Night and day and canisters of black coffee later my hunt paid off and I ended up finding Questrade. Their commission structure was not only a breath of fresh air but straight forward and amazingly cheap!
I joined by opening a TFSA trading account which at the time was surprising because I didn't realize TFSA could be trading accounts.
It's been about 1 year now and honestly I can say I am extremely happy with my decision to be with them. They offer a simple and free trading platform (QuestraderWeb) and their commission structure starts at $4.95 and can go up to a maximum of $9.95. It's based on 1 cent per share so technically you can trade 495 shares before the fee goes from $4.95 to $4.96 for that extra share. This is insanely cheap! Remember, no one (at least here in Canada) has anywhere near this kind of cost. With CIBC I was routinely charged $24.95 for any kind of trade. And that is before the hidden fees kick in.
One of the perks of joining Questrade is that you can use the Questrade Offer Code (Promo Code) shown above and get $50 in Free Trades. What a wonderful gift for just opening an account!