Scotiabank
Canadian Equity
BNS385F: BNS585
Scotia Canadian Dividend Fund
Benchmark: S&P/TSX Composite Dividend Index
Management Fee (MER)
1.73%F : 0.68%
Series A
1.73%
Series F
0.68%
Risk profileMedium
Big Six + Desjardins Database • 2026 Edition
Canadian Mutual Funds & ETF Comparator: MER Fees, Series A vs Series F — RBC, TD, BMO, Scotiabank, CIBC, National Bank & Desjardins
Compare management expense ratios (MER), Series A vs. Series F fee structures, benchmarks, and risk profiles across Canada's 7 major financial institutions (Big Six banks + Desjardins) in real time.
7 Institutions (Big Six + Desjardins) 6 CIFSC Categories Series A/F MER Spreads
Avg. Series F Savings
~1.15% / yr57 funds listed
/
- ScotiabankCanadian EquityBNS372F: BNS572
Scotia Canadian Growth Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)2.08%F : 0.95%Series A2.08%Series F0.95%Risk profileMedium 
RBC Royal BankCanadian EquityRBF266F: RBF658RBC Canadian Equity Fund
Benchmark: S&P/TSX Capped Composite Index
Management Fee (MER)1.86%F : 0.72%Series A1.86%Series F0.72%Risk profileMedium- RBC Royal BankCanadian EquityRBF262F: RBF657
RBC Canadian Dividend Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)1.67%F : 0.65%Series A1.67%Series F0.65%Risk profileMedium 
BMO Bank of MontrealCanadian EquityBMO70141F: BMO95141BMO Canadian Equity Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)2.14%F : 0.85%Series A2.14%Series F0.85%Risk profileMedium- BMO Bank of MontrealCanadian EquityBMO70146F: BMO95146
BMO Dividend Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)1.71%F : 0.60%Series A1.71%Series F0.60%Risk profileMedium 
TD Canada TrustCanadian EquityTDB162F: TDB262TD Canadian Blue Chip Dividend Fund
Benchmark: S&P/TSX Composite Dividend Index
Management Fee (MER)1.93%F : 0.81%Series A1.93%Series F0.81%Risk profileMedium
CIBCCanadian EquityCIB580F: CIB180CIBC Canadian Equity Fund
Benchmark: S&P/TSX Capped Composite Index
Management Fee (MER)2.02%F : 0.90%Series A2.02%Series F0.90%Risk profileMedium
National Bank (NBC)Canadian EquityNBC700F: NBC100NBI Canadian Equity Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)2.05%F : 0.82%Series A2.05%Series F0.82%Risk profileMedium
DesjardinsCanadian EquityDJT00002F: DJT03802Desjardins Canadian Equity Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)2.09%F : 0.94%Series A2.09%Series F0.94%Risk profileMedium- DesjardinsCanadian EquityDJT00018F: DJT03818
Desjardins Dividend Income Fund
Benchmark: S&P/TSX Composite Dividend Index
Management Fee (MER)1.88%F : 0.78%Series A1.88%Series F0.78%Risk profileMedium - ScotiabankBalanced FundsBNS377F: BNS577
Scotia Balanced Opportunities Fund
Benchmark: 60% S&P/TSX + 40% FTSE Universe
Management Fee (MER)1.97%F : 0.85%Series A1.97%Series F0.85%Risk profileLow to Medium - ScotiabankBalanced FundsBNS381F: BNS581
Scotia Diversified Monthly Income Fund
Benchmark: 65% S&P/TSX + 35% FTSE Universe
Management Fee (MER)1.91%F : 0.80%Series A1.91%Series F0.80%Risk profileLow to Medium - RBC Royal BankBalanced FundsRBF272F: RBF672
RBC Balanced Fund
Benchmark: 60% S&P/TSX + 40% FTSE Universe
