I read that same excerpt a while back, and I still stand by my interpretation.

I think the 4th bullet is the one in question:

Technically, i did NOT pay this fee when I bought or sold securities, but at the beginning of the year, and it was charged to me regardless of whether I was gong to buy/sell or not.

Also, on the transaction statement that CIBC sends out, nowhere on it does it show the commission paid, as it usually does when you are paying commission on a transaction by transaction basis. So if my transaction statements say I paid no commission for 50 trades (the same statements I’d use in event of a CRA audit), there should be nothing to dispute.

I read that same excerpt a while back, and I still stand by my interpretation.

I think the 4th bullet is the one in question.

Technically, i did NOT pay this fee when I bought or sold securities, but at the beginning of the year, and it was charged to me regardless of whether I was gong to buy/sell or not.

Also, on the transaction statement that CIBC sends out, nowhere on it does it show the commission paid, as it usually does when you are paying commission on a transaction by transaction basis. So if my transaction statements say I paid no commission for 50 trades (the same statements I’d use in event of a CRA audit), there should be nothing to dispute.

* The interest you paid on money you borrowed to contribute to a registered retirement savings plan or a registered education savings plan, or a registered disability savings plan.
* The interest part of your student loan repayments (although you may be able to claim a credit on line 319 on Schedule 1 for this amount).
* Subscription fees paid for financial newspapers or magazines, or newsletters.
* Brokerage fees or commissions you paid when you bought or sold securities. Instead, you use these costs when you calculate your capital gain or capital loss. For more information, see Capital Gains.

I had couple of clients who were not able to stick with DCA plan so what we did is do a lumpsum into a money market fund and than buy monthly from money market fund and pay off the loan in the meantime, it work pretty good with them.

It’s a good option if you want to start building your first portfolio with DCA and diversification. You can build a lazy porfolio with 3 indexes (bonds, CAD equity and US equity) with only $75 per deposit. In addition, they offer rebalancing and the annual management is $24.

The MER is more than with TD e-series but I believe that the regular contribution with TD is $100 per fund.

And if you use up your 50 free trades (a BIG if that is, I won’t and I suspect many who are just starting the SM with only 20% down won’t either), $6.95 per trade still is hard to beat (purchase would have to be only $695 to get below the 1% rule).

Of course, this is sort of bending the truth, in that you’ve really paid for 50 transactions up front. But in my case, with 40% tax rate, I get back $158 of it, so in essence I only paid $237. If u were able to make a full 50 trades that year, that works out to $4.74 per trade. Even if you only made 1 purchase per month, you would only be paying $19.75 per buy (after your income tax refund is accounted for). But I like my way of looking at it better.. it softens the blow!

Every month
Automatically
The day after pay-day

We don’t even notice it’s gone but it’s amazing how it grows over the years.