) $100 B) $150 C) $200 D) $500 E) $1,000 Cash back will be deposited by December 16, 2019 RBC Cash Back Offer June 7, 2019
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019

Expired Offers

Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of September 2nd. CIBC Investor’s Edge Cash Back Promo May 2, 2019
Last Updated: May. 27, 2019 08:30 PT

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: Apr. 1, 2019 17:00 PT

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 no minimum required Transfer Fee Promo June 30, 2019
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 $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees. $135 $15,000 Transfer Fee Rebate Details 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers

Last Updated: May 1, 2019 21:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the “Inside Edge” investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information. n/a MoneyTalks Inside Edge Discount none
Disnat 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
Scotia iTrade 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: May1, 2019 21:45 PT

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: May 1, 2019 21:45 PT
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Discount Brokerage Weekly Roundup – April 15, 2019

In case you were wondering why Bran might be trending on Twitter, it’s not because the world suddenly discovered fiber was going to be bigger than avocado toast. No, it was because fans around the world couldn’t be content keeping their excitement to themselves about the kickoff to the final season of Game of Thrones. Even in the midst of all of the ‘Winter is Coming’ memes, the big picture for online brokerages here is that audiences get excited about great content/products/performances – something that is particularly important when brokerages are fighting their own battles for attention and engagement from DIY investor audiences.

While there are no dragons in this edition of the roundup, we do cover a major competition for DIY investors to take home some serious coin and for one online brokerage to get some important marketing wins. From there we peer over the fence to see what US online brokerages have been working on and how they’re getting creative to provide DIY investors what they want when it comes to trading experiences. As usual, we’ll also serve the staple Twitter chatter and forum discussions from DIY investors.

Let the Games Begin

While vying for control of Kings Landing might’ve been the biggest competition to make headlines this week, a slightly distant second was the launch of the annual “Biggest Winner” competition from Horizons ETFs.

Sponsored once again by National Bank Direct Brokerage, this competition, which kicks off on May 6th, is for DIY investors of all stripes who want to try their hand at growing a portfolio as much as possible across the challenge time frame of six weeks. The catch is that contestants are restricted to using Canadian ETFs listed on the TSX rather than picking individual securities.

Prizes for this contest consist of six weekly cash prizes of $500 and a grand prize of $7,500 for the best performance across the duration of the competition, followed by the runner up prize of $2,500.

As far as trading competitions go for Canadian DIY investors, this is by far the most regular and offers the best prize value to be won. In terms of exposure, in the incredibly competitive ETF and online brokerage markets here in Canada, this competition is a tactical way in which Horizons and National Bank Direct Brokerage can be on the radar of lots of investors.

Interestingly, during the registration portion of the contest, the form includes questions about which online brokerage (if any) individuals use. Conspicuously absent on the list of online brokerages are Desjardins Online Brokerage, Interactive Brokers, Virtual Brokers, HSBC InvestDirect, WealthSimple and JitneyTrade, signalling that there are a handful of brokerages of particular interest to NBDB and others that likely aren’t.

While brokerages offer the occasional contest, it is remarkably rare. In a world where getting investors to pay attention, let alone offer up information (such as an email address), contests often draw the curious in to participate. For NBDB, this contest not only gives them access to DIY investors from competitor firms, it also offers them a unique opportunity to market their commission-free ETF program. Incidentally, the contest does charge virtual commissions on trades executed so there is some semblance to real life in which commissions can bite into profitability of trading.

Moving in Concert

This weekend, the biggest names in music and their cadre of fans travelled to Coachella. This massive music festival, just around the bend from Palm Springs, is forecasted to bring in almost 250 thousand revelers across two weekends, and helps to put into perspective the scale at which the US market operates.

For the US online brokerages, the power of scale is something they continuously look to leverage with their feature releases. This past week and earlier this month, there were some interesting moves south of the border that once again highlighted the direction that DIY investing (and more broadly online investing/wealth management) is trending towards.

One of the biggest names in the US online brokerage space, TD Ameritrade, for example, announced that they are expanding 24-hr trading capabilities in certain securities. Last year, TD Ameritrade launched their foray into 24-hour trading of select ETFs and changed the way in which investors could access after market trading. It probably didn’t make as big of a splash at the time as cryptocurrency was all the rage (and already tradeable 24/7).

But in a market place like the online brokerage space that is so ultra-competitive, the small improvements or boosts to their bottom line or client satisfaction are the types of things that ultimately help to maintain their market position.

Being able to trade 24 hours a day is something that appeals to only a certain niche segment of investors but the decision to expand a selection of securities indicates at least enough interest in the program to warrant further investment. Buried at the end of an article on Benzinga announcing the latest move by TD Ameritrade are a few key lines that highlight the potential motivation behind catering to this niche segment:

“According to the retail brokerage, 70 percent of clients interact with the firm’s research and education resources outside of regular trading hours. They also found that clients who trade during the 24/5 session are 10 times more active and have 3-4 times more assets than typical retail clients.”

