Discount Brokerage Deals & Promotions – August 1, 2017

It’s hard to believe but August is already upon us. That’s right, this is the last full month of summer and in just a few weeks, activity in the markets and with investors is poised to ramp up as summer vacations come to an end. For Canadian online brokerages (and robo-advisors too), however, they’re still hard at work figuring out how to win the attention of Canadian investors.

Heading into a new month, there is still a healthy selection of discount brokerage deals and offers for DIY investors to choose from. Encouragingly, there are some new (and soon to launch) offers to replace a handful of expired offers. For the most part, however, it’s steady state from July – for now.  Keep reading to get the latest information on offers from Canada’s discount brokerages and as always, let us know in the comments section below if there are any offers that Canadian DIY investors might want to hear about.

Expired Deals

There were two offers that expired at the end of July. The first, from Scotia iTRADE, was their free trade + free movie points offer. With Scotia iTRADE’s ability to tap into the ‘free movie’ well, pairing trades with free movies was an interesting and unique offering for the bank-owned online brokerage to put forward.

The second offer to officially expire at the end of July was the commission-free trading of Canadian ETFs from Qtrade Investor. Offering an ‘all you can trade’ approach was an interesting venture by Qtrade Investor into ‘commission-free’ trading of all Canadian ETFs and is reminiscent of the strategy National Bank Direct Brokerage used and ultimately predated the move to allow for commission-free trading on all Canadian ETFs a few years later.

Extended Deals

In the robo-advisor department, BMO SmartFolio extended their offer to waive management fees for the first $15K deposited into a new account. The new expiry date to take advantage of this offer has been extended to October 31st.

New Deals

Out of the gate, Scotia iTRADE is taking a very creative approach with a new campaign to hear from investors about their money goals. Tied to this campaign is a contest for an Apple iWatch (series 2) which is valued at $549 CAD. There’s lots to unpack about this contest, but for DIY investors interested in a chance to win an Apple iWatch, Scotia iTRADE’s latest promotion could be an interesting way to do so.

For those interested in BMO SmartFolio (and those who already have an account), there is a new refer-a-friend bonus that gives $50 cash to both the referrer and referee. Most notably, this referral offer can be combined with the existing BMO SmartFolio promotion.

Also officially launching this month will be another offer from BMO InvestorLine. We can’t release details on it just yet, but it will be a cash back offer that will replace the soon to expire offer currently being offered until August 8th.

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 (new!)

Cash Back/Free Trade/Product Offer Promotions

CompanyBrief DescriptionMinimum Deposit AmountCommission/Cash Offer/Promotion TypeTime Limit to Use Commission/Cash OfferDetails LinkDeadline
Jitney TradeA 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/aDiscounted Commission RatesnoneFor 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 credit60 daysAccess 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.$1,0005 commission-free trades60 days 5 commission-free trade offer December 31, 2017
Open and fund a new account at Virtual Brokers with at least $5,000 and you may be eligible to receive a $50 cash back rebate per quarter. To receive the cash back rebate, at least 20 commission generating trades must be made within a specified quarter. Use promo code: CSHBKQTR17 to access this offer. This offer is open to new clients only. Be sure to read terms and conditions for full details.$5,000$50 commission rebate (cash back) per quarter (up to $200 cash back over the total period)To qualify 20 trades must be made within a quarter. $50 cash will be rebated in the following quarter. Eligibility period ends June 2018.For more information, click the terms and conditions hereSeptember 30, 2017
Open and fund a new account with Virtual Brokers with a deposit of at least $5,000 and receive cash back commission rebates on the first 20 Canadian or US ETF trades made by September 30, 2017. For commission-free Canadian ETFs use promo code: CADSETF2017 and for US ETFs use promo code: USSETF2017. This offer is open to new clients only. Be sure to read terms and conditions for full details.$5,000$50 commission rebate (cash back)Trades must be completed by Sept. 30, 2017. Cash rebates will be deposited in Feb. 2018.For more information, click the terms and conditions hereSeptember 30, 2017
DisnatDesjardins 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 DisnatFlex or email: infodisnat@disnat.com. See details link for more info.$10,0001% of assets transferred in the form of commission-credits (max credits: $1,000)6 monthsDisnat 1% Commission Credit PromoSeptember 30, 2017
BMO InvestorLineOpen a new qualifying account with BMO InvestorLine or fund a qualifying existing account, with at least $200,000+ in net new assets and you may be eligible to receive $1,200 cash back. In addition, eligible individuals can receive a 60-day trial of BMO MarketPro and have transfer fees covered up to $200. Use promo code SPARXCASH when signing up for cash back offer. Be sure to read the terms and conditions for more details on the offer.$200,000+$1,200 Cash back
Cash back will be deposited the week of March 12, 2018.Summer cash back offerAugust 7, 2017
Last Updated: Aug. 1, 2017 12:30 PT

