Getting Started

Opening an Account

How do I open an account with Credential Direct?

There are two ways to open an account:

  • Apply online using our online application.
  • Apply offline if you prefer to apply using paper forms, or if you want to open a TFSA, locked-in account, RRIF, RESP, corporate or investment club account.

 

Whether you apply online or offline, you must send us the original application documents, any other required forms, a valid picture ID and a $10 personal cheque or Account Confirmation to open your account.

 

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What type of trading accounts can I open?

We offer a wide range of trading accounts, including cash, margin, options trading margin, Tax-Free Savings (TFSAs), as well as registered accounts (RRSPs, RRIFs, RESPs). To learn more, see Account Types.

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Do I need to belong to a credit union to open an account?

No. You can open an account no matter who you bank with.

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Can I open an account if I’m not a Canadian resident?

Sorry, we currently only serve Canadian residents.

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How do I open an account?

There are two ways to open an account:

  • Apply online using our online application.
  • Apply offline if you prefer to apply using paper forms, or if you want to open a TFSA, locked-in account, RRIF, RESP, corporate or investment club account, apply manually using printed forms.

Whether you apply online or offline, you must send us the original application documents, any other required forms, a valid picture ID, and a $10 personal cheque or Account Confirmation Letter to open your account.

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How long does it take to open an account?

It usually takes two business days once we receive your completed application, identification, cheque and other supporting documents to open your new account. It may take longer to process your application if information or required documentation is missing. We make every effort to contact you as soon as possible to get missing information.

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What is the difference between a cash and margin account?

A cash account requires you to pay for your buy orders, in full with cash, by the settlement date (three business days after your trade is executed). A margin account allows you to borrow against the loan value offered by the securities in your account. Visit the Margin Accounts page to learn more.

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I want to authorize someone else to trade on my account. What do I do?

Complete and mail in the Limited Trading Authorization form, and include a photocopy of that person’s valid ID and a $10 cheque or Account Confirmation Letter so that we may verify their identity.

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If I need to open an account for a corporation, an investment club or an estate, what forms do I need?

Visit the Forms section and you’ll find a list of account opening checklists for each account type. For corporate, investment club and estate accounts, you must complete the paper forms rather than using our online application.

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Why do I need to send a $10 personal cheque or account confirmation, and valid ID with my account application?

We must confirm the identity of each client to comply with regulatory and money laundering legislation. To do so, we are required to get a photocopy of valid photo ID from each applicant and a $10 cheque (minimum) payable to Credential Direct from a personal chequing account with your legal name hard coded on it. The cheque is deposited into your account; it is not a fee.

No money orders please. Your cheque should be from the same chequing account you provided in your application. Your chequing account will be used to electronically transfer money into and out of your trading account.

Joint-trading account applicants must submit a cheque from a joint-chequing account where either of the account holders are required to sign the cheque.

Corporate account applicants must submit a corporate cheque, as well as a personal cheque and photo ID from each person authorized to trade on the account.

We are required to hold the initial deposit for five business days before your account is enabled for trades or transfers. However, this hold period can be avoided by having your financial institution send us an account confirmation letter.

View a sample of an account confirmation letter.

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What’s the benefit of having my bank complete an optional account confirmation letter?

We are required to hold your initial deposit for five business days before your account is enabled for trades or transfers. This hold period can be avoided by having your financial institution send us a confirmation letter like the sample provided here.

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What qualifies as a valid picture ID?

Valid ID is government issued picture identification.

  • Driver’s licence. Photocopy both front and back. Saskatchewan residents need to provide a photocopy of the certificate portion.
  • Passport

If you don’t have one of the above forms of ID, please contact us for assistance.

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Can I fax my application?

No, securities regulations require we receive your original documents, a $10 cheque (minimum) and a copy of your valid picture ID before we can open an account.

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How will I know the account is open?

We’ll notify you by email (if you provided an email address in your application) or mail. If you don’t have an email address, we suggest you get one to manage your online account more efficiently. If need be, you can always contact us to check the status of your application.

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What does ‘trading authority’ mean?

A person who has trading authorization on the account. It’s someone you’ve granted the authority to buy, sell, or trade in securities for your account. This includes margin purchases, short sales, and options. This person may also be granted access to account information.

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What is a simple trust?

A simple trust, for U.S. federal tax purposes, is a trust that is required to distribute its income in the current taxable year. The beneficial owner of the assets or income for a simple trust is each beneficiary.

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What is a grantor trust?

A trust in which the person who establishes the trust—the grantor—retains an interest and control, and because of this, is required to pay taxes on trust income.

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What is a complex trust?

A trust that is neither a grantor nor simple trust. This includes a testamentary or inter vivos trust (other than a grantor trust) for which all income of the trust is not required to be distributed (or is not paid or payable) on an annual basis. The beneficial owner of the assets or income for a complex trust is the trust itself.

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