Best brokerage account promotions in Canada
Updated: September 16, 2024
If you’re not currently satisfied with your brokerage account due to the high fees or the poor user interface, you may want to consider switching, as it’s easier than ever. We recently looked at how you can switch brokerage accounts, and it’s much simpler than you may have originally expected.
In many cases, you can even swap your account for free since platforms, such as Wealtshimple, will reimburse the transfer fees if you switch to its robo-advisor. The good news is that you can also take advantage of a promotional offer on top of the account transfer reimbursement, if you’re looking to make the switch when it comes to your online brokerage.
Best brokerage for new account promotions (in alphabetical order)
BMO InvestorLine
- Bonus: Up to $3,500 in cash back
- Minimum deposit to unlock bonus: $5,000 ($250 bonus)
- Holding period: Until February 28, 2025
- Cost to transfer: BMO InvestorLine may not cover transfer fees, so you’ll have to pay whatever your original brokerage charges
BMO InvestorLine charges $9.95 per trade when trading stocks, but you can access over 80 ETFs for free. If you're looking for a variety of assets, the brokerage also provides you with access to every account type and investment product. You can open a USD-registered account if you want to trade US stocks. There’s no minimum account balance for opening an account, and seasoned investors will get to use high-quality research tools.
BMO will only cover fees for qualifying members of the 5 Star Program for up to $250, but others will have to pay whatever your original brokerage charges you. However, if you open a self-directed account with BMO InvestorLine between June 4, 2024 and September 30, 2024, you can receive up to $3,500 in cash back. You have to invest $1.5 million or more for the most cash back of $3,500, but if you transfer $5,000, you can earn a bonus of $250 in cash back — not too shabby.
CIBC Investor’s Edge
- Bonus: Get up to $100 in commission-free options until October 31, 2024
- Qualification: To be eligible for the Offer, you must be approved to trade options. To apply, sign on to your account and visit the ‘Options Central’ section of the CIBC Investor’s Edge website.
- Cost to transfer: CIBC doesn’t cover the transfer fees, so it will depend on what your original brokerage charges
CIBC bank is currently offering a banking promotional package if you’re looking to switch over all of your accounts. When you open a chequing and savings account and you meet the criteria for qualifying, you can earn up to $600.
CIBC charges $6.95 per trade for stocks and ETFs but doesn’t charge for mutual funds (though be mindful of the hidden fees).
Based on our previous review, we discovered that CIBC ranks low in customer service. However, the brokerage is backed by one of the largest banks in Canada, and young investors (between 18 and 24) can trade stocks and options for free.
Desjardins Online Brokerage
- Bonus: No bonus currently offered
- Minimum deposit to unlock bonus: N/A
- Holding period: N/A
- Cost to transfer: Depends on what your brokerage charges
Desjardins Online Brokerage offers commission-free trading for stocks and ETFs. While Desjardins isn’t generally known for its online brokerage services, this can be the right choice if you’re looking for educational resources and commission free trading in Canada. If you’re a young investor between 18 and 30, Desjardins will reimburse you up to $150 in transfer fees.
Desjardins Online Brokerage isn’t currently offering any promotional offers. However, you can have the $30 quarterly inactivity fee waived if you make over six trades in a year. The notable issue is that most online brokerages don’t even charge an inactivity fee in the first place.
National Bank Direct Brokerage
- Bonus: Will waive $100 annual fee
- Minimum deposit to unlock bonus: $25,000
- Holding period: None
- Cost to transfer: Will refund up to $150 if you have $20,000 or more in assets
National Bank touts that it’s the first brokerage to offer commission-free trading for Canadian and US stocks. With no trading fees and access to educational resources like webinars and training materials, this is one of the best brokerage accounts for those looking to save on commissions. However, you can’t ignore the $100 annual administration fee and that there have been issues reported with the usability of the mobile app.
