Frequently asked questions

If you have selected “paperless delivery,” as your preferred method of receiving your 2023 tax documents, they will be available electronically in the Scotia OnLine Communications Centre under “Brokerage Tax Documents”. If you have selected paper delivery, tax documents will be mailed to you. Please note, fees may apply for mailed tax slips.

2023 tax slips are issued in accordance with CRA and IRS regulations, as follows:

Non-Registered Accounts:

Registered Accounts:

US Reporting:

If you hold trust or mutual fund units, we suggest waiting until you have both your T5 and T3 slips before filing your tax return. If you have any questions regarding your tax slips, please contact Scotia iTRADE^®.

If you are currently paying $9.99 per trade, you can qualify for $4.99 commissions by executing 150 equity and/or option trades per quarter.

To learn more, please visit our Commission and Fee Schedule.

A designated trading authority or power of attorney can be specified by sending us a "Trading Authorization for Personal Accounts" or "Application for a Power of Attorney – Personal Accounts" form. The form must be accompanied with a photocopy of valid photo ID and a cheque in the amount of $1 from the designated person.

To designate a trading authority, complete the Trading Authorization for Personal Accounts form.

To designate a Power of Attorney, complete the Power of Attorney – Personal Accounts form.

You can apply to have your registered and non-registered accounts enabled for options trading by submitting the following forms:

For Cash Accounts, complete the Margin and Short Margin Account Application form, the Option Account Approval form, and the Personal and Regulatory Information Update form.

For Margin accounts, complete the Option Account Approval form, and the Personal and Regulatory Information Update form.

For Registered Accounts, complete the Option Account Approval form, and the Personal and Regulatory Information Update form.

Once completed, simply mail your original documents to: 

Scotia iTRADE
P.O. Box 4002 Station A,
Toronto, ON 
M5W 0G4

You can reset your trading access code by logging on to scotiaitrade.com and following the steps below:

In the classic online experience:

1. Select the 'Manage My Accounts' tab and click on 'Security and sign-in'.
2. Then, select the 'Create/Reset Access Code' tab on the left-hand side of the page.
3. Finally, you may enter a new 5-8 digit number that is different from the password you use to log onto scotiaitrade.com and follow the remaining steps to complete the process.

In the new online experience:

1. Click on the menu on top right corner
2. Then click on 'Profile and Settings'
3. Under ‘Security and sign-in’ > Access code, click on ‘Update’

Our Customer Service Centre is open five days a week. To reach us by phone, call 1-888-872-3388 8:00 a.m. to 8:00 p.m. ET Monday to Friday, or email us at service@scotiaitrade.com.

We offer several convenient ways to transfer funds to your account:

• If you are already an existing Scotiabank client, you may transfer funds from your Scotiabank account online by logging onto Scotia OnLine.
• You may also transfer funds from any bank account that you hold with another Canadian financial institution by enrolling in our Easy Transfer service. To do this, complete the Easy Transfer Authorization Form, and then mail the form, along with a personalized void cheque or branch stamped bank letter to:
  
  Scotia iTRADE
  P.O. Box 4002 Station A,
  Toronto, ON M5W 0G4
• Other methods of deposit include bill payment from any bank account that you hold with another Canadian financial institution, wiring money in, or depositing a cheque.

You can link your bank account(s) from another Canadian financial institution to your Scotia iTRADE account(s) by providing the banking details on the account application form you complete and submitting a personalized void cheque or branch stamped bank letter.

Alternatively, you can download, complete and mail the Easy Transfer Authorization Form to: 

Scotia iTRADE
P.O. Box 4002 Station A,
Toronto, ON M5W 0G4

Transferring investment accounts or securities from your Scotiabank branch to your Scotia iTRADE account is easy. Our recommendation is to always complete the transfer process using Scotia iTRADE’s online Transfer Authorization Request . This online transfer system is quick, easy and facilitates a much smoother transfer of your investment accounts and/or investments. Additionally, it helps reduce potential errors and generates an immediate transfer reference number. Once the request process is complete, a form will generate that requires your signature. After signing this form, you will be required to mail to:

Scotia iTRADE
PO Box 4002 Station A
Toronto, ON
M5W 0G4

The expected completion time varies, however, with complete and accurate documentation and signatures, will typically require between 15-30 business days.

