Desjardins Account Type

Desjardins offers several types of brokerage accounts to cater to different investment needs. The main account types include:

• Cash Account: The simplest way to start investing, allowing trades in stocks, mutual funds, and fixed income securities.
• Margin Account: Provides flexibility by allowing investors to purchase shares without having the full funds upfront, using the cumulative loan value based on the securities in the account.
• Registered Accounts:
• RRSP (Registered Retirement Savings Plan): Invest tax-free until withdrawal, with tax-deductible contributions.
• TFSA (Tax-Free Savings Account): Earn investment income tax-free, with no taxes on withdrawals.
• FHSA (First Home Savings Account): Save tax-free for a down payment on a first home, with a maximum contribution limit of $40,000.
• LIRA (Locked-In Retirement Account): Transfer pension funds without additional contributions until retirement.
• RRIF (Registered Retirement Income Fund): Flexible tax-deferred account for income during retirement.

Desjardins Broker Account Opening Process

Opening a brokerage account with Desjardins involves a straightforward process:

• Choose Account Type: Decide between a cash account, margin account, or a registered account based on your investment goals.
• Application: Complete the online application, providing personal information such as your name, address, and Social Security number.
• Verification: The brokerage may require additional documentation to verify your identity.
• Funding the Account: Transfer funds from your bank account to your brokerage account. Desjardins allows for electronic transfers, and you can open an account with no minimum deposit.
• Start Trading: Once your account is funded, you can begin investing in various securities offered by Desjardins.

For more detailed information, you can refer to their official website: Desjardins Online Brokerage.