The main decision at TD is which account-and-platform combination fits the intended investments. An ordinary margin account, the dedicated Active Trader margin account and EasyTrade are separate propositions. In particular, the USD-only Active Trader account does not replace a Canadian registered portfolio, and EasyTrade has its own commission allowance and product limits.[3]
Broker essentials01
Broker essentials
| Measure | Value | Context |
|---|---|---|
| Legal entity | TD Waterhouse Canada Inc. | TD Direct Investing is a division; CIRO lists the company as an investment dealer.Source 1 |
| Core investments | Securities and funds | Stocks, ETFs, mutual funds and fixed income in the main service; options need an eligible approved account.Source 2 |
| App alternative | TD Easy Trade | A separate mobile service for stocks and ETFs with 100 annual free trades.Source 19 |
| Advanced U.S. route | Active Trader Margin Account | USD only, with its own dedicated platform and permissions.Source 3 |
Account and service differences
Sections ↑Account comparison02
Three routes through TD
| Route | Coverage | Key restriction |
|---|---|---|
| Main Direct Investing service | Cash, margin and registered accounts; WebBroker and the appropriate TD interfaces. | Specific registrations and strategy approvals control access.Source 4 |
| Active Trader Margin Account | U.S. stocks, ETFs and options on TD Active Trader. | USD only; no Canadian securities, partial shares, mutual funds or fixed income.Source 3 |
| TD Easy Trade | Canadian/U.S. stocks and ETFs, including eligible partial shares; cash, TFSA, RRSP and FHSA routes. | Mobile service with a smaller product and registration range.Source 19 |
Account comparison03
Opening a cash account
| Applicant or requirement | Published position |
|---|---|
| Age and identity | Age of majority and the required identity/tax documentation apply. Accounts can be individual, joint or business in the main service.Source 2 |
| Temporary Canadian resident | The cash-account page permits a branch application with passport, valid work/study permit and temporary SIN; permit validity must exceed six months.Source 2 |
| Cash versus borrowing | Cash accounts require funds for purchases and do not support margin borrowing, short selling or options.Source 2 |
| Currencies | CAD and USD account components allow same-currency holding and settlement.Source 2 |
Account comparison04
Registered accounts
| Registration | Use and constraints |
|---|---|
| TFSA | Eligible Canadian residents with a valid SIN and sufficient contribution room. Canadian tax relief does not remove foreign withholding or investment risk.Source 5 |
| FHSA | First-home eligibility, Canadian tax residence and age rules apply. Qualifying home withdrawals differ from taxable ordinary withdrawals; contribution room starts when the first FHSA opens.Source 6 |
| RRSP / spousal RRSP | Tax-deferred retirement saving with deductible eligible contributions. Spousal ownership and attribution rules differ from an individual plan.Source 7 |
| RESP | Education savings with eligible government assistance; contribution principal and educational assistance payments are treated differently.Source 8 |
| RDSP | For an eligible Canadian-resident beneficiary approved for the Disability Tax Credit. Contributions can continue through the year of age 59; withdrawals may trigger grant/bond repayment.Source 9 |
| LIRA / LRSP | Locked-in pension transfers retain the applicable federal or provincial restrictions.Source 10 |
| RRIF / LIF / PRIF | Income-stage retirement registrations have minimum withdrawal rules; locked-in versions can also restrict access.Source 11 |
Account comparison05
Currency and permission exceptions
| Account | Important limit |
|---|---|
| Main-service RESP and RDSP | CAD-only registrations in the account schedule; do not assume a USD side for every registered plan.Source 13 |
| EasyTrade FHSA | The EasyTrade fee document expressly says CAD only, despite generic marketing references to CAD/U.S. accounts.Source 20 |
| EasyTrade cash, TFSA and RRSP | CAD and USD components are expressly supported.Source 20 |
| Registered trading | A generic product page mentioning Active Trader does not make that dedicated margin platform available to an FHSA or RRSP.Source 3 |
The profile does not reproduce annual RRSP tax ceilings from the broker’s product page: its 2026-labelled figures and deadline are internally inconsistent with its other account pages. Use the client’s current contribution notice and the tax authority’s rules when deciding how much to contribute.