Transferring securities from another financial institution to your Scotia iTRADE account is easy. On the account application form, you will be asked "Do you want us to transfer any of your assets from another financial institution?" Simply reply "yes" and provide the transfer details and we will initiate the transfer process for you. Please note: For RESP transfers, you must complete the RESP Transfer Authorization Form below:

Transfer Authorization form for RESP Accounts

You can also transfer securities and investments to your Scotia iTRADE registered or non-registered account(s) by completing the appropriate Transfer Authorization Form below:

Transfer Authorization form for Registered Accounts

Transfer Authorization form for Non-Registered Accounts

Yes, Scotia iTRADE offers pre-authorized contribution/deposit plans from any bank account at a Canadian financial institution to your Scotia iTRADE account. To link to a bank account and set up a plan, complete the Easy Transfer Authorization Form and mail the form, along with a void cheque or branch stamped bank letter to: 

Scotia iTRADE
P.O. Box 4002 Station A,
Toronto, ON 
M5W 0G4

You can deposit share certificates in your name to your Scotia iTRADE account by completing the Power of Attorney to Transfer Securities form Power of Attorney to Transfer Securities form.

Please indicate "Scotia Capital Inc." as the name of the transferee on the form and note the account number on the top right hand corner of the certificate.

You can send the form and the certificates via registered mail or courier to:

Scotia iTRADE Operations
40 King Street West – 15th Floor
Toronto, Ontario
M5H 1H1
Attention: Operations

For clients living within the Greater Toronto Area or Montreal, you can also hand deliver the original documents to one of the following locations (closed until further notice):

1. 44 King Street West, Scotia Plaza (Lower Concourse), Toronto, Ontario
2. 1002 rue Sherbrooke Ouest – 10th Floor, Montreal, Quebec

Please note that Scotia iTRADE does not accept third party certificates and certificates for securities trading on the NASDAQ Pink sheets and OTCBB exchanges.

For deposits to non-personal accounts, please contact Scotia iTRADE at 1-888-872-3388.

The following types of securities can be traded in your Scotia iTRADE account:

• Equities
• Options
• Exchange Traded Funds (ETFs)
• Mutual Funds
• Bonds
• New Issues

Learn more about investment types

You can place various types of orders in your Scotia iTRADE account(s), including:

• Market Orders
• Limit Orders
• Stop Orders
• Trailing Stop Orders
• Day Orders
• All or None Orders
• Market if Touched Orders

You can View/Cancel/Modify your open equity or option orders online by logging onto scotiaitrade.com and selecting the “Trade > View Orders” tab.

Yes, you can trade U.S. securities in the new U.S. dollar side of your Scotia iTRADE registered account. All registered account types, except Registered Education Savings Plans (RESPs), have a U.S. dollar side. For RESPs, Scotia iTRADE offers a U.S.-Friendly option.

It’s easy to enroll the U.S. dollar side of your registered account. Simply log into Scotia OnLine and click Manage my account >> Additional Services >> Scotia iTRADE >> Service Request >> Enroll.

The “buying power” reflected in your cash account indicates the combined purchasing power available to you based on the cash and equity in your account. If your account is a cash account, you have to settle your trades in full by the Trade Settlement date.

You can enable short selling in your non-registered cash account by upgrading to margin and short margin by completing the following forms:

Margin and Short Margin Account Application form

Personal and Regulatory Information Update form

Short selling of securities can only be done in Short Margin accounts and is not permitted in registered accounts.

You can place after-hours trades online for US markets by logging onto scotiaitrade.com and selecting  “Extended Hours” from the Term field on the Equity order entry page.

At Scotia iTRADE, we offer U.S. pre-market trading between the hours of 8:00 a.m. and 9:30 a.m. EST, and after-hours trading between 4:00 p.m. and 5:30 p.m. EST.

You can also place extended-hours trades by calling and speaking with an Investment Representative.

The daily cut-off time is 3:30 p.m. EST to place an online mutual fund order to get that day’s closing unit price.

You can withdraw funds from your non-registered account to a linked bank account by logging onto scotiaitrade.com and selecting the “Transfer” tab.

Alternatively you can request a cheque or a wire out.

To request a cheque, click on “Manage My Accounts > Additional Services > Withdraw Funds” and submit your request. The cheque will be mailed to the address of the account owner.

To request a wire out, click on “Manage My Accounts > Additional Services > Request a Wire.” Scotia iTRADE will charge a fee for this service.

Alternatively, you can call us at 1-888-872-3388.

