Scotia iTRADE Account Type

Scotia iTRADE offers a variety of trading and investment accounts tailored to meet diverse investment needs. Here are the main types of accounts available:

• Registered Accounts:
• Tax-Free Savings Account (TFSA):
• Tax-free income on investments.
• No tax deductions on contributions.
• Investment options include stocks, ETFs, mutual funds, and fixed income.
• No account fees.
• Suitable for short to long-term investments.
• Registered Retirement Savings Plan (RRSP):
• Contributions are tax-deductible.
• Tax-deferred growth until withdrawal.
• Investment options include stocks, ETFs, mutual funds, and fixed income.
• $100 fee if the aggregate account is less than $25,000 and fewer than 12 trades/year.
• Long-term investment focus.
• Registered Education Savings Plan (RESP):
• Maximum lifetime contribution limit of $50,000 per child.
• Investment growth is tax-free until withdrawal.
• Government matches a percentage of contributions.
• $25 fee if the aggregate account is less than $15,000 and fewer than 12 trades/year.
• Suitable for short to long-term investments.
• First Home Savings Account (FHSA):
• Designed to save for a first home in a tax-free manner.
• Non-Registered Accounts:
• Margin Account:
• No contribution or withdrawal limits.
• Minimum equity requirements apply.
• Investment options include stocks, ETFs, mutual funds, and fixed income.
• $25 quarterly fee for low activity accounts.
• Short to long-term investment horizon.
• Cash Account:
• No contribution limits.
• Investment options include stocks, ETFs, mutual funds, and fixed income.
• $25 quarterly fee for low activity accounts.
• Short to long-term investment horizon.

Scotia iTRADE Broker Account Opening Process

Opening a Scotia iTRADE account is straightforward and can be completed in about 15 minutes. Heres a step-by-step guide:

• Eligibility Requirements:
• Must be a Canadian citizen and above the age of majority.
• Provide your Social Insurance Number (SIN) and your spouse's SIN (if opening a spousal account).
• Minimum deposit of $100 is required.
• A government-issued ID is necessary.
• Must have an existing bank account with a Canadian financial institution.
• Application Process:
• Apply online through the Scotia iTRADE website or at a Scotiabank branch.
• Alternatively, you can call Scotia iTRADE customer service for assistance.
• Upload a valid copy of your photo government ID and ensure all information is clear and legible.
• Include a void cheque if your bank account is not with Scotiabank.
• If transferring existing accounts, provide a copy of the statement for those accounts.
• Tips for a Smooth Process:
• Ensure you have a residential and mailing address.
• Complete the “client info” page accurately.
• E-sign and upload all required documents.
• You can also print your application, sign it, and mail it to Scotia iTRADE.

For detailed information, you can visit the Scotia iTRADE website: Scotia iTRADE Account Opening.