Commissions and account costs
Sections ↑Pricing & charges06
Main-service digital commissions
| Order | Standard | Qualifying active tier |
|---|---|---|
| Stocks / ordinary ETFs | 9.99 | 7.00Source 12 |
| Options | 9.99 + 1.25 per contract | 7.00 + 1.25 per contractSource 12 |
| Less than one share | 1.99 | 1.99Source 12 |
| Eligibility | Fewer than 150 commissionable trades | At least 150 qualifying trades per quarterSource 12 |
Charges follow the trade’s CAD or USD currency. The active commission test uses eligible household activity over the previous three calendar months and is reviewed monthly; separate fills on different days can incur further commissions. A phone order uses a separate schedule with a 43 minimum.[12]
Pricing & charges07
Commission-free ETFs in the main service
| Issue | Condition |
|---|---|
| Eligible list | Selected Canadian and U.S. ETFs are offered commission-free; eligibility can change. The current list includes broad-market and specialised products.Source 14 |
| Channels | Digital trades on WebBroker, TD app, Advanced Dashboard and TD Active Trader qualify where the security/account is supported.Source 14 |
| Exception | Strategy orders containing a selected ETF still incur commission. EasyTrade uses its separate annual allowance.Source 14 |
Pricing & charges08
Quarterly maintenance charge
| Condition | Treatment |
|---|---|
| Household assets | At least C$15,000: no maintenance fee. Below that: C$25 per quarter unless waived.Source 13 |
| New relationship | First household account open for less than six months: waived.Source 12 |
| Recurring saving | Qualifying SIP/PAD/PAC of at least C$100 monthly in the household: waived.Source 28 |
| Other waivers | At least three commission-paid trades in the preceding quarter; an RDSP in the household; or a household containing only FHSA accounts.Source 13 |
| Household linking | Accounts at the same address must be brought to TD’s attention to receive the intended aggregation.Source 13 |
Pricing & charges09
Other main-service charges
| Service | Scheduled amount |
|---|---|
| Outgoing account transfer | C$150, partial or full.Source 13 |
| Registered full withdrawal | C$100; excludes RDSP, RESP, TFSA, FHSA and RRIF.Source 13 |
| Partial retirement withdrawal | C$25 for RRSP, Basic RRSP, LIRA or LRSP.Source 13 |
| Options exercise / assignment | Automatic exercise or assignment: 15; client-directed exercise: 43, in account currency.Source 13 |
| Debit or margin handling | C$15 per event, plus applicable trading charges.Source 13 |
| Paper statements / confirmations | C$2 per envelope; schedule exceptions apply.Source 13 |
| Incoming wire | C$17.50; U.S. receipts: US$17.50.Source 13 |
EasyTrade: what the allowance covers
Sections ↑Pricing & charges10
EasyTrade pricing and limits
| Item | Current terms |
|---|---|
| Annual allowance | 100 whole or partial stock/ETF trades per client, shared across accounts, January–December.Source 20 |
| After 100 trades | 9.99 for an order of at least one share; 1.99 below one share. Canadian trades charge CAD and U.S. trades USD.Source 20 |
| Holding the account | No maintenance fee or minimum account balance; partial investing starts from C$1 or US$1 as applicable.Source 19 |
| What is absent | Options, margin borrowing, mutual funds and fixed-income dealing are outside this simplified offering.Source 19 |
| Leaving or withdrawing | The EasyTrade tariff still lists C$150 external transfers and C$100 full/C$25 partial RSP withdrawals. Free trading does not remove those costs.Source 20 |
Funds, options and fractional ownership
Sections ↑Account comparison11
Main-service product access
| Product | Useful detail |
|---|---|
| Mutual funds | Research and buy funds from multiple managers. Fund expenses and fund-company charges continue even where dealing commission is zero.Source 15 |
| Short fund holding | Selling or switching inside 30 days generally costs 1% or 45, whichever is greater, plus fund-company charges.Source 12 |
| Options | Approval controls permitted strategies. Buying an option risks the premium; writing an option can create obligations exceeding it.Source 16 |
| Bonds and GICs | Available through the broader securities service. Maturity, issuer quality and early-sale liquidity affect the outcome.Source 4 |
Account comparison12
Partial shares: trading and ownership
| Issue | Published rule |
|---|---|
| Eligible securities | A changeable selection of Canadian/U.S. stocks and ETFs. Orders are market-only during market hours.Source 25 |
| Order size | Buy by dollar amount or share quantity; sell by quantity. Quantities use up to five decimals and dollar-based purchases round down.Source 25 |
| Ownership | Client beneficial ownership is recorded; fractional holdings are segregated on TD’s records like whole shares.Source 25 |
| Rights | No voting or voluntary corporate-action elections for the fractional portion. Mandatory events and qualifying distributions are proportional; very small payments have minimum thresholds.Source 25 |
| DRIP / transfer | Fractions do not receive DRIP benefits and cannot transfer to another broker; liquidation can create tax or commission consequences.Source 25 |
Currency conversion and interest
Sections ↑Pricing & charges13
Illustrated TD currency-conversion component
Pricing & charges14
TD conversion illustration: include the affiliate’s additional third
