The following margin rates and concentration guidelines are subject to change at any time, without notice. 
For more information, please review the Margin Disclosure Statement. Please also review a few examples of Margin Calculations.
CANADIAN SECURITIESCategory of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| TSX Listed/ IIROC Approved List for Reduced Margin ($5.00+) | 30% | $1,000,000
Loan Value |
|---|
| TSX Listed securities ($3.00+) | 50% | $500,000
Loan Value |
|---|
| TSX Venture ($3.00+) listed securities | 75% | $25,000
Loan Value |
|---|
| Listed securities under $3.00 | 100% | Not Applicable |
|---|
| Listed Warrants ($3.00+) | 50% | $250,000
Loan Value |
|---|
U.S. SECURITIES (NYSE, NASDAQ, AMEX)Category of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| Option eligible securities ($5.00+) | 30% | $1,000,000 (U.S.)
Loan Value |
|---|
| Listed securities ($3.00+) | 50% | $500,000 (U.S.)
Loan Value |
|---|
| Listed securities under $3.00 | 100% | Not Applicable |
|---|
| OTC Bulletin Board | 100% | Not Applicable |
|---|
SECURITIES WITH HIGHER MARGIN REQUIREMENTSPlease be advised that TD Waterhouse has reduced and/or limited the loan value and concentration guidelines on certain securities, due to their price volatility or liquidity. Review the list. |
FOREIGN SECURITIESCategory of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| Paris, London & Tokyo Stock Exchanges | 50% | $250,000
Loan Value |
|---|
| Other Stock Exchanges | 100% | Not Applicable |
|---|
MUTUAL FUNDSCategory of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| Mutual Funds priced over $3.00 per unit (excluding money market mutual funds) | 50% | $500,000 |
|---|
| Mutual Funds priced under $3.00 per unit | 100% | Not Applicable |
|---|
| Money Market Mutual Funds priced over $3.00 per unit | 5% | $1,000,000 |
|---|
INSTALLMENT RECEIPTSThe margin requirement calculation is as follows:
The Lesser of: - The greater of:
- margin rate of the underlying interest
- margin rate of the underlying interest +
(future payments of installment receipts - market value of the underlying)
OR - market value of the installment receipts.
|
BONDSPlease note that margin is not extended for any bond with a Credit Rating below Investment Grade. Category of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| Government of Canada | 4% | $1,000,000
Loan Value |
|---|
| Provincial Bonds | 5% | $1,000,000
Loan Value |
|---|
| Municipal Bonds | 10% | $1,000,000
Loan Value |
|---|
| U.S. Treasury Bonds | 4% | $1,000,000
Loan Value |
|---|
| Corporate Bonds | 15% | $750,000
Loan Value |
|---|
Investment Grade
Convertible Bonds: | 15% plus
(100% of excess
Market Value over par with a minimum of
10% of par) | $500,000
Loan Value |
|---|
| All other Convertible Bonds | 100% of excess Bond Market Value over the Underlying Conversion Value plus (Underlying Conversion Value x Underlying Common Stock Margin Requirement (%))) | $500,000
Loan Value |
|---|
| Foreign issued bonds | 100% | Not applicable |
|---|
| Eurobonds | 25% | $750,000
Loan Value |
|---|
| Mortgage-backed securities | 10% | $750,000
Loan Value |
|---|
| Strips - Maturity less than 20 years | 1.5 times applicable rate | $750,000
Loan Value |
|---|
| Strips - Maturity of 20 years and greater | 3 times applicable rate | $250,000
Loan Value |
|---|
MONEY MARKETCategory of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| Canada Savings Bonds | 100% | Not Applicable |
|---|
| Provincial Savings Bonds | 1% | $1,000,000
Loan Value |
|---|
| T-Bills | 1% | $1,000,000
Loan Value |
|---|
| GICs | 15% | $1,000,000
Loan Value |
|---|
| Term Deposits | 4% | $1,000,000
Loan Value |
|---|
| Banker's Acceptance | 4% | $750,000
Loan Value |
|---|
| Commercial Paper | 15% | $750,000
Loan Value |
|---|
PRECIOUS METALSCategory of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| Gold | 30% | $250,000
Loan Value |
|---|
| Silver | 30% | $250,000
Loan Value |
|---|
| Platinum | 30% | $250,000
Loan Value |
|---|
SHORT SELLINGCategory of
Security | Margin
Requirement | Concentration Guidelines |
|---|
| Federal Bonds | 104% | $1,000,000
Market Value |
|---|
| Provincial and Provincial Guaranteed Bonds | 105% | $750,000
Market Value |
|---|
| U.S. Option Eligible Securities | 130% | $250,000
Market Value |
|---|
| U.S. Non-Option Eligible Securities ($3.00+) | 150% | $250,000
Market Value |
|---|
| TSX Listed / IIROC Approved List for Reduced Margin ($5.00+) | 130% | $250,000
Market Value |
|---|
| TSX Listed - Increased Margin Requirement | 150% | $250,000
Market Value |
|---|
| TSX Venture - Tier 1 and Tier 2 ($3.00+) | 175% | $25,000
Market Value |
|---|
Listed Equities
($2 - $2.99) | 200% of Market Value | $25,000
Market Value |
|---|
Listed Equities
($1.50 - $1.99) | $3 per share | $25,000
Market Value |
|---|
Listed Equities
($1.00 - $1.49) | 200% of Market Value | $25,000
Market Value |
|---|
Listed Equities
(Under $1) | Not permitted | |
|---|
|
