Canadian discount stock broker
The discount stock brokers are the stock brokers who offers discounts in their service charges to the clients. The discount stock brokers offer discounts in its almost all areas of Fixed & market based products i.e., shares, mutual funds, securities, bonds, insurance policies etc. However discount brokers do not offers many of the services such as investment Consultancy as offered by the full service brokers. In Canada, discount stock brokers offers its services mainly for the stocks, funds etc. listed on Toronto Stock Exchanges, Newyork Stock exchange & NASDAQ. They also offer services for the fixed products such as Canada premium savings bonds, treasury bills, securities , bonds of the non- government companies & corporate bonds. Most of the discount stock brokers that operate in Canada have their operations in many countries throughout the world.
Stock brokers companies :
Some of the discount stock brokers of Canada are:
A) BMO Capital market : BMO CAPITAL MARKET is a subsidiary of BMO financial Group. BMO capital market is a discount stock broker which offers discounts in one or more areas of the market products & services. The company offers its services in the areas i.e., the corporate and personal investments, institutional investment, corporate lending, overseas investment etc. BMO capital has offices located in 26 places worldwide. The contact addresses of the Toronto & Montreal offices of the BMO Capital are:
BMO Capital market,
100 King Street West,
1 First Canadian Place,
Toronto, ONTARIO M5X 1H3
BMO Capital market
1501 McGill College Ave,
Montreal, QC H3A 3M8
The services and products being offered by the company are:
1) Debt services :
BMO capital market has 24,000 professionals who are capable of providing the
Clients any types of debt services. The debt service offered by the professional team of BMO capital has the following features:
a) Debt services i.e., investment and sales of debt products of any scale in the capital market,
b) Transaction options in many currencies.i.e., Dollars, Pounds, Euro etc.
c) Wide experience and expertise of debt services for diverse types of debt products &
d) Low commissions and fees for various debt services and discounts in some of the debt services.
The debt products for which services are given by BMO capital are Canadian premium & Savings bonds, Strip bonds, Assets and mortgage linked bonds, provincial bonds etc.
2) Equity services :
The equity market in Canada has grown tremendously in the past 2 decades. The stocks Listed in the Toronto, Montreal & other stock exchanges are Banking, pharma, and engineering, auto & oil stocks mainly. BMO capital market has professional group of analysts, funds managers and dealers, who are capable of tracking the present & future market trend and grasp the approximate market value of the particular stock. The equity services of the BMO Capital have the following features: a) Expertise in stock transactions both within Canada and outside Canada i.e., in USA, UK and other EU countries, b) Expertise in diverse stocks transaction, c) Ability of carrying out transactions in multiple currencies at fixed or variable rates & d) Providing latest market trends so that clients may read maximum profits from the Equities offload
3) Securitization services :
BMO capital market has rich experience in transactions of various securities both in US and Canadian capital markets. The securitization team of BMO Capital market consists of 13 members who are expert in any kind of security products transaction both in Canada and USA. The BMO capital securitization team has expertise in both assets & mortgage backed security products. The security products in Canada for which services are provided are:
1. Asset Backed commercial paper (ABCP),
2. Term asset backed services (ABS) &
3. National housing administration mortgage backed securities (NHA MBS),
B) TD Waterhouse discount brokerage : TD water house discount brokerage is a subsidiary of the Canada based Toronto dominion (TD) Bank Waterhouse Inc. The Contact information of the company is: TD Waterhouse discount brokerage, 77 Bloor Street (W), Main floor, Toronto, Ontario M5S 1M2 Phone: 416 982 7686 Fax: 1 866 622 1022 Email: td.waterhouse@td.com
The company is only discount stock broker in North America that offers discounts to the clients in trading through its all types of online trading accounts. The trading accounts that are offered to the clients are of two types:
1. Non-registered trading account: The non registered account is intended for those who purchase the market products by cash. 2. Registered Trading account: The registered trading accounts are for those who intends to make investments in the various registered plans of the company i.e., Retirement plans, Education savings plans, investment funds etc. The registered trading accounts of the company are:
1) Basic retirement savings plans (RSP): The basic RSP account is for those who intend to make investment in multiple registered market products e.g., Mutual funds, GICs, Canada government bonds, Corporate bonds, strip bonds & mortgage backed securities(MBS). The annual fee for this account is $25 plus taxes. There is provision of annual fee waiver for those who maintains $25000 or more in their accounts annually. 2) Self directed retirement savings plans (SDRSP): The SDRSP account is for the clients who intend to make both large scale sales & purchases of all types of market products. The SDRSP account is available for the individuals who a) already has investment in retirement savings plans or investment funds, b) has plan to shift his investment into tax savings retirement plans or investment funds & c) has complete knowledge about the various investment plans
The SDRSP account holders can make investments in wide range of products such as Canadian premium bonds, corporate bonds, strip bonds, mutual funds, GIC of public and private companies, foreign stocks, mortgage backed securities and equities backed securities. The annual administration fees for SDRSP account is $100 plus taxes. However, if Cash balance of $25,000 is maintained by the account holders then they need not to pay the administration fee. Both basic RSP and SDRSP plans are administered by the TD Waterhouse Canada Inc.
3) Self directed registered education savings plans (SDRESP): This account is for those who intends to funds the secondary educations of their kids through the trading account. The annual administration fee for all SDRESP accounts having balance less than $25,000 is $50 plus taxes. Multiple RESP accounts from a Family is permitted. The maximum lifetime contribution limit into the RESP account is $50,000. The RESP funds must be utilized by the beneficiary within 25 years of account opening. The Federal government of Canada will contribute annually Education savings grant of 20% on the $2,500 in each SDRESP account for the account beneficiary. The maximum education savings grant by the government in individual SDRESP is $500 in a year.
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