Whether you trade electronically or call our Investment Representatives, ScotiaMcLeod Direct Investing can significantly reduce your cost of buying and selling with a choice of pricing options to suit your needs.
-
Scotia Direct Service
A superior, competitively-priced and flexible service that meets the needs of self-managed investors who make fewer than 30 trades per quarter.
- Scotia Active Service
For our most active online traders, this service offers low flat fee pricing options for clients who make 30 trades or more per quarter.
- Scotia Select™ Service
For active traders looking for a premium level of service, exclusive benefits and significant commission savings are available through our Scotia Select Service.
Print off a full copy of our schedule of fees and commissions [PDF: 33 kb], or view the information in HTML below.
Schedule of Fees and Commissions:
Interest on account balances:
Fees:
Equity trades*
|
Scotia Direct Service internet and automated telephone commissions
|
| Up to 1,000 shares |
| Market Orders |
$25.95 |
| Limit Orders |
$28.95 |
| Over 1,000 shares |
| Share Price |
Commission Per Share |
| Less than $1.00 |
$0.005 |
| $1.00 - $1.99 |
$0.02 |
| $2.00 and over |
$0.03 |
The maximum commission is 2% of the trade value subject to a minimum commission of $25.95 for Market Orders and $28.95 for Limit Orders charged for each trade. For trades under $2,000, the commission is $25.95 for Market Orders, $28.95 for Limit Orders.
|
Scotia Direct Service trader-assisted telephone commissions
|
| Share Price |
Commission Per Share |
| CDN $34.95 plus... |
U.S. $38.95 plus... |
| Less than $1.00 |
$0.005 |
$0.02 |
| $1.00 - $1.99 |
$0.02 |
$0.03 |
| $2.00 - $4.99 |
$0.03 |
$0.04 |
| $5.00 - $9.99 |
$0.04 |
$0.05 |
| $10.00 - $19.99 |
$0.05 |
$0.06 |
| $20.00 - $29.99 |
$0.06 |
$0.07 |
| $30.00 and over |
$0.06 |
$0.08 |
The maximum commission is 2% of the trade value subject to a minimum commission of $42.95 charged for each trade.
Option trades*
|
Scotia Direct Service commissions for option trades
|
|
Trader-assisted
telephone commissions |
Internet commissions |
|
$34.95 plus... |
$25.95 plus... |
| Option Value |
Commission Per Contract |
Commission Per Contract |
| Less than $1.00 |
$1.00 |
$0.80 |
| $1.00 - $1.99 |
$1.50 |
$1.20 |
| $2.00 - $2.99 |
$2.00 |
$1.60 |
| $3.00 - $3.99 |
$2.50 |
$2.00 |
| $4.00 - $4.99 |
$3.00 |
$2.40 |
| $5.00 and over |
$3.50 |
$2.80 |
For assignments and exercises, the regular equity commission schedule applies.
Scotia Active Service Commissions
Effective February 4, 2008, active online investors can trade from as low as $8.95 per trade!∆ The more you trade, the more you save.
| Scotia Active Service Equity and Option Trade Commissions |
| Trades per Quarter |
Canadian & U.S. Equities |
Canadian & U.S. Options |
| 90 or more |
$8.95 flat fee per trade |
$8.95 + $1.25 per contract |
| 30-89 |
$14.95 flat fee per trade |
$14.95 + $1.25 per contract |
Scotia Active Service pricing applies to electronic trades placed online or through Automated Telephone service. Your trading activity will be reviewed quarterly and qualification will be based on the number of eligible trades executed in your accounts during the immediately preceding calendar quarter. Fixed quarterly review periods ensure that you’ll benefit from a full 3 months of flat fee pricing regardless of your individual monthly trading activity.
∆ More details.
Mutual Fund trades
|
Commissions for mutual fund trades
|
|
Front-Load |
No-Load |
Back-end Load |
| Purchase |
$0† |
$0 |
$0 |
| Switchˆ |
$0 |
$0 |
$0 |
| Redemptionˆ |
$0 |
$0 |
$0 |
Minimum purchase amounts apply. Please refer to the prospectus of each fund for details.
A current list of Mutual Funds offered through ScotiaMcLeod Direct Investing is available.
Fixed Income & Money Market trades
Commissions for Bonds, Strip Coupons, GICs, T-Bills and other Fixed Income and Money Market securities if any, are included in the quoted prices. Minimum purchase amounts vary by security. For Exchange-Traded Bonds, commissions vary based on principal and term. Minimum commission is $39.95.
Interest on Account Balancesˆˆ
Paid
Interest will be paid on the average monthly free credit balance in self-directed registered accounts at BNS Prime Rate minus 5.25%, and in cash and margin accounts on a tiered basis as follows:
|
Interest paid on account balances
|
|
Canadian ($) |
U.S. ($) |
| Balances |
BNS Prime Rate minus |
BNS U.S. Prime Rate minus |
| Less than $25,000 |
5.50% |
6.00% |
| $25,000 - $99,999 |
5.25% |
5.50% |
| $100,000 and over |
3.50% |
4.25% |
A minimum interest rate of 0.25% is paid on credit balances for self-directed registered accounts. Interest of less than $5.00 will not be paid.
Charged
Interest will be charged on the average monthly debit balances in both cash and margin accounts as follows:
|
Interest charged on account balances
|
|
Canadian ($) |
U.S. ($) |
| All Balances: |
BNS Prime Rate plus 1% |
BNS U.S. Prime Rate plus 1% |
Interest of less than $1.00 will not be charged on margin accounts. Interest of less than $5.00 will not be charged on cash account debit balances.
