On the heels of the results from the annual Globe and Mail Canadian Discount Brokerage rankings, the 2012 Morningstar Canadian Investment Awards were handed out on November 28th and included a “Best Discount Brokerage” category. While not nearly as well known as the J.D. Power and Associates award for Investor Satisfaction, the Morningstar Awards offer discount brokerages the chance to submit themselves (for a fee) for consideration by a panel of judges for the title of “Best Discount Broker.” This year, Qtrade took top spot and maintained their three year reign as the title holder of this award. Certainly it’s a bright spot for them after recently having been displaced from the top of the Globe and Mail rankings by Virtual Brokers. To learn more about the Morningstar methodology for “Best Discount Broker” click here. BMO Investorline’s “Advice Direct” also earned recognition for “Best Use of Technology” (another category for which entrants had to submit a fee to be considered). Unfortunately, neither the list of candidates nor the scores were published so we are not sure how many discount brokerages participated in this year’s submission.
Another big piece of news for self-directed investors came in the form of an increased contribution limit to tax-free savings accounts (TFSAs). Most Canadian discount brokerages offer TFSAs so for those who choose to invest via their TFSAs, the news is definitely welcomed. Starting in January 2013 Canadians will be allowed to contribute a maximum of $5500 dollars (instead of the previous limit of $5000 per year). To learn more about which discount brokerages offer TFSAs, click here.
If you want to learn more about TFSAs themselves, check our special “The Mighty TFSA.”
As we turn the corner into December, an interesting opportunity for individuals to sit and discuss some investing related topics is being held at the TD Waterhouse Discount Brokerage centre in downtown Vancouver. The event, entitled “stock chatter” will take place on December 5th from 1:30 PM to 3:00 PM.
Best Discount Brokerage Tweet of the Week
This past week saw the finale of Financial Literacy Month but also it was the conclusion of the now infamous “Mo-vember”. @Jitneytrade deserves a tip of the hat for getting their team on board and actively participating in this great event. Check out their tweet here which has the link to their movember ‘stache pics.
The People Have Spoken
Questrade is one of the most active discount brokerages when it comes to offering discounts and promotions. Recently they’ve offered individuals either an iPad mini if they transfer in $100K or a chance to win one of 10 ipad minis for a smaller deposit. The retail value of an ipad mini is $329. In our discount broker deals section, we’ve seen deal “value” far higher for smaller deposit sizes, and so it piqued our curiosity – what do others think of this Questrade promotion? Is an iPad mini enough value to deposit $100,000? Sure enough, the Questrade promotion caught the attention of some folks on the following Red Flag Deals forum.