Canada FAQs (2024)


  • What must I do to begin trading?
  • Why must I send a One Canadian Dollar Cheque to Interactive Brokers Canada, and is the Cheque credited to my account or refundable?

  • Why do I have to fill out a W8 if I am a Canadian citizen with an account at IB Canada, a Canadian company?

  • Must I use the Deposit Notification Form each time I deposit funds?
  • Can we trade the Canadian stock exchanges?
  • How does the SEC day trading rule affect Canadians?
  • For the SEC day trading rule, does the $25,000 need to be in Canadian Dollars or US Dollars?
  • Once my account is funded in Canadian dollars, can I trade Globex and ACE?
  • How are my funds held, and how will they be used to pay for my settlement and margin obligations for my stock, equity options and futures trades?

  • How long will it take for account approval?
  • Are the commissions quoted in US dollars or in Canadian dollars? Is there an exchange rate difference?

  • Which office do I contact if I have a trade problem?
  • Do you offer RRSP accounts?
  • What jurisdiction's tax laws am I subject to?

What must I do to begin trading?
You must first complete all required tasks during the on-line registration and account application process, and you must also print and manually sign the Customer Agreement, Shareholder Instruction Form B & C and the Consent to Electronic Delivery, and mail the signed originals, along with a One Canadian Dollar Cheque to Interactive Brokers Canada.

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Why must I send a One Canadian Dollar Cheque to Interactive Brokers Canada, and is the Cheque credited to my account or refundable?
In connection with governmental and regulatory anti-money laundering requirements, Interactive Brokers Canada is able to satisfy verification requirements for its customers if the One Canadian Dollar Cheque clears through the Canadian banking system. The cheque will not be credited to your account and it is non-refundable.

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Why do I have to fill out a W8 if I am a Canadian citizen with an account at IB Canada, a Canadian company?
The reason you are required to complete and file a United States Internal Revenue Service (IRS) Form W-8 is because as an IB Canada customer, you have the ability to trade US products and thereby earn US-source income (e.g. interest and dividends). As such, the IRS requires that the IB Canada customers file a Form W-8 so that IB Canada can avoid withholding funds from your account for US taxes. If you do not file a Form W-8, we will be required to close your account.

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Must I use the Deposit Notification Form each time I deposit funds?
Yes. You must use the Deposit Notification Form so that Interactive Brokers
Canada has advance notice that you are depositing funds, and to assist us in making sure that your funds are credited to your account. If you do not use the Deposit Notification Form, you may experience a delay in having the funds credited, and this may affect your ability to trade or it may result in a liquidation of positions in your account if your account has not been credited.

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Can we trade the Canadian stock exchanges?
Yes.

TOP How does the SEC day trading rule affect Canadians?
Because your U.S. securities exchange trades are cleared in the US, the SEC Pattern Day Trading rules are applicable. In this regard, if you effect 3 stock or equity option "day trades" on a US securities exchange within a 5 day period, IB Canada will designate you as a "pattern day trader". The "pattern day trader" designation will require that you maintain a minimum of $25,000 (US dollars) to continue trading.

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For the SEC day trading rule, does the $25,000 need to be in Canadian Dollars or US Dollars?
The funds may be in Canadian Dollars, so long as they are the equivalent of US$25,000, or more.

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Once my account is funded in Canadian dollars, can I trade Globex and ACE?
Yes, if your account is approved to do so.

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How are my funds held, and how will they be used to pay for my settlement and margin obligations for my stock, equity options and futures trades?
Your funds will be held by Interactive Brokers Canada in a bank account. Each night, after the close of trading that day, Interactive Brokers Canada will remove funds from this bank account to pay for your trade settlement and margin obligations that arise from that day's transactions, including changes in the market value of positions held in your account. In turn, your Daily Account Statement will reflect debits made to your account for your settlement and margin obligations. Of course, your Daily Account Statement will also reflect other debit items such as margin interest, commissions, and withdrawals; and, credits to your account, for example, for deposits, proceeds from sale transactions, interest, dividends, etc.

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How long will it take for account approval?
Approval is swift after you have completed the necessary on-line account registration tasks and application tasks and sent the required signed documents (Customer Agreement, Shareholder Instruction Form B & C, Consent to Electronic Delivery) along with the One Dollar Canadian cheque to Interactive Brokers Canada.

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Are the commissions quoted in US dollars or in Canadian dollars? Is there an exchange rate difference?
Commission are quoted in the currency of the exchange on which the trade took place. Exchange rates are subject to fluctuation.

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Which office do I contact if I have a trade problem?
Please contact Interactive Brokers Canada by e-mail, or by telephone to the telephone number indicated on the Interactive Brokers Canada website.

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Do you offer RRSP accounts?
No, and we do not expect to offer these accounts in the near future.

