Financial Product Reviews
Minimum Investment
$0
Maximum Stock Fee
$9.99
Maximum ETF Fee
$9.99
Account Maintence Fees
N/A
Like the other big banks in Canada, Scotiabank offers an online investment platform for people who are interested in doing their own self-directed investing. And while it has high per transaction fees and quarterly “low activity” charges, it does have a few things going for it.
Pros
- Practice accounts for learning
- Ways To Save Offer
- No minimum investment
- A variety of investment research, tools, and support
- Big welcome bonus
Cons
- High per transaction fees
- Quarterly “low activity” fees
- Support is only available by phone or email, no live chat
- No options to automate some activities
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Get a free practice account + commission free ETFs.
Special Features
- Practice accounts
- iTRADE iClub memberships
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- US dollar registered accounts
- Cash
- Margin
- Non-personal accounts
- FHSA
- LIF
- LRSP
- LIRA
- RLIF
Types Of Investments
- Stocks
- ETFs
- Mutual Funds
- Bonds
- New Issues
- GICs
- Options
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$4.99
Maximum Stock Fee
$9.99
Minimum ETF Fee
$0
Maximum ETF Fee
$9.99
Active Trader Stock Fee Per Trade
$4.99
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
N/A
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
N/A
Inactivity Fee Amount
$25
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
N/A
Minimum Investment
$0
Maximum Stock Fee
N/A
Maximum ETF Fee
See Issuer for Details
Account Maintence Fees
$25
Like all of the Big 5 Banks, TD offers convenient online investing tools that regular people (not just professional traders) can use to manage their own investments. The TD Direct Investing Platform has high per trade fees, but does offer some pretty interesting educational materials and opportunities to help new and advanced investors.
Pros
- No minimum investment needed to open an account
- Some transfer fees may be reimbursed
- Active trader discount
- Variety of trading and investing platforms
- Wide array of free tools and market research
- Cash back offer
Cons
- High fees per trade can add up fast
- $25 per quarter inactivity fees
- No practice accounts
- No way to automate certain account activities
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Access free resources and tools + Variety of trading platforms.
Special Features
- Video series to learn about investing
- Daily live, interactive Master Class workshops
- Free investment research and tools
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- LIRA
- LIF
- RDSP
- Cash account
- Margin account
- FHSA
Types Of Investments
- Stocks
- Mutual Funds
- ETFs
- Options
- Fixed Income
- GICs
- Cryptocurrency ETFs
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$9.99
Maximum Stock Fee
N/A
Minimum ETF Fee
$9.99
Maximum ETF Fee
See Issuer for Details
Active Trader Stock Fee Per Trade
$7
Cover Transfer Fees?
Minimum Deposit To Cover Transfer Fee
See Issuer for Details
Maximum Covered Transfer Fee
$150
Withdrawal Fees?
Account Maintence Fees
$25
Inactivity Fee Amount
See Issuer for Details
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
See Issuer for Details
Minimum Investment
$0
Maximum Stock Fee
$6.95
Maximum ETF Fee
$6.95
Account Maintence Fees
$100
This online investment brokerage is owned and run by CIBC, and is targeted towards people who are interested in managing their own investments, learning about how to manage their own investments, and people who do investment management for a living. With relatively low fees for trades, and discounts for students and active traders, this is a service worth looking into.
Pros
- Get 100 free online equity trades with code EDGE100
- No minimum investment required
- Lower than average fees per trade
- Discount on trade fees for students and young adults
- Discount on trade fees for active traders
- Seems to be designed for regular people, not just the ultra rich
Cons
- Per transaction fees can add up quickly
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Lowest commission rate from a Big 5 Bank online broker + Free trading under 25.
Special Features
- Ages 18 - 24 trade for free
- Free investment research tools
- Extended trading hours
Types Of Accounts
- TFSA
- RRSP
- RESP
- RRIF
- LRSP
- PRIF
- LIRA
- LRIF
- Cash
- Margin
- Corporate
- Partnership
- Formal trust
- Investment club
- Estate
- FHSA
Types Of Investments
- Stocks
- ETFs
- Options
- Mutual Funds
- GICs
- Fixed Income
- Precious Metals
- Structured Notes
- IPOs
- CDRs
Minimum Investment
$0
Email Support
Live Chat Support
Phone Support
Minimum Stock Fee
$6.95
Maximum Stock Fee
$6.95
Minimum ETF Fee
$6.95
Maximum ETF Fee
$6.95
Active Trader Stock Fee Per Trade
$4.95
Cover Transfer Fees?
