Pricing presentation on the web tools and commission fees

Commission Fees

Do you execute more than 30 trades on equities, ETFs or options quarterly? Consult the Active Investors page for details on the commission fees that apply to your National Bank Direct Brokerage account.

Are you a Private Direct Brokerage or a Advantage Direct Brokerage member? Visit the Distinctive Services section for details on the pricing applicable to your offer.

Orders Placed through our Electronic Systems


Trade for $9.95, any time, for all clients

Canadian and U.S. equities or ETFs

 Canadian and U.S. equity and ETF trades carried out via our Electronic Services
 Fixed commission:  $9.95

Canadian and U.S. options

 Canadian and U.S. option trades carried out via our Electronic Services
 $9.95 + $1.25 per contract
 Order value less than $2,000: Maximum commission of $28.95

Orders Placed with a Representative

Canadian and U.S. equities or ETFs

Transactions carried out with a representative  Canadian Equities  U.S. Equities
Shares of $2 or less 2%
Shares of $2.01 and over
$44.95 + 4¢/share
$44.95 + 6¢/share 
Less than $2,000
Minimum commission

Canadian and U.S. options

 Transactions carried out with a representative  
 Option price  Commission
 $0 to $2.00  $35 + $1.50 / contract
 $2.01 to $3.00  $35 + $2.00 / contract
 $3.01 to $4.00  $35 + $2.50 / contract
 $4.01 to $5.00  $35 + $3.00 / contract
 $5.01 and over  $35 + $3.50 / contract
 Less than $2,000  $35.00
 Assignment  $28.95

If you have any questions regarding our fee structure, please contact one of our representatives.

Fixed income securities

With National Bank Direct Brokerage, you can trade fixed income securities online or over the phone with a representative.

The minimum amount for purchases varies depending on the security, and commissions, if applicable, are included in the price.

In the case of exchange-traded debentures, the commission fee is $40.00 + $3.00 per $1,000.00 in nominal value. You can also obtain a 20% discount on trades of exchange-traded debentures when you place your orders with our Electronic solutions.

Mutual funds

 Type of mutual fund
 National Bank Securities Mutual Funds1 and Meritage Portfolios  $0  $0  $0
 Front-end load funds and no-load funds  $0 Online: $0 
With a representative: $44.95
 Back-end load funds2  $0  $0  $0
 Funds with transaction fees3  $44.95  $44.95  $44.95

Notes on mutual fund transactions:

Except for National Bank Securities Mutual Funds1 and Meritage portfolios, the minimum amount for a mutual fund transaction through National Bank Direct Brokerage is set at $1,000.00 or any other amount required by the mutual fund company, whichever is greater. Subsequent transactions on mutual funds must be at least $500.00 or any other amount required by the mutual fund company, whichever is greater.

Switch orders can be subject to early redemption fee2. 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 refer to the prospectus of the mutual fund in question.

Switch transactions are allowed only within the same fund family and the same fee structure.

National Bank Securities Mutual Funds include Omega Funds, WestWood Funds and Altamira Funds.

Fund companies charge fees when units are sold. These fees are applied on a decreasing scale determined by the fund company.

Only a few fund families generate transaction fees. Consult our full list of funds or contact one of our representatives.

General notes: 

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 with a representative), and then modified by another service (for example on the website), the commission will be calculated according to the higher of the two commission schedules. Option 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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