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Discount Brokerage Deals & Promotions – February 2020

February is finally upon us. It’s a great time to indulge in all things that are rosy and sugar-spun for Valentine’s Day and, for Canadian DIY investors, the best time to take advantage of sweet deals being offered by Canadian discount brokerages ahead of the RRSP contribution deadline.

In spite of the cheer, to quote a famous rock anthem, every rose has its thorns. And, in the case of the deals pool heading into February, there was one long term commission-free trading offer that finally got dumped by Desjardins Online Brokerage in favour of their newer pricing strategy.

While goodbyes are never easy, investors can say hello to bright, new beginnings, including offers and lower pricing from brokerages to celebrate this month. As this year is also a leap year, investors will get an extra day in the month to ponder which online brokerage is best.

Qtrade Investor stepped back into the deals pool, offering up a new tiered cash back promotion and RBC Direct Investing is “on again” with its 25 commission-free trade deal. BMO InvestorLine decided to show some more love to its referral program, extending it out to next year and it also launched a new tiered cash back promotion to carry DIY investors through the RRSP contribution scramble. Scroll on to learn more about these deals, as well as a few that are set to expire at the end of this month!

As always, if there are any promotions that would benefit other DIY investors that aren’t covered, feel free to let us know in the comments below.

Expired Deals

The epic run of the Disnat (Desjardins Online Brokerage) 1% commission credit promotion has finally come to an end. The deal offered 1% of assets transferred into a new account in the form of commission credits, up to a maximum value of $1,000, expired in early January. The latest reduction in standard and active commission pricing is likely the driving force.

Extended Deals

Some good news for friends of BMO InvestorLine clients as the bank-owned online brokerage decided to extend the referral offer out another year. The new expiry date for this offer is in January 2021. The extra good news for this cash back referral offer is that it can be stacked on top of existing offers.

New Deals

Not wanting to be left out in the cold, Qtrade Investor joined the deals and promotions pool this RSP season with a new tiered cash back promotion in January. The promotion offers up between $75 and $2,000 cash back for DIY investors who open up a new qualifying account. As an extra sweetener, individuals who contribute more than $1,000 through pre-authorized contributions by December 31st, 2020 may also be eligible to receive an extra $50. Qtrade’s latest promotion is set to end on March 31st, 2020

Though technically making a reappearance, the 25 commission-free trades promotion from RBC Direct Investing is back in the ‘new’ deals category after an absence at the end of 2019. The promotion is offering 25 commission-free equity and ETF trades for any RBC Direct Investing account that is opened by March 27th, 2020. The upside of this offer is that clients will get a whole year to use them.

Finally, BMO InvestorLine upped the ante replacing an outgoing cash back deal, with an even bigger offer in early January. The new deal from BMO InvestorLine expires on March 3rd, 2020, and offers up cash back ranging from $250 to $2,000. To qualify for this offer DIY investors are required to deposit between $50,000 to $1 million or more.

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

CompanyBrief DescriptionMinimum Deposit AmountCommission/Cash Offer/Promotion TypeTime Limit to Use Commission/Cash OfferDetails LinkDeadline
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, 2020
Scotia iTradeOpen 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. $5,000Cash + 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 DetailsFebruary 29, 2020
Open a new RBC Direct Investing account by March 27th and you may be eligible for 25 commission-free equity and ETF trades. You must deposit or transfer $5,000 in your account by May 8th, 2020 to be able to use this promotion. Make sure that the offer code MFTC2 is applied during account opening. As always, be sure to take a look at the terms and conditions for further details. $5,00025 commission-free trades1 year Commission-Free Offer DetailsMarch 27, 2020
Open and fund a qualifying new or existing account at TD Direct Investing with at least A) $15,000; B) $25,000; C) $100,000; D) $250,000 or E) $500,000 or more and you may be eligible to receive a cash back reward up to A) $100; B) $200; C) $300; D) $500 or E) $1,000. Use promo code RSPCash20 when applying online. Be sure to read full terms and conditions. A) $15,000
B) $25,000
C) $100,000
D) $250,000
E) $500,000
A) $100
B) $200
C) $300
D) $500
E) $1,000
Cash back will be deposited by Aug. 16, 2020. TD Direct Investing Promotion February 29, 2020
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.$25,000commission-free trades for 1 month + 1 month of advanced data.1 monthActive Trader Program December 31, 2020
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 DetailsMarch 4, 2020
Open and fund a new Qtrade account with at least A) $25,000; B) $50,000 C) $100,00; D) $500,000; E) $1M or D) $2M+ in new assets by March 31, 2020 and you may be eligible to receive a cash bonus of A) $75; B) $150; C) $400; D) $800; E) $1,500 or F) $2,000. Individuals who contribute more than $1,000 through pre-authorized contributions by December 31, 2020 may also be eligible to receive an extra $50. Use promo code QTRADECASH at sign up to qualify. Be sure to read full terms and conditions for more details. A) $25,000
B) $50,000
C) $100,000
D) $500,000
E) $1M
F) $2M+
A) $75
B) $175
C) $400
D) $800
E) $1,500
F) $2,000
The cash award will be credited to your cash/margin account in the week of October 30, 2020.Qtrade Investor Q1 2020 Cash Back Offer March 31, 2020
BMO InvestorLineOpen a new qualifying account at BMO InvestorLine with new assets worth at least A) $50,000; B) $100,000; C) $250,000; D) $500,000 or E) $1M+, and you may be eligible to receive a cash back reward of up to A) $250; B) $450; C) $800; D) $1,000 or E) $2,000. Use promo code SPARXCASH when registering to qualify. Be sure to read full terms and conditions.A) $50,000
B) $100,000
C) $250,000
D) $500,000
E) $1M+
A) $250
B) $450
C) $800
D) $1,000
E) $2,000
Cash back will be deposited week of October 12, 2020BMO InvestorLine Cash Back Offer DetailsMarch 3, 2020
Last Updated: Feb. 1, 2020 14:55PT

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
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: 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
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 fundedRefer A Friend to Qtrade Investornone
BMO InvestorLineIf 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.$5,000You(referrer): $50; Your Friend(referee): $50Payout occurs 45 days after minimum 90 day holding period (subject to conditions). BMO InvestorLine Refer-a-Friend January 5, 2021
Last Updated: Feb. 1, 2020 14:55PT

Transfer Fee Promotions

CompanyBrief DescriptionMaximum Transfer Fee Coverage AmountMinimum Deposit Amount for Transfer Fee EligibilityDetails LinkDeadline
Move your brokerage account to Questrade and they'll cover the transfer-out fee up to $150.$150n/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$15,000Confirmed 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 Rebatenone
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 Transfer Fee Promo
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$25,000Confirmed with reps. Contact client service for more information (1-800-567-3343).none
BMO InvestorLineOpen 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. $200Contact client service for more informationContact client service for more information (1-888-776-6886)none
Last Updated: Feb. 1, 2020 14:55PT

Other Promotions

CompanyBrief DescriptionMinimum Deposit Amount RequiredDetails LinkDeadline
Submit your information via the Hardbacon website to be referred to National Bank Direct Brokerage. Open and fund a qualifying account and you may receive up to 20 commission-free trades and discounted trading commissions. Be sure to read full terms and conditions. n/a Hardbacon Free Trade Promo none
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: Feb. 1, 2020 14:55PT

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.$1,0001st month no management feesKDKFNBBCNoneQuestrade Portfolio IQ Promo Offer
Cash Back - ReferralBMO 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.NoneSmartFolio Website
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: Jan. 16, 2020 14:55 PT

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