Scotia iTRADE Account Types

Scotia iTRADE offers a variety of account types to cater to different investment needs. The main account categories include:

• Registered Accounts:
• Tax-Free Savings Account (TFSA):
• Contributions are not tax-deductible, but any earned income is tax-free.
• Investment options include stocks, ETFs, mutual funds, fixed income, and limited options strategies.
• No account fees and suitable for short to long-term investments.
• Registered Retirement Savings Plan (RRSP):
• Contributions are tax-deductible up to individual limits, and income is tax-deferred until withdrawal.
• Investment options include stocks, ETFs, mutual funds, fixed income, and limited options strategies.
• Fees apply if the aggregate account is less than CAD $25,000 and has fewer than 12 trades per year.
• Registered Education Savings Plan (RESP):
• Maximum lifetime contribution limit of CAD $50,000 per child, with tax-free growth until withdrawal.
• Investment options include stocks, ETFs, mutual funds, fixed income, and limited options strategies.
• Fees apply if the aggregate account is less than CAD $15,000 and has fewer than 12 trades per year.
• Registered Retirement Income Fund (RRIF): Provides annual income after turning 71.
• Non-Registered Accounts:
• Cash Account:
• Allows for cash trades with settlement periods varying by investment type.
• Fees of CAD $25 per quarter for low activity accounts.
• Margin Account:
• No contribution or withdrawal limits, but minimum equity requirements apply.
• Investment options include stocks, ETFs, mutual funds, fixed income, and limited options strategies.
• Fees of CAD $25 per quarter for low activity accounts, plus interest on borrowed funds.
• Non-Personal Accounts:
• Available for businesses and organizations, offering a range of investment products and services.

Scotia iTRADE Broker Account Opening Process

Opening a Scotia iTRADE account is straightforward and can be completed in about 15 minutes. Here are the steps involved:

• Eligibility Requirements:
• Must be a Canadian citizen and of the age of majority.
• A Social Insurance Number (SIN) is required, along with your spouses SIN if opening a spousal account.
• A minimum deposit of CAD $100 is needed.
• Documentation:
• Provide a government-issued photo ID.
• An existing bank account from a Canadian financial institution is required.
• A copy of the statement for any accounts you wish to transfer to Scotia iTRADE.
• Application Process:
• You can apply online, visit a Scotiabank branch, or download and complete an application form.
• Ensure all identification is current and legible, matching the name and address on the application to avoid delays.
• If needed, upload a void cheque if your bank account is not with Scotiabank.
• Account Activation:
• Upon completion, your account may receive temporary approval, allowing you to start trading as early as the next business day.
• Full account approval may take longer for RESP and some non-personal accounts, which require paper-based applications.

For more details, you can visit the official Scotia iTRADE website: Scotia iTRADE