TRADE PRICING

We offer low and no trading fee options that help you put more of your money to work for you.

Commissions
Equities
As low as
1¢/share

min $1.99/trade

max $7.99/trade 

ETFs
Buy for
free

Sell 1¢/share

min $1.99/trade

max $7.99/trade

Options
Buy or sell
$7.99

$7.99/trade

+ $1.25/contract 

Additional Details

Security type

Active trader

Broker-assisted

Equities

$3.99/trade flat

(for clients who placed 150+ trades in the previous quarter) 

$50/trade + 3% of principal value to a maximum of $0.03/share

Options

$3.99 + $1.25/contract

(for clients who placed 150+ trades in the previous quarter) 

$50/trade + $2/contract

Mutual funds

Free

Free

Fixed income securities

Free (traded only on an agency basis)

Free (traded only on an agency basis)

Exchange-traded debentures

$24.99 + $1 per each $1000 “par value” per side 

1.5% of principal value

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Administrative Fees

#

Item

Fees

1

Account Transfer-In

FREE

2

RRSP, Spousal RRSP, LIRA, RIF & LIF

FREE

3

TFSA

FREE

4

Deposit-Bill Payment (CAD Only)

FREE*

5

Deposit-Wire Transfer (CAD/USD)

FREE*†

6

Withdrawal-Electronic Fund Transfer (EFT)

FREE*††

7

Partial Transfer Out

$50 per account

8

Account Transfer Out

$150 per account

9

Withdrawal-Wire Transfer (CAD/USD)-Canada

$50*†

10

Withdrawal-Wire Transfer (USD)-International

$100*

11

DAP (C.O.D) Transfer In/Out

$50 per name

12

Courier (Canada)

$45

13

Courier (US)

$75

14

Courier (International)

$100

15

Registered Mail

$20

16

US RRSP, US Spousal RRSP & US LIRA

US $15 per quarter

17

US TFSA

US $15 per quarter

18

RESP

$25 per year

19

US RESP

US $15 per quarter

20

Account Administration Fee

$24.95 per quarter†††

21

Partial Deregistration Fee

$25††††

22

Full Deregistration Fee

$50††††

23

Lifelong Learning Plan (LLP)

$25

24

Home Buyer’s Plan (HBP) partial deregistration

$25

25

First Home Savings Account (FSHA) partial deregistration

$25

26

Position Journal

$25*

27

DRS (Direct Registration System)

$200 USD per name

28

Certificate Deposit / Withdrawal

$200 per Certificate / Name

29

Certificate Deposit / Withdrawal Rush

$450 per Certificate / Name

30

Safekeeping of Certificate

$50 per certificate / Month

31

Research Request (Minimum 1 hour)

$75 per hour

32

Electronic Trade Confirmation (e-Confirmation)

FREE

33

Cheque Cancellation Fee

$50

34

Electronic Monthly Statement (e-Statement)

FREE

35

Paper Trade Confirmation

$3

36

Paper Monthly Account Statement

$5

37

Copy of Tax Statement

$35 per account per year

38

Copy of Monthly Statement

$20 per account per month

39

Option exercise / assignment

$40

40

NSF Cheque / Returned Items

$50

41

Stop Payment

$25

42

Unclaimed property

$29.95 per quarter

43

Estate transfer

$250 per account

44

Legend Removal Rule 144/33

$300 per name

45

Settlement of non-DTC eligible securities

$450

All administrative fees are in the currency of the applicable account.

† You may be charged by your financial institution for wiring out or receiving a wire.

†† Up to $25,000 CDN/USD per day.

††† $24.95 per quarter will be charged to each client's account if their combined total assets are lower than $5,000, or if they do not complete at least one trade with a minimum commission of $1.99 per calendar quarter. Clients will be exempt from the account administration fee if they are under 26 years old, or if their account is a RESP account, or a registered charity. If, in the following quarter after incurring the account administration fee, a client trades at least one trade with a minimum commission of $1.99, commissions will be reimbursed up to $24.95, provided that the account remains opened at the end of the following quarter.

