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People often look at springtime as a chance to clean house. And, for many of Canada’s discount brokerages, that is exactly what they did with the deals and promotions heading into April. At the outset of this month, there are almost half as few deals being offered as there were throughout March which is a […]
People often look at springtime as a chance to clean house. And, for many of Canada’s discount brokerages, that is exactly what they did with the deals and promotions heading into April.
At the outset of this month, there are almost half as few deals being offered as there were throughout March which is a signal that online brokerages are stepping back as the summer season approaches.
|
Cash Back / Free Trade |
Referral Promotions |
Transfer Fee Promotions |
Contests & Other Offers |
Total | |
| March |
15 |
4 |
10 |
4 |
33 |
| April |
6 |
3 |
8 |
4 |
19 |
The biggest decline was seen in the number of cash back or commission-free trades being offered however at the time of publication, several brokerages, such as Scotia iTrade and Virtual Brokers, still had the expired offers listed on their website raising the prospect of a potential extension from someone.
What is interesting is who has managed to keep a promotion alive through the spring turnover. Specifically, Virtual Brokers’ commission-free trading offer has definitely been on the radar of many deal hunters and the two bank-owned brokerages in the mix, BMO InvestorLine and TD Direct Investing, have much more attention thanks to the exit of so many other players.
There’s a high likelihood that many brokerages will be assessing where they need to go next now that the busy first quarter of 2016 is officially over. With tax return (and for many, tax refund) season now underway, we anticipate that the deals and promotions activity will start to pick up again in April.
For DIY investors, 19 discount brokerage deals on the table still means that there are still lots of options to consider, however with any deal be sure to read the fine print to know exactly what strings are attached.
Expired Deals
The list of expired Canadian discount brokerages deals from last month is quite long. Here’s a quick list of what expired in March:
- Questrade – Apple Watch ($500 Apple Gift Card)
- Scotia iTrade – Free Trade Offer
- Scotia iTrade – Refer a Friend
- Virtual Brokers – RRSP 2016 Promotion
- Credential Direct – Cash back offer
- Questrade – 3 months free trading
- Questrade – 3 months unlimited trading
- NBDB – $500 or $1000 commission credit
- HSBC InvestDirect – 30 commission-free trades
Extended Deals
Only one discount brokerage at the start of the month extended an existing offer. Desjardins Online Brokerage kept their $500 commission credit alive for another month extending the deadline for this offer out to April 30, 2016.
New Deals
No new deals to announce at the beginning of April.
Discount Brokerage Deals
- Cash Back/Free Trade/Product Offer Promotions
- Referral Promotions
- Transfer Fee Promotions
- Contests & Other Offers
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 |
|---|---|---|---|---|---|---|
 |
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 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, 2016 |
 |
Open and fund a new account at Virtual Brokers with at least $5,000 and you may be eligible to receive 3 months of commission-free equity trading and a $150 USD/mo credit towards Edge Trader Pro for 3 months. Use promo code sent at sign up to qualify. Be sure to read full terms and conditions for details. | $5,000 | 3 months commission-free equity trading + $150 USD/mo platform fee rebate. | 3 months | 3 months free trading / Sign up form for promo code available here | none |
 |
Open a new qualifying account with BMO InvestorLine, and fund it with at least A) $100,000 or B) $250,000 in net new assets and you may be eligible to receive either A) $200 cash back and 100 commission-free equity trades or B) $600 cash back and 100 commission-free equity trades. Use promo code Spring1600 when signing up to be eligible. Be sure to read the terms and conditions for more details on the offer. | A) $100,000 – $249,999 B) $250,000+ | A) $200 cash back + 100 commission-free equity trades. B) $600 cash back + 100 commission-free equity trades. | 60 days for equity trades. Cash back will be deposited the week of Oct. 10, 2016. Commission rebates will be paid week of Oct. 10, 2016. | Spring 2016 Promotion | May 31, 2016 |
Expired Offers |
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 |
Open and fund a new account at TD Direct Investing with at least A) $25,000; B) $50,000 or C) $100,000+ and you may be eligible to receive up to A) 50; B) 100 or C) 200 commission-free trades. Be sure to read terms and conditions for full details. | A) $25,000 – $49,999 B) $50,000 – $99,999 C) $100,000 | A) 50 commission-free trades B) 100 commission-free trades C) 200 commission-free trades | 60 days | Commission-free Trading Offer | April 15, 2016 |
 |
Disnat is offering new & existing clients $500 in commission credits which can be used for up to 6 months. To be eligible, new/existing clients need to deposit $50,000 into a Disnat account. You’ll have to call 1-866-873-7103 and mention promo code Disnat500. See details link for more info. | $50,000 | $500 commission credit | 6 months | Disnat $500 Commission Credit Promo | April 30, 2016 |
| Last Updated: May 9 9:45 AM |
