Personal Finance

Best Online Broker for Self-Directed RRSP?

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  • Oct 1st, 2006 1:48 pm
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Newbie
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Aug 16, 2005
90 posts
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Best Online Broker for Self-Directed RRSP?

I'm looking into setting up an RRSP account with an online broker.

It will be a relatively small account at first (perhaps $2000 - $5000) with maybe 4 or 5 trades per year at most. I expect to have additional annual contributions of that amount to this particular RRSP account.

Any suggestions as to which one has the lowest commission fees / account fees / admin fees for trading stocks in an RRSP account?

Thanks!
11 replies
Member
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Nov 28, 2002
408 posts
7 upvotes
Depends what you want to do. If just mutual funds BMO is one of the best, Scotia and CIBC as well. I believe BMO has a $5k min not sure of the others. You should also check out Credential Direct. Do a search for broker survey here and on the web.
Deal Addict
Jan 19, 2005
3116 posts
348 upvotes
An SD RRSP trading account of $2-5k is too low for most institutions in order to avoid an annual fee. Starting at $15k, some will waive the fee. I'm with HSBC InvestDirect. If I remember correctly they waive the fee after $15k. They offer many funds that costs no fees to buy or sell (after 180 days).
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Sr. Member
Jun 13, 2006
562 posts
7 upvotes
Vaughan
If you get a FundPlus account at CIBC, you can trade just fixed income investments, mutual funds and GICs for $25 a year. If you hold $15,000 theres no charge. Selling costs $25, but i think thats waived if you are selling CIBC funds.
Sr. Member
Aug 4, 2004
534 posts
2 upvotes
TD has the best research tools, don't bother with it until you reach about 50,000 to 75,000 in your rsp. Why? because you will always have a 5,000.00 SDRSP if you aren't carefull and remember costs matter. Rule no. 1: Don't lose money. Rule No. 2: Remember rule no. 1
[OP]
Newbie
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Aug 16, 2005
90 posts
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Any one here using E*Trade Canada for their RRSP?

According to their web site at https://www.canada.etrade.com/pages/ret ... FAQ.shtml:

"We are pleased to announce the industry leading No Annual Fee, No Minimum RRSP this year. Now, you can open an RRSP with no annual administration fee and not have to make a minimum deposit."

That seems to be what I'm looking for...

Are there any hidden fees I should be looking out for?

Anyone willing to share their recent Etrade RRSP experiences (ie. in the last RRSP deadline rush and the introduction of this no annual fee, no minimum offering)?

Are there any other online brokers that have this no annual fee, no minimum RRSP?

I intend on using this RRSP account for trading stocks only and not investing in mutual funds.

Thanks!
Newbie
Nov 28, 2005
11 posts
Vancouver BC
I am also consdering opening a self-direct account with E-Trade. Would also like to know if there's any hidden fee. Thanks in advance.
Deal Addict
Jan 27, 2006
4630 posts
811 upvotes
ahleung178 wrote:I am also consdering opening a self-direct account with E-Trade. Would also like to know if there's any hidden fee. Thanks in advance.
I've been with e-trade for a couple of years now (although I don't have my RRSP with them, yet). And I can say that I've never seen a hidden fee (of course, it can be hidden and I might not know it ;) )
[OP]
Newbie
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Aug 16, 2005
90 posts
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Home of the Senators
craftsman wrote: And I can say that I've never seen a hidden fee (of course, it can be hidden and I might not know it ;) )
Hehehe :)

I was thinking in the lines of inactivity fees (for Etrade's RRSP accounts) and other such 'hidden' fees one wouldn't normally consider. Are there any?

Thanks
Jr. Member
Jan 10, 2006
176 posts
1 upvote
so have anyone signed up with etrade ?

coincidently I also stumbled upon them for the very same question and was wondering if there are any hidden fees.
Banned
User avatar
Jun 19, 2006
9349 posts
42 upvotes
Tradefreedom claims to charge no annual fees on RRSP accounts, and trades are only $9.95 each on equities.

I haven't use them, but this seems to be one of the most competitive outfits I have seen in Canada for RRSPs.
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