We’ve never had a non-registered brokerage account. Between the mortgage, RRSPs, RESPs and TFSAs we haven’t had that much extra cash punting around. We did occasionally buy GICs and we have a few shares we bought directly from the companies themselves, but we’ve had no need for a broker or a “non-registered” trading account. Now I’m considering opening one but I’m suspicious about any fees the brokerage may charge: I especially don’t want to have to pay a fee to take any money out of the non-registered account.
Most online self-directed brokerages offer RESPs within which you can receive the Canada Education Savings Grant, CESG. There are other grants and incentives available for some children, however, that not all brokerages are set up to handle. This is gradually changing as brokerages improve their offerings, so for the most up to date information, always speak with the brokerage you are considering. As of May 2014, however, this list summarizes which RESP grants, incentives and bonds are supported by which of the bigger self-directed brokerages. Continue reading →