CTO Simulator: Standard Brokerage Account

Simulate your CTO: 30% flat tax or progressive scale, dividend taxation with 40% allowance, PEA comparison and net capital projection.

CTO Parameters

Initial capital

Monthly contribution

No contribution ceiling on the CTO

Total return (%)

Price appreciation + dividends included

Dividend yield (%)

Portion distributed as dividends

Duration (years)

Tax regime

Net capital after tax

104 068 €

after 15 years · 7 % annual return

For this duration, the PEA would be more tax-efficient (9 262 € more taxed vs PEA)

Total contributed

64 000 €

Unrealized gains

+40 886 €

Gross cumulative dividends

16 354 €

Dividend tax -4 906 €

Total taxation

-17 172 €

Capital gains tax -12 266 €

CTO projection

Tax summary

Chosen regimePFU 30 %

Capital gains rate30.0 %

Dividend tax rate30.0 %

Tax on capital gains (40 886 €)-12 266 €

Tax on dividends (16 354 €)-4 906 €

Total taxation-17 172 €

Savings vs (Progressive scale (TMI + social charges))+7 883 €

What is a CTO (Compte-Titres Ordinaire)?

The Compte-Titres Ordinaire (CTO) is the most flexible investment account in France. No contribution ceiling, access to all global markets (US stocks, ETFs, bonds, commodities). In return, gains are taxed from the first euro.

No ceiling

No contribution or capital limit. Invest as much as you want, with no constraints.

Global access

US stocks (Apple, Google), world ETFs, bonds, commodities, crypto... Everything is accessible.

Total flexibility

Free withdrawals at any time, no closure or penalty. No minimum holding period.

CTO taxation: flat tax or progressive scale

By default, CTO gains are subject to the 30% flat tax (PFU). You can opt for the progressive scale if your marginal tax rate is low. For dividends, the progressive scale applies a 40% allowance.

PFU (flat tax)

30%

12.8% income tax + 17.2% social charges: on capital gains AND dividends

Progressive scale

TMI + 17.2%

Capital gains: TMI + SC. Dividends: TMI on 60% + SC (40% allowance)

TMI 0-11%

Scale advantageous

If TMI ≤ 11%, the progressive scale costs less than the 30% flat tax

TMI 30%+

PFU advantageous

If TMI ≥ 30%, the flat tax is generally more advantageous

CTO vs PEA: when to choose the CTO?

The PEA is more tax-efficient after 5 years (17.2% vs 30%), but the CTO remains essential in certain cases.

Choose the CTO when...

You've reached the PEA ceiling (€150,000), you want to invest outside Europe (US stocks, emerging markets), you need immediate flexibility, or you invest in bonds/commodities.

Prefer the PEA when...

You invest in European stocks/ETFs, your horizon is > 5 years, you haven't yet reached the €150,000 ceiling. The PEA should be filled first.

Frequently asked questions about the CTO

Do I need to declare my CTO for taxes?▼

Yes, realized capital gains and received dividends must be declared annually. Your broker provides a tax summary (IFU) that simplifies the declaration. The flat tax is withheld at source, but you still need to declare.

What is the difference between PFU and progressive scale?▼

The PFU (flat tax) applies a fixed 30% rate on all gains. The progressive scale applies your marginal tax rate (TMI) + 17.2% social charges. For dividends, the progressive scale offers a 40% allowance. The progressive scale is advantageous if your TMI is ≤ 11%.

Can I transfer a CTO to a PEA?▼

No, you cannot directly transfer securities from a CTO to a PEA. You must sell on the CTO (which triggers taxation), then repurchase on the PEA. This can be worth it if capital gains are low.

Is the CTO suitable for beginners?▼

Yes, the CTO is accessible to everyone and offers full market access. However, for French beginners, it's recommended to fill the PEA first (better taxation) before opening a complementary CTO.