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Email this7:12 pm
July 15, 2016
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Hello fellow investors,
I was looking into opening an account with Qtrade and had questions regarding CIPF protection.
They show the CIPF logo on their website. However Qtrade does not appear on the list of members on the CIPF website. I contacted Qtrade and they said that they are a division of Credential Qtrade Securities Inc, and that Credential Qtrade Securities is a member of CIPF.
I checked, and yes, Credential Qtrade Securities is a member of CIPF. My question is...does CIPF cover divisions of members?
In this case, would CIPF cover Qtrade Direct Investing (not listed as a member of CIPF) since it is a division of Credential Qtrade Securities (a listed member)?
7:33 pm
August 4, 2010
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You can see all the various relationships here in the QTrade user agreement. The short answer is yes.
Credential and Qtrade and some other stuff are all merged together as Aviso Wealth Inc, which is half owned by the big Desjardins financial group and half by the credit union centrals of a few provinces. You're likely to see Qtrade offers or referrals if you deal with a credit union.
7:42 pm
October 27, 2013
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It very much depends on corporate structure. On Credential's home page About us.... https://www.aviso.ca/en/who-we-are/about-aviso/about-aviso they say
Mutual funds are offered through Credential Asset Management Inc. Mutual funds and other securities are offered through Credential Qtrade Securities Inc. Online brokerage services are offered through Qtrade Direct Investing, a division of Credential Qtrade Securities Inc. Qtrade and Qtrade Direct Investing are trade names and/or trademarks of Aviso Wealth Inc. and its subsidiaries. Qtrade Guided Portfolios is a trade name of Credential Qtrade Securities Inc. NEI Investments is a registered trademark of Northwest & Ethical Investments L.P. Aviso Correspondent Partners operates as a separate business unit of Credential Qtrade Securities Inc. Credential Financial Strategies Inc. offers financial planning, life insurance and investments to members of credit unions and their communities.
Other Examples:
Scotia Capital includes Scotia Macleod and Scotia iTrade
CIBC Investor Services includes Wood Gundy and Investors Edge
9:28 pm
April 6, 2013
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CanSav said
…I checked, and yes, Credential Qtrade Securities is a member of CIPF. My question is...does CIPF cover divisions of members?
In this case, would CIPF cover Qtrade Direct Investing (not listed as a member of CIPF) since it is a division of Credential Qtrade Securities (a listed member)?
CIPF would not cover divisions because divisions don't exist legally. A division cannot hold your securities, cannot owe you money, and cannot contract with you.
When you open a Qtrade account, you are legally dealing with the legal entity Credential Qtrade Securities Inc. Qtrade Direct Investing is just a name used by a department/division in Credential Qtrade Securities Inc.
If you should have $50,000 in a Qtrade account, it would be Credential Qtrade Securities Inc. that legally owes you $50,000 and not Qtrade Direct Investing.
Similarly, if one has $50,000 in a Scotia iTRADE account, it would be Scotia Capital Inc. that legally owes the account holder the $50,000.
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