Management Fee (MER)1.94%F : 0.78%Series A1.94%Series F0.78%Risk profileLow to Medium - BMO Bank of MontrealBalanced FundsBMO70144F: BMO95144
BMO Asset Allocation Fund
Benchmark: 60% S&P/TSX + 40% FTSE Universe
Management Fee (MER)2.12%F : 0.83%Series A2.12%Series F0.83%Risk profileLow to Medium - TD Canada TrustBalanced FundsTDB166F: TDB266
TD Balanced Growth Fund
Benchmark: 60% S&P/TSX + 40% FTSE Universe
Management Fee (MER)1.98%F : 0.84%Series A1.98%Series F0.84%Risk profileLow to Medium - CIBCBalanced FundsCIB585F: CIB185
CIBC Balanced Fund
Benchmark: 60% S&P/TSX + 40% FTSE Universe
Management Fee (MER)2.08%F : 0.89%Series A2.08%Series F0.89%Risk profileLow to Medium - National Bank (NBC)Balanced FundsNBC745F: NBC145
NBI Balanced Portfolio
Benchmark: 60% MSCI World/TSX + 40% FTSE Universe
Management Fee (MER)2.01%F : 0.88%Series A2.01%Series F0.88%Risk profileLow to Medium - DesjardinsBalanced FundsDJT00323F: DJT03823
Chorus II Balanced Low Volatility Portfolio
Benchmark: 60% S&P/TSX + 40% FTSE Universe
Management Fee (MER)1.92%F : 0.85%Series A1.92%Series F0.85%Risk profileLow to Medium - ScotiabankFixed IncomeBNS370F: BNS570
Scotia Canadian Income Fund
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)1.32%F : 0.55%Series A1.32%Series F0.55%Risk profileLow - ScotiabankFixed IncomeBNS345F: BNS545
Scotia Canadian Corporate Bond Fund
Benchmark: FTSE Canada All Corporate Bond Index
Management Fee (MER)1.45%F : 0.60%Series A1.45%Series F0.60%Risk profileLow to Medium - RBC Royal BankFixed IncomeRBF268F: RBF668
RBC Bond Fund
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)1.19%F : 0.48%Series A1.19%Series F0.48%Risk profileLow - BMO Bank of MontrealFixed IncomeBMO70142F: BMO95142
BMO Bond Fund
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)1.38%F : 0.52%Series A1.38%Series F0.52%Risk profileLow - TD Canada TrustFixed IncomeTDB164F: TDB264
TD Canadian Bond Fund
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)1.36%F : 0.54%Series A1.36%Series F0.54%Risk profileLow - CIBCFixed IncomeCIB582F: CIB182
CIBC Canadian Bond Fund
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)1.33%F : 0.50%Series A1.33%Series F0.50%Risk profileLow - National Bank (NBC)Fixed IncomeNBC702F: NBC102
NBI Bond Fund
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)1.31%F : 0.49%Series A1.31%Series F0.49%Risk profileLow - DesjardinsFixed IncomeDJT00001F: DJT03801
Desjardins Canadian Bond Fund
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)1.29%F : 0.52%Series A1.29%Series F0.52%Risk profileLow - ScotiabankMoney MarketBNS360F: BNS560
Scotia Money Market Fund
Benchmark: FTSE 60-Day T-Bill Index
Management Fee (MER)0.65%F : 0.25%Series A0.65%Series F0.25%Risk profileVery Low - RBC Royal BankMoney MarketRBF271F: RBF671
RBC Canadian Money Market Fund
Benchmark: FTSE 91-Day T-Bill Index
Management Fee (MER)0.62%F : 0.22%Series A0.62%Series F0.22%Risk profileVery Low - RBC Royal BankMoney MarketRBF2010
RBC Investment Savings Account (ISA)
Benchmark: Bank of Canada Policy Interest Rate
Management Fee (MER)0.00% – 0.15%Risk profileVery Low - BMO Bank of MontrealMoney MarketBMO70140F: BMO95140
