Pricing

For more information about commissions and general fees, please refer to our brochure.

¹ Management fees and other expenses may be associated with ETF investments. Please read the prospectus before investing. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.

² The minimum amount to carry out an investment fund purchase transaction, through National Bank Direct Brokerage, is set at $1,000.00 or corresponds to any other amount required by the investment fund company, whichever is greater. Subsequent trades are at least $500.00, or any other amount required by the investment fund company, whichever is greater.

³ Options commission is $0 + $1.25/contract. A minimum fee of $6.25/trade applies. The maximum fee is $19.95 when the transaction value is less than $2,000. An option contract gives the holder the right, but not the obligation, to buy or sell a given position in an underlying security at a given exercise price. Contracts are for 100 shares. For transactions with an agent, a $60 fee + $1.25/contract applies.

⁴A fixed commission of $60 per position is applicable for liquidating transactions to be carried out by National Bank Direct Brokerage. The executor may carry out liquidating transactions according to the regular commission schedule.

Commissions are billed in the same currency as the transaction.

Each partial execution of a transaction is subject to the full commission, unless the transaction is executed in its entirety on the same trading session. Full commission is charged on all separate transaction performed 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 an order is placed through one of our services (e.g., an agent) and then modified via another service (e.g., the website), the commission is based on the higher of the two commissions applicable. The commission charged to exercise an option is the same as the one applicable when trading the underlying securities through an agent. A currency conversion is required for any trade involving a security in a currency other than that of the account in which the trade is settled. When carrying out this conversion, National Bank Direct Brokerage acts as principal and can earn, in addition to the commission applicable to the transaction, revenue based on the spread between the bid and ask rates. Borrowing fees, which vary according to the market and without prior notice, may be incurred when selling securities short or when carrying out any other transaction resulting in a short position in an account. These fees are charged directly to your account the following month in the currency of the account, regardless of whether the position is covered or not. Contact one of our agent for more information regarding these fees.

There may be situations in which National Bank Direct Brokerage (NBDB) will receive fees or payments from third parties on transactions it executes. Such fees and payments will not accrue to the clients’ account and may be considered as part of NBDB’s routing decision-making process, though this is not a sole determinant. If such situations create a material conflict of interest, NBDB undertakes to take the necessary steps to identify and address such situations fairly and reasonably, in keeping with the regulatory obligations to which it is subject in its relationships with its clients, and considering the best interest of its clients.

⁵ These fees are applicable to any account root opened before December 1st of the previous year. If there is a difference between the period indicated in the commission and general fee schedule and the period published on our website, the latter will apply. An account root refers to all the accounts held by a client whose first six digits are identical. A client may have several account roots. Annual administration fees and exemptions are calculated on all accounts held by a client under the same account root, rather than on each individual account. If none of the criteria are satisfied, the $100 fee will be divided between all of the client's accounts. For example, a client with an RRSP account and a TFSA account will be charged $50 for each account. To avoid the annual administration fee, the exemption criteria must be satisfied each year by May 31.

⁶ Annual fees charged for the administration of the securities of a Canadian-controlled private corporation (CPCC).

⁷ Eligible assets include cash, stocks, options, exchange-traded funds, debentures, bonds and NBI Altamira CashPerformer Accounts.

⁸ You must be aged 30 years or younger on May 31 of each year to be eligible for the annual administration fee waiver.

⁹ Including Lifelong Learning Plan (LLP) and/or Home Buyers’ Plan (HBP) withdrawals.

¹⁰ This fee is charged when transferring from a LIF account to a locked-in account.

¹¹ The interest rate paid on a credit balance or charged on a debit balance may change without notice.    
Interest is calculated daily on your account’s credit or debit balance, covering the period from the 16th of the previous month to the 15th of the current month, inclusively.

¹² Calculated for demonstration purposes only and rounded to the nearest tenth. We use basis points for foreign currency exchange conversions. The figures shown are based on the trailing 12 month USD/CAD Bank of Canada Daily exchange rate [opens to external site] (as of Feb 1, 2025).

¹³ The exchange rate applicable to the operation is established by NBDB or persons related to it. Each time a currency conversion is required, NBDB acts as principal in converting the currency and is remunerated on the basis of the difference between the price you pay for the currency and the price obtained by NBDB or persons related to it for that same currency. 

¹⁴ Spread is subject to change without notice.

¹⁵ Upon opening an account, the preselected delivery method for portfolio statements, trade confirmations, and tax slips is “by mail”. Access to our online services is required to change the delivery method for these documents to electronic transmission.

¹⁶ If the delivery method selected in your profile for trade confirmations is “by mail”, you will be charged a $2.50 fee per trade on the last business day of the current month for transactions carried out between the last business day of the previous month and the next-to-last business day of the current month. These fees will be debited from the account in which the trades were carried out and in the  currency of the account. You can change the delivery method for trade confirmations to “online” at any time to avoid mailing fees.

¹⁷ If the delivery method selected in your profile for portfolio statements is “by mail”, you will be charged a $7.50 fee on the last business day of the current quarter (i.e., on the last business day of the month in December, March, June and September). The fee will be debited from one of the accounts you hold under the same root and in the currency of this account. You have until up to 48 business hours before the last business day of the current quarter to change the delivery method to “online” and avoid the mailing fee.

¹⁸ Including account statements, trade confirmations, tax slips and RRSP contribution receipts. 

¹⁹ To facilitate the management of your portfolio, here are some of the personalized reports available upon request: A tax package that includes the gains and losses report, foreign property and income statement, corporate fiscal year-end report, transaction report, Projected income report, portfolio evaluation report as of a specific date, unrealized gains and losses report...

Please note that portfolio statements, execution notices, and securities transaction summaries sent to you are the only official documents issued by National Bank Direct Brokerage. NBDB does not guarantee the completeness and accuracy of the data contained in the customized reports upon request.

²⁰ Fee for filing a T3 declaration related to non-qualifying securities operations in registered accounts.