National Bank will waive the $100 annual administration fee if you meet the qualifications as an offer. However, the qualifications will include being a young investor under 30 or holding eligible assets of at least $20,000.
Qtrade Direct Investing
- Bonus: No current bonus offered
- Minimum deposit to unlock bonus: N/A
- Holding period: N/A
- Cost to transfer: Will cover up to $150 in transfer fees
Qtrade is known for its award-winning customer service, exceptional educational resources for investors and ease of use. The Globe and Mail rated Qtrade A-, and it has been consistently rated as the top online broker in Canada for the last decade. The Portfolio Score tool helps clients work on their portfolios by reviewing the risks. Qtrade charges $8.75 per trade but offers commission-free trading of over 120 ETFs.
While Qtrade doesn’t currently have any promotions, the $25 account maintenance fee can be waived if you meet the criteria by being a young investor, holding $25,000 in your account or setting up a recurring contribution of $100 per month or more.
Questrade (Managed and self-directed)
- Bonus: Five commission-free trades
- Minimum deposit to unlock bonus: $1,000
- Holding period: Trades completed within 60 days of the account activation
- Cost to transfer: Questrade will reimburse you up to $150 to transfer your account over
Based on our extensive research, Questrade is the best online brokerage in Canada due to its low fees and simple DIY trading platform. Questrade is one of the most well-established online brokerages in Canada, in part due to the excellent customer and account options for investors.
You can get five commission-free stock trades if you open and fund a new TFSA or margin online trading account with $1,000 by December 31, 2024. Questrade also has a referral program, where you can earn $50 with up to 30 friends or relatives per year for every account sign-up. You can transfer your account for free, get five free trades and then refer friends to maximize your switch to Questrade.
RBC Direct Investing
- Bonus: 100 commission-free trades and up to 1% cash back reward
- Minimum deposit to unlock bonus: $15,000
- Holding period: Until November 14, 2025
- Cost to transfer: RBC covers up to $200 in transfer fees
RBC Direct Investing doesn’t require a minimum account to get started, and you can even open a practice account until you’re ready to start investing. However, RBC Direct Investing charges $9.95 per trade, which is higher than many of the other options in this article, and there’s also a quarterly maintenance fee.
RBC Direct Investing currently has a summer promotional offer where you can earn 100 commission-free trades and/or a 1% cash back reward if you meet the eligibility requirements. You must open an eligible account between July 25, 2024 and September 26, 2024. Then, you must fund this account by the deadline of November 29, 2024 and the transferred assets have to remain in the account until November 14, 2025.
Scotia iTRADE
- Bonus: Up to $3,500
- Minimum deposit to unlock bonus: $1,000
- Holding period: Until December 31, 2024
- Cost to transfer: Whatever your original institution charges
Scotia iTRADE is the online brokerage for Scotiabank, which is one of the largest banks in the country and it would simplify your financial life if you already have an account with them. However, it’s worth pointing out that the Scotia iTRADE online brokerage has received poor reviews from users based on customer service, the high fees, and issues with the mobile app.
Scotia iTRADE currently has a promotional offer where you can earn up to $3,500 in cash back if you open a new account by August 30, 2024 and hold the funds until December 31, 2024. You must fund the account with the required amount by September 30, 2024. The promotional offer also includes $4.99 stock and ETF commission prices until the end of the year. You can unlock a $25 bonus by transferring $1,000 or more. If you want to earn the full $3,500, you’ll have to transfer in $2 million or more.
TD Direct Investing
- Bonus: The current promotion has expired
- Minimum deposit to unlock bonus: N/A
- Holding period: N/A
- Cost to transfer: TD will cover up to $150 in transfer fees
The Globe and Mail gave TD Direct Investing an A rating because the online brokerage offers tools for managing your portfolio. Trading fees depend on whether you’re considered a standard trader (less than 150 trades per quarter) or an active trader (over 150 trades per quarter).