See Issuer for Details
Minimum Deposit To Cover Transfer Fee
N/A
Maximum Covered Transfer Fee
N/A
Withdrawal Fees?
Account Maintence Fees
$100
Inactivity Fee Amount
$0
Promotion Description
N/A
Promotion Max Value
N/A
Promotion Requirements For Max Value
N/A
Promotion End Dates
See Issuer for Details
Credit Card Fee
2.9%
Paypal Fee
N/A
Desktop App?
Mobile App?
Have you ever wanted to pay a bill using a credit card to maximize on some sweet rewards, but find yourself unable to do it directly? Some examples of bills that usually don't have credit card support are income taxes, mortgages, and some utility bills, among others.
Pros
- Easy to use
- Wide variety of accepted payees
- Easy to set up recurring payments
Cons
- Many Canadian payees are not in their system
- Only accepts debit and credit cards as a payment method
- No welcome bonus or rewards program
Provinces
ALL
Eligibility
- Canadian citizen
Why You Want It
Earn your favourite credit card rewards on all purchases + Zero merchant fees.
Special Features
See Issuer for Details
Pay Utilities?
Pay Mobile Bill?
Pay Other Bills?
Pay Income Taxes?
Pay Property Taxes?
Pay Mortgage?
Pay Insurance?
Pay Tuition?
Pay With Credit Card?
Pay With Debit Card?
Pay By Interac E-Transfer?
Pay With Paypal?
Pay In Person?
Credit Card Fee
2.9%
Debit Card Fee Minimum
2.9%
Debit Card Fee Maximum
N/A
Interac E-Transfer Fee
N/A
Paypal Fee
N/A
Security Features
- You have to enter the 3-digit number from the back of your credit card the first time you use it to make a payment
- You can set up optional 2 factor authentication
- You can set a PIN for account recovery in case you ever get locked out
Desktop App?
Mobile App?
Credit Card Fee
2.5%
Paypal Fee
2.5%
Desktop App?
Mobile App?
PaySimply is a third-party payment processor that allows you to pay things like your income tax with a credit card.
Pros
- Wide variety of payment options
- Able to use PaySimply to pay almost any bill, including your taxes
- Relatively high transaction limits
- Reasonable fees for using the service
- Secure and trusted system
- Both desktop and mobile support
- Designed for and by Canadians
Cons
- Fees for all payment types
- No rewards or other incentives to use the service
Provinces
ALL
Eligibility
- Canadian citizen
Why You Want It
Earn credit card rewards on your bills + Keep all your expenses in one place.
Special Features
- No account set up
- Can send payments to the CRA
Pay Utilities?
Pay Mobile Bill?
Pay Other Bills?
Pay Income Taxes?
Pay Property Taxes?
Pay Mortgage?
Pay Insurance?
Pay Tuition?
Pay With Credit Card?
Pay With Debit Card?
Pay By Interac E-Transfer?
Pay With Paypal?
Pay In Person?
Credit Card Fee
2.5%
Debit Card Fee Minimum
$3.95
Debit Card Fee Maximum
$7.95
Interac E-Transfer Fee
1%
Paypal Fee
2.5%
Security Features
- You don't have to make an account
- None of your payment information is stored
- All traffic is encrypted
Desktop App?
Mobile App?
Flexible Terms
Minimum Loan Amount
$100
Maximum Loan Amount
$7,000
APR Range
48.99% - 55%
Founded in 2009, Cashco Financial offers a number of services for "underbanked Canadians" – people who need money and services that they are unable to get from the regular banking system. One of these services is a “Flex Loan,” a personal loan they make available to people who may not have the best credit.
Pros
Cons
Provinces
ALL
Eligibility
- Canadian citizen
- Age of majority
Why You Want It
Borrow up to $7,000 for 60 months + "Buy Some Time" insurance feature.
Special Features
- Buy Some Time feature (for a fee)
Pre-approval
Flexible Terms
Loan Amounts
N/A
APR Range
48.99% - 55%
Term Range
6-60 months
Minimum Credit Score
See Issuer for Details
Secured Available
Flexible Terms
Minimum Loan Amount
$1,000
Maximum Loan Amount
$15,000
APR Range
46.93%
Cash 4 You is a common sight in the larger towns and cities in Ontario, having been in operation since 2001. If you have bad credit or are just in need of some quick liquidity, you may find their services useful. Cash 4 You offers installment loans, payday loans, cheque cashing, and Western Union transfers.
