Brokerages in Canada for High Networth Clients

Broker

Most of the Big 5 Canadian banks offer special accounts for high networth individuals. All of the accounts have similar and really marginal benefits and is just for bragging rights really. However, I’ve taken all of their benefits and compared it side by side.

*Note that not all fees are reflected in the tables below. They are simply for comparing the special account with a regular account.

RBC Direct Investing
Features Regular Account Royal Circle
Minimum Requirement N/A $250,000 or $5,000+ commissions
Trading Commissions $9.95 or $6.95 if over 150 trades/quarter (plus $1.25 per contract)
Account Fees $25/quarter if under $15,000; Free if over $15,000 Free
Transfer-in Fee Reimbursement $135 if over $15,000 $500 if over $15,000
CDN Margin Loan Rate 4.25% 4.25% if < $25,000; 3.75% from $25,000-$100,000; 3.00% over $100,000
USD Margin Loan Rate 4.75% 4.75% if < $25,000; 4.25% from $25,000-$100,000; 3.75% over $100,000
RRSP Account Fee $25/quarter if under $15,000 Free
RSP Withdrawls $50 Free
Cheque Request $10 Free
Equity Swap/Substitutions $35 Free
Dishonoured Item Fee $25 Free
Other Dedicated phone line
TD Waterhouse Discount Brokerage
Features Regular Account President’s Account
Minimum Requirement N/A $500,000
Trading Commissions $29 if < $50,000 assets; $9.99 if over $50,000; $7 if over 150 trades/quarter (plus $1.25 per contract)
Account Fees $25/quarter if under $15,000 assets; Free if over $15,000 Free
Transfer-in Fee Reimbursement $150 if over $25,000
CDN Margin Loan Rate 4.25% 4.00%
USD Margin Loan Rate 4.50% 4.25%
Reg. Acc. Interest Rate 0.025% 0.025% up to $1,000,000; 0.15% over $1,000,000
Non-Reg. Interest Rate 0.0% 0.15% over $1,000,000
RRSP Account Fee $100/year if RRSP Account under $25,000; Free if over $25,000
Withdrawal Fee $125 full withdrawal; $25 partial withdrawal
Other Dedicated phone line; access to investment team 24/7
BMO Investorline
Features Regular Account 5 Star Silver 5 Star Gold
Minimum Requirement N/A $250,000 $500,000
Trading Commissions $29 if under $50,000; $9.95 if over $50,000 $9.95
Account Fees $25/quarter if under $10,000; Free if over $10,000 Free
Transfer-in Fee Reimbursement $200 if over $15,000
CDN Margin Loan Rate 4.25% 4.25% if < $25,000; 3.75% from $25,000-$100,000; 3.25% over $100,000 4.00% if < $25,000; 3.75% from $25,000-$100,000; 3.00% over $100,000
USD Margin Loan Rate 4.70% 4.5% if < $25,000; 4.25% from $25,000-$100,000; 4% over $100,000 4.5% if < $25,000; 4.25% from $25,000-$100,000; 3.75% over $100,000
RRSP Account Fee $50/year if under $25,000; Free if over $25,000 Free
RRSP Deregistration $50 $25 (50% off 5 star)
Equity Swap $25 Free
Service Dedicated phone line; access to investment team 24/7
Tools Access to real-time trading information with Real Time and Level II Quotes
Other Access to BMO Capital Markets Research for Top 60 TSX Stocks
CIBC Investor’s Edge
Features Regular Account Loyalty Benefits
Minimum Requirement N/A $100,000
Trading Commissions $28.95 if under $50,000; $9.95 if over $50,000; $6.95 if over 150 trades/quarter $6.95
Account Fees $100 if under $10,000; Free if over $10,000
Transfer-in Fee Reimbursement
CDN Margin Loan Rate 4.25%
USD Margin Loan Rate 4.5%
RRSP Account Fee $25/quarter if account under $25,000; Free if account over $25,000
RSP Withdrawls $100 for full withdrawal; $25 for partial withdrawal
Scotiabank iTrade
Features Regular Account Over $50,000 Assets Over $250,000 Assets
Minimum Requirement N/A $50,000 $250,000
Trading Commissions $24.99 $9.99 or $6.99 if over 150 trades/quarter
Account Fees Unsure
Scotia iTRADE Trading Desk Free
iTRADE FlightDesk Standard Service $39.95/month; Free if over 8 trades/quarter $29.95/month; Free if over 8 trades/quarter Free
iTRADE FlightDesk Premium Service $79.95/month; Free if over 30 trades/quarter $69.95/month; Free if over 30 trades/quarter Free

References:
http://www.tdwaterhouse.ca/document/PDF/forms/521778.pdf

http://www.rbcdirectinvesting.com/pdf/commission-fees.pdf

http://www.scotiabank.com/itrade/en/files/13/10/SIT_FeeSched.pdf

https://www.bmoinvestorline.com/public/pdf/schedule_en.pdf

https://www.investorsedge.cibc.com/ie/pdf/ie-fee-schedule-en.pdf

Posted in Banking.

Leave a Reply

Your email address will not be published. Required fields are marked *

*