Whether Canadian online brokerages ultimately decide to jump into offering this kind of innovation is a function of a number of economic and regulatory realities. The point, however, is that there are examples of product lines that can be a win-win for investors looking to access certain trade opportunities and brokerages who are looking to boost earnings and gain traction with active traders.

Of course, one of the drivers for the move by TD Ameritrade was the need for investors to be able to react to news. And late last month, US online brokerage Robinhood announced a rather intriguing acquisition of a market news provider MarketSnacks.

Interestingly, providing access to news – especially financial news and market information – goes hand in hand with how investors formulate trading decisions and evaluate trading opportunities. Whether it is a good idea to go/stay long Boeing (or short it), whether yield curve inversion portends a recession or there’s still time in this bull market to run higher, these kinds of event-driven trading or investing decisions also appeal to a more engaged investor base. The challenge, however, is finding a format that resonates with audiences. Of course, traditional business news channels and market reporting are familiar but in 2019, they’re struggling to win a battle for attention against robots/AI who can report the ‘stats’ of the news in a fairly formulaic fashion.

So, enter a format like the daily digestible news story and podcasts provided by MarketSnacks or even the full day market programming provided by Tasty Trade and the takeaway is simple: focus on the content being engaging and accessible and (funny thing) an audience will gravitate towards that content. As a result, MarketSnacks got acquired by an online brokerage looking to feed clients more market coverage and Tasty Trade’s founder Tom Sosnoff has captured the attention and admiration of a loyal audience base.

Whether it’s opening up securities to being traded after hours – at any hour – or providing engaging content to DIY investors about market action in a format that fits their increasingly fragmented digital lifestyle, US online brokerages are providing yet another example of competition fueling better user experience for investors. In the case of Ameritrade, they’re getting creative about how to grow revenues based on the fascinating insight about when their users actually access the system – the point here though is that they didn’t have to lower commission prices to do it. For Robinhood, it’s especially interesting because the focal point isn’t about lowering commission prices (they’re already at zero) but rather making a tactical choice to provide value to people who are active consumers of market news – something that will invariably generate more trading activity the more engaged people are.

Like planning a ridiculously over the top music festival in the middle of the desert, the fact is that people show up, endure and even look forward to the journey for the content and the experience. If there’s anything that Canadian online brokerages can take away from these developments south of the border, it’s hopefully to start thinking about getting much more creative with how they reach online investors.

Discount Brokerage Tweets of the Week

From the Forums

Ahead of the Learning Curve

A newcomer to the DIY investing world has questions about how long it might take to build their knowledge base. See what advice other Redditors provided here.

Golden Years

One forum user wants to know if changes to their portfolio are necessary as they get closer to retirement. Discover what fellow forum users had to say in this Canadian Money Forum thread.

Into the Close

So much for investors to be on the look out for in the week coming up. In addition to actual Easter eggs, it’s earnings season again and that likely means people are bracing themselves for (even) more ups and downs. Whether that ending to Game of Thrones or general market volatility leaves your head spinning, the world can rest easy knowing that Idris Elba also spins (and will be doing so again at weekend 2 of Coachella!) and apparently so does Hodor (in real life!). Have a profitable week!

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Discount Brokerage Deals & Promotions – April 2019

One of the hazards of posting the deals and promotions update on April 1st is that readers might feel like they’re going to get pranked – especially this year with so many offers expiring at the outset of the month.

Alas, while it is true that at the start of this month there are significantly fewer offers available than there were last month, there are more than few reasons to be optimistic about promotions for online investors.

One of the primary reasons to expect the promotional offers board will continue to fill up is that those firms left on the board are getting much more attention and exposure by virtue of being present. Bank-owned brokerages such as BMO InvestorLine and CIBC Investor’s Edge are still in the mix with cash back bonuses which means they’re going to be serious contenders for DIY investors looking for this kind of offer with a big-name bank.

As detailed in the most recent Weekly Roundup, there is also another reason banking on change is a good bet. The landscape for promotional offers is likely to get even more interesting in 2019 thanks to the official launch of Wealthsimple Trade. Their commission-free trading structure means that we expect existing Canadian brokerages to respond in kind with rather creative, headline generating offers.

For now, however, we’re content to ease into the first full month of spring with a solid selection of deals and the prospect that the weeks ahead are bound to be filled with more than few surprises.

Expired Deals

Unlike a typical month, the passing of the RRSP contribution deadline at the beginning of March means that there is a high degree of turnover in the promotions section. There were offers from 6 different online brokerages that expired across March with most of them expiring at the end of the month.  Here is a list of those offers that didn’t make it into April:

  • RBC Direct Investing commission-free trade offer
  • Qtrade Investor Cash Back offer
  • Scotia iTRADE commission-free trade + cash back offer
  • Virtual Brokers RSP cash back offer
  • BMO InvestorLine Winter Campaign
  • TD Direct Investing Winter Promotion

Extended Deals

Like any avid chart watcher, it’s great to see the chart tick in your favour. In this case, there was an uptick in extended deals from CIBC Investor’s Edge, whose cash back offer is now pushed out to early May and Questrade’s massively disruptive transfer fee bonus offer – which has been extended through to the end of June.

