Administrative Fees

*For cash or position movement from/to Commission-Free Account, $25 will be charged in addition to Regular Fees

All administrative fees are in the currency of the applicable account.

^† You may be charged by your financial institution for wiring out or receiving a wire.

^†† Up to $25,000 CDN / USD per day. 

^††† $24.95 per quarter will be charged to each client’s account if their combined total assets are lower than $5,000 or they do not complete at least one trade with a minimum commission of $1.99 per calendar quarter. Clients will be exempt from the account administration fee if they are under 26 years old or if their account is either a Commission-Free Trading Account, RESP account or a registered charity. If, in the following quarter after incurring the account administration fee, a client trades at least one trade with a minimum commission $1.99, commissions will be reimbursed up to $24.95 provided that the account remains opened at the end of the following quarter.

^†††† Deregistration of TFSA withdrawals and RRIF minimum annual withdrawals are FREE.

Borrow Fees

A borrow fee is charged for each short position held in your account. The fee is calculated by applying a borrow rate to the market value of the position for the duration it remains open. The minimum annual borrow rate is 2.5%, and in extremely rare cases it can be as high as its market value. Typically, CI Investment Services's borrow rates range between 2.5% and 100.0%. Market value is determined using the greater of $3 per share or the share price, and is subject to a minimum value of $25,000 per short position (denominated in the currency of the account in which the position is held). Some factors that can influence the availability of stock are high demand, small float, and increased volatility of the particular security.

Example 1: You borrow 1,000 shares of ABC stock valued at $45 per share. Borrow fee (based on a borrow rate of 2.5%) = $45,000 x 2.5%/365 = $3.08 per day.

Example 2: You borrow 1,000 shares of XYZ stock valued at $15 per share. Borrow fee (based on a borrow rate of 2.5%) = $25,000 x 2.5%/365 = $1.71 per day.^*

^*Short positions are subject to a minimum daily value per short position.

Short selling carries risk, so it may not be appropriate for all investors and traders. Among these risks: 1) There is the theoretical possibility of unlimited loss if a shorted stock starts a dramatic rise in price. 2) There is no maximum loss that a short seller can incur, because there is no limit to how high the price of a stock can advance. 3) The short seller is responsible for maintaining adequate margin in the short account as the price of the shorted security fluctuates. 4) The short seller is liable for any dividends or other benefits paid during the period when the accounts are short. 5) Buy-in requirements become effective if adequate margin cannot be maintained by the client, and/or if the originally borrowed stock is called by its owner and no other stock can be borrowed to replace it.

See CI Investment Services's detailed Relationship Disclosure.

Interest Rates

Charged on Negative Balances

Paid on Positive Balances

General Considerations

• A minimum cash balance is not required in order to receive interest.
• Positive cash balances will not be charged interest.
• The market value of short positions is deducted from the cash balance when calculating interest payable/charged to the client.
• Cash balances are managed solely by the client. If an account deficit results from a security purchase, CI Investment Services will not perform a currency conversion to flatten the negative cash balance.

Under margin penalty

Accounts with a negative margin balance are subject to liquidation. In rare instances where an account remains under margin overnight, the following risk exposure fee will apply: