$0 on stocks, options* and ETFs at any time, no minimum required

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Orders placed online

Stocks and Exchange-Trade Funds (ETFs) 2
$0 commission, no minimum required
Options* $0 commission + $1.25 per contract
(min. fee of $6.25)
(Value less than $2,000)
$0 commission + $1.25 per contract
(max. fee of $19.95)
$0 commission
Investment funds
$0 3
Commission on most funds
(refer to the complete lists: with fees and without fees)

List of investment fund companies with no transaction fees

  • Acuity Funds Limited
  • Aegon Fund Management Inc.
  • AGF Management Ltd.
  • Aston Hill Financial
  • Arrow Hedge Partners
  • Baring Asset Management
  • B.E.S.T.
  • Discoveries Fund
  • B2B Trust
  • BluMont Capital Corporation
  • BMO Guardian Funds
  • Brandes Funds
  • Brickburn Funds Inc.
  • BMG Management Services Inc.
  • Canoe Financial
  • CI Investments Inc.
  • Caldwell Investment Management Ltd.
  • Capital International Asset
  • Management
  • CGF Mutual Funds Corp.
  • Chou Associates Management Inc.
  • CIBC Securities Inc.
  • Counsel Portfolio Services Inc.
  • Creststreet Asset Management Ltd.
  • Dynamic Fund Management Ltd.
  • EdgePoint Wealth Management Inc.
  • EnerVest Natural Resource Fund
  • Excel Funds
  • Fidelity Investment Canada Ltd.
  • Fiera Capital
  • Fonds REA II
  • Fiera (previously Natcan)
  • Formula Growth Ltd.
  • Franklin Templeton Investments
  • Front Street Capital Management
  • FrontierAlt Orbit Fund Management Ltd.
  • Galileo Equity Management Inc.
  • Global Growth Assets Inc.
  • Globevest Capital
  • HartFord Investments Canada
  • HSBC Bank Canada Inc.
  • IA Clarington Investments Inc.
  • Invesco Trimark Ltd.
  • Investissements Renaissance
  • Jones Heward Investments
  • JovFunds Management Inc.
  • Mackenzie Financial Corporation
  • Man Investments Canada Corp.
  • Manulife Mutual Funds
  • Mavrix Fund Management Inc.
  • McLean Budden Limited
  • Meritage Portfolios
  • Meritas Financial Inc.
  • MiddleField Group
  • MineralFields Group (sale only)
  • National Bank Investments
  • NexGen Financial Corp.
  • Norrep Fund
  • Northwest and Ethical Investments LP
  • O'Leary Funds
  • OFM Funds Group Inc.
  • One Financial (sale only)
  • Pender
  • Phillips, Hager & North Inv. Mgmt. Ltd
  • Pro-Hedge Funds
  • RBC Dominion Securities Inc.
  • Redwood Asset Management Inc.
  • ROI Management Inc. (sale only)
  • Russell Investments
  • SaskWorks Venture Fund Inc.
  • Scotia Capital Inc.
  • Sentry Select Capital Corporation
  • Sprott Asset Management Inc.
  • Standard Life Mutual Funds
  • Steadyhand Investment Funds
  • Stone & Company Limited
  • TD Asset Management Inc.

Please note that this list is subject to change at any time. Some investment fund families are not available in all provinces. For complete information and availability, please refer to the prospectus or contact one of our representatives.

List of investment fund companies with transaction fees

Transaction fees of $44.95 or more will be charged for the purchase, sale or exchange of investment funds offered by these companies. For more information about these fees, please contact one of our representatives.

  • Bar of Québec
  • Beutel Goodman
  • COTE 100
  • Crystalline Management (sale only)
  • Desjardins (sale only)
  • Fonds FMOQ (sale only)
  • Fonds des professionnels (sale only)
  • Formula Growth Limited (sale only)
  • Friedberg Mercantile Group Ltd.
  • GBC Asset Management Inc.
  • Gestion Férique*
  • Intergra Capital Management (sale only)
  • Investors Group (sale only)
  • Jarislowsky Fraser**
  • K2 & Associate (sale only)
  • Landry Morin Inc.
  • Lawrence Asset Management Inc.
  • Leith Wheeler Investment Counsel Ltd.
  • Mawer Investment Management
  • MD Financial Management (sale only)
  • MD Physician Services
  • Montrusco Bolton (sale only)
  • Placements NEI
  • Tradex Management Inc. (sale only)

*A transaction fee of $25 will be charged for the purchase, sale or exchange of a Férique fund.

**A transaction fee of $28.95 will be charged for the purchase, sale or exchange of Jarislowsky Fraser funds. These fees do not apply when the assets in accounts under the same root exceed $100,000. For more information, please contact one of our representatives.

Please note that this list is subject to change at any time. Some investment fund families are not available in all provinces. For complete information and availability, please refer to the prospectus or contact one of our representatives.

Orders placed with an agent

Regular commissions

Stocks and ETFs


Canadian Stocks or ETFs

U.S. Stocks or ETFs

Minimum commission



Shares of $2 or less

2% of the transaction value

2.5% of the transaction value

Shares of $2.01 or more

$44.95 + 4¢ per share

$44.95 + 6¢ per share

Value less than $2,000





Canadian and U.S. options

Option price


$0.00 to $2.00

$35.00 + $1.50 per contract

$2.01 to $3.00

$35.00 + $2.00 per contract

$3.01 to $4.00

$35.00 + $2.50 per contract

$4.01 to $5.00

$35.00 + $3.00 per contract

$5.01 or more

$35.00 + $3.50 per contract

Value less than $2,000


Assignment and automatic exercise


Client directed exercise

Refer to Stock
or ETF Commissions
(with a representative)



Investment funds and funds with commissions3





Exchange-traded debentures


$44.95 + $3.00 per $1,000 face value



Fixed-income securities


You can carry out fixed income security transactions through our trading platform or over the phone with one of our representatives.

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

A transaction fee of $25.00 will be charged on the early redemption of savings bonds issued by Placement Québec. These fees will not apply to redemptions made on the product’s anniversary date of issue.

The fine print

Application of the new pricing schedule

*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.

1. Trades must have been made through our electronic solutions.

Note on exchange-traded fund fees

2. Management and other fees may apply to ETF investments. Please read the prospectus before making an investment. ETFs are not guaranteed, their values change frequently and past performance may not be repeated.  

Notes on investment fund transactions

3. Except for NBI Funds1 , the minimum amount for an investment fund transaction through National Bank Direct Brokerage is $1,000 or the amount required by the investment fund company, whichever is higher. Subsequent investment fund transactions must be for at least $500.00 or the amount required by the investment fund company, whichever is greater.

Switch orders are subject to the same redemption fees. Some investment fund companies may charge fees in addition to the commissions 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 investment fund in question.

Fund companies charge fees when fund units with back-end loads are sold. These fees usually follow a degressive fee structure set by the fund company.

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

A commission fee of $44.95 applies to all transactions for certain fund families. For the complete list of fund families with transaction fees, please contact one of our representatives.

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

1NBI Funds include Meritage Portfolios, NBI Portfolios and NBI Private Portfolios.

Additional notes on commissions and transactions

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., a representative) and then modified via another service (e.g., the website), the commission is based on the higher of the two commission applicable. The commission charged to exercise an option is the same as the one applicable when trading the underlying securities through a representative. 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 representatives 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 and when 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 taking into account the best interest of its clients.

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