Overview of IBKR issued Share CFDs
The following article is intended to provide a general introduction to share-based Contracts for Differences (CFDs) issued by IBKR.
For Information on IBKR Index CFDs click here. For Forex CFDs click here. For Precious Metals click here.
Topics covered are as follows:
I. CFD Definition
II. Comparison Between CFDs and Underlying Shares
III. CFD Tax and Margin Advantage
IV. US ETFs
V. CFD Resources
VI. Frequently Asked Questions
Risk Warning
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
61% of retail investor accounts lose money when trading CFDs with IBKR.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
ESMA Rules for CFDs (Retail Clients of IBKRs European entities, including so-called F segments)
The European Securities and Markets Authority (ESMA) has enacted new CFD rules effective 1st August 2018.
The rules include: 1) leverage limits on the opening of a CFD position; 2) a margin close out rule on a per account basis; and 3) negative balance protection on a per account basis.
The ESMA Decision is only applicable to retail clients. Professional clients are unaffected.
Please refer to the following articles for more detail:
ESMA CFD Rules Implementation at IBKR (UK) and IBKR LLC
ESMA CFD Rules Implementation at IBIE and IBCE
I. Overview
IBKR CFDs are OTC contracts which deliver the return of the underlying stock, including dividends and corporate actions (read more about CFD corporate actions).
Said differently, it is an agreement between the buyer (you) and IBKR to exchange the difference in the current value of a share, and its value at a future time. If you hold a long position and the difference is positive, IBKR pays you. If it is negative, you pay IBKR.
Our Share CFDs offer Direct Market Access (DMA). Our Share CFD quotes are identical to the Smart-routed quotes for shares that you can observe in the Trader Workstation. Similar to shares, your non-marketable (i.e. limit) orders have the underlying hedge directly represented on the deep book of those exchanges at which it trades. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer.
To compare IBKR’s transparent CFD model to others available in the market please see our Overview of CFD Market Models.
We currently offer approximately 8500 Share CFDs covering the principal markets in the US, Europe and Asia. Eligible shares have minimum market capitalization of USD 500 million and median daily trading value of at least USD 600 thousand. Please see CFD Product Listings for more detail.
Most order types are available for CFDs, including auction orders and IBKR Algos.
CFDs on US share can also be traded during extended exchange hours and overnight. Other CFDs are traded during regular hours.
II. Comparison Between CFDs and Underlying Shares
Depending on your trading objectives and trading style, CFDs offer a number of advantages compared to stocks, but also some disadvantages:
| BENEFITS of IBKR CFDs | DRAWBACKS of IBKR CFDs |
|---|---|
| No stamp duty or financial transaction tax (UK, France, Belgium, Spain) | No ownership rights |
| Generally lower margin rates than shares* | Complex corporate actions may not always be exactly replicable |
| Tax treaty rates for dividends without need for reclaim | Taxation of gains may differ from shares (please consult your tax advisor) |
| Exemption from day trading rules | |
| US ETFs tradable as CFDs** |
*IB LLC and IB-UK accounts.
**EEA area clients cannot trade US ETFs directly, as they do not publish KIDs.
III. CFD Tax and Margin Advantage
Where stamp duty or financial transaction tax is applied, currently in the UK (0.5%), France (0.3%), Belgium (0.35%) and Spain (0.2%), it has a substantially detrimental impact on returns, particular in an active trading strategy. The taxes are levied on buy-trades, so each time you open a long, or close a short position, you will incur tax at the rates described above.
The amount of available leverage also significantly impacts returns. For European IBKR entities, margin requirements are risk-based for both stocks and CFDs, and therefore generally the same. IB-UK and IB LLC accounts however are subject to Reg T requirements, which limit available leverage to 2:1 for positions held overnight.
To illustrate, let's assume that you have 20,000 to invest and wish to leverage your investment fully. Let's also assume that you hold your positions overnight and that you trade in and out of positions 5 times in a month.
Let's finally assume that your strategy is successful and that you have earned a 5% return on your gross (fully leveraged) investment.