BMO Money Market Fund
Benchmark: FTSE 91-Day T-Bill Index
Management Fee (MER)0.60%F : 0.20%Series A0.60%Series F0.20%Risk profileVery Low - TD Canada TrustMoney MarketTDB160F: TDB260
TD Canadian Money Market Fund
Benchmark: FTSE 60-Day T-Bill Index
Management Fee (MER)0.58%F : 0.22%Series A0.58%Series F0.22%Risk profileVery Low - CIBCMoney MarketCIB570F: CIB170
CIBC Money Market Fund
Benchmark: FTSE 91-Day T-Bill Index
Management Fee (MER)0.64%F : 0.25%Series A0.64%Series F0.25%Risk profileVery Low - National Bank (NBC)Money MarketNBC701F: NBC101
NBI Money Market Fund
Benchmark: FTSE 91-Day T-Bill Index
Management Fee (MER)0.55%F : 0.20%Series A0.55%Series F0.20%Risk profileVery Low - DesjardinsMoney MarketDJT00003F: DJT03803
Desjardins Money Market Fund
Benchmark: FTSE 91-Day T-Bill Index
Management Fee (MER)0.59%F : 0.21%Series A0.59%Series F0.21%Risk profileVery Low - ScotiabankPortfolio SolutionsBNS1904F: BNS1954
Scotia Selected Growth Portfolio
Benchmark: 80% Global Equity + 20% FTSE Universe
Management Fee (MER)2.15%F : 0.95%Series A2.15%Series F0.95%Risk profileMedium - ScotiabankPortfolio SolutionsBNS1903F: BNS1953
Scotia Selected Balanced Growth Portfolio
Benchmark: 60% Global Equity + 40% FTSE Universe
Management Fee (MER)2.05%F : 0.90%Series A2.05%Series F0.90%Risk profileLow to Medium - RBC Royal BankPortfolio SolutionsRBF454F: RBF654
RBC Select Growth Portfolio
Benchmark: RBC Select Growth Composite Benchmark
Management Fee (MER)2.10%F : 0.92%Series A2.10%Series F0.92%Risk profileMedium - RBC Royal BankPortfolio SolutionsRBF453F: RBF653
RBC Select Balanced Portfolio
Benchmark: RBC Select Balanced Composite Benchmark
Management Fee (MER)2.02%F : 0.86%Series A2.02%Series F0.86%Risk profileLow to Medium - BMO Bank of MontrealPortfolio SolutionsBMO70155F: BMO95155
BMO SelectTrust Growth Portfolio
Benchmark: BMO Global Markets Composite Benchmark
Management Fee (MER)2.21%F : 0.98%Series A2.21%Series F0.98%Risk profileMedium - BMO Bank of MontrealPortfolio SolutionsBMO70154F: BMO95154
BMO SelectTrust Balanced Portfolio
Benchmark: BMO Global Markets Composite Benchmark
Management Fee (MER)2.12%F : 0.89%Series A2.12%Series F0.89%Risk profileLow to Medium - TD Canada TrustPortfolio SolutionsTDB888F: TDB2888
TD Comfort Growth Portfolio
Benchmark: TD Growth Composite Benchmark
Management Fee (MER)2.18%F : 0.94%Series A2.18%Series F0.94%Risk profileMedium - CIBCPortfolio SolutionsCIB486F: CIB186
CIBC Managed Growth Portfolio
Benchmark: CIBC Managed Growth Composite Benchmark
Management Fee (MER)2.20%F : 0.96%Series A2.20%Series F0.96%Risk profileMedium - National Bank (NBC)Portfolio SolutionsNBC503F: NBC1503
Meritage Growth Portfolio (NBI)
Benchmark: Meritage 80% Equity Composite Benchmark
Management Fee (MER)2.24%F : 0.99%Series A2.24%Series F0.99%Risk profileMedium - DesjardinsPortfolio SolutionsDJT00325F: DJT03825
Chorus II Growth Portfolio
Benchmark: Chorus II Growth Composite Benchmark
Management Fee (MER)2.09%F : 0.93%Series A2.09%Series F0.93%Risk profileMedium - ScotiabankIndex Funds & ETFsBNS382
