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Scotia iTRADE: Winter 2021 offer, free trades or cash + $4.99 trades
December 25, 2021
12:46 pm
Norman1
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Scotia iTRADE is offering either (1) free trades or (2) cash + $4.99 trades. Offer is open to both new and existing clients:

Funding Requirement Reward
Cash + $4.99 pricing OR Free Stock and ETF Trades
$5,000 - $24,999 $100 20
$25,000 - $99,999 $200 100
$100,000 - $499,999 $500 300
$500,000 - $999,999 $1,000 400
$1,000,000 + $2,000 500

Funding by April 30, 2022. Remain in account until July 31, 2022.

December 25, 2021
12:53 pm
COIN
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What I find interesting is that $100,000 will get you $500, but it takes 10x $100,000 to get $2,000. The ratio is not straight line.

December 25, 2021
3:02 pm
bali
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... so if my math is right, then if you open an account and invest $100K and keep it in your account for 3 month qualification period then you receive $500 which is 2%/annum ... not sure how the $500 is taxed?
... as well if my reading is correct, if you have an existing account you can sell your stocks, transfer your money out of your account and then transfer your money back into your account and repurchase the same stocks you sold ALL before the qualification period and then claim your $500. after the qualification period ends.
Did i miss something here?

December 25, 2021
3:04 pm
bali
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... oops i mean transfer your money out of BNS and then back into BNS ... etc ...

December 25, 2021
3:52 pm
AltaRed
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bali said
... so if my math is right, then if you open an account and invest $100K and keep it in your account for 3 month qualification period then you receive $500 which is 2%/annum ... not sure how the $500 is taxed?  

It is a negative administrative fee...not taxable income. Been there done that with discount brokerages over the years.

BTW, no one is going to sell their holdings, move the money out and then back in to claim a prize of that nature, even if they could. The equity market can move 1-2% in one day, never mind how much more over the course of 5+ business days it would take to execute this. That is really rolling the dice.

Back in Mar 2020, I had my portfolio net worth move more than 10% per day on at least a few days that month, one day approaching 20%.

December 25, 2021
3:53 pm
COIN
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bali said
... oops i mean transfer your money out of BNS and then back into BNS ... etc ...  

I would be surprised if BNS will allow you to recycle the same money.

We've seen GIC promos where they insist on "new" money. I once asked a CU if money from a maturing GIC with them qualifies as "new" money. The answer was instant and NO.

December 25, 2021
4:33 pm
pooreva
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COIN said

I would be surprised if BNS will allow you to recycle the same money.

We've seen GIC promos where they insist on "new" money. I once asked a CU if money from a maturing GIC with them qualifies as "new" money. The answer was instant and NO.  

It is new money to COMPANY not to your account. They already got you for gic so give them more and more and more...

December 25, 2021
7:00 pm
Norman1
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The fine print at the bottom of their offer page says the Qualifying Amount must be "from an account that is not held at Scotia iTRADE."

It looks like funds from the parent, Bank of Nova Scotia, could qualify.

Not sure how sophisticated the Scotia iTRADE systems are in tracking any transfers out of Scotia iTRADE accounts before incoming transfers that qualify for the offer.

Scotiabank, iTRADE's parent, does have the ability to detect recycling by calculating a 'Combined Balance' that includes Scotiabank accounts not in the offer.

December 25, 2021
7:19 pm
MG
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bali said

... as well if my reading is correct, if you have an existing account you can sell your stocks, transfer your money out of your account and then transfer your money back into your account and repurchase the same stocks you sold ALL before the qualification period and then claim your $500. after the qualification period ends.
Did i miss something here?  

By selling you are creating a taxable event, either a capital gain or a capital loss for income tax purposes. If you have a loss and repurchase within 30 days, you will only have superficial capital losses - meaning not claimable for income tax purposes. My advice is be careful.

December 26, 2021
12:05 pm
Jowett
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I have a number of accounts at itrade. If I was to fund ONE of the investment accounts with some new money, would I be able to use the $4.99 trade price across all the other accounts.? (ie RRSP, TFSA accounts etc. ).

December 26, 2021
1:27 pm
AltaRed
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Write them a Secure Message and ask. My two cents - No. But I've been wrong a time or two before.sf-laugh

December 26, 2021
2:27 pm
Norman1
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It is possible this offer is across all accounts too, like a previous Scotia iTRADE offer.

With that previous offer, I chose the free trades. I received commission rebates for trades in all my accounts, including those that I didn't add any qualifying funds to.

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