The Toronto Stock Exchange (TSX) is Canada’s market for established companies. Many TSX companies also have a US listing, so the listing you choose can affect your trading currency and broker charges.
Current shareholder perks
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Dealing considerations
Distinguish TSX from TSX Venture
TMX Group operates both the TSX and the TSX Venture Exchange. TSX Venture serves emerging companies and has different entry requirements. Brokers may offer the two exchanges separately, so confirm which one lists the share you want.
Compare the listings your broker offers
A company listed in Canada and on an exchange abroad is described as interlisted. Your broker may offer only one of those listings. The one you buy determines the trading currency, dealing hours and tariff; the issuer’s own terms determine whether it affects the perk.
Check order size, trading hours and settlement
Continuous TSX trading runs from 9:30am to 4pm Eastern Time, following a pre-open session from 7am. An extended session runs from 4:15pm to 5pm at the last sale price. Orders smaller than the standard trading unit are odd lots: they trade outside the regular order book and fill only in full. Canadian trades settle one business day after dealing, known as T+1.
Confirm access and costs with your broker
Ask whether your broker offers the particular Toronto listing online or by telephone. Compare dealing, currency conversion and custody charges, and check which forms it needs to apply any treaty reduction in Canadian dividend tax.
Check the holding form and account rules
Some UK platforms offer Canadian shares as CREST Depository Interests (CDIs), which AJ Bell describes as UK securities representing an underlying interest in an overseas security; ask your broker whose name the shares will be registered in. GOV.UK says you do not normally pay Stamp Duty or SDRT when you buy foreign shares outside the UK, but you do pay on shares in a foreign company that has a share register in the UK. Canada’s designated stock exchange list, which governs eligibility for its registered plans, includes the TSX and Tiers 1 and 2 of the TSX Venture Exchange; UK investors should confirm ISA eligibility with their provider.
Brokers and charges
Compare the dealing terms below for selected brokers. Before buying, check the issuer’s eligibility rules and ask your broker what help it provides with the claim.
AJ Bell
These charges cover UK retail clients with a Dealing account.
- How to deal
- You can deal online or by telephone. Online Canadian dealing is limited to shares available as CREST Depository Interests (CDIs), with quotes typically available from about 2:30pm to 9pm UK time.
- Dealing charges
- An online share trade costs £5.00, reduced to £3.50 after 10 or more share deals in the previous month. A telephone trade costs £25. Currency conversion costs 0.75% on the first £10,000 of a deal, 0.50% on the next £10,000 and 0.25% above £20,000.
- Other costs
- Holding shares costs 0.25% a year, capped at £3.50 a month. Converting foreign dividends to sterling costs 0.50%. AJ Bell says you need an NR301 form for Canadian investments in a Dealing account or ISA; qualifying Canadian investments are then paid net of 15% withholding tax instead of the full 25%. Additional government or exchange charges may apply.
AJ Bell describes CDIs as UK securities that represent an underlying interest in an overseas security. Not every overseas share is available in this form. Ask AJ Bell whose name the underlying shares are registered in.
AJ Bell: charges , checked
Hargreaves Lansdown
These charges cover UK retail clients with a Fund and Share Account, Stocks and Shares ISA or SIPP.
- How to deal
- HL offers online dealing on the Toronto Stock Exchange and TSX Venture Exchange (which HL calls the Canadian Venture Exchange).
- Dealing charges
- An online share trade costs £6.95, reduced to £3.95 after 20 or more deals in the previous month. A telephone trade costs £29. Currency conversion costs 0.99% on the first £10,000, 0.50% on the portion from £10,000 to £25,000 and 0.20% above £25,000.
- Other costs
- Holding shares costs 0.35% a year, capped at £12.50 a month. Canadian dividends are subject to withholding tax. HL requires a W-8BEN before Canadian dealing, but its handling of the Canadian NR301 treaty form remains unconfirmed. Foreign-currency dividends and corporate-action payments are converted to sterling with a 1% charge.
HL says it cannot offer over-the-counter (OTC) stocks, so US OTC listings of Canadian companies are not available through HL.
Hargreaves Lansdown: charges , checked
interactive investor
UK-resident individual clients can use a Trading Account, ISA or SIPP on a Core, Plus or Premium monthly plan.
- How to deal
- ii offers online dealing on the Toronto Stock Exchange.
- Dealing charges
- For trades up to £25,000, the online international commission is £9.99 on Core, £7.99 on Plus or £5.99 on Premium. For larger trades, ii lists a charge of 0.1% of the trade value; check the full tariff before ordering. Telephone orders add £49 to the dealing commission. Plus includes £3.99 and Premium £5.98 of monthly trading credit, valid for 31 days. This credit cannot pay the telephone surcharge. Currency conversion costs 0.75% on Core and 0.25% on Premium. On Plus, it costs 0.75% on the first £50,000 and 0.25% above that.
- Other costs
- Monthly plans cost £5.99 for Core (portfolios up to £100,000), £14.99 for Plus or £39.99 for Premium, whether or not you trade. Canada taxes non-residents at 25% on amounts taxable under Part XIII, and a tax treaty can reduce that rate. ii’s Canada page does not explain how it handles Canadian dividend withholding, NR301 forms or treaty reductions.
TSX Venture access remains unconfirmed.
interactive investor: charges , checked
TD Direct Investing
These charges cover Canadian residents with TD Direct Investing self-directed accounts.
- How to deal
- You can deal online or place an order through a representative by telephone.
- Dealing charges
- An online trade of at least one share costs CAD 9.99, reduced to CAD 7.00 for active traders making at least 150 trades per quarter. Telephone trades cost at least CAD 43. Commissions follow the trade’s currency.
- Other costs
- Canadian-dollar trades funded from a Canadian-dollar account need no currency conversion. Canada recognises the TSX for registered plans. Accounts with less than CAD 15,000 in household assets cost CAD 25 a quarter unless a fee waiver applies.
TD Direct Investing: charges , checked
Wealthsimple
These charges cover Canadian residents with Wealthsimple Investments Inc. self-directed accounts.
- How to deal
- You can deal online.
- Dealing charges
- Listed Canadian securities carry no commission.
- Other costs
- Canadian-dollar trades need no currency conversion. Buying a US listing with Canadian dollars instead attracts a 1.5% conversion charge.
Wealthsimple: charges , checked