Use Sparx Trading's Online Brokerage Comparison Tool to find the right brokerage and account type for your DIY investing strategy.
Select the account types you would like to compare between brokerages.
Select up to three brokerages from the dropdown menus to begin comparing. Click section headers to hide/expand information.
The Tax Free Savings Account (TFSA) was introduced in 2009 to offer Canadians a flexible savings tool. This account allows you to set money aside tax-free throughout your lifetime.
The Registered Retirement Savings Plan (RRSP) was created in 1957 to provide tax breaks as a motivation tool to save money for retirement. This account allows you to put away some of your income to pay less income tax yearly.
The Registered Education Savings Plan (RESP) allows parents or guardians to save for a child’s education.
Margin accounts are brokerage accounts that allow you to borrow money against the investments in your account. Basically, you pay a portion of the purchase price for a stock and have a portion paid by the broker (in effect, you are borrowing this amount from the broker). Any gains earned from this stock will repay the amount owed to the broker first, and the rest is for you!
These accounts are fairly straightforward: they require all transactions to be made with available cash, such as settling a trade by depositing cash. Compared to margin accounts where money is borrowed from a brokerage, these accounts require payment in full for the stocks you buy.