New Deals

No new deals to report (yet).



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details 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 $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, 2019
Open and fund a new account with at least $5,000 at National Bank Direct Brokerage and you may be eligible to receive up to 50 commission free equity trades, which are good for up to one year. Use promo code: FREE50 when applying. Be sure to read offer terms and conditions for full details. $5,000 50 commission-free trades 12 months National Bank Direct Brokerage 50 Free Trade Offer April 30, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
Open and fund a new account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer April 30, 2019
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of September 2nd. CIBC Investor’s Edge Cash Back Promo May 2, 2019
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019

Expired Offers

Last Updated: Apr. 1, 2019 17:00 PT

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: Apr. 1, 2019 17:00 PT

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 no minimum required Transfer Fee Promo June 30, 2019
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 $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees. $135 $15,000 Transfer Fee Rebate Details 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers

Last Updated: Apr. 1, 2019 17:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the “Inside Edge” investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information. n/a MoneyTalks Inside Edge Discount none
Disnat 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
Scotia iTrade 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
Open and fund a new qualifying account with at least $5,000 at RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades, which are good for up to one year. Use promo code MDFT8 to qualify. This promotion is being marketed towards healthcare workers, so be sure to review terms and conditions or speak to an RBC Direct Investing representative for full details. $5,000 RBC Direct Investing 20 Free Trade Offer Mar. 4, 2019

Expired Offers

Last Updated: Apr.1, 2019 17:00PT

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: Apr. 1, 2019 17:00 PT
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Discount Brokerage Deals & Promotions – March 2019

*Updated March 14* March is officially (or finally) here. Take note snow, your days are numbered. Of course, it’s not just the white fluffy stuff whose time is up this month as a number of discount brokerage deals for RSP season are also poised to melt away during over the next several weeks.

As last minute RSP contributions undoubtedly trickle in, there is a little bit of good news to share at the outset of a new month.  One minor extension from BMO InvestorLine is the first bullish sign that the promotional offer run is set to continue into the next season. Of course, the other good piece of news is that for DIY investors there are still lots of compelling promotions on the table through the spring.

February certainly saw its fair share of surprises as deals from Virtual Brokers and Questrade made late appearances, with the latter offer being something that hasn’t really been seen before in recent memory – a transfer fee coverage offer that doesn’t have a minimum balance requirement attached to it. Combined with an aggressive advertising campaign across major sporting and entertainment programming, it was hard not to notice this major push by Questrade heading into the RSP contribution deadline for 2018.

The start of a new season is just around the corner however with relative stability in markets, slow movement on interest rates and competitive forces continuing to heat up, there’s likely a few more offers set to sprout up soon.

Expired Deals

*Update March 14 – Deals from TD Direct Investing and BMO InvestorLine which had expired in early March have been officially moved into the expired category. The deal from BMO InvestorLine has been replaced with a slightly modified offer which is detailed in the new deals section below.*

Although technically still live at the time of publication, TD Direct Investing’s commission free trade offer is on the brink of expiration. Timed to conclude on March 1st alongside the RSP contribution deadline, the expiry of an offer from one of Canada’s most popular online brokerages going to be noticed and create an opportunity for other offers to grab the spotlight.

Another minor change taking effect at the start of March is the expiry of RBC Direct Investing targeted commission-free trade offer. Fear not, as they have launched another offer with the same number of commission-free trades (20) that isn’t set to expire until the end of May.

Extended Deals

*Update March 14 – Qtrade Investor has extended the deadline for their cash back offer from March 15th to March 29th. A couple of important details to take note of – first the terms and conditions currently state that any accounts that are being funded by transfer from another institution must be received by March 15th. Also the deadline for applying is specified as March 29th at 11:59 PM ET – which means anyone trying to apply using this offer west of the eastern timezone will have to factor this in when opening their account. See table below for more details.*

BMO InvestorLine’s winter offer has been extended from its previous expiry date of February 28th to now conclude on March 4th.  The slight change is an important one as it enabled individuals on the hunt for a deal on the RSP contribution deadline day to still technically qualify for one.

New Deals

*Update March 14 – BMO InvestorLine has technically rolled out a new cash back promo for spring 2019 that replaces their previous cash back offer (referenced above). This latest offer may look a bit familiar to their previous offer in that it has the same number of qualifying tiers (4) however the tiers themselves are slightly different as are the cash back amounts associated with each level. The new qualifying deposit tiers are: $50,000; $100,000; $500,000 and $1M+, while the associated cash back amounts are: $100, $300, $900 and $1,600 respectively. See table below for more information. *

There were no new deals to announce (yet).



Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details 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 $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, 2019
Open and fund a new account with at least $5,000 at National Bank Direct Brokerage and you may be eligible to receive up to 50 commission free equity trades, which are good for up to one year. Use promo code: FREE50 when applying. Be sure to read offer terms and conditions for full details. $5,000 50 commission-free trades 12 months National Bank Direct Brokerage 50 Free Trade Offer April 30, 2019
Open a new qualifying account with RBC Direct Investing with at least $5,000 and you may be eligible to receive up to 20 commission-free equity trades, which are good for up to one year. Use promo code SPARX when signing up. See terms and conditions for full details. $5,000 20 commission-free trades 12 months RBC Direct Investing Free Trades Promotion March 29, 2019
Open a new account or fund an existing account at Virtual Brokers with at least $10,000, and you may be eligible to receive $50 cash back. Use code RRSP2019 when registering to claim this offer. Be sure to read terms and conditions for full details. $10,000 $50 cash back Cash back will be deposited after July 1, 2019. Virtual Brokers RRSP 2019 Cash Back Promo March 31, 2019
Scotia iTrade Open a new account or fund an existing account with A) $10,000; B) $25,000; C) $50,000; D) $100,000 E) $250,000; F) $500,000 or G) $1M+ and you may be eligible to receive either A)20; B) 50; C) 100; D) 200; or E), F), G) 300 commission free trades; or B) $100; C) $200; D) $500; E) $800; F) $1100 or G) $1500. Use promo code 19CA for the cash back or 19FT for the free trades offers. Be sure to read the terms and conditions for full details. A) $10,000 B) $25,000 C) $50,000 D) $100,000 E) $250,000 F) $500,000 G) $1M+ For cash back: A) $0 B) $100 C) $200 D) $500 E) $800 F) $1100 G) $1500 For commission-free trades: A) 20 B) 50 C) 100 D) 200 E) 300 F) 300 G) 300 For cash back: Cash will be deposited by July, 2019. For commission free trades: 120 days to use trades from date of account funding. iTRADE commission-free trade + cash back offer March 31, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
Open and fund a new account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer April 30, 2019
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Use offer code SPARX18 when opening the account to obtain this offer. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of March 24, 2019 for transfers received by December 31, 2018; transfers received after December 31, 2018 but before May 1, 2019 will receive cash back on the week of July 1, 2019. CIBC Investor’s Edge Cash Back Promo March 24, 2019
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $100; B) $300; C) $900 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $100,000 C) $500,000 D) $1M+ A) $100 B) $300 C) $900 D) $1,600 Cash back will be deposited the week of December 16, 2019. BMO InvestorLine Spring 2019 Campaign June 3, 2019
Open a new qualifying account or fund an existing qualifying account at Qtrade Investor 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 a cash back reward of up to A) $50; B) $100; C) $250 or D) $750 or E) $1500. Use promo code CASH2019 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) $50 B) $100 C) $250 D) $750 E) $1500 Cash back will be deposited the week of September 25, 2019. Qtrade Investor Cashback Promo March 29, 2019

Expired Offers

Last Updated: Mar. 14, 2019 23:00 PT
Open a new qualifying TD Direct Investing account by March 1, 2019 with a minimum deposit of A) $15,000; B) $25,000; C) $50,000 or D) $100,000+ and you may be eligible to receive commission rebates for A) 25; B) 50; C) 100 or D) 200 trades. To qualify online, individuals must register here and open the account by March 1, 2019. See terms and conditions for full details. A) $15,000 B) $25,000 C) $50,000 D) $100,000+ A) 25 B) 50 C) 100 D) 200 Trades made prior to July 1, 2019 will be eligible for rebate. TD Direct Investing Winter Promotion March 1, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $250,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $400; B) $900; C) $1200 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $250,000 C) $500,000 D) $1M+ A) $400 B) $900 C) $1200 D) $1600 Cash back will be deposited the week of September 16, 2019. BMO InvestorLine Winter 2018 Campaign March 4, 2019

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: Mar. 1, 2019 19:00 PT

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 no minimum required Transfer Fee Promo March 31, 2019
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 $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees. $135 $15,000 Transfer Fee Rebate Details 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers

Last Updated: Mar. 1, 2019 19:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the “Inside Edge” investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information. n/a MoneyTalks Inside Edge Discount none
Disnat 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
Scotia iTrade 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
Open and fund a new qualifying account with at least $5,000 at RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades, which are good for up to one year. Use promo code MDFT8 to qualify. This promotion is being marketed towards healthcare workers, so be sure to review terms and conditions or speak to an RBC Direct Investing representative for full details. $5,000 RBC Direct Investing 20 Free Trade Offer Mar. 4, 2019

Expired Offers

Last Updated: Mar. 1, 2019 19:00PT

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
Discounted Management Open a new account with RBC InvestEase and the standard management fee will be waived until October 31, 2019. See offer terms and conditions for full details. $1,000 No management fees until October 31, 2019 None March 31, 2019 RBC InvestEase Pricing Details
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: Mar. 1, 2019 19:00 PT
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Discount Brokerage Deals & Promotions – February 2019

*Updated: Feb. 19* The start of February means it’s almost time for the Super Bowl. Like the big game, Canada’s discount brokerages are fiercely competing with one another heading into the final stretch of their busy season: RSP contribution time.