You can make cash withdrawals from your TFSA or RRSP by logging onto scotiaitrade.com and selecting  “Transfers>Registered Withdrawals” . Please note that RRSP withdrawals are subject to withholding tax.

Alternatively, you can call us at 1-888-872-3388 and give instructions for both cash and in-kind withdrawals or fill out the “Withdrawal/Deregistration (partial and full)” form.

Withdrawal/Deregistration (partial and full) form

In the classic online experience:

To enroll in a DRIP for a security go to Accounts > Manage My Accounts > Additional Services > Scotia iTRADE > Security Requests > Manage DRIP/DPP Enrollment

In the new online experience:

To enroll in a DRIP for a security go to the menu on the top right corner > Profile and Settings > Settings > Manage > DRIP/DPP enrolment > Manage

To sign up for electronic document delivery which allows you to view your monthly account statements, trade confirmations, mutual fund prospectuses and annual trading summaries online, log onto scotiaitrade.com, go to Manage My Accounts > Document Preferences > Investment Accounts and specify your document delivery preferences.

Once you've selected your preferences and acknowledged the Terms for Electronic Document Delivery Agreement, select the "Submit" button.

If you have a defunct security in your Scotia iTRADE account, you may remove it by completing a “Deed of Gift” form.

Deed of Gift Form

When a company declares a stock split or consolidation, the price of the stock will be adjusted and the number of shares will increase or decrease proportionately. This process generally takes about 2 weeks.

Securities that are deemed ineligible to be held in a registered account by the Canada Revenue Agency are called non-qualified securities. The Canada Revenue Agency (CRA) may levy penalties or fines to the account holder who holds these securities in a registered account.

Most often, this is as a result of the security not trading on one of the prescribed exchanges. For more information, please visit the CRA website.

You can request stock certificates or direct registration statements be registered and delivered to you, in your name, by calling Scotia iTRADE at 1-888-872-3388. 

If you require stock certificates to be registered in the name of a family member, complete the “Third Party Registration of Shares to Family Members” form.

The receipts for RSP contributions made during the first sixty calendar days will be mailed out to clients daily.

The receipts for RSP Contributions made after the first sixty calendar days will be mailed in January of the following year.

Starting January 1, 2023, the IRS will require non-US persons who hold PTPs with US-sourced business income included among its distributions to obtain a US Tax Identification Number (TIN) and provide that to the Financial Institution where the PTPs are held prior to filing their US tax return for the 2023 calendar year.  Doing so allows financial institutions to fulfill new obligations to report beneficial ownership of PTPs and thereby assist the IRS with reconciliation of US tax filings on an annual basis.  Also effective January 1, 2023, a 10% withholding tax will be applied to the gross proceeds from disposition or transfer of the impacted PTPs, in addition to the usual 37% withholding tax on distributions when the beneficial owner is a non-US person.

If you choose to sell your PTP holdings, and that sale is settled on or before December 30, 2022, the sale will not be subject to the newly proposed 10%withholding tax (note however, that you will remain subject to the existing 37%withholding tax on distributions) and you will not be required by the IRS to provide a TIN or file US taxes for the 2023 calendar year on account of holding those securities.

If you continue to hold these PTPs into 2023 and you are a non-US person, you will receive a follow-up communication with details on how to apply for and share your TIN with Scotia iTRADE.

Please note that in keeping with new requirements of Financial Institutions where PTPs are held, Scotia iTRADE will withhold taxes on the portion of distributions based on US-sourced income at the standard rate of 37%. If you think you may be qualified to receive a more beneficial tax treatment, then please seek assistance from your accountant and/or tax advisor.

Additional FAQ’s:

 What is a publicly traded partnership (PTP)?

A publicly traded partnership (in contrast to a corporation) is a partnership where the units (or interests) in the partnership are traded on securities markets such as the NYSE or TSX. Brookfield Infrastructure Partners LP and American Hotels Income Property REIT LP are examples of publicly traded partnerships.

Under what circumstances are PTPs subject to withholding under this tax code (IRC Section 1446)?

 Non-US persons that hold certain PTPs with US-sourced business income included among its distributions are subject to withholding under this tax code.

Under what circumstances are PTPs not subject to withholding under this tax code (IRC Section 1446)?

PTPs are not subject to withholding under this tax code if the following are true:

• The beneficial owner is a US person with a valid Form W-9 on file.
• The PTP does not have US-sourced business income included among its distributions.
  