Pros
- You do not need to have good credit to obtain a loan
- Loan amounts and terms are flexible
- No collateral or co-signers needed
- Fast approval
Cons
- 46.93% interest rate
- Cash 4 You only operates in Ontario
- You must visit a physical branch to get your money
- No benefit to making payments early
Provinces
ON, BC
Eligibility
- Canadian citizen
- Age of majority
Why You Want It
Loan amounts from $1,000 to $15,000 + Apply online or at 100+ stores.
Special Features
See Issuer for Details
Pre-approval
Flexible Terms
Loan Amounts
Up to $15,000
APR Range
46.93%
Term Range
12-60 months
Minimum Credit Score
N/A
Secured Available
Minimum Investment
$1,000
Minimum Fees
0.35%
Maximum Fees
0.5%
Withdrawal Fees?
$$50-$125
ModernAdvisor is a low-cost portfolio management service meant to compete with services offered at banks. The idea behind ModernAdvisor is to have an investment team of people and robo advisors working with you as you invest, and assessing your tolerance for risk before investing your money.
Pros
- Tailor-made portfolios
- Socially responsible investment options
Cons
- Pay attention to all fees – even what’s charged by Credential
- Transfer fees not covered at all
Provinces
ALL
Eligibility
See Issuer for Details
Why You Want It
Low cost investment portfolio service + Simple platform.
Special Features
- Flexible investment options
- Competitive fees
- Passive and actively managed portfolios both available
Types Of Accounts
- RRSP
- TFSA
- RESP
- Family RESP
- Joint
- Individual
- RRIF
- LIRA
- Spousal RRSP
Minimum Investment
$1,000
Minimum Balance For Minimum Fee
$0
Minimum Deposit To Cover Transfer Fee
N/A
Socially Responsible Investing Options
Email Support
Live Chat Support
Phone Support
Average MER
0.2%
Minimum Fees
0.35%
Maximum Fees
0.5%
Cover Transfer Fees?
See Issuer for Details
Maximum Covered Transfer Fee
N/A
Promotion
$0
Promotion End Date
N/A
Flexible Terms
Minimum Loan Amount
$500
Maximum Loan Amount
$60,000
APR Range
N/A
Fairstone Financial is a Canadian lender and offers secured and unsecured personal loans to people who cannot normally obtain them from more traditional lenders. They’ve been around since 1923 and have over 240 branches in Canada.
Pros
- Fast approval and fast cash in hand
- Interest rates ever so slightly lower than their most immediate competitors
Cons
- Interest rates are still exceptionally high
- You must be a homeowner to get a secured personal loan
- Extra fees for a secured personal loan
- Customer reviews are not…stellar
Provinces
ALL
Eligibility
- Canadian citizen
- Employed
- Age of majority
Why You Want It
Loans of $500 to $60,000 available + No prepayment penalties online.
Special Features
- They offer various types of insurance you can purchase
Pre-approval
Flexible Terms
Loan Amounts
$500 - $60,000
APR Range
N/A
Term Range
N/A
Minimum Credit Score
N/A
Secured Available
Monthly Fee
$24.95
Which Credit Bureau?
Equifax
Credit Score Access?
Credit Report Access?
Equifax is one of Canada's 2 national credit bureaus and the Equifax Complete Premier subscription service provides unlimited access to your Equifax credit score, credit report, and much more. Getting this information straight from the source can be invaluable for many Canadians who are worried about identity theft and/or improving their credit. This aids in spotting errors, fraud, or any potential leaked data and getting it fixed.
Pros
- Up to $1 million identity theft coverage
- Identity restoration services
- WebScan
- Daily access to your Equifax credit score and credit report
- Credit report alerts
- Family and friends version
- Equifax Complete Protection
Cons
- High monthly fee
- Lack of a mobile app
- Credit score is only half the picture
Provinces
ALL
Eligibility
- Canadian citizen
- Age of majority
Why You Want It
Up to $1 million in ID theft insurance + Daily credit score updates.
Special Features
- Comprehensive credit monitoring and identity theft protection
- Up to $1 million in ID theft insurance
- ID restoration services
- Just $4.95 for the first 30 days
Monthly Fee
$24.95
Which Credit Bureau?
Equifax
Credit Score Access?
Credit Report Access?
Update Frequency
Daily
Mobile App
Top-rated financial products
Scotiabank Ultimate Package
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