The table below shows the calculation in detail for a UK security. The calculations for France, Belgium and Spain are identical, except for the tax rates applied.
| UK CFD | UK Stock | UK Stock | |
|---|---|---|---|
| All Entities |
EU Account
|
IB LLC or IBUK Acct
|
|
| Tax Rate | 0% | 0.50% | 0.50% |
| Tax Basis | N/A | Buy Orders | Buy Orders |
| # of Round trips | 5 | 5 | 5 |
| Commission rate | 0.05% | 0.05% | 0.05% |
| Overnight Margin | 20% | 20% | 50% |
| Financing Rate | 1.508% | 1.508% | 1.508% |
| Days Held | 30 | 30 | 30 |
| Gross Rate of Return | 5% | 5% | 5% |
| Investment | 100,000 | 100,000 | 40,000 |
| Amount Financed | 100,000 | 80,000 | 20,000 |
| Own Capital | 20,000 | 20,000 | 20,000 |
| Tax on Purchase | 0.00 | 2,500.00 | 1,000.00 |
| Round-trip Commissions | 500.00 | 500.00 | 200.00 |
| Financing | 123.95 | 99.16 | 24.79 |
| Total Costs | 623.95 | 3099.16 | 1224.79 |
| Gross Return | 5,000 | 5,000 | 2,000 |
| Return after Costs | 4,376.05 | 1,900.84 | 775.21 |
| Difference | -57% | -82% |
The following table summarizes the reduction in return for a stock investment, by country where tax is applied, compared to a CFD investment, given the above assumptions.
| Stock Return vs cfD | Tax Rate | EU Account | IB LLC or IBUK Acct |
|---|---|---|---|
| UK | 0.50% | -57% | -82% |
| France | 0.30% | -34% | -73% |
| Belgium | 0.35% | -39% | -75% |
| Spain | 0.20% | -22% | -69% |
IV. US ETFs
EEA area residents who are retail investors must be provided with a key information document (KID) for all investment products. US ETF issuers do not generally provide KIDs, and US ETFs are therefore not available to EEA retail investors.
CFDs on such ETFs are permitted however, as they are derivatives for which KIDs are available.
Like for all share CFDs, the reference price for CFDs on ETFs is the exchange-quoted, SMART-routed price of the underlying ETF, ensuring economics that are identical to trading the underlying ETF.
V. Extended and Overnight Hours
US CFDs can be traded from 04:00 to 20:00EST, and the again overnight from 20:00 to 03:30 the following day. Trades in the overnight session are attributed to the day when the session ends, even if a trade is entered before midnight the previous day. This has implications for corporate actions and financing.
Trades entered before midnight on the day before ex-date will not have a dividend entitlement. Trades before midnight will settle as if they had been traded the following day, delaying the start of financing.
VI. CFD Resources
Below are some useful links with more detailed information on IBKR’s CFD offering:
The following video tutorial is also available:
How to Place a CFD Trade on the Trader Workstation
VII. Frequently Asked Questions
What Stocks are available as CFDs?
Large and Mid-Cap stocks in the US, Western Europe, Nordic and Japan. Liquid Small Cap stocks are also available in many markets. Please see CFD Product Listings for more detail. More countries will be added in the near future.
Do you have CFDs on other asset classes?
Yes. Please see IBKR Index CFDs - Facts and Q&A, Forex CFDs - Facts and Q&A and Metals CFDs - Facts and Q&A.
How do you determine your Share CFD quotes?
IBKR CFD quotes are identical to the Smart routed quotes for the underlying share. IBKR does not widen the spread or hold positions against you. To learn more please go to Overview of CFD Market Models.
Can I see my limit orders reflected on the exchange?
Yes. IBKR offers Direct market Access (DMA) whereby your non-marketable (i.e. limit) orders have the underlying hedges directly represented on the deep books of the exchanges on which they trade. This also means that you can place orders to buy the CFD at the underlying bid and sell at the offer. In addition, you may also receive price improvement if another client's order crosses yours at a better price than is available on public markets.
How do you determine margins for Share CFDs?
