Scotia iTRADE Account Types

Scotia iTRADE offers a variety of trading and investment accounts to meet diverse financial goals. The main account types include:

• Registered Accounts:
• Tax-Free Savings Account (TFSA):
• Contributions are not tax-deductible, but any income earned is tax-free.
• Investment Types: Stocks, ETFs, mutual funds, fixed income, and limited options strategies.
• Fees: No fee.
• Time Horizon: Short to long term.
• Registered Retirement Savings Plan (RRSP):
• Contributions are tax-deductible, and investment income is tax-deferred until withdrawal.
• Investment Types: Stocks, ETFs, mutual funds, fixed income, and limited options strategies.
• Fees: $100 if the aggregate account is less than $25,000 and fewer than 12 trades/year.
• Time Horizon: Long-term.
• Registered Education Savings Plan (RESP):
• Investment growth is tax-free until withdrawal, with government matching contributions.
• Investment Types: Stocks, ETFs, mutual funds, fixed income, and limited options strategies.
• Fees: $25 if the aggregate account is less than $15,000 and fewer than 12 trades/year.
• Time Horizon: Short to long term.
• Non-Registered Accounts:
• Margin Account:
• No contribution or withdrawal limits, but minimum equity requirements apply.
• Investment Types: Stocks, ETFs, mutual funds, fixed income, and options.
• Fees: $25 per quarter.
• Time Horizon: Short to long term.
• Cash Optimizer Account:
• Investment Types: Fixed income, fixed income mutual funds, and money market funds.
• Fees: No fee.
• Time Horizon: Short to long term.
• Cash Account:
• Investment Types: Stocks, ETFs, mutual funds, fixed income.
• Fees: $25 per quarter.
• Time Horizon: Short to long term.

Scotia iTRADE Broker Account Opening Process

Opening a Scotia iTRADE account is straightforward and typically takes about 15 minutes. Here are the steps to follow:

• Eligibility:
• Must be a Canadian citizen and above the age of majority.
• A minimum deposit of $100 is required.
• Required Documentation:
• Social Insurance Number (SIN) for yourself and your spouse (if applicable).
• A government-issued photo ID.
• Existing bank account information from a Canadian financial institution.
• A copy of the statement for any accounts you wish to transfer to Scotia iTRADE.
• Application Process:
• Online: Complete the application on the Scotia iTRADE website.
• In-Person: Visit a Scotiabank branch with the necessary documents.
• By Mail: Download an application form, complete it, and send it along with your ID.
• Account Approval:
• Once the application is submitted, temporary approval may allow trading as soon as the next business day.
• Complete documentation must be mailed within two weeks for full account approval.

For more detailed information, visit the official Scotia iTRADE website: Scotia iTRADE