Listing Costs

Initial costs

Actual costs vary depending on the nature and complexity of a transaction, but the following ranges may be helpful as a general guide:

Toronto Stock ExchangeTSX Venture Exchange
Listing Fees $10,000 - $200,000 $10,000 - $70,000
Accounting and Auditing Fees $75,000 - $100,000 $25,000 - $100,000
Legal Fees $400,000 - $750,000 $75,000+
Underwriters' Commission 4 - 6 % Up to 12 %

Other fees to consider include:

  • Securities commission fees 
  • Transfer agency fees 
  • Geological or engineering reports 
  • Valuation reports 
  • Investor relations costs 
  • Printing and translation costs 
  • Director and Officer liability insurance

Ongoing expenses

Companies should also plan for ongoing expenses related to their listing:

  • Cost of fulfilling the securities commissions filing requirements
  • Sustaining fees and additional listing fees of the Exchange 
  • Legal, accounting, printing and possibly translation costs required to file periodic, quarterly and annual reports

In addition, executives will need to channel significant time away from their regular duties to oversee the preparation of these filings, and the CEO and the CFO will need to certify the accuracy of the financial statements. The company will also need to ensure the efficiency of its internal controls, which may require additional hiring or outsourcing.