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With National Bank Direct Brokerage, you save on commissions
Our commissions are low and our client service quality is exceptional!
Did you know that investors with personal assets held with National Bank Direct Brokerage totalling $50,000 or more will benefit from advantageous pricing? You will be able to trade for as little as $9.95 per trade. Details
Our commission and fee schedule is also available in PDF format (Effective September 1st, 2012).
Canadian and American equities
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Transactions through our website, mobile site or our Interactive Voice Broker* |
| 1,000 shares or less |
$28.95 |
| 1,001 shares or more |
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| - Shares of $2 or less |
1.5% |
| - Shares of $2.01 and over |
3¢ / action |
| Minimum commission |
$28.95 |
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Transactions through our representative |
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Canadian Equities |
American Equities |
| Shares of $2 or less |
2% |
2.5% |
| Shares of $2.01 and over |
$44.95 + 4¢/share |
$44.95 + 6¢/share |
| Less than $2,000 |
$44.95 |
$44.95 |
| Minimum fees |
$44.95 |
$44.95 |
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*The fees are billed in the same currency as the transaction.
Each partial execution of a transaction is subject to the full commission, except if the transaction is completed the same business day. The full commission is applied on all separate transactions made on the same security. Additional fees may be charged by the local securities exchange commission and/or by the stock market and are billed in the same currency as the transaction. When a transaction is placed through one service (for example a representative), and then modified by another service (for example the website), the commission will be calculated according to the higher of the two commission schedules. Assignments are subject to the regular share commission schedule for transactions carried out via our electronic systems. Option exercises are subject to the same commission schedule as share transactions made through a representative.
A security transaction in an account of a different currency involves a conversion in the currency of the account. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, income based on the spread between the buy and sell. Fees may be charged for securities loans in short sales. These fees vary based on the markets and without prior notice. Contact one of our representatives for more information on these fees.
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Canadian and American options
| Transactions through our web site |
Transactions with our representative |
| Option Price |
Commission |
Option Price |
Commission |
| $0 to $2.00 |
$28.95 + $1.25 / contract |
$0 to $2.00 |
$35 + $1.50 / contract |
| $2.01 to $3.00 |
$28.95 + $1.25 / contract |
$2.01 to $3.00 |
$35 + $2.00 / contract |
| $3.01 to $4.00 |
$28.95 + $1.25 / contract |
$3.01 to $4.00 |
$35 + $2.50 / contract |
| $4.01 to $5.00 |
$28.95 + $1.25 / contract |
$4.01 to $5.00 |
$35 + $3.00 / contract |
| $5.01 and over |
$28.95 + $1.25 / contract |
$5.01 and over |
$35 + $3.50 / contract |
| Less than $2,000 |
$28.95 |
Less than $2,000 |
$35.00 |
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Each partial execution of a transaction is subject to the full commission, except if the transaction is completed the same business day. The full commission is applied on all separate transactions made on the same security. Additional fees may be charged by the local securities exchange commission and/or by the stock market and are billed in the same currency as the transaction. When a transaction is placed through one service (for example a representative), and then modified by another service (for example the web site), the commission will be calculated according to the higher of the two commission schedules. Assignments are subject to the regular share commission schedule for transactions carried out via our electronic systems. Option exercises are subject to the same commission schedule as share transactions made through a representative.
A security transaction in an account of a different currency involves a conversion in the currency of the account. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, income based on the spread between the buy and sell.
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Web tools2
| Web Tools |
Monthly trades via the Web site |
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0 to 9 |
10 to 39 |
40 to 99 |
100 + |
| Recognia |
Free |
Free |
Free |
Free |
| Market Q - Level I quotes |
$39/month |
Free |
Free |
Free |
| Market Q - Level II quotes |
$99/month |
$60/month |
Free |
Free |
| Market Q - Level I with TSX-V |
$64/month |
$25/month |
$25/month |
Free |
| Market Q - Level II with TSX-V |
$148/month |
$109/month |
$49/month |
Free |
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| 2Taxes not included. To subscribe to Market Q, contact one of our representatives. |
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Mutual funds
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Transactions through
our web site |
Transactions with
our representative |
| Type of Mutual Fund |
Buy |
Sell |
Switch |
Buy |
Sell |
Switch |
| National Bank Securities Mutual Funds* and Meritage Portfolios |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
| Front-end load funds and no-load funds3 |
$0 |
$0 |
$0 |
$0 |
$44.95 |
$0 |
| Back-end load funds3 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
| Funds with transaction fees4 |
$44.95 |
$44.95 |
$44.95 |
$44.95 |
$44.95 |
$44.95 |
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3In addition to selling fees, an early redemption fee of $44.95 will apply to transactions on funds held for less than 90 days, except for money market funds and all National Bank Securities Mutual Funds**. Switch orders are subject to the same early redemption fee. Some mutual fund companies may also charge fees in addition to the commission payable to National Bank Direct Brokerage. These fees may include account opening fees, early redemption fees, deferred sales commissions on funds with redemption fees, management fees, etc. For more details, please consult the prospectus for the mutual fund in question. Except for National Bank Securities Mutual Funds** and Meritage portfolios, the minimum amount for a mutual fund transaction through National Bank Direct Brokerage is the greater of $1,000 or any other amount required by the mutual fund company. Subsequent transactions on mutual funds must be at least $500 or any other amount required by the mutual fund company, whichever is greater. Switch transactions are allowed only within the same family of funds and load type.**National Bank Securities Mutual Funds include Omega Funds and Altamira Funds.
4Only a few fund families generate transaction fees. Consult our full list of funds or ask one of our representatives.
* National Bank Securities Mutual Funds include Omega Funds and Altamira Funds. |
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Fixed income securities
You can make transactions on fixed income securities through our website or over the phone with one of our representatives.
We can offer you Treasury bills, bonds, strip bonds, debentures, GICs and other money market instruments. The minimum amount for a purchase varies depending on the security.
In the case of exchange-traded debentures, the commission is: $40 + $3 per $1,000 face value. Get a 20% rebate on your transactions of exchange-traded debentures by using our website. |
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GST and provincial taxes are billed where applicable. The commission and fee schedule may be modified at any time. The general fees and commissions are payable in the currency of the transaction. A security transaction in an account of a different currency implies a conversion in the currency of the account. When carrying out this conversion, National Bank Direct Brokerage acts as a counterpart and can gain, in addition to the applicable transaction commission, an income based on the difference between the buy and sell rates. Any unusual administrative operation or transaction not specified in the present general fees and commissions schedule may generate additional fees. Other fees may apply, including but not limited to, all re-registration fees incurred by the transfer agent, the legal representative or the issuing company. |
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