Referral Promotions

CompanyBrief DescriptionMinimum Deposit AmountIncentive StructureTime Limit to Use Commission/Cash Offer DepositDetails LinkDeadline
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: 476104302388759none
Scotia iTradeIf 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 daysRefer A Friend to Scotia iTrade tbd
BMO InvestorLineIf 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. $50,000You(referrer): $50; Your Friend(referee): $50
Payout occurs 45 days after minimum 90 day holding period(subject to conditions). BMO InvestorLine Refer-a-Friend June 30, 2018
Last Updated: Aug. 1, 2017 12:30 PT

Transfer Fee Promotions

CompanyBrief DescriptionMaximum Transfer Fee Coverage AmountMinimum Deposit Amount for Transfer Fee EligibilityDetails LinkDeadline
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 $25,000 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$25,000 Transfer Fee Rebatenone
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$25,000Contact client service for more information (1-800-465-5463).none
Transfer $25,000 or more to Virtual Brokers and they may cover up to $150 in transfer fees. $150$25,000 Transfer Fee promo tbd
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$25,000Confirmed with reps. Contact client service for more information (1-800-567-3343).none
DisnatDisnat 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 DisnatFlex. See details link for more info.$150$50,000Disnat 1% Commission Credit PromoSeptember 30, 2017
BMO InvestorLineOpen 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 to also be eligible for cash back offer. Be sure to read the terms and conditions for more details on the offer.$200$200,000Summer cash back offerAugust 7, 2017
Last Updated: Aug. 1, 2017 12:30 PT

Other Promotions

CompanyBrief DescriptionMinimum Deposit Amount RequiredDetails LinkDeadline
DisnatDesjardins 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/aMoneyTalks Inside Edge Discount none
Scotia iTradeShare a story about a personal finance goal or moment (max 1000 characters) and complete the contest submission form and you may be eligible to win one of three monthly prizes of an Apple Watch Series 2. Contest is open to all Canadian provinces except residents of Quebec. Be sure to read contest terms and conditions for full details.n/aTerms & Conditions available here: Scotia iTRADE #MyMakeItHappen Contest; Entry link available here.October 31, 2017
DisnatDesjardins 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. $1,000Broker@ge 18-30 Promotionnone
Scotia iTradeScotiabank 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
Last Updated: Aug. 1, 2017 12:30 PT

Digital Advice + Roboadvisor Promotions

Robo-advisor / Digital advisorOffer TypeOffer DescriptionMin. Deposit Reward / PromotionPromo CodeExpiry DateLink
Discounted ManagementOpen 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.$10001st month no management feesKDKFNBBCNoneQuestrade Portfolio IQ Promo Offer
Discounted ManagementOpen 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.$5,000 1 year no management feesSPSF
October 31, 2017SmartFolio New Account Promotion
Cash BackOpen and fund a new Investcube account with National Bank Direct Brokerage and deposit with at least A) $10,000; B) $50,000; C)$200,000; or D) $300,000+ and you may be eligible to receive a cash back deposit of either A) $50; B) $200; C) $400 or D) $600. See offer terms and conditions for full details.A) $10,000
B) $50,000
C) $200,000
D) $300,000+
A) $50 cash back
B) $200 cash back
C) $400 cash back
D) $600 cash back
CUBE2017August 31, 2017 Investcube Cash Back Promotion
Transfer Fee CoverageTransfer 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 coveredNoneNoneContact customer service directly for more information.
Last Updated: Aug. 1, 2017 12:30 PT

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