| Assumption / component | USD-equivalent arithmetic |
|---|---|
| USD 10,000 conversion at the table’s illustrative 1.26% TD component | USD 126Source 18 |
| Additional affiliate amount: one third of that component | USD 42Source 18 |
| Combined illustrative component | USD 168, or 1.68%Source 18 |
These rounded percentages illustrate TD’s component using the 2025 Bank of Canada average; TD actually applies exchange-rate points. They are not all-in conversion costs: the affiliate rate includes an additional surcharge equal to one-third of the DI component. Trade-linked conversion of US$60,000 or more uses the 0.78% illustrated tier. Holding and settling in the same currency can avoid an unnecessary conversion; this is securities-account currency handling, not a leveraged FX account.[18]
Pricing & charges15
Annual margin interest, rate page dated 18 September 2026
Rates vary and preferential status must be established with TD. Most ordinary uninvested balances earn 0%; the published exception includes 0.10% on qualifying President’s non-registered CAD balances of at least C$1 million. Interest accrues on daily closing balances and is posted monthly; the rate page specifies small-amount thresholds.[17]
Account comparison16
Margin requirements and concentration
| Security example | Investor equity requirement | Published loan concentration cap |
|---|---|---|
| Eligible listed equity at C$/US$5 or more | 30% | 1,500,000 loan valueSource 30 |
| Other eligible listed equity at C$/US$3 or more | 50% | 750,000 loan valueSource 30 |
| Specified leveraged/high-yield ETFs | 65% | 250,000 loan valueSource 30 |
| Securities below 3; U.S. OTC | 100% | No borrowing valueSource 30 |
These examples are not universal leverage entitlements. TD can impose security-specific restrictions and separate concentration limits. A nominal 30% requirement means the client supplies 30% equity, not that the loan is limited to 30%.[30]
TD’s public concentration table gives dollar caps without an explicit CAD/USD conversion convention; confirm how the cap applies to the actual positions.[30]
Protections & eligibility17
What a margin shortfall can trigger
| Issue | Consequence |
|---|---|
| Changing requirements | The agreement permits TD to change collateral requirements and demand repayment.Source 31 |
| Forced action | TD can sell collateral, close positions or buy in shorts to protect itself without first delivering a margin call. A remaining deficit stays payable.Source 31 |
| Collateral reuse | Pledging or lending securities while the account is indebted differs from voluntarily lending fully paid securities for income.Source 31 |
| Cash custody | The contract treats free credit balances as a debtor–creditor obligation; they need not remain segregated cash.Source 31 |
Platforms and market data
Sections ↑Platforms & products18
The ordinary account interfaces
| Platform | What it adds |
|---|---|
| WebBroker | Browser portfolio management, dealing, research, screeners and investing-goal tools.Source 21 |
| TD app | Mobile access to eligible Direct Investing accounts, quotes, orders and money movement within the banking app.Source 22 |
| Advanced Dashboard | Canadian/U.S. equities, ETFs and options, streaming workspaces and a dedicated mobile version synchronised with WebBroker and TD app.Source 23 |
| Conditional orders | Dashboard supports bracket and contingent combinations including OCO, one-triggers-another and first-triggers-OCO, subject to the security/account.Source 23 |
| Premium data access | Published qualification is 30 trades per quarter or C$500,000 in household assets; this differs from the 150-trade commission test.Source 12 |
Platforms & products19
TD Active Trader is a separate U.S. account
| Feature | Dedicated-platform scope |
|---|---|
| Interfaces | Desktop, web and mobile, with a practice environment.Source 24 |
| Strategies | Up to four options legs; the ordinary margin account supports up to two.Source 3 |
| Linked orders | OCO and trigger/sequence combinations support more elaborate order chains.Source 24 |
| Extended access | The platform advertises eligible extended-hours orders from 08:00–20:00 ET. Do not apply this window to every other TD interface.Source 24 |
| Data fees | Level I plus Options I is 32 per month below 30 quarterly trades; waived at the qualifying activity level. Level II also requires at least US$5,000 cash or eligible holdings.Source 24 |
| Futures display | Delayed CME futures data is a display feature; it does not establish futures dealing permission.Source 24 |
Trading & service hours20
WebBroker extended hours
| Session or rule | Published access, ET |
|---|---|
| Pre-market | 08:00–09:20.Source 34 |
| After hours | 16:00–19:00.Source 34 |
| Eligible orders | U.S. exchanges, limit orders only; choose the extended-session duration in the order ticket.Source 34 |
| Duration | The order remains active through the rest of the trading day and the next extended period, as described in the FAQ.Source 34 |
Funding, recurring investing and transfers
Sections ↑Account comparison21
Getting money into the account
| Method | Timing and limitation |
|---|---|
| TD bank transfer | Use WebBroker, EasyWeb or the TD app for transfers between eligible TD accounts.Source 27 |