IBKR establishes risk-based margin requirements based on the historical volatility of each underlying share. The minimum margin is 10%, making CFDs more margin-efficient than trading the underlying share in many cases. Retail investors are subject to additional margin requirements mandated by the European regulators. There are no portfolio off-sets between individual CFD positions or between CFDs and exposures to the underlying share. Concentrated positions and very large positions may be subject to additional margin. Please refer to CFD Margin Requirements for more detail.
Are short Share CFDs subject to forced buy-in?
Yes. In the event the underlying stock becomes difficult or impossible to borrow, the holder of the short CFD position may become subject to buy-in.
How do you handle dividends and corporate actions?
IBKR will generally reflect the economic effect of the corporate action for CFD holders as if they had been holding the underlying security. Dividends are reflected as cash adjustments, while other actions may be reflected through either cash or position adjustments, or both. For example, where the corporate action results in a change of the number of shares (e.g. stock-split, reverse stock split), the number of CFDs will be adjusted accordingly. Where the action results in a new entity with listed shares, and IBKR decides to offer these as CFDs, then new long or short positions will be created in the appropriate amount. For an overview please CFD Corporate Actions.
*Please note that in some cases it may not be possible to accurately adjust the CFD for a complex corporate action such as some mergers. In these cases IBKR may terminate the CFD prior to the ex-date.
Can anyone trade IBKR CFDs?
All clients can trade IBKR CFDs, except residents of the USA, Canada, Hong Kong, New Zealand and Israel. There are no exemptions based on investor type to the residency based exclusions.
What do I need to do to start trading CFDs with IBKR?
You need to set up trading permission for CFDs in Client Portal, and agree to the relevant disclosures. If your account is with IBKR (UK) or with IBKR LLC, IBKR will then set up a new account segment (identified with your existing account number plus the suffix “F”). Once the set-up is confirmed you can begin to trade. You do not need to fund the F-account separately, funds will be automatically transferred to meet CFD initial margin requirements from your main account.
If your account is with another IBKR entity, only the permission is required; an additional account segment is not necessary.
Are there any market data requirements?
The market data for IBKR Share CFDs is the market data for the underlying shares. It is therefore necessary to have market data permissions for the relevant exchanges. If you already have market data permissions for an exchange for trading the shares, you do not need to do anything. If you want to trade CFDs on an exchange for which you do not currently have market data permissions, you can set up the permissions in the same way as you would if you planned to trade the underlying shares.
How are my CFD trades and positions reflected in my statements?
If you are a client of IBKR (U.K.) or IBKR LLC, your CFD positions are held in a separate account segment identified by your primary account number with the suffix “F”. You can choose to view Activity Statements for the F-segment either separately or consolidated with your main account. You can make the choice in the statement window in Client Portal.
If you are a client of other IBKR entities, there is no separate segment. You can view your positions normally alongside your non-CFD positions.
Can I transfer in CFD positions from another broker?
IBKR does not facilitate the transfer of CFD positions at this time.
Are charts available for Share CFDs?
Yes.
In what type of IBKR accounts can I trade CFDs e.g., Individual, Friends and Family, Institutional, etc.?
All margin and cash accounts are eligible for CFD trading.
What are the maximum a positions I can have in a specific CFD?
There is no pre-set limit. Bear in mind however that very large positions may be subject to increased margin requirements. Please refer to CFD Margin Requirements for more detail.
Can I trade CFDs over the phone?
No. In exceptional cases we may agree to process closing orders over the phone, but never opening orders.
Overview of the OneChicago NoDiv Contract
The OneChicago NoDiv single stock futures contract (OCX.NoDivRisk) differs from the Exchange's traditional single stock futures contract by virtue of its handling of ordinary distributions (e.g., dividends, capital gains, etc.). Whereas the traditional contract is not adjusted for such ordinary distributions (the discounted expectations are reflected in the price), the NoDiv contract is intended to remove the risk of dividend expectations through a price adjustment made by the clearinghouse. The adjustment is made on the morning of the ex-date to ensure that the effect of the distribution is removed from the daily mark-to-market or cash variation pay/collect.