Fees
Self-directed registered plans
|
Fees for self-directed registered plans
|
| Type of fee |
Amount |
Annual RSP/RIF administration fee
(accounts $25,000 and over) |
$0 |
Annual RSP/RIF administration fee
(accounts less than $25,000) |
$100 |
Annual RESP administration fee
(accounts $15,000 and over) |
$0 |
Annual RESP administration fee
(accounts less than $15,000) |
$25 |
| Partial withdrawal |
$25 per request |
| Deregistration of plan |
$125 per plan |
| Securities swap |
$35 per security |
| Transfers (Full/Partial) |
$125 per transfer |
| Shares in Canadian-controlled private corporations** |
$300 initial set-up cost |
| Non-arm's length mortgage investment fees |
| Type of fee |
Amount |
| Annual administration fee |
$60 |
| Trustee mortgage annual administration fee (pro-rated and charged monthly to the Plan) |
$175 |
| Set-up fee |
$300 |
Miscellaneous
|
Miscellaneous fees
|
| Type of fee |
Amount |
| Inactive/low balance account‡ maintenance |
$50 annual |
Safekeeping
(holding securities in other than Scotia Capital Inc. registration) |
$50 per security per month |
Records search
(a charge will be levied commensurate with the time involved) |
$50 (minimum) |
Securities registration
(including third party and estate) |
$50 per certificate |
| Replacement of lost certificate plus indemnification |
$100 per certificate |
| Non-sufficient funds (NSF), pre-authorized debit reject, or stop payment |
$40 per item |
Restricted securities
(holding securities subject to legal restrictions on distribution and sale) |
$300 per security |
| Transfers to other financial institutions (Full/Partial) |
$125 per transfer |
| Wire transfers |
$25 plus out-of-pocket expenses |
| Mutual funds not distributed by ScotiaMcLeod Direct Investing |
$50 per fund per quarter |
Mutual fund registration in Client Name
(other than nominee) |
$100 per account plus
$25 per transaction |
| Duplicate statements |
$20 per quarter |
| Pledge Account** |
$125 set-up plus
$100 annual |
| Unclaimed Accounts*** |
$125 annual |
DAP transactions
(receipt, delivery or exchange of security against or for payment from or to a third party) |
$75 per transaction |
Taxes may apply to certain charges. All fees and commissions are quoted as of March 22, 2008 and are subject to change without notice.
® Registered trademark of The Bank of Nova Scotia. Used under license by ScotiaMcLeod Direct Investing; a division of Scotia Capital Inc., Member CIPF. ScotiaMcLeod Direct Investing does not provide investment advice or recommendations and investors are responsible for their own investment decisions.
™ Trademarks used under authorization and control of The Bank of Nova Scotia.
* U.S. commissions are quoted in U.S. dollars. Full commission charges apply for each partial fill, except when transacted on the same business day. All transactions in one account, in one security, on one side of the market (Buy/Sell), on the same exchange, in the same currency, during the same day, are combined and considered as one trade for the purpose of determining the applicable commission.
†No commissions on most funds. Other funds, 1.5% of purchase value (min. $25.95).
Scotia Active Service details:
- Live agent trades do not qualify for flat fee pricing.
- Clients must call us at 1-800-263-3430 to register for Scotia Active Service flat fee pricing.
- For accounts to be combined for Scotia Active Service flat fee pricing, they must be owned or co-owned by the same client and have the same mailing address.
- Trades are not consolidated. For multiple trades made in the same account, for the same security, on the same exchange and same side of the market on the same day, each trade is charged the applicable flat fee commission.
- To qualify for commissions of $8.95 flat per Canadian or U.S. equity trade and $8.95 + $1.25/contract for each option trade, clients must, during the immediately preceding calendar quarter, execute at least 90 equity or option trades. To qualify for commissions of $14.95 flat per Canadian or U.S. equity trade and $14.95 + $1.25/contract for each option trade, clients must, during the immediately preceding calendar quarter, execute 30 to 89 equity or option trades.
- Trading activity will be reviewed quarterly each year in January (3-month period ending December 31), April (3-month period ending March 31), July (3-month period ending June 30) and October (3-month period ending September 30) to ensure qualification criteria are met.
- Clients must re-qualify each calendar quarter.
- New qualification status will be effective on the first business day of the month following the review.
- ScotiaMcLeod Direct Investing reserves the right to alter the terms of the Scotia Active Service at any time.
- Scotia Active Service flat fee pricing is effective February 4, 2008 and subject to change without notice.
^ If you redeem or switch your mutual fund within 90 days of the purchase date, there are two fees that may be relevant to you:
- Early Redemption Transaction fees may be charged and deducted from the settlement amount by some mutual fund companies including Scotia Mutual Funds. Please refer to the prospectus of each fund for details.
- ScotiaMcLeod Direct Investing will charge an Early Redemption Fee of 1% (min. $39.95) to your SMDI account. However, redemptions of all Money Market Funds, Back-end Load Funds or Scotia Mutual Funds are excluded and will not be charged the SMDI early redemption fee.
ˆˆThe Bank of Nova Scotia Prime Rate and the BNS U.S. Prime Rate are subject to change without notice. Interest charged or earned is payable in Canadian or U.S. dollars on the twenty-second day of each calendar month. Debit and credit balances in various accounts of various currencies will not be offset for interest calculation purposes. Clients are responsible for directing ScotiaMcLeod Direct Investing to transfer and/or convert funds between accounts.
**Subject to account minimums.
‡Fee charged to non-registered accounts only with no equity trade activity for the previous 12 months and where the total account value is less than $5,000 as at December 31. This fee will not apply to clients who also have ScotiaMcLeod Direct Investing registered (RSP, RIF, RESP) accounts.
***Fee charged to accounts with unknown address.
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