HELOC Bank Comparator for the Smith Manoeuvre
Which Canadian institution offers the best readvanceable mortgage for the Smith Manoeuvre? Data updated automatically every week.
🆓 100% free🇨🇦 Canada🔄 Weekly updates📊 8 banks
📈 Current Prime Rate
4.45 %
Source: Bank of Canada · Updated on 2026-05-20
Banks re-checked :
2026-05-25
2026-05-25
💡 Good to know: the rates shown are the posted rates publicly.
Depending on your file (income, equity, credit), you can often negotiate down to Prime + 0 %
(sometimes lower via a mortgage broker). The real difference between banks lies mostly in
fees, sub-accounts (essential for the Smith Manoeuvre) and
French-language support.
| Bank | HELOC rate | Max LTV | Sub-accounts | Smith? | Link |
|---|---|---|---|---|---|
| Manulife One Manulife One | 4.95 % Prime + 0.50 % manual | 65 % | ✓ | ★★★★★ | Visit → |
| RBC Homeline RBC Homeline Plan | 4.95 % Prime + 0.50 % ✓ 0j | 65 % | ✓ | ★★★★★ | Visit → |
| Scotia STEP Scotia Total Equity Plan (STEP) | 4.95 % Prime + 0.50 % ✓ 0j | 65 % | ✓ | ★★★★★ | Visit → |
| Banque Nationale All-In-One National Bank All-In-One | 5.95 % Prime + 1.50 % ✓ 0j | 65 % | ✓ | ★★★★★ | Visit → |
| TD Home Equity FlexLine TD Home Equity FlexLine | 4.95 % Prime + 0.50 % ✓ 0j | 65 % | ✓ | ★★★★★ | Visit → |
| BMO Homeowner ReadiLine BMO Homeowner ReadiLine | 4.95 % Prime + 0.50 % manual | 65 % | ✓ | ★★★★★ | Visit → |
| CIBC Home Power Plan CIBC Home Power Plan | 4.95 % Prime + 0.50 % manual | 65 % | ✓ | ★★★★★ | Visit → |
| Desjardins Marge Proprio Desjardins Home Equity Line | 4.95 % Prime + 0.50 % manual | 65 % | ✓ | ★★★★★ | Visit → |
Bank details
Manulife One 4.95 %
✅ Strengths
- All-in-one account (checking + HELOC)
- Native sub-accounts to separate deductible portion
- Excellent for Smith Manoeuvre
⚠️ Weaknesses
- Possible monthly fees ($16.95/mo) depending on plan
- Stricter approval
RBC Homeline 4.95 %
✅ Strengths
- Widespread, advisors available everywhere
- Sub-accounts included
- Good RBC app integration
⚠️ Weaknesses
- Negotiation required for Prime + 0.5%
- Appraisal fees at setup
Scotia STEP 4.95 %
✅ Strengths
- Very flexible with multiple sub-accounts
- Reputed ideal for Smith Manoeuvre
- Stable product
⚠️ Weaknesses
- Documentation sometimes complex
- Mortgage advisor required
Banque Nationale All-In-One 5.95 %
✅ Strengths
- Excellent in Quebec, native French support
- Very flexible sub-accounts
- Ideal Smith Manoeuvre plan in Quebec
⚠️ Weaknesses
- Fewer branches outside Quebec
- Sometimes stricter approval
TD Home Equity FlexLine 4.95 %
✅ Strengths
- Convenient TD mobile app
- Advisors available
- Fixed-rate portion possible
⚠️ Weaknesses
- Sub-accounts sometimes limited depending on plan
- CSV download limited to 120 days
BMO Homeowner ReadiLine 4.95 %
✅ Strengths
- No annual fees on the line
- Good BMO Online integration
⚠️ Weaknesses
- Longer approval
- Fewer sub-accounts than Scotia/Manulife
CIBC Home Power Plan 4.95 %
✅ Strengths
- Many advisors
- Fixed-rate portion possible
⚠️ Weaknesses
- Systematic appraisal fees
- Inconsistent customer service
Desjardins Marge Proprio 4.95 %
✅ Strengths
- Dominant Quebec presence
- Cooperative model (possible refunds)
- French-speaking advisors
⚠️ Weaknesses
- Conditions vary by local branch
- Digital experience behind competitors
Picked your bank? Start your Smith Manoeuvre with RSSUS
Once your HELOC is open, RSSUS automates tracking of deductible interest, computes your ACB, and generates your annual tax report.
🚀 Create a free accountHow is this comparator kept up to date?
Rates shown are computed in real time: Prime Rate from the Bank of Canada (fetched daily) + HELOC margin from each bank (scraped weekly from official product pages).
If scraping fails for a bank (page change, blocking), we keep the last known value and show the date of the last check. Always verify directly with the bank before signing — posted rates are often negotiable.