Fortunately for Canadian DIY investors looking for a new online trading or investing account, this year won’t be a disappointment. All of the most popular players are on the field offering up a promotion of one sort or another ranging from cash back to commission-free trades.

To keep things interesting, Canadian online brokerages have gotten creative with their playbook. From offering up longer stretches of time to use free trades or cranking up the volume of commission-free trades to lowering deposit thresholds and turning to the tried and tested paying to outcompete the other players, DIY investors have lots to choose from.

Kicking things off this month, there is one big deal announcement from RBC Direct Investing, who formally launched a promo offer of 20 commission-free trades at the end of January. As we had flagged last year, there was already a 20 commission-free trade offer on the market targeted towards individuals from the healthcare industry however both offers are independent of one another with different expiry dates and as such RBC Direct Investing makes into the deals section twice.

As exciting as it is to launch the month with a new promotional offer in the mix, heading into this month was equally exciting. January saw cash back deals from BMO InvestorLine, HSBC InvestDirect and Qtrade Investor come to market which provided DIY investors with a broad selection of the ever-popular promo category.

With RBC Direct Investing formally launching their latest offer, we’re not expecting too many big surprises on the deals & promotions from the major players. That said, there are still a couple of brokerages waiting on the sidelines and we’ve learned to never underestimate the element of surprise when it comes to online brokerages during RSP season. So, stay tuned and let us know if you’ve spotted an offer for DIY investors that could be of use to other readers & deal hunters.

Expired Deals

There were no expired deals to report.

Extended Deals

We saw some minor extensions take place at BMO InvestorLine and BMO’s SmartFolio. Their refer-a-friend program for BMO InvestorLine was extended as was their cash back promotion for SmartFolio. The new expiry dates are early January in 2020.

New Deals

*Update: Feb. 19 – There were two big deal announcements late into the race towards the RRSP contribution deadline. Rivals Questrade and Virtual Brokers both announced offers that they hope will get the attention of DIY investors searching for an online trading account.

Questrade’s latest promotion, which is a transfer fee offer, is bound to turn heads because it requires no minimum deposit to qualify for. The transfer promo is unlike anything we’ve seen in recent memory so DIY investors looking to make the leap to Questrade now have a very compelling promo to consider. See the table below for more information.

Virtual Brokers also stepped into the deals and promotions arena with an RRSP related offer for new and existing clients. This cash back offer is for $50 for deposits of at least $10,000. See the table below for more details. *

The big news to report here is the public roll-out of RBC Direct Investing’s 20 commission-free trade offer. Unlike the earlier incarnation which was directed at healthcare professionals (but still open to the public), this fully public offer is being widely advertised. In terms of details, to qualify for this deal, DIY investors require at least $5,000 and the 20 commission-free trades are good for up to one year.  Another important observation about this offer is the expiry date, which is March 29th – well after the RSP contribution deadline.  See the table below for more information.

It is worth reiterating here the cash back offers from Qtrade Investor and HSBC InvestDirect that showed up around mid January. We covered them in detail in previous weekly roundups (here & here) however to quickly recap, Qtrade Investor’s cash back offer ranges from $50 to $1,500 and requires a minimum deposit of $50,000. By comparison, HSBC InvestDirect is offering $188 to $1,288 cash back with qualifying deposits starting at $25,000.

