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Discount Brokerage Deals & Promotions – July 2020

*Update: July 28* Summer has finally arrived, and what a strange summer it’s shaping up to be! This word has been used a lot in the last few months, but it continues to be the word of the moment: unprecedented.

With the whole world – and the stock market – venturing into uncharted territory, it’s impossible to know what, exactly, the second half of 2020 holds in store.

Despite ongoing fluctuations in the stock market, online brokerages are continuing to see a high level of interest from DIY investors. Like their US counterparts, Canadian discount brokerages have been opening huge numbers of new accounts. This may explain why several brokerages haven’t felt the need to add any new deals or promotions for the month of July.

Regardless, there are still many ongoing deals and promotions to entice savvy DIY investors. Scroll on to review the current offerings from Canadian discount brokerages.

As always, Sparx Trading will add any updates as they appear, so be sure to check back throughout the month.

Expired Deals

*Update: July 28 – Qtrade Investor’s referral promotion has officially been confirmed as expired. *

BMO InvestorLine ended its cash-back promotion on June 1st.

Extended Deals

No extended deals to report at this time.

New Deals

No new deals to report at this time.

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
  6. Offers for Young Investors

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
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
Last Updated: Jun. 30, 2020 16:20PT

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
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: Jul 28, 2020 14:24PT

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: Jun 30, 2020 16:35PT

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: Jun 30, 2020 16:39PT

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: Jun. 30, 2020 16:40PT

Offers for Young Investors

BrokerageOffer TypeEligible Age Range / Client SegmentOffer DescriptionMin. Deposit Expiry DateLink
Student PricingClients with CIBC Smart™ Account for students$5.95 per trade and zero annual account feesnot requiredNoneCIBC Student Pricing
Broker@ge 18-3018-30 years old investorsBenefits:

* 5 free transactions (Minimum deposit of $1,000 required)
* No inactivity fees
* No asset minimum to maintain for free registered accounts
* Exclusive events
* Disnat Mobile App
$1,000NoneBroker@ge 18-30
Offers for professionals & StudentsStudents in selected fields of studyProfessionals and students in the below fields can benefit from a reduced pricing structure:
* Engineering students
* Legal, accounting and business students
* Healthcare students
* Health sciences students
* Nursing students

Benefits:
* $5.95 commission on equities
* $0 commission on ETFs
* $0 annual administration fee
not requiredNoneNBDB Student Pricing
Young investor pricing18-30 years old investorsBenefits:

* $7.75 commissions for stock and ETF trades
* No account minimums
* No quarterly admin fees
min. $50 a month through pre-authorized contributions.NoneYoung Investor Pricing
Waiver of account maintenance fee Clients who have RBC Student account, currently or in the past 5 years.The Maintenance Fee ($25 per quarter) is waived, regardless of the account balance.not requiredNoneZero Account Management Fee
Young Investors OfferClients below 26 years oldLow activity account administration fee and the RSP account administration fee are waived.not requiredNoneYoung Investors Offer
Zero Account Administration FeeClients below 26 years oldThe account administration fee ($24.95 per quarter) is waived.not requiredNone$0 Account Administration Fee
Last Updated: Jun. 30, 2020 16:45PT

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