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 – $9,999 B) $10,000 – $24,999 C) $25,000 – $49,999 D) $50,000 -$99,999 E) $100,000+ | $25 cash back (for referrer per referral; $50 bonus cash back for every 3rd referral) For referred individuals: A) $25 cash back B) $50 cash back C) $75 cash back D) $100 cash back E) $250 cash back | Cash deposited into Questrade billing account within 7 days after funding period ends (90 days) | Refer a friend terms and conditions Code Number: 476104302388759 | none |
 |
If you refer a friend/family member who is not already a Scotia iTrade account holder to them, both you and your friend get a bonus of either cash or free trades. You have to use the referral form to pass along your info as well as your friend/family members’ contact info in order to qualify. There are lots of details/conditions to this deal so be sure to read the details link. | A) $10,000 B) $50,000+ | A) You(referrer): $50 or 10 free trades; Your “Friend”: $50 or 10 free trades (max total value:$99.90) B) You(referrer): $100 cash or 50 free trades; Your “Friend”: $100 cash or 50 free trades (max total value: $499.50) | 60 days | Refer A Friend to Scotia iTrade | March 31, 2016 |
|
If you (an existing Virtual Brokers client) refer a friend or family member to open a new account with at least $5,000 you may be eligible to receive $25 cash per referral. For 3 or more referrals Virtual Brokers will add a $50 bonus. Referred individuals depositing either A) $5,000 – $50,000 or B) $50,000+ may be eligible to receive A) $25 or B) $50 cash back. Be sure to read the full terms and conditions carefully for full details. Be sure to read the terms and conditions to this offer carefully for full details. | A) $5,000 – $50,000 B) $50,000+ | Referrer: $25 per referral; $50 bonus for each 3 or more referrals. Referee: A) $25 B) $50 | Cash to be deposited to VB account by August 15, 2016. | Cash Referral Program | May 31, 2016 |
|
If you (an existing BMO InvestorLine client) refer a new client to BMO InvestorLine and they open an account with at least $50,000 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. | $50,000 | You(referrer): $50; Your Friend(referee): $50 | Payout occurs after 45 days (subject to conditions). | BMO InvestorLine Refer-a-Friend | June 30, 2016 |
Expired Offers |
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|
Open a new account (TFSA, Margin or RRSP) and receive $50 commission credit . Use promo code: kdkfnbbc | $1,000 | $50 commission credit | none | none | none |
| Last Updated: May 1, 2016 21:30 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 to RBC Direct Investing and they will pay up to $135 in transfer fees | $135 | $15,000 | Transfer Fee Rebate Details | none |
 |
Transfer $25,000 or more from another brokerage and Credential Direct will cover up to $150 in transfer fees. Use promo code SWITCHME when signing up to qualify for the transfer promotion. | $150 | $25,000 | Credential Direct 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 read terms and conditions for full details. | $150 | $25,000 | Commission-free trade promo | April 15, 2016 |
 |
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 info (1-800-567-3343) | none |
 |
Transfer $25,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees | $135 | $25,000 | Transfer Fee Rebate | none |
Expired Offers |
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|
Disnat 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 Disnat account. You’ll have to call 1-866-873-7103 and mention promo code Disnat500. See details link for more info. | $150 | $50,000 | Disnat $500 Commission Credit Promo | April 30, 2016 |
 |
Qtrade Investor will reimburse your transfer fee up to $150 when transferring a balance of $10,000 or more. For reimbursement, please mail or fax a copy of your statement from the transferring institution that shows the transfer charge to Qtrade Investor at 604.484.2627 and indicate your Qtrade Investor account number. | $150 | $10,000 | Transfer Fee Rebate | April 29, 2016 |
| Last Updated: May 1, 2016 21:30 PT |
Other Promotions
| Company | Brief Description | Minimum Deposit Amount Required | Details Link | Deadline |
|---|---|---|---|---|
|
Credential Direct has partnered with Trend Micro to offer 50% off Trend Micro Titanium Internet Security. Use code “TrendCF” at checkout. | n/a | Trend Micro Special Offer Code | none |
|
Desjardins Online Brokerage is offering $50 in commission credits for new Disnat Classic clients depositing at least $1,000. See terms and conditions for full details. | $1,000 | Broker@ge 18-30 Promotion | none |
|
Scotiabank StartRight customers can receive 10 commission-free trades when investing $1,000 or more in a new Scotia iTrade account. Trades are good for use for up to 1 year from the date the account is funded. Use promo code SRPE15 when applying (in English) or SRPF15 when applying in French. Be sure to read full terms and conditions for full details. | $1,000 | StartRight Free Trade offer | none |
Expired Offers |
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Open a new account with Questrade with at least $2,000 and you may be eligible to receive free tax software and the platinum bundle package form H&R Block. Use promo code HRBLOCK2016 when signing up to qualify. Read the terms and conditions for full details. | $2,000 | H&R Block Promo | April 15, 2016 |
| Last Updated: May 1, 2016 21:30 PT |
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