Scotia Canadian Index Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)0.95%Series A0.95%Risk profileMedium - ScotiabankIndex Funds & ETFsTSX:SVD
Scotia Canadian Dividend Index ETF
Benchmark: S&P/TSX Composite Dividend Index
Management Fee (MER)0.17%1Y Return+14.60%Series A0.17%Chart 4w+2.32%4w change: +2.32% (as of 05/11/2026 — Marchés canadiens (TSX) · Yahoo Finance)Fund size$385.0MRisk profileMedium - RBC Royal BankIndex Funds & ETFsTSX:XIC
iShares Core S&P/TSX Capped Composite ETF
Benchmark: S&P/TSX Capped Composite Index
Management Fee (MER)0.06%1Y Return+14.94%Series A0.06%Chart 4w+2.49%4w change: +2.49% (as of 05/11/2026 — Marchés canadiens (TSX) · Yahoo Finance)Fund size$11,250.0MRisk profileMedium - RBC Royal BankIndex Funds & ETFsTSX:XBB
iShares Core Canadian Universe Bond ETF
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)0.10%1Y Return-1.63%Series A0.10%Chart 4w+1.73%4w change: +1.73% (as of 05/11/2026 — Marchés canadiens (TSX) · Yahoo Finance)Fund size$5,820.0MRisk profileLow - BMO Bank of MontrealIndex Funds & ETFsTSX:ZAG
BMO Aggregate Bond Index ETF
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)0.09%1Y Return-1.60%Series A0.09%Chart 4w+1.50%4w change: +1.50% (as of 05/11/2026 — Marchés canadiens (TSX) · Yahoo Finance)Fund size$7,410.0MRisk profileLow - BMO Bank of MontrealIndex Funds & ETFsTSX:ZCN
BMO S&P/TSX Capped Composite Index ETF
Benchmark: S&P/TSX Capped Composite Index
Management Fee (MER)0.06%1Y Return+14.85%Series A0.06%Chart 4w+2.53%4w change: +2.53% (as of 05/11/2026 — Marchés canadiens (TSX) · Yahoo Finance)Fund size$8,940.0MRisk profileMedium - TD Canada TrustIndex Funds & ETFsTDB900
TD Canadian Index Fund (e-Series)
Benchmark: S&P/TSX Composite Index
Management Fee (MER)0.28%Series A0.28%Risk profileMedium - TD Canada TrustIndex Funds & ETFsTDB909
TD Canadian Bond Index Fund (e-Series)
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)0.31%Series A0.31%Risk profileLow - CIBCIndex Funds & ETFsTSX:CCEC
CIBC Canadian Equity Index ETF
Benchmark: Morningstar Canada Domestic Index
Management Fee (MER)0.05%Series A0.05%Fund size$460.0MRisk profileMedium - National Bank (NBC)Index Funds & ETFsNBC709F: NBC109
NBI Canadian Index Fund
Benchmark: S&P/TSX Composite Index
Management Fee (MER)1.02%F : 0.32%Series A1.02%Series F0.32%Risk profileMedium - DesjardinsIndex Funds & ETFsTSX:DFC
Desjardins RI Canada Multifactor ETF
Benchmark: S&P/TSX Capped Composite Index
Management Fee (MER)0.56%1Y Return+14.69%Series A0.56%Chart 4w+2.48%4w change: +2.48% (as of 05/11/2026 — Marchés canadiens (TSX) · Yahoo Finance)Fund size$650.0MRisk profileMedium - DesjardinsIndex Funds & ETFsTSX:DCU
Desjardins Canadian Universe Bond Index ETF
Benchmark: FTSE Canada Universe Bond Index
Management Fee (MER)0.11%1Y Return-1.77%Series A0.11%Chart 4w+1.45%4w change: +1.45% (as of 05/11/2026 — Marchés canadiens (TSX) · Yahoo Finance)Fund size$420.0MRisk profileLow
Fee Impact Over 25 Years
Simulate monthly compounding and measure how much terminal wealth is eroded between Series A and Series F (or an index ETF).
