Recently I noted in a post that I opened up a new Interactive Brokers account in order to trade options more economically. Here in Canada, we have always lagged our US cousins when it comes to competitive pricing. The volume simply isn’t there for most financial products to be competitive. As a result, we end up paying higher fees for most products and services.
Interactive Brokers (IB) has been on my radar for a while, but when I looked at it years ago, they did not offer tax sheltered accounts such as RRSP and TFSA. That has now changed, as IB offers both types of accounts. However, the minimum amount necessary for opening an account is still the same — a slightly steep US$10,000. If you do not have $10K lying around, but have the funds in other accounts at other brokers, you can transfer them in when opening an account — this is exactly what I did.
Based on some requests from readers, here is the process to open an IB account in Canada while moving funds from another broker (I show how to move from Questrade here, but other brokers will have the same steps).