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details 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 $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, 2019
Open and fund a new account with at least $5,000 at National Bank Direct Brokerage and you may be eligible to receive up to 50 commission free equity trades, which are good for up to one year. Use promo code: FREE50 when applying. Be sure to read offer terms and conditions for full details. $5,000 50 commission-free trades 12 months National Bank Direct Brokerage 50 Free Trade Offer April 30, 2019
Open a new qualifying account with RBC Direct Investing with at least $5,000 and you may be eligible to receive up to 20 commission-free equity trades, which are good for up to one year. Use promo code SPARX when signing up. See terms and conditions for full details. $5,000 20 commission-free trades 12 months RBC Direct Investing Free Trades Promotion March 29, 2019
Open a new account or fund an existing account at Virtual Brokers with at least $10,000, and you may be eligible to receive $50 cash back. Use code RRSP2019 when registering to claim this offer. Be sure to read terms and conditions for full details. $10,000 $50 cash back Cash back will be deposited after July 1, 2019. Virtual Brokers RRSP 2019 Cash Back Promo March 31, 2019
Scotia iTrade Open a new account or fund an existing account with A) $10,000; B) $25,000; C) $50,000; D) $100,000 E) $250,000; F) $500,000 or G) $1M+ and you may be eligible to receive either A)20; B) 50; C) 100; D) 200; or E), F), G) 300 commission free trades; or B) $100; C) $200; D) $500; E) $800; F) $1100 or G) $1500. Use promo code 19CA for the cash back or 19FT for the free trades offers. Be sure to read the terms and conditions for full details. A) $10,000 B) $25,000 C) $50,000 D) $100,000 E) $250,000 F) $500,000 G) $1M+ For cash back: A) $0 B) $100 C) $200 D) $500 E) $800 F) $1100 G) $1500 For commission-free trades: A) 20 B) 50 C) 100 D) 200 E) 300 F) 300 G) 300 For cash back: Cash will be deposited by July, 2019. For commission free trades: 120 days to use trades from date of account funding. iTRADE commission-free trade + cash back offer March 31, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
Open a new qualifying TD Direct Investing account by March 1, 2019 with a minimum deposit of A) $15,000; B) $25,000; C) $50,000 or D) $100,000+ and you may be eligible to receive commission rebates for A) 25; B) 50; C) 100 or D) 200 trades. To qualify online, individuals must register here and open the account by March 1, 2019. See terms and conditions for full details. A) $15,000 B) $25,000 C) $50,000 D) $100,000+ A) 25 B) 50 C) 100 D) 200 Trades made prior to July 1, 2019 will be eligible for rebate. TD Direct Investing Winter Promotion March 1, 2019
Open and fund a new account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer April 30, 2019
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Use offer code SPARX18 when opening the account to obtain this offer. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of March 24, 2019 for transfers received by December 31, 2018; transfers received after December 31, 2018 but before May 1, 2019 will receive cash back on the week of July 1, 2019. CIBC Investor’s Edge Cash Back Promo March 24, 2019
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $250,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $400; B) $900; C) $1200 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $250,000 C) $500,000 D) $1M+ A) $400 B) $900 C) $1200 D) $1600 Cash back will be deposited the week of September 16, 2019. BMO InvestorLine Winter 2018 Campaign February 28, 2019
Open a new qualifying account or fund an existing qualifying account at Qtrade Investor 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 a cash back reward of up to A) $50; B) $100; C) $250 or D) $750 or E) $1500. Use promo code CASH2019 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) $50 B) $100 C) $250 D) $750 E) $1500 Cash back will be deposited the week of September 25, 2019. Qtrade Investor Cashback Promo March 15, 2019

Expired Offers

Last Updated: Feb. 19, 2019 09:30 PT

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: Feb. 1, 2019 23:30 PT

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 no minimum required Transfer Fee Promo March 31, 2019
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 $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees. $135 $15,000 Transfer Fee Rebate Details 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers

Last Updated: Feb. 19, 2019 09:30 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the “Inside Edge” investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information. n/a MoneyTalks Inside Edge Discount none
Disnat 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
Scotia iTrade 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
Open and fund a new qualifying account with at least $5,000 at RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades, which are good for up to one year. Use promo code MDFT8 to qualify. This promotion is being marketed towards healthcare workers, so be sure to review terms and conditions or speak to an RBC Direct Investing representative for full details. $5,000 RBC Direct Investing 20 Free Trade Offer Feb. 28, 2019

Expired Offers

Last Updated: Feb. 1, 2019 23:30PT

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
Discounted Management Open a new account with RBC InvestEase and the standard management fee will be waived until October 31, 2019. See offer terms and conditions for full details. $1,000 No management fees until October 31, 2019 None March 31, 2019 RBC InvestEase Pricing Details
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: Feb. 1, 2019 23:30 PT
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Discount Brokerage Deals & Promotions – January 2019

*Updated Jan. 13* Welcome to 2019! The first day of the new year often brings with it a sense of optimism for the upcoming year and for Canadian DIY investors looking for an online investing or trading account, there’s a lot to look forward to, especially in the deals department. With offers from many of Canada’s largest and most popular online brokerages now available, it’s an ideal time to take advantage of a highly competitive marketplace.

The big story out of the gate in 2019 is that Canadian discount brokerages have extended their offers out either to the end of 2019 or until further notice, which is a bullish signal for DIY investors. On the one hand, while the lead up to the RSP contribution deadline will be the busiest time of the year for promotions, for some investors looking to take their time when jumping into the online investing space (especially with market volatility picking up the way it has recently), this reduced pressure of the ‘limited time offer’ means there will be promotions beyond March to be considered. Secondly, this is a bullish signal because it means those brokerages (Questrade and Desjardins Online Brokerage in this case) are committed to staying in the promotions space. Other online brokerages are also then more likely to follow suit.

The bottom line for DIY investors heading into 2019 is that this RSP season is stacked with offers. From commission-free trades to cash back promotions, investors can get a little something extra when opening an account or transferring in more assets. Also, we anticipate at least one or more offers still to come, so stay tuned as 2019’s discount brokerage deal section may continue to get even hotter.

Expired Deals

*Updated Jan. 4: BMO InvestorLine’s combined commission-free trade and cash back promotion from their Fall campaign has officially concluded. Good news for deal seekers, however, there’s a new cash back promotion that has replaced it. See below for more information.*

There are no expired deals to report at the start of the month.

Extended Deals

There were several important deals that were set to expire at the end of 2018 that have now been extended. Questrade has extended two of its current offers out until the end of 2019. The first is their ‘5 free trades’ promotion which offers five commission-free trades (that can be used with 60 days). The second Questrade promotion to receive an extension is the 30 days of commission-free trading plus one month free of their advanced US data package.