How do I know which PTPs have US-sourced business income included among its distributions?

PTPs are generally required to issue a Qualified Notice prior to a distribution that provides a detailed breakdown of the types of income (e.g. dividend, interest, US sourced business income, included in the distribution).

How is the amount of withholding on the sale of impacted PTPs calculated?

The withholding on the sale of impacted PTPs established in the US regulations is 10%. The amount subject to withholding is the total sales price, or gross proceeds, related to the sale of the publicly traded partnership units. The 10% withholding tax is in addition to the 37% withheld on the distribution of income for certain PTPs.

When is the withholding applied and where does that amount go?

The withholding is calculated at the time of the sale and is taken from the sales proceeds. As a withholding agent, Scotiabank is required to deposit all amounts withheld with the US Treasury Department within a few business days of the transaction (generally weekly).

Are there any exceptions to withholding on the sale of my PTP holdings under this tax code (IRC Section 1446)?

Withholding will not be applied on the sale of certain publicly traded partnerships if either of the following is true:

• The seller is a US person with a valid Form W-9 on file
• The PTP that is the subject of the sale has issued a Qualified Notice alerting the market that it falls outside the scope of the US regulations

What types of client accounts are subject to withholding?

At this time, it is our understanding that all accounts are subject to these rules, including registered accounts.

How can I request a refund of an amount withheld on the sale of certain publicly traded partnerships?

As of January 1, 2023, the only way to request a refund of taxes withheld on the sale of certain PTPs will be to file a US income tax return. We are unable to facilitate recovery of tax withheld after the fact. A US Tax Identification Number is required to file a US income tax return.

Historically, anyone who receives certain types of payments from a publicly traded partnership, or who sells certain PTP interests, is required to file a US tax return. While this is not a new requirement, we understand that many non-US filers have not historically filed US tax returns.

How can I apply for a US Tax Identification Number?

Any person filing a US tax return is required to have a US Tax Identification Number, or US TIN. Form W-7 is the form used to apply for a US TIN and can be found on the IRS public website, https://www.irs.gov/individuals/international-taxpayers/taxpayer-identification-numbers-tin.

Can Scotiabank assist clients with filing US tax returns?

 Scotiabank cannot provide tax advice and we cannot provide income tax preparation assistance. We can provide the information clients will need with respect to certain PTPs by way of the tax slips issued at the end of each calendar year.

Will I need to provide any additional information, such as a new Form W-8BEN and/or a US Tax Identification Number?

Scotiabank is required to include a US Tax Identification Number on various US tax reporting slips related to certain PTPs. 

How will withholding on sales of certain PTPs impact my Canadian tax filings?

Scotiabank cannot provide tax advice. We recommend that clients speak with their tax advisors regarding any income tax questions.

What happens if I sell my impacted PTPs before January 1, 2023?

Sales made prior to the effective date of January 1, 2023 are not subject to withholding.

Example: sale on or before December 28, 2022
Client A (a non-US person) holds 1,000 units of ABC LP, a PTP that has not issued a Qualified Notice. Client A sells their units at a price of $30 each for a total sales price of $30,000.
Gross proceeds = $30,000
10% withholding = not applicable because the sale takes place prior to January 1, 2023

What happens if I don’t sell my impacted PTPs before January 1, 2023?
You will need to obtain a TIN and file US taxes for the 2023 tax year. Tax will be withheld on the distribution of income and on the gross proceeds of the sale of impacted PTPs at 37% and 10% respectively.

Example 2: sale on January 10, 2023, by a non-US person
Client B (a non-US person) holds 1,000 units of ABC LP, a PTP that has not issued a Qualified Notice. Client B sells their units at a price of $30 each for a total sales price of $30,000.
Gross proceeds = $30,000
10% withholding = $3,000
Net amount remitted to Client B = $27,000
It is important to note that the amount of withholding does not change even if Client B sells their units at a loss.

What happens if I don’t provide a TIN?

Scotiabank will still be required to provide the IRS with your name and address as part of our obligation to report beneficial ownership of impacted PTPs and thereby assist the IRS with reconciliation of US tax filings on an annual basis.

Why do I need to get a TIN now? Why can’t I wait to do it in 2023?
We encourage you to acquire a TIN as soon as possible to ensure you are compliant with IRS regulations.

Why is 37% withheld on the distribution of income for impacted PTPs?

37% has been withheld on the distribution of income for certain PTPs since 2005. This will not change on January 1, 2023.