TRADING ACCOUNT TYPES

HOW WOULD YOU LIKE TO INVEST? 

• Margin
• TFSA
• RRSP
• RESP
• RRIF
• LIRA
• LIF

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  All in the same margin account

  Trade stocks, options and exchange-traded funds on margin, or sell short positions, all in the same margin account!

   

  Margin accounts let you purchase eligible securities with borrowed money. The amount you borrow is based on a percentage of the value and quality of your investments, and the cash or value you have in your account.

   

  Short selling is used when an investor anticipates a stock price will decrease and wants to profit by selling the stock and then buying it back at a lower price. 

   

  There are risks associated with purchasing or shorting securities on Margin, as fluctuation in market value of securities could lead to losses in excess of the value of your investments. This feature is not intended for novice investors, as adverse price movements could lead to theoretically unlimited loss.

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  Tax-Free Savings Account (TFSA)

  A TFSA is a registered savings account that enables you to earn investment income tax-free, subject to certain conditions and limitations. A U.S. TFSA comes with all the tax advantages of a regular TFSA, but is denominated in U.S. currency.

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  Registered Retirement Savings Plan (RRSP)

  An RRSP is a registered account that is intended for tax-deferred savings for retirement. A U.S. RRSP comes with all the tax advantages of a regular RRSP, but is denominated in U.S. currency. (Learn more in our TFSA vs. RRSP article). This feature allows you to trade U.S. securities without worrying about fees from forced foreign currency conversions.

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  Registered Education Savings Plan (RESP)

  An RESP is a registered tax-advantaged savings account for a child’s post-secondary education. The Government of Canada matches up to 20% of the first $2,500 of your annual contributions, to a maximum of $500 per beneficiary per year, with a lifetime maximum per beneficiary of $7,200 up to age 18.

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  Registered Retirement Income Fund (RRIF)

  A RRIF account allows you to roll over investments from an RRSP, as an RRSP cannot be kept after the age of 71. No contributions can be made to a RRIF, and a minimum annual withdrawal, based on age, is required each year. The payments made to you from your RRIF are taxable, but investment gains in a RRIF are tax-deferred until they are withdrawn. 

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  Locked-in RRSP (LIRA)

  A LIRA account is designed to hold accumulated pension benefits from a former employer, as government regulations do not permit you to convert your pension into cash. The investments are “locked in,” meaning that unlike a regular RRSP, they cannot be cashed out until a specified retirement age. Another important distinction between regular RRSPs and LIRAs is that once funds have been transferred from a company pension plan to a LIRA, further contributions cannot be made. 

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  Registered Life Income Fund (LIF)

  A LIF account is a type of RRIF to which you may transfer your locked-in retirement funds from a LIRA or a registered pension plan, if permitted by the pension legislation governing the locked-in funds. A LIF provides the pension plan member with the flexibility to defer the purchase of a life annuity until the end of the year, or the year in which they turn 80.