Desjardins Online Brokerage also updated their long running 1% commission-credit promotion. The terms and conditions for this offer were updated and removed the deadline date, previously set to end on December 31st 2018. The transfer fee coverage offer also associated with this promotion has been extended as well, so there is no longer a deadline date listed to take advantage of this offer.

New Deals

*Updated Jan. 22: Qtrade Investor has launched a new cash back offer. From now until March 15, 2019, Qtrade Investor is offering between $50 and $1500 cash back as part of a new tiered promotion with minimum deposit tier to qualify starting at $50,000. See the table below for more details.*

*Updated Jan. 13: HSBC InvestDirect has jumped into the promotional offers pool with a new cash back offer for DIY investors. This new tiered promo offers up cash back bonuses ranging between $188 and $1288 for deposits ranging between $25,000 and $1M+. The offer requires three commission-generating trades be placed in order to qualify for the cash back bonus. See table below for more details.*

*Updated Jan. 4: BMO InvestorLine has launched a new cash back offer to replace their previous combined cash back & commission-free trade deal. From now through the end of February, BMO InvestorLine is offering between $400 and $1600 cash back as part of a new tiered promotion with minimum deposit tier to qualify starting at $50,000. See the table below for more details.*

While there were technically no new deals to start off 2019, the arrival of TD Direct Investing’s commission rebate offer in December certainly qualifies as a new offer worth mentioning at the start of the new year. As Canada’s largest online brokerage and a popular choice with DIY investors, it is noteworthy that TD Direct Investing’s promotion is now live and available to all.

Other bank-owned online brokerages also have offers for DIY investors however one in particular to watch in early January is BMO InvestorLine. Their current offer is set to expire on January 2nd which means that very early into the new year, there is likely to be another possible cash back or commission-free trade deal coming to market.

Discount Brokerage Deals

  1. Cash Back/Free Trade/Product Offer Promotions
  2. Referral Promotions
  3. Transfer Fee Promotions
  4. Contests & Other Offers
  5. Digital Advice + Roboadvisor Promotions

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
Jitney Trade A Sparx Trading exclusive offer! Use the promo code “Sparx Trading” when signing up for a new account with Jitneytrade and receive access to their preferred pricing package. n/a Discounted Commission Rates none For more details 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 $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, 2019
Open and fund a new account with at least $5,000 at National Bank Direct Brokerage and you may be eligible to receive up to 50 commission free equity trades, which are good for up to one year. Use promo code: FREE50 when applying. Be sure to read offer terms and conditions for full details. $5,000 50 commission-free trades 12 months National Bank Direct Brokerage 50 Free Trade Offer April 30, 2019
Scotia iTrade Open a new account or fund an existing account with A) $10,000; B) $25,000; C) $50,000; D) $100,000 E) $250,000; F) $500,000 or G) $1M+ and you may be eligible to receive either A)20; B) 50; C) 100; D) 200; or E), F), G) 300 commission free trades; or B) $100; C) $200; D) $500; E) $800; F) $1100 or G) $1500. Use promo code 19CA for the cash back or 19FT for the free trades offers. Be sure to read the terms and conditions for full details. A) $10,000 B) $25,000 C) $50,000 D) $100,000 E) $250,000 F) $500,000 G) $1M+ For cash back: A) $0 B) $100 C) $200 D) $500 E) $800 F) $1100 G) $1500 For commission-free trades: A) 20 B) 50 C) 100 D) 200 E) 300 F) 300 G) 300 For cash back: Cash will be deposited by July, 2019. For commission free trades: 120 days to use trades from date of account funding. iTRADE commission-free trade + cash back offer March 31, 2019
Disnat Desjardins Online Brokerage is offering new clients 1% of assets transferred into the new account in the form of commission credits (to a maximum value of $1,000). Minimum qualifying deposit is $10,000. To qualify, individuals will have to call 1-866-873-7103 and mention promo code DisnatTransfer or email: [email protected]. See details link for more info. $10,000 1% of assets transferred in the form of commission-credits (max credits: $1,000) 6 months Disnat 1% Commission Credit Promo none
Open a new qualifying TD Direct Investing account by March 1, 2019 with a minimum deposit of A) $15,000; B) $25,000; C) $50,000 or D) $100,000+ and you may be eligible to receive commission rebates for A) 25; B) 50; C) 100 or D) 200 trades. To qualify online, individuals must register here and open the account by March 1, 2019. See terms and conditions for full details. A) $15,000 B) $25,000 C) $50,000 D) $100,000+ A) 25 B) 50 C) 100 D) 200 Trades made prior to July 1, 2019 will be eligible for rebate. TD Direct Investing Winter Promotion March 1, 2019
Open and fund a new account with at least A) $25,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+ AND place at least three commission-generating trades and you may be eligible to receive a cash back promotion amount of at least A) $188; B) $388; C) $688; D) $988 or E) $1288. Be sure to read offer terms & conditions for full details. A) $25,000 B) $100,000 C) $250,000 D) $500,000 E) $1M+ A) $188 B) $388 C) $688 D) $988 E) $1288 Cash back will be deposited by November 29, 2019 HSBC InvestDirect 2019 Winter Offer April 30, 2019
Open and fund a new qualifying account with CIBC Investor’s Edge with a deposit of at least A) $25,000; B) $50,000 or C) $100,00+ and you may be eligible to receive a cash back bonus of A) $100; B) $200 or C) $400. This offer is open to both new and existing clients. Use offer code SPARX18 when opening the account to obtain this offer. Be sure to read full terms and conditions for complete details. A) $25,000 B) $50,000 C) $100,000 A) $100 B) $200 C) $400 Cash back will be deposited on the week of March 24, 2019 for transfers received by December 31, 2018; transfers received after December 31, 2018 but before May 1, 2019 will receive cash back on the week of July 1, 2019. CIBC Investor’s Edge Cash Back Promo March 24, 2019
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, 2019
BMO InvestorLine Open a new qualifying account or fund an existing qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $250,000; C) $500,000 or D) $1M+ and you may be eligible to a cash back reward of up to A) $400; B) $900; C) $1200 or D) $1600. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $250,000 C) $500,000 D) $1M+ A) $400 B) $900 C) $1200 D) $1600 Cash back will be deposited the week of September 16, 2019. BMO InvestorLine Winter 2018 Campaign February 28, 2019
Open a new qualifying account or fund an existing qualifying account at Qtrade Investor 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 a cash back reward of up to A) $50; B) $100; C) $250 or D) $750 or E) $1500. Use promo code CASH2019 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) $50 B) $100 C) $250 D) $750 E) $1500 Cash back will be deposited the week of September 25, 2019. Qtrade Investor Cashback Promo March 15, 2019

Expired Offers

BMO InvestorLine Open a new account or fund an existing account at BMO InvestorLine with new assets worth at least A) $50,000; B) $200,000; C) $400,000 or D) $600,000+ and you may be eligible to receive 30 commission-free equity trades AND a cash back reward of up to A) $100; B) $300; C) $600 or D) $1000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $50,000 B) $200,000 C) $400,000 D) $600,000+ 30 commission-free equity trades plus: A) $100 B) $300 C) $600 D) $1000 commission-free equity trades can be used in February & March of 2019. Cash back will be deposited the week of July 15, 2019. BMO InvestorLine Fall 2018 Campaign January 2, 2019
Last Updated: Jan. 22, 2019 21:30 PT

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 (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
Scotia iTrade 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
BMO InvestorLine 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 2, 2020

Expired Offers

Last Updated: Jan. 1, 2019 17:00 PT

Transfer Fee Promotions

Company Brief Description Maximum Transfer Fee Coverage Amount Minimum Deposit Amount for Transfer Fee Eligibility Details Link Deadline
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 $15,000 or more to RBC Direct Investing and they will pay up to $135 in transfer fees. $135 $15,000 Transfer Fee Rebate Details 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
Move your brokerage account to Questrade and they’ll cover the transfer-out fee up to $150. $150 $25,000 Transfer Fee Promo 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 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
Disnat 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 $50,000 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 $50,000 Disnat 1% Commission Credit Promo none
BMO InvestorLine Open a new qualifying account with BMO InvestorLine or fund a qualifying existing account, by transferring in at least $200,000+ in net new assets and you may be eligible to have transfer fees covered up to $200. Use promo code SPARXCASH when signing up. Be sure to read the terms and conditions for more details on the offer. $200 $200,000 BMO InvestorLine Summer 2018 Campaign September 3, 2018

Expired Offers

Last Updated: Jan. 1, 2019 17:00 PT

Other Promotions

Company Brief Description Minimum Deposit Amount Required Details Link Deadline
Disnat Desjardins Online Brokerage, in conjunction with MoneyTalks, is offering 3 months of the “Inside Edge” investor information service to Desjardins Online Brokerage clients. Use promo code DESJ2016 during checkout to qualify. Be sure to read full terms and conditions for more information. n/a MoneyTalks Inside Edge Discount none
Disnat 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
Scotia iTrade 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
Open and fund a new qualifying account with at least $5,000 at RBC Direct Investing and you may be eligible to receive up to 20 commission-free trades, which are good for up to one year. Use promo code MDFT8 to qualify. This promotion is being marketed towards healthcare workers, so be sure to review terms and conditions or speak to an RBC Direct Investing representative for full details. $5,000 RBC Direct Investing 20 Free Trade Offer Feb. 28, 2019

Expired Offers

Last Updated: Jan. 1, 2019 17:00PT

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, 2019 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
Discounted Management Open a new account with RBC InvestEase and the standard management fee will be waived until October 31, 2019. See offer terms and conditions for full details. $1,000 No management fees until October 31, 2019 None March 31, 2019 RBC InvestEase Pricing Details
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: Jan. 1, 2019 17:00 PT