Mutual Fund Fee Translator
See exactly how much your bank mutual fund is costing you in real dollars — and what that means over 10 years.
Type your fund name or bank (TD, RBC, Scotiabank, BMO, CIBC)
Check your account statement or online banking. An estimate is fine.
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What is a Management Expense Ratio (MER)?
The MER is the annual cost of owning a mutual fund, expressed as a percentage of your balance. It's deducted automatically — you never see it as a separate charge, which is exactly why most Canadians underestimate how much they're paying. A 2% MER on a $50,000 portfolio costs $1,000 every year, regardless of whether the fund goes up or down.
Why do bank mutual funds cost so much more than ETFs?
Bank mutual funds include fees for active portfolio management, advisor compensation (trailing commissions), and administration. ETFs like XBAL or XGRO are passively managed — they simply track an index — which is why their MERs are as low as 0.20%. Both can hold similar underlying assets.
How to find your fund's MER
Every Canadian mutual fund is required to publish a Fund Facts document. Search "[Your Fund Name] Fund Facts" on Google — it will be a PDF from the fund provider. The MER is listed on the first page. You can also find it on your account statement or by calling your bank.