On July 1st, 2010, the Ontario and B.C. governments are rolling out the harmonized sales tax (HST). This new tax combines and replaces the PST (provincial sales tax) and GST (goods and services tax) for those two provinces.
New Brunswick, Nova Scotia, and Newfoundland and Labrador already have the HST in place; Saskatchewan, Manitoba, Quebec, and Prince Edward Island have GST and PST. Alberta, Northwest Territories, Nunavut, Yukon have only the GST.
How the HST affects you
Taxes are levied by provincial and/or federal governments, and affect the cost of financial services depending on how the product or service is classified. Some services, such as administrative fees, are subject to either HST or GST, depending on your province or territory. Questrade is obliged to charge these taxes and remit them to the appropriate agency. And in some instances, taxes may be included in the price of a product you buy (like the HST on the MER fee for mutual funds). Questrade doesn’t charge this tax; the fund company does on behalf of the government.
The good news? Some services are tax-free, such as trading commissions.
As your brokerage, we strongly encourage you to research how taxes affect your bottom line, and then make your trading decisions based on your unique circumstances.
Throughout our website, particularly in the pricing section, we are noting where HST or GST is charged to a product or service. Follow the links below for your provincial and federal agencies to find out the current tax rate.
Introducing data plan rebates
As a result of the HST, Questrade has modified how we provide data rebates to our clients. Previously, data was free of charge when your trading activity reached a certain threshold. As of July 1st, your data fees, plus HST or GST as applicable, will be charged to your account. However, depending on the number of trades you make, you will be eligible for different rebate levels, which will be credited to your trading account every month. For the majority of our clients, the only change you will see in pricing is the addition of the GST or HST to your data costs.
To find out how much you can get back with our commission rebate on data plans, go to our data plan page.
QuestraderWEB is still absolutely free
Our most popular platform, QuestraderWEB, is completely free of charge. You can get free instant quotes from the TSX, TSX Venture, Canadian options, NASDAQ, NYSE, AMEX, and U.S. options. For more information on the data you receive, please go to our data plan page.
Note: Questrade neither endorses nor is responsible for the content on other company sites. Please visit our security centre for more information on our privacy policy and steps you can take to ensure your online security.