Standard traders pay $9.99 per trade, while active ones pay $7 per trade. It comes down to deciding if the fees are worth having access to the market research tools.
While TD doesn’t currently have a promotional offer, the last promotion included 10 rebated trades (a value of up to $9.99 per trade, 10 times). TD will cover up to $150 in transfer fees and you can open up a banking account with them to simplify your financial situation.
Wealthsimple (Managed and self-directed)
- Bonus: 1% match offer
- Minimum deposit to unlock bonus: $15,000
- Holding period: 365 days
- Cost to transfer: Free, as Wealthsimple reimburses the transfer fees
Wealthsimple is the best online brokerage if you’re looking to invest in robo advisors or if you want a better user experience. With no account minimums to get started and zero commission trading, this is the ideal account for most investors. Even though Wealthsimple has limited portfolio options and there are currency fees for purchasing US stocks, you can expect reasonable fees and access to quality human advisors.
Wealthsimple is currently offering a 1% match offer that doesn’t have a cap on how much you can earn. The offer period ends on August 31, 2024, and you must keep your funds in the account for 365 days after this. You’ll be paid your bonus in 12-month installments once you qualify. For example, if you transfer $36,000 worth of assets into a new Wealthsimple TFSA account and leave your funds in there for the qualifying period, you’ll receive a bonus of $360, which would be paid out to you in 12 monthly payments of $30.
Webull
- Bonus: $150
- Minimum deposit to unlock bonus: $2,000
- Holding period: None
- Cost to transfer: Webull covers up to $150
Webull offers professional tools and no account minimums or maintenance fees. It charges $2.99 per trade for Canadian and USD stock purchases. The platform also offers a 90-day introductory offer, during which you can trade Canadian and US stocks commission-free.
Webull's $200 cash bonus expires at the end of July, but the online broker usually offers some sort of incentive to transfer funds over to your account. The current promotional offer is a $150 transfer bonus if your assets are worth $2,000, or more. However, it’s unclear if this welcome bonus is separate from the reimbursement of an account transfer or not.
How to compare brokerage account promotions
If you’re thinking about switching to a new brokerage account, here’s what you should look out for:
- Account minimums: You’ll want to consider the account minimums because if you don’t have the required funds, you may not earn certain perks, making the entire transfer pointless.
- Fees: You should review the fees to see how much it would cost you to have your funds managed with the new online brokerage. You want to ensure that the transfer is worth it, and you’ll also want to consider the transfer fees to ensure that the savings make sense.
At the end of the day, finding the ideal online brokerage account will depend on your financial goals and what you’re looking for. It’s crucial that you review the fees and conditions to ensure that you’re making the best move for your personal situation.
Summary of the best brokerage account promos for August 2024
| Provider | Bonus | Holding period |
|---|---|---|
| BMO InvestorLine |
Up to $3,500 cash back
Minimum deposit: $5,000 |
Until February 28th, 2025 |
| CIBC Investor's Edge | Get up to $100 in commission-free options. | until October 31, 2024 |
| National Bank Direct Brokerage |
Will waive $100 annual fee
Minimum deposit: $25,000 |
None |
| Questrade |
Five commission-fee trades
Minimum deposit: $1,000 |
Must complete trades within 60 days of account activation |
| RBC Direct Investing |
100 commission-fee trades and up to 1% cash back reward
Minimum deposit: $15,000 |
Until November 14th, 2025 |
| Scotia iTRADE |
Up to $3,5000
Minimum deposit: $1,000 |
Until December 31st, 2024 |
| Wealthsimple |
1% match
Minimum deposit: $15,000 |
365 days |
| Webull |
$150
Minimum deposit: $2,000 |
None |
Martin Dasko has been helping millennials make sense of their finances without missing out on life since 2008. Martin started his financial writing career as a business major in Ryerson when he realized that there was so much school didn't teach us about managing money. Martin covers topics ranging from investing in real estate to trying to build your credit score without letting life pass you by.
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