Choosing the right brokerage can save you thousands in fees over your investing lifetime. Canadian brokerages have gotten much cheaper in recent years, with several offering commission-free trading.
Quick answer: Wealthsimple Trade is best for most Canadians (free trades, easy app). Questrade is best for ETF investors (free ETF buys). Interactive Brokers is best for active traders and US stocks. Most Canadians should pay $0 in commissions in 2026.
Best Canadian Brokerages Compared
| Brokerage | Stock Commissions | ETF Commissions | USD Conversion | TFSA/RRSP | Best For |
|---|---|---|---|---|---|
| Wealthsimple Trade | $0 | $0 | 1.5% (free with Premium) | Yes | Most Canadians |
| Questrade | $4.95–$9.95 | $0 (buy) | 2% (or Norbert’s Gambit) | Yes | ETF investors |
| Interactive Brokers | $0.01/share (min $1) | $0.01/share | 0.002% | Yes | Active traders |
| National Bank Direct | $0 | $0 | Market rate | Yes | Quebec investors |
| BMO InvestorLine | $9.95 | $9.95 | 1.5% | Yes | BMO customers |
| TD Direct Investing | $9.99 | $9.99 | 1.5% | Yes | TD customers |
| RBC Direct Investing | $9.95 | $9.95 | 1.5% | Yes | RBC customers |
| CIBC Investor’s Edge | $6.95 | $6.95 | Market rate | Yes | CIBC customers |
| Scotia iTRADE | $9.99 | $9.99 | 1.5% | Yes | Scotiabank customers |
Account Types Available
| Account | Tax Treatment | Who Needs It |
|---|---|---|
| TFSA | Tax-free growth and withdrawals | Every Canadian 18+ |
| RRSP | Tax-deductible contributions, taxed at withdrawal | Higher-income earners |
| FHSA | Tax-free for first home purchase | First-time home buyers |
| Non-registered (taxable) | Capital gains taxed at 50% inclusion | After maxing TFSA/RRSP |
| RESP | Government grants + tax-deferred growth | Parents saving for kids’ education |
| RRIF | Required withdrawals from RRSP | Retirees |
Cost Comparison: $50,000 Portfolio Over 10 Years
| Brokerage | Annual Fees | Currency Cost (US stocks) | 10-Year Total Cost |
|---|---|---|---|
| Wealthsimple (Premium) | $120/year | $0 | $1,200 |
| Wealthsimple (Free) | $0 | ~$375/year (1.5% on US trades) | ~$3,750 |
| Questrade | $0 | ~$50/year (Norbert’s Gambit) | ~$500 |
| Interactive Brokers | $0 | ~$5/year | ~$50 |
| Bank brokerage | $0 | ~$375/year | ~$3,750 |
Assumes monthly $500 contributions, 50% Canadian / 50% US allocation.
Robo-Advisors vs DIY Investing
| Feature | Robo-Advisor (Wealthsimple Invest) | DIY (Wealthsimple Trade/Questrade) |
|---|---|---|
| Management fee | 0.4–0.5% | $0 |
| Underlying ETF fees | ~0.2% | ~0.2% |
| Total cost on $100K | ~$600–$700/year | ~$200/year |
| Rebalancing | Automatic | Manual |
| Tax-loss harvesting | Automatic | Manual |
| Effort required | None | 30 min/year |
| Best for | Beginners, hands-off investors | DIY investors, cost-conscious |
Best All-in-One ETFs for Canadians
| ETF | Allocation | MER | Best For |
|---|---|---|---|
| VGRO | 80% stocks / 20% bonds | 0.24% | Growth investors |
| VBAL | 60% stocks / 40% bonds | 0.24% | Balanced investors |
| XGRO | 80% stocks / 20% bonds | 0.20% | Lower-cost growth |
| XEQT | 100% stocks | 0.20% | Long-term aggressive |
| VEQT | 100% stocks | 0.24% | Long-term aggressive |
Bottom Line
Most Canadians should use Wealthsimple Trade for commission-free investing in a TFSA or RRSP. If you invest in US stocks frequently, Questrade with Norbert’s Gambit or Interactive Brokers will save on currency conversion. Buy an all-in-one ETF like XEQT or VGRO and contribute monthly — that’s all most people need.
For related guides, see TFSA calculator, RRSP guide, and Canadian ETF guide.