Selected fund:RBC Canadian Equity FundRBF266
With 1.86% MER vs 0.72%, you lose $31,310 over 25 years
16.60% of terminal wealth eaten by feesManagement Expense Ratios (MER) are provided for illustrative purposes and reflect standard retail series (typically Series A for bundled advice and Series F for fee-based or DIY accounts). Always verify the official Simplified Prospectus and Fund Facts document before investing.
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The institutional audit blueprint to dismantle hidden bank mutual fund fees (RBC, TD, BMO, BNS, CIBC, NBC, Desjardins) and execute a frictionless tax transition to 0.06% - 0.20% TSX index ETFs.
In-depth audit matrix covering the top 40 Series A mutual funds from the 7 Canadian institutions
Custom compounding drag equations projecting cumulative wealth destruction over 10, 20, and 30 years
Step-by-step portfolio migration roadmap without triggering unnecessary taxable capital gains
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Methodology Guide: Understanding Management Expense Ratios (MER) in Canada
In Canada, the Management Expense Ratio (MER) is deducted daily from a fund's net assets before returns are reported. Over a 20- to 30-year horizon, a 1.80% annual fee gap between a branch-sold mutual fund and a low-cost alternative can erode nearly 30% of your terminal wealth through lost compounding.
Series A vs. Series F vs. Index ETFs: What Is the Difference?
Series A mutual funds bundle an ongoing trailing commission (typically 0.50% to 1.00% per year) into the MER, pushing total annual fees to 1.85%–2.35%. Series F funds and asset-allocation ETFs strip out embedded trailing commissions, lowering annual costs to 0.05%–0.85%.
Tax-Sheltered Account Optimization (TFSA, RRSP, and FHSA)
All funds tracked across Canada's 7 major financial institutions (the Big Six banks — RBC, TD, BMO, Scotiabank, CIBC, and National Bank — plus Desjardins) are eligible for CRA-registered accounts (TFSA/CELI, RRSP/REER, FHSA, RRIF, and RESP). Minimizing MER inside tax-free accounts preserves every dollar of contribution room.
Frequently Asked Questions (FAQ) on MER Fees and Series A vs. Series F
What is the MER (RFG) on a Canadian mutual fund or ETF?
The Management Expense Ratio (MER, or RFG in French) is the total annual cost of managing and operating an investment fund, expressed as a percentage of its net assets. It includes investment management fees, operating expenses, and applicable sales taxes (GST/HST/QST), deducted daily before returns are reported.
Why does Series F have a lower MER than Series A in Canada?
Series A mutual funds embed a trailing commission (typically 0.50% to 1.00% per year) paid to the dealer. Series F removes this embedded commission and is available through discount brokerages (DIY accounts) and fee-based advisors, cutting annual fees by roughly 1.00% to 1.20%.
How much can a 1% MER difference cost over 25 years?
Starting with $10,000, contributing $250 monthly, and earning a 6% gross annual return, lowering your MER from 1.86% (Series A) to 0.72% (Series F) saves over $38,000 in terminal wealth over 25 years through monthly compounding.
Are Big Six bank funds and Desjardins funds eligible for TFSA and RRSP accounts?
Yes. All mutual funds (Fundserv codes RBF, TDB, BMO, BNS, CIB, NBC, DJT) and TSX-listed ETFs tracked in this comparator are qualified investments for Canadian registered accounts, including TFSA (CELI), RRSP (REER), FHSA, RESP, and RRIF.