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    Key points

    With Black Friday and Cyber Monday landing so close to the beginning of December, deal hunting is going to be top of mind for DIY investors heading into the final month of the year. Fortunately, there are deals to be had with a number of cash back and commission-free trade promotions going on to round […]

    With Black Friday and Cyber Monday landing so close to the beginning of December, deal hunting is going to be top of mind for DIY investors heading into the final month of the year. Fortunately, there are deals to be had with a number of cash back and commission-free trade promotions going on to round out the final month of 2019.

    Of course, like many offers taking place in the lead up to Christmas, there is a time limit to take advantage of them.

    December looks to be an interesting month for deals activity because there are offers – such as the RBC Direct Investing commission-free offer – which are scheduled to expire just before the middle of the month. Questrade has a pair of longstanding offers which are set to expire at the end of the month too.

    In addition to promotions that are scheduled to end in December, there are also competitive dynamics at work which might make it more likely for other brokerages to step up with an offer sooner rather than later. The addition of Scotia iTRADE and their commission-free trades or cash back offer to the deals pool last month basically sets the stage for more offers to come to market.

    Given everything that’s happened in the US market with commission-free stock trading, Canadian DIY investors are anxiously awaiting the same to happen here in Canada with the mainstream online brokers. While it is unlikely to go to zero across the industry soon, price drops are in the forecast.

    Looking ahead at the promotions picture, the reality is that it is more competitive than ever before in the Canadian online brokerage space so to win consumers. Online brokerages have to get even more creative (and they are starting to) and the fastest way to get on the radar of value-conscious DIY investors is through promotional offers. By that measure, we’re expecting to see brokerages roll out some interesting promos into the end of 2019 or into early 2020.

    Those brokerages that are still on the sidelines in terms of offers won’t be there much longer. With RRSP season just around the corner and additional room for TFSA contributions coming at the beginning of the year, it will be an equally limited time offer to get the attention of DIY investors.

    We’ll be keeping a close eye on the deals space but if you find an offer that would be great for other DIY investors to know about, let us know in the comments.

    Expired Deals

    No expired deals.

    Extended Deals

    No extended deals to report at this time.

    New Deals

    There were no new deals to report at the beginning of December however there was a deal that came to market at the tail end of November from Scotia iTRADE. The latest promotion from this popular bank-owned online brokerage is sure to raise some eyebrows from competitors as it offers a potent combination of cash back and discount standard commission pricing or commission-free equity trades. To boot, iTRADE has also made this a multi-tiered offer that ranges from entry level investor/portfolio to high net worth portfolio, so there’s something for just about every stripe of investor here. With iTRADE now in the mix, the list of bank-owned online brokerages without an offer is becoming smaller than the list of bank-owned brokerages with an offer.

    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
    Scotia iTrade Open and fund a new Scotia iTrade account to be eligible for up to $1,500 in cash back and $6.99 commission pricing, or up to 500 free equity trades. The amount of cashback and free trades are dependent on the funding of your account. Take a look at the offer details link for further information. $5,000 Cash + discounted commissions, or free trades. $6.99 trades available until June 30, 2020; Cash or commission rebate for free trades available until July 31, 2020. iTrade Offer Details February 29, 2020
    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
    When you transfer funds from another account into a CIBC Investor’s Edge account with assets worth at least A) $25,000; B) $50,000; C) $100,000, you may be eligible to receive A) $100; B) $200; or C) $400 in cash back. A) $25,000 B) $50,000 C) 100,000+ A) $100 B) $200 C) $400 Cash back will be deposited between May 18 – September 17, 2020. CIBC Cash Back Offer Details March 4, 2020
    BMO InvestorLine Open a new qualifying account at BMO InvestorLine with new assets worth at least A) $250,000; B) $500,000; C) $2M or D) $5M+, and you may be eligible to a cash back reward of up to A) $400; B) $800; C) $2,000 or D) $5,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions. A) $250,000 B) $500,000 C) $2M D) $5M+ A) $400 B) $800 C) $2,000 D) $5,000 Cash back will be deposited week of Aug. 17, 2020 BMO InvestorLine Cash Back Offer Details January 6, 2020

    Expired Offers

    Open a new RBC Direct Investing account by December 13th and you may be eligible for 25 commission-free equity and ETF trades. You must deposit or transfer $5,000 in your account by February 14th, 2020 to be able to use this promotion. Make sure that the offer code MCFT1 is applied if you wish to qualify for this deal. As always, be sure to take a look at the terms and conditions for further details. $5,000 25 commission-free trades 1 year Commission-Free Offer Details December 13, 2019
    Last Updated: Dec. 20, 2019 15:35 PT

    Referral Promotions

    Company Brief Description Minimum Deposit Amount Incentive Structure Time Limit to Use Commission/Cash Offer Deposit Details Link Deadline
    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
    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
    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
    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

    Expired Offers

    Last Updated: Nov. 29, 2019 13:39 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 none
    Transfer $15,000 or more to RBC Direct Investing and they will pay up to $200 in transfer fees. $200 $15,000 Transfer Fee Rebate Details none
    Transfer $15,000 or more into a new HSBC InvestDirect account and you may be eligible to have up to $152.55 in transfer fees covered. $152.55 $15,000 Confirmed via email contact with HSBC InvestDirect Rep. Contact client service for more information. none
    Transfer $15,000 or more to Qtrade Investor from another brokerage and Qtrade Investor may cover up to $150 in transfer fees. See terms and conditions for more details. $150 $15,000 Transfer Fee Rebate none
    Transfer $20,000 or more to a National Bank Direct Brokerage account and they will pay up to $135 plus taxes in transfer fees. $135 $20,000 Transfer Fee Rebate none
    Transfer at least $25,000 or more in new assets to TD Direct Investing when opening a new account and you may qualify to have transfer fees reimbursed up to $150. Be sure to contact TD Direct Investing for further details. $150 $25,000 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 $10,000 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: Nov. 29, 2019 13:37 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: Nov. 29, 2019 13:38 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: Nov. 29, 2019 13:38 PT