For example, assume a NoDiv contract which closes at $50.00 on the business day prior the ex-date at which stockholders of a $1.00 dividend are to be determined. On the ex-date OCC will adjust that prior day's final settlement price from $50.00 downward by the amount of the dividend to $49.00. The effect of this adjustment will be to ensure that the dividend has no impact upon the cash variation pay/collect as of ex-date close (i.e., short position holder does not receive the $1.00 variation collect and the long holder incur the $1.00 payment).
Dividend withholding procedures for foreign stocks traded in Japan
Foreign stocks listed for trading in Japan which issue dividends will have the cash dividend allocation subject to an increased withholding tax rate. The tax will vary based on the domicile of the stock issuing the dividend; however in general the withholding rate will be the highest withholding rate applicable and will not incorporate a reduction based on prevailing tax treaties.
This treatment is due to the tax reporting status of Interactive Brokers's clearing agent. As our clearing agent is unable to process the relevant tax declaration documentation which would allow for the application of tax withholding at a reduced rate, shareholders will be subject to the highest rate.
In order to avoid the application of the tax withholding on the dividends of foreign stocks, positions in such dividend paying stocks should be closed prior to the ex-dividend date.
We recommend that customers consult with their tax advisor for assistance in determining the eligibility, if any, for a tax credit on this withholding.
A list of foreign stocks and their applicable rates is provided below. Please be aware that the below is for informational purposes only and may not include all stocks which may be subject to the higher withholding rates.
| Stock Code | Stock Name | DividendTax Rate |
| 9399 | Xinhua Finance Limited | N/A |
Dividend withholding procedures for entities issuing dual-sourced income
U.S. persons holding securities issued by entities that are domiciled outside of the U.S., but which invest within the U.S. should pay particular attention to IB's tax withholding obligation in the event of a distribution by the issuer. These entities, which may include Canadian unit trusts, REITS, limited partnerships or other common shares, often distribute dividends and/or interest based on both the U.S. and non-U.S. sourced income. While U.S. persons reporting a valid taxpayer ID number on their Form W-9 are generally exempt from backup withholding on U.S. sourced income, the nature of the custodial arrangement for these particular securities is such that U.S persons may be subject to a withholding tax calculated at a fixed rate of 30% on that portion of the distribution associated with the US-sourced income. This is in addition to any withholding required to be applied to the non-U.S. sourced portion of the distribution as required by the relevant foreign taxing body.
It's important to note that these taxes will be withheld by the depository prior to remittance of the distribution to IB and the subsequent credit of the net distribution to the accounts of any U.S. persons. Accordingly, IB has no ability to reverse or reclaim the withholding on behalf of its clients. In addition, as IB does not remit the withholdings to the tax authority, we do not report such withholdings to either the tax authority or clients on their year-end tax forms.
As IB does not provide tax advice or guidance, we recommend that you consult with your tax advisor for assistance in determining the eligibility, if any, for a tax credit on this withholding.
Below lists securities where this type of withholding has been applied previously. This list is for informational purposes only and may not include all securities.
| Symbol | Security Name |
| CHE.UN | Chemtrade Logistics Income Fund |
| CSH.UN | Chartwell Seniors Housing Real Estate Investment Trust |
| DR.UN | Medical Facilities Corp |
| EXE.UN | Extendicare real Estate Investment Trust |
| FCE.UN | Fort Chicago Energy Partnerships LP |
| HR.UN | H&R Real Estate Investment Trust |
| NFI.UN | New Flyer Industries Inc |
| UFS | Domtar Corp |
| UVI | Unilens Vision Inc |
Tax Treaty Benefits
Overview:
Income payments (dividends and payment in lieu) from U.S. sources into your IB account may have U.S. tax withheld. Generally, a 30% rate is applied to non-U.S. accounts. Exemption from the withholding or a lower rate may apply if your home country has a tax treaty with the U.S. Complete the applicable Form W-8 to find out your status.