†††† Deregistration of TFSA withdrawals and RRIF minimum annual withdrawals are FREE.

BORROW FEES

 

A borrow fee is charged for each short position held in your account. The fee is calculated by applying a borrow rate to the market value of the position for the duration it remains open. The minimum annual borrow rate is 2.5%, and in extremely rare cases, it can be as high as its market value. Typically, CI Direct Trading borrow rates range between 2.5% and 100.0%. Market value is determined using the greater of $3 per share or the share price, and is subject to a minimum value of $25,000 per short position (denominated in the currency of the account in which the position is held). Some factors that can influence the availability of stock are high demand, small float and increased volatility of the particular security. 

 

FOR EXAMPLE:

 

Example 1: You borrow 1,000 shares of ABC stock valued at $45 per share. Borrow fee (based on a borrow rate of 2.5%) = $45,000 x 2.5%/365 = $3.08 per day. 

Example 2: You borrow 1,000 shares of XYZ stock valued at $15 per share. Borrow fee (based on a borrow rate of 2.5%) = $25,000 x 2.5%/365 = $1.71 per day.*

*Short positions are subject to a minimum daily value per short position.

Short selling carries risk, so it may not be appropriate for all investors and traders. Among these risks: 1) There is the theoretical possibility of unlimited loss if a shorted stock starts a dramatic rise in price. 2) There is no maximum loss that a short seller can incur because there is no limit to how high the price of a stock can advance. 3) The short seller is responsible for maintaining adequate margin in the short account as the price of the shorted security fluctuates. 4) The short seller is liable for any dividends or other benefits paid during the period when the accounts are short. 5) Buy-in requirements become effective if adequate margin cannot be maintained by the client, and/or if the originally borrowed stock is called by its owner and no other stock can be borrowed to replace it. 

Click here to see CI Direct Trading’s detailed Relationship Disclosure. (PDF 1,900K)

Interest Rates

Charged on negative balances

#

Balance Type

Interest Rate

1

CAD Negative Balance in Margin Account

CAD prime + 1.5%

2

USD Negative Balance in Margin Account

USD prime + 1.5%

3

CAD Negative Balance in RSP Account

CAD prime + 7.5%

4

USD Negative Balance in RSP Account

USD prime + 7.5%

Interest is calculated daily and credited/debited to your account on a monthly basis. No interest charges will be applied if you borrow intra-day (positions flatten by end of the day).

Paid on positive balances

#

Balance Type

Interest Rate

1

CAD Positive balance in Non-Registered Accounts

Prime – 8%

2

CAD Positive balance in Registered Accounts

Prime – 8%

3

USD Positive balance in Non-Registered Accounts

Prime – 9%

4

USD Positive balance in Registered Accounts

Prime – 9%

GENERAL CONSIDERATIONS

  • A minimum cash balance is not required in order to receive interest.
  • Positive cash balances will not be charged interest.
  • The market value of short positions is deducted from the cash balance when calculating interest payable/charged to the client.
  • Cash balances are managed solely by the client. If an account deficit results from a security purchase, CI Direct Trading will not perform a currency conversion to flatten the negative cash balance.

Under Margin Penalty

Accounts with a negative margin balance are subject to liquidation. In rare instances where an account remains under margin overnight, the following risk exposure fee will apply:

#

Net Negative Margin Balance

Interest Rate

1

Combined CAD

CAD prime + 3%

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#

Platform

Fees

1

CIDT Dashboard

FREE

2

CIDT Mobile

FREE

3

PowerTrader Pro

$250.00 USD

4

RealTick

$400.00 USD †

5

ITS Trader Lite

$580.00 USD †

Note: Platform fees are subject to change without advanced notice.

† 20% platform handling fee markup (minimum $150 USD/month) will be added to the market price for this platform. Please contact us at: 1-877-310-1088 or for existing clients, please login and submit a Ticket through the “Support Centre” tab.  