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What jurisdiction's tax laws am I subject to?
You must consult with your independent tax advisor regarding the tax implications of your Interactive Brokers Canada account. Neither Interactive Brokers Canada nor its personnel are authorized to provide you with tax, investment or other advice.

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Canada FAQs (2024)

FAQs

Can you say I don't answer questions to a cop in Canada? ›

In Canada, you have the right to remain silent. This right is constitutionally protected and enshrined in the Canadian Charter of Rights and Freedoms. In most cases, you have no obligation to provide any information to the police.

How to answer Canada visa questions? ›

Brush up on basic information about Canada, its provinces, and territories. Be prepared to explain why you chose Canada for your visit or study. Be ready to provide details about your financial situation and how you plan to cover your expenses during your stay.

How do I answer immigration questions at Canada airport? ›

If you have any relatives or friends in Canada, the immigration officer at the airport may ask you about them. They may want to know how long you will be staying with them and what your plans are while you are in the country. It is important, to be honest with the officer and provide as much information as possible.

Why do you choose Canada best answer? ›

natural beauty, wide-open spaces, mountains, trees, and lakes. free society with fundamental human rights enshrined in a Charter of Rights and Freedoms. political stability with excellent business opportunities and a strong banking system. free trade with United-States and Mexico under NAFTA agreements.

Is swearing at a cop illegal Canada? ›

Is swearing at someone illegal in Canada? Swearing at someone is generally not illegal in Canada, as freedom of speech is protected under the Canadian Charter of Rights and Freedoms.

Can you refuse to give ID to police in Canada? ›

No, police cannot demand identification without any reason in Canada. They must have reasonable suspicion of criminal activity or other valid grounds for requesting identification. Refusing to provide ID is generally allowed unless there is reasonable suspicion or detention involved.

Do I have to answer immigration questions? ›

You have the right to remain silent. You do not have to answer questions asked by immigration officers if you do not want to answer them. This includes questions about your citizenship status, birthplace or place of residence.

What do Canada visa officers check? ›

One of the first things a visa officer will look at is whether you have a minimum balance that meets the requirements for the type of visa you are applying for. This can vary based on the visa category, but generally, it should cover living expenses, tuition (if applicable), and return travel.

How to convince visa officer Canada? ›

Business. Owning a business is one of the best ways to convince Canadian immigration officers that you intend to stay in Canada temporarily. This is because businesses are huge investments, and most people won't allow something they have put so much money and effort into to close down in their absence.

Do I have to answer CBSA questions? ›

When you arrive at a port of entry, follow the signs to the first checkpoint, also called “primary inspection.” A border services officer will check your identification and other travel documents and you will answer their questions truthfully.

How do I answer immigration questions? ›

Answer all questions fully, succinctly, and truthfully, but do not volunteer information unless asked. If you're unsure of the answer or do not understand a question, you should always say so rather than guess.

What questions will I be asked when entering Canada? ›

First interview: official documents

ask you questions similar to those on the immigrant application form, including: Are you traveling with your family? Have you been convicted of a serious crime in your home country? How long do you plan to stay in Canada?

What is the best answer to why do you want to relocate to Canada? ›

Explain your motivations for choosing Canada, such as the country's welcoming environment, strong economy, opportunities for personal and professional growth, and the desire to contribute to the Canadian society.

What is your main reason to want to come to Canada? ›

High Quality of Life. Quality of life isn't just a buzzword in Canada; it's a lived reality. Consistently topping global rankings, Canada offers a life that's the epitome of comfort and convenience. From world-class healthcare to top-notch education and unparalleled safety, Canada checks all the boxes.

Why did you choose Canada to travel? ›

Enjoy Canada's Diversity

From culture, to food, to outdoor adventures, Canada certainly boasts a diverse experience for everyone. Whatever your passion, this magnificent country has something to offer – all you need to do is let us help you plan your trip and start exploring.

Can you tell a police officer I don't answer questions? ›

If they continue to ask questions, you still have the right to remain silent. If you do not have a lawyer, you may still tell the officer you want to speak to one before answering questions. If you do have a lawyer, keep his or her business card with you. Show it to the officer, and ask to call your lawyer.

Can you not talk to the police in Canada? ›

You should never lie to law enforcement. However, you are absolutely entitled to remain silent and provide the police with no statement (unless your circ*mstances fall within one of the exceptions discussed above, here).

Is it illegal to not answer the door for police Canada? ›

The police may knock and announce their presence at your door but, unless they have a warrant, you are not required to open the door, to answer any questions, or to cooperate with the police in any fashion.

Do I have to answer Canadian Border Patrol questions? ›

Prepare your documents

When you arrive at a port of entry, follow the signs to the first checkpoint, also called “primary inspection.” A border services officer will check your identification and other travel documents and you will answer their questions truthfully.

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