Background:
Tax Treaties*
U.S. tax treaties with some countries have different benefits. Legal tax residents of the following countries may be eligible for the treaty benefits. Below is a list of the tax treaty countries. Benefits vary by country.
| Australia | Czech Republic | India | Lithuania | Sweden |
| Austria | Denmark | Indonesia | Poland | Switzerland |
| Bangladesh | Egypt | Ireland | Portugal | Thailand |
| Barbados | Estonia | Israel | Romania | Trinidad & Tobago |
| Belgium | Finland | Italy | Russia | Tunisia |
| Bulgaria | France | Jamaica | Slovak Republic | Turkey |
| Canada | Germany | Japan | Slovenia | Ukraine |
| China, People's Rep. Of | Greece | Kazakhstan | South Africa | United Kingdom |
| Commonwealth of Ind. States | Hungary | Korea, Rep. of | Spain | Venezuela |
| Cyprus | Iceland | Latvia | Sri Lanka |
*Country list as of April 2009
Refer to IRS Publication 901 for details on withholding rates for your tax residence country and your eligible benefits.
What corporate action services does Interactive Brokers provide?
Interactive Brokers services relating to corporate actions are as follows:
1. The processing of mandatory corporate actions (e.g. prompt dividend recovery, spin-offs, stock splits, effective mergers and etc.) at no extra cost; and
2. Providing, on a best efforts basis, details of corporate action announcements associated with stock and option positions held in your account. These details are provided in the form of a web ticket posted to the Corporate Actions tab of your Message Center. Account holders may also elect to set their preferences so as to receive a copy of such details via email. Information provided includes
- Mandatory offers - general information regarding mandatory offers
- Voluntary offers - eligible account holders may submit elections directly through Account Management
IMPORTANT NOTE:
Interactive Brokers does not provide any guidance, consultation or advice regarding corporate actions to its customers. IB customers are solely responsible for the monitoring of the existence of a corporate action, understanding the rights and terms of any corporate action and providing timely and accurate instructions regarding the handling for any voluntary corporate action.
Links:
Which Tax Form Should I Select?
Overview:
3 simple questions can help you choose a tax certification form. Read the questions and select the form. For more detailed help, see Tax Information & Reporting.
Question # 1: Are you a U.S. Person or a U.S. Entity?
| • U.S. Citizen | • U.S. Business or Organization |
| • U.S. Green Card Holder | • U.S. Domestic Trust |
| • U.S. Legal Resident | |
If the answer is YES, complete Form W-9
If the answer is NO, go to # 2.
Question # 2: Do you have a U.S. Visa?
| • H-1B Visa Holder | • TN Visa Holder |
| • O-1 Visa Holder | |
If the answer is YES, find your status by the "substantial presence test." See More U.S. Legal Resident Info
If the answer is NO, go to # 3.
Question # 3: Are you a Legal Resident or Entity of another country?
*Question does Not apply to U.S. Citizens/Entities or Green Card Holders
| • Permanent Home Outside of U.S | • Entity Formed Outside of U.S. |
| •Business or Organization formed outside of U.S. | |
If the answer is YES, complete Form W-8 (U.S. Citizens, Green Card Holders, and Entities still complete the W-9.)
NOT SURE because you work, live, or study in the U.S. then, see More U.S. Legal Resident Info
Disclaimer: IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax adviser or refer to the U.S. Internal Revenue Service.
Certify Your Tax Status
Overview:
Filling out a tax certification form is required to open an IB account. The forms confirm your tax status in relation to the United States. Information provided by you may lower or exempt the U.S. tax withholding on your account.
Background:
This article will help you to:
►Choose the correct certification form ►Find your tax treaty benefits
►Fill out and submit your form online ►Answer tax certification questions
Which Form Do You Pick? |
Tax Treaty Benefits |
|
Management of account activity differs for each account type. IB is a U.S. broker and must follow U.S. guidelines. 3 simple questions help you choose the right form |
Some countries have a tax treaty with the U.S. Find out if you benefit from a lower tax-withholding rate. Tax Treaty Benefit Info |
Filling Out The Form |
Tax Certification – FAQ’s |
| The certification form is direct. Supply basic account information on the true owner of the assets or entity. Select W-9 Instructions or W-8 Instructions for help. | Seek professional advice for tax questions. These common questions and answers may help you make an informed decision. Tax Certification - Frequently Asked Questions |
Disclaimer: IB does not provide tax advice. These statements are provided for information purposes only, are not intended to constitute tax advice which may be relied upon to avoid penalties under any international, federal, state, local or other tax statutes or regulations, and do not resolve any tax issues in your favor. We recommend that you consult a qualified tax advisor or refer to the U.S. Internal Revenue Service.