| External Interac funding | Cash/margin accounts can receive funds up to the client’s daily limit. Normally instant on business days 06:00–20:00 ET; other requests wait until the next business day.Source 27 |
| External-bank holds | The sending institution can delay the transfer; TD gives a possible 24-hour processing delay.Source 27 |
| Bill payment | An alternative for larger deposits or without Interac; allow up to five business days for posting.Source 27 |
| Settlement | Securities settlement and available-to-withdraw cash are separate from an executed order. A cash account cannot treat unsettled or uncleared money as unrestricted funds.Source 2 |
Account comparison22
Automation and income withdrawals
| Service | Useful condition |
|---|---|
| Recurring cash | Registered contributions or non-registered deposits can be scheduled from TD or another Canadian institution; external setup requires banking evidence.Source 28 |
| Dividend reinvestment | Eligible shares/funds can reinvest commission-free; choose individual securities or an account-wide instruction.Source 28 |
| Mutual-fund withdrawals | A systematic withdrawal plan starts at C$50; it can support regular cash flow or retirement payments.Source 28 |
| Income sweep | Eligible non-registered interest/dividends can move to a bank account twice monthly, on the 5th and 20th, through the income-generation arrangement.Source 28 |
Account comparison23
Transferring an existing portfolio
| Choice | Consequence |
|---|---|
| In kind | Moves transferable investments without intentionally selling them; assets may arrive at different times.Source 29 |
| In cash | Requires liquidation at prevailing market prices and can incur dealing charges or tax consequences.Source 29 |
| Registration matching | Spousal and locked-in registrations must match correctly. Locked-in transfers need appropriate pension documents.Source 29 |
| Retirement income / deposits | RRIF minimum-payment obligations and non-transferable GICs can delay completion. Confirm issuer transferability rather than assuming every holding moves immediately.Source 29 |
Fully-paid stock lending
Sections ↑Protections & eligibility24
Voluntary Stock Lending Income Program
| Point | Current published terms |
|---|---|
| Eligibility | CAD and USD cash accounts only; clients enrol and may exclude securities.Source 26 |
| Payment | Demand determines whether holdings are borrowed. Lending interest is split 50/50 with TD, calculated daily and paid monthly; income is not guaranteed.Source 26 |
| Legal ownership | Title and beneficial ownership of securities on loan move to TD Securities Inc.; the client receives substitute distributions.Source 26 |
| Protection | Loaned securities are outside CIPF coverage while on loan. TD supplies cash collateral adjusted daily to market value; ordinary coverage resumes when securities return.Source 26 |
| Voting / DRIP | Voting rights pass away while lent; recall for voting needs at least ten business days’ notice. Loaned holdings do not receive DRIP benefits.Source 26 |
| Control | Clients may sell holdings or opt out, but cannot choose the timing of each borrowing.Source 26 |
Current transfer promotion
Sections ↑Event timeline25
Cash offer checked 10 October 2026
| Step | Condition |
|---|---|
| Register | Eligible new or existing clients must register by 23 October 2026; use the prescribed code or registration route.Source 33 |
| Transfer | At least C$2,500 from outside TD Bank Group. Complete the first transfer within 60 days of registration or by 30 November 2026, whichever is earlier.Source 33 |
| Reward | 3% on eligible registered assets and 1% on eligible non-registered assets, with C$15,000 maximum combined.Source 33 |
| Retention / payment | Hold qualifying assets through 30 November 2028; payments occur by 31 December 2027 and 31 December 2028.Source 33 |
| Withdrawals / scope | Withdrawals from eligible accounts, including pre-existing assets, reduce qualifying funding. Certain income, education, disability and non-personal registrations are excluded; account standing and campaign-combination rules apply.Source 33 |
Regulation, investor protection and assistance
Sections ↑Entities & regulation26
Named-company checks
CIPF covers eligible missing property following member insolvency, not investment losses. Individual limits generally combine C$1 million for general accounts including TFSA/FHSA, C$1 million for retirement accounts, and C$1 million for subscriber RESPs; exclusions apply.[36]
Account comparison27
Contact and complaint routes
| Route | What to expect |
|---|---|
| Main assistance | 1-800-465-5463, Monday–Friday 07:00–22:00 ET; the TD app also routes clients to assistance.Source 22 |
| Formal escalation | Raise the issue with Direct Investing, request a manager, then escalate through TD Wealth Cares under the dedicated investing complaint process.Source 32 |
| Independent review | OBSI is available after an unsatisfactory final response or the stated response deadline; normally 90 days. File within 180 days of the Step 2 response.Source 32 |
| Quebec / internal review | Quebec clients have a stated AMF route and shorter response provisions. Senior Customer Complaints Office review is internal and voluntary, not independent adjudication.Source 32 |
Estimate costs from the intended account, trading frequency, currencies and borrowing. This review examined published documents; no live order, transfer, support or lending test was conducted.
