An MER stands for Management Expense Ratio and is a fee that is paid when you invest in mutual funds. MERs include management fees (paid to an investment fund manager) plus the fund's day-to-day operating expenses such as record keeping, fund valuation costs, portfolio management, audit and legal fees, and costs for sending out prospectuses and annual reports. The MER also includes taxes such as the harmonized sales tax (HST) or goods and services tax (GST). The MER doesn’t include trading costs, which are included in the Trading Expense Ratio (TER).

For all of our plans, CST Consultants charges an all-inclusive management fee to cover administration, portfolio management, trustee, and custodial services, including trading costs.