Dividend Tax Rates
Overview:
Virtually all countries apply withholding taxes when local companies seek to distribute dividends to externally based shareholders (whether those shareholders are corporate or not). The rate at which IBKR is obligated to withhold for a given payment depends largely upon whether there is a tax treaty in place between the US and the country of residence of the dividend recipient. .
The table below depicts certain the rates of withholding as applied by IBKR effective 6-1-2012.
| Jurisdiction #1 |
Jurisdiction #2 | Withholding Rate | |
| United States | Australia | 15.0% | |
| United States | Austria | 15.0% | |
| United States | Bangladesh | 15.0% | |
| United States | Barbados | 15.0% | |
| United States | Belgium | 15.0% | |
| United States | Bulgaria | 10.0% | |
| United States | Canada | 15.0% | |
| United States | China | 10.0% | |
| United States | Cyprus | 15.0% | |
| United States | Czech Republic | 15.0% | |
| United States | Denmark | 15.0% | |
| United States | Egypt | 15.0% | |
| United States | Estonia | 15.0% | |
| United States | Finland | 15.0% | |
| United States | France | 15.0% | |
| United States | Germany | 15.0% | |
| United States | Hungary | 15.0% | |
| United States | Iceland | 15.0% | |
| United States | India | 25.0% | |
| United States | Indonesia | 15.0% | |
| United States | Ireland | 15.0% | |
| United States | Israel | 25.0% | |
| United States | Italy | 15.0% | |
| United States | Jamaica | 15.0% | |
| United States | Japan | 10.0% | |
| United States | Kazakhstan | 15.0% | |
| United States | Korea | 15.0% | |
| United States | Latvia | 15.0% | |
| United States | Lithuania | 15.0% | |
| United States | Luxembourg | 15.0% | |
| United States | Malta | 15.0% | |
| United States | Mexico | 10.0% | |
| United States | Morocco | 15.0% | |
| United States | Netherlands | 15.0% | |
| United States | New Zealand | 15.0% | |
| United States | Norway | 15.0% | |
| United States | Pakistan | 30.0% | |
| United States | Philippines | 25.0% | |
| United States | Poland | 15.0% | |
| United States | Portugal | 15.0% | |
| United States | Romania | 10.0% | |
| United States | Russia | 10.0% | |
| United States | Slovakia | 15.0% | |
| United States | Slovenia | 15.0% | |
| United States | South Africa | 15.0% | |
| United States | Spain | 15.0% | |
| United States | Sri Lanka | 15.0% | |
| United States | Sweden | 15.0% | |
| United States | Switzerland | 15.0% | |
| United States | Thailand | 15.0% | |
| United States | Trinidad and Tobago | 25.0% | |
| United States | Tunisia | 20.0% | |
| United States | Turkey | 20.0% | |
| United States | Ukraine | 15.0% | |
| United States | United Kingdom | 15.0% | |
| United States | Venezuela | 15.0% | |
| Canada | Algeria | 15.0% | |
| Canada | Argentina | 15.0% | |
| Canada | Armenia | 15.0% | |
| Canada | Australia | 15.0% | |
| Canada | Austria | 15.0% | |
| Canada | Azerbaijan | 15.0% | |
| Canada | Bangladesh | 15.0% | |
| Canada | Barbados | 15.0% | |
| Canada | Belgium | 15.0% | |
| Canada | Brazil | 15.0% | |
| Canada | Bulgaria | 15.0% | |
| Canada | Cameroon | 15.0% | |
| Canada | Chile | 15.0% | |
| Canada | China | 15.0% | |
| Canada | Croatia | 15.0% | |
| Canada | Cyprus | 15.0% | |
| Canada | Czech Republic | 15.0% | |
| Canada | Denmark | 15.0% | |
| Canada | Dominican Republic | 18.0% | |
