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What is the significance of American on-line brokerages coming to Canada?

As of June 1, 2002, the Investment Dealers Association admitted Interactive Brokers Canada Inc., an American on-line discount brokerage to its membership. Residents of Alberta, British Columbia, Ontario and Quebec can now open accounts with Interactive Brokers and utilize their services.

The most significant aspect of this U.S. on-line brokerage’s approval to operate in Canada is that it is very cost efficient since one can buy and sell U.S. stocks online for commissions far below the going rate at Canadian discount brokerages. (For further details about rates please refer to www.interactivebrokers.ca.) You are, however, required to pay a modest monthly fee for the use of their data service and you should bear in mind that you can only trade U.S. stocks.

Interactive Brokers Canada Inc. is a member of the Canadian Investment Protection Fund (CIPF). For more information as to how this CIPF membership protects you as an investor please visit CIPF’s web site at