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Canadian Data Feed

#

CAN Data Feed

Standard Price

1

TSX Level 1

$19.16

2

TSX Level 2 (requires TSX Level 1)

$45.15

3

TSXV Level 1

$19.16

4

TSXV Level 2 (requires TSXV Level 1)

$37.54

5

Alpha Level 1

$5.00

6

Alpha Level 2 (requires Alpha Level 1)

$23.10

7

CSE Level 1

$5.50

8

CSE Level 2

Included with Level 1

9

MX Level 1

10

MX Level 2 (requires MX Level 1)

11

Pure Level 1

12

Pure Level 2 (requires Pure Level 1)

13

Pure

$32.00

14

Omega Level 1 and Level 2

$18.25

15

CHI-X

$29.40

US Data Feed

#

US Data Feed

Standard Price

1

ARCA

$15.75

2

BATS

$8.66

3

Nasdaq Level 1

$3.94

4

Nasdaq Level 2 (requires Nasdaq Level 1)

$24.94

5

Nasdaq TotalView (requires Nasdaq Level 1)

$21.00

6

Nasdaq Global Index

$2.30

7

NYSE

$3.94

8

NYSE Openbook

$26.25

9

NYSE Global Index

$3.00

10

OPRA

$5.25

11

OTC Markets Level 1

$8.66

12

OTC Markets Level 2 (includes Level 1)

$23.63

13

AMEX

$3.94

14

S & P Index

$4.50

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Please note that the International Commission Structure applies to non-residents of Canada.

Equities
Per ticket
$5+

$ 0.01 per share if share price ≥ $1.00

$ 0.005 per share if $0.25 ≤ share price < $1.00

$ 0.0025 per share if share price < $0.25

Options
Per ticket
$10+

$1.00 per contract (US)

$1.50 per contract (CA)

DISCLAIMER 

We may receive compensation by trading destinations, including electronic communication networks, market makers and exchanges in connection with trades on markets we direct to such destinations. We may be compensated in other ways as a result of the business you may do with us, including interest spreads on uninvested cash deposits with us and foreign exchange spreads when you convert currencies. We endeavor to be fully transparent on fees and commissions that you pay to us and to provide you with the information in advance so that you know what you will be paying. At times, it may not be possible to completely estimate the exact fee you will pay to us in advance, although the ultimate fee charged will be calculated in accordance with the Commission Grid applicable to the account and the trade, as is in place at the time of the trade. 

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Terms, Conditions and Considerations

All commission fees are charged in the currency of the market. GTC orders filled on separate days will be treated as multiple trades for commission purposes. 

Full commission fees apply for each partial fill, except when transacted on the same business day. Multiple trades executed for the same security, including stocks and options on the same day, same side of the market and same exchange will not be abridged, and a separate commission is charged for each trade. Only a single trade confirmation with one aggregate commission fee will be issued to reflect all these trades. 

$3.99/ticket flat per equities trade and $3.99 + $1.25/contract commission applies to those who have traded 150 commission-generating trades in previous calendar quarter. Commissions are automatically reset based on previous three months' activity at beginning of the month. ETF purchases are commission-free, as long as the ETF is held for a minimum of one business day. 

Mutual fund companies may impose a fee for early redemption, switching between funds or other purposes. These fees will be passed through to the client. CI Direct Trading does not charge any fees for mutual fund transactions. All funds are subject to minimum purchase amounts as outlined in the prospectus or $1,000, whichever is greater. CI Direct Trading does not allow the purchase of mutual funds with trailer fees.

You may note a small difference on the net dollar value of your transactions for U.S. securities due to “SEC Fee,” "Option Regulatory Fee," "TAF Fee," clearing fee, to a max of 0.0002/share. 

Orders placed pre- or post-market, anonymous, iceberg, and also bracketed orders will be subject to a $0.0035/share fee. 

The commission structure shown above is only available to new clients of CI Direct Trading as of December 18, 2018, or existing CI Direct Trading clients who send a request to be moved to this commission structure on the date of December 18, 2018 or later.