| Canada | Dubai | 15.0% | |
| Canada | Ecuador | 15.0% | |
| Canada | Egypt | 15.0% | |
| Canada | Estonia | 15.0% | |
| Canada | Finland | 15.0% | |
| Canada | France | 15.0% | |
| Canada | Gabon | 15.0% | |
| Canada | Germany | 15.0% | |
| Canada | Guyana | 15.0% | |
| Canada | Hungary | 15.0% | |
| Canada | Iceland | 15.0% | |
| Canada | India | 25.0% | |
| Canada | Indonesia | 15.0% | |
| Canada | Ireland | 15.0% | |
| Canada | Israel | 15.0% | |
| Canada | Italy | 15.0% | |
| Canada | Ivory Coast | 15.0% | |
| Canada | Jamaica | 15.0% | |
| Canada | Japan | 15.0% | |
| Canada | Jordan | 15.0% | |
| Canada | Kazakhstan | 15.0% | |
| Canada | Kenya | 25.0% | |
| Canada | Korea | 15.0% | |
| Canada | Kuwait | 15.0% | |
| Canada | Kyrgyzstan | 15.0% | |
| Canada | Latvia | 15.0% | |
| Canada | Lithuania | 15.0% | |
| Canada | Luxembourg | 15.0% | |
| Canada | Malaysia | 15.0% | |
| Canada | Malta | 15.0% | |
| Canada | Mexico | 15.0% | |
| Canada | Moldova | 15.0% | |
| Canada | Mongolia | 15.0% | |
| Canada | Morocco | 15.0% | |
| Canada | Netherlands | 15.0% | |
| Canada | New Zealand | 15.0% | |
| Canada | Nigeria | 15.0% | |
| Canada | Norway | 15.0% | |
| Canada | Oman | 15.0% | |
| Canada | Pakistan | 20.0% | |
| Canada | Papua New Guinea | 15.0% | |
| Canada | Peru | 15.0% | |
| Canada | Philippines | 15.0% | |
| Canada | Poland | 15.0% | |
| Canada | Portugal | 15.0% | |
| Canada | Romania | 15.0% | |
| Canada | Russia | 15.0% | |
| Canada | Senegal | 15.0% | |
| Canada | Singapore | 15.0% | |
| Canada | Slovakia | 15.0% | |
| Canada | Slovenia | 15.0% | |
| Canada | South Africa | 15.0% | |
| Canada | Spain | 15.0% | |
| Canada | Sri Lanka | 15.0% | |
| Canada | Sweden | 15.0% | |
| Canada | Switzerland | 15.0% | |
| Canada | Tanzania | 25.0% | |
| Canada | Thailand | 15.0% | |
| Canada | Trinidad and Tobago | 15.0% | |
| Canada | Tunisia | 15.0% | |
| Canada | Turkey | 20.0% | |
| Canada | Ukraine | 15.0% | |
| Canada | United Kingdom | 15.0% | |
| Canada | United States | 15.0% | |
| Canada | Uzbekistan | 15.0% | |
| Canada | Venezuela | 15.0% | |
| Canada | Vietnam | 15.0% | |
| Canada | Zambia | 15.0% | |
| Canada | Zimbabwe | 15.0% |
Dividend Considerations - US Extended Trading Session
An account holder who purchases a US stock outside of normal or regular trading hours (i.e., 9:30 a.m. to 4:00 p.m. Eastern time) but during the extended trading hours session (i.e., 4:00 p.m. to 8:00 p.m. Eastern time) on the day prior to that stock going ex-dividend is entitled to receive that dividend. The reasoning behind this is that trades executed during the extended trading hours session on Day 'T' settle at the same time ('T+2') as trades which are executed during regular trading hours on Day 'T'. All such trades will therefore settle within a timeframe sufficient for the purchaser to be recognized as an owner of the shares prior to the close of the Record Date.
Following the same logic, an account holder who sells and closes out a long US stock position during the extended trading hours session on the day prior to that stock going ex-dividend will not be entitled to receive that dividend. However, if the stock was sold stock (i.e. an opening trade), the account holder would be obligated to pay the dividend to the lender of the shares.
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