Company background & evidence
Sections ↑- Headquarters
- Toronto, Canada
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
TD Waterhouse Canada Inc.
CanadaSource 1
No separate licence entry is recorded in this panel.
Sources & further reading
- TD Waterhouse Canada Inc. — regulated dealer record Canadian Investment Regulatory Organization · Accessed 10 Oct 2026
- Investment Cash Account TD Direct Investing · Accessed 10 Oct 2026
- Active Trader Margin Account TD Direct Investing · Accessed 10 Oct 2026
- Registered and Non-Registered Accounts TD Direct Investing · Accessed 10 Oct 2026
- Self-Directed TFSA TD Direct Investing · Accessed 10 Oct 2026
- Self-Directed First Home Savings Account TD Direct Investing · Accessed 10 Oct 2026
- Self-Directed Registered Retirement Savings Plan TD Direct Investing · Accessed 10 Oct 2026
- Self-Directed Registered Education Savings Plan TD Direct Investing · Accessed 10 Oct 2026
- Self-Directed Registered Disability Savings Plan TD Direct Investing · Accessed 10 Oct 2026
- Locked-in Retirement Accounts TD Direct Investing · Accessed 10 Oct 2026
- Self-Directed Registered Retirement Income Fund TD Direct Investing · Accessed 10 Oct 2026
- Pricing and Commissions TD Direct Investing · Accessed 10 Oct 2026
- Commission Schedule and Statement of Disclosure of Rates and Fees TD Direct Investing · Accessed 10 Oct 2026
- Commission-Free ETFs TD Direct Investing · Accessed 10 Oct 2026
- Mutual Funds TD Direct Investing · Accessed 10 Oct 2026
- Options TD Direct Investing · Accessed 10 Oct 2026
- Interest Rates TD Direct Investing · Accessed 10 Oct 2026
- Foreign Currency Conversion Pricing TD Direct Investing · Accessed 10 Oct 2026
- TD Easy Trade TD Direct Investing · Accessed 10 Oct 2026
- TD Easy Trade Commission Schedule and Rates and Fees TD Direct Investing · Accessed 10 Oct 2026
- WebBroker TD Direct Investing · Accessed 10 Oct 2026
- TD app — Direct Investing TD Direct Investing · Accessed 10 Oct 2026
- Advanced Dashboard TD Direct Investing · Accessed 10 Oct 2026
- TD Active Trader TD Direct Investing · Accessed 10 Oct 2026
- Fractional Shares Disclosure — TD Direct Investing and TD Easy Trade TD Direct Investing · Accessed 10 Oct 2026
- Stock Lending Income Program TD Direct Investing · Accessed 10 Oct 2026
- How do I fund a TD Direct Investing account? TD Direct Investing · Accessed 10 Oct 2026
- Managing Your Money TD Direct Investing · Accessed 10 Oct 2026
- Account Transfer Client Disclosure TD Direct Investing · Accessed 10 Oct 2026
- Margin Requirements and Concentration Guidelines TD Direct Investing · Accessed 10 Oct 2026
- TD Waterhouse Canada Inc. Account and Services Agreements and Disclosure Documents TD Direct Investing · Accessed 10 Oct 2026
- Resolving Your Complaints — TD Direct Investing section TD Direct Investing · Accessed 10 Oct 2026
- 2026 TD Direct Investing and TD Easy Trade Cash Offer — current and historical terms TD Direct Investing · Accessed 10 Oct 2026
- How do I participate in extended hours trading in WebBroker? TD Direct Investing · Accessed 10 Oct 2026
- Current CIPF Members Canadian Investor Protection Fund · Accessed 10 Oct 2026
- About CIPF Coverage Canadian Investor Protection Fund · Accessed 10 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.