Compare Investing & Brokerage in Canada

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What is investing in Canada?

Investing means putting money into assets — stocks, ETFs, bonds, mutual funds — with the aim of growing it over time, most commonly through an online brokerage or a robo-advisor. In Canada the decisive feature is the account wrapper: holding investments inside a TFSA, RRSP or the newer First Home Savings Account (FHSA) changes how gains and withdrawals are taxed, often more than the choice of investment itself.

The two main routes are self-directed brokerages, where you pick and trade your own holdings, and robo-advisors, where an algorithm builds and rebalances a diversified portfolio for you.

How the Canadian market works

Self-directed platforms compete on commissions — several now offer zero-commission stock and ETF trades — plus account fees and available account types. Robo-advisors charge a management fee, typically around 0.4% to 0.5% a year, on top of the underlying ETF costs. Registered accounts are central: the TFSA shelters growth tax-free, the RRSP defers tax to retirement, and the FHSA combines RRSP-style deductions with tax-free withdrawals for a first home.

Canadian investors also weigh currency, since trading US-listed stocks incurs foreign-exchange conversion unless the platform offers a US-dollar account.

Benefits

Tax shelters — TFSA, RRSP and FHSA wrappers can eliminate or defer tax on growth.

Low costs — commission-free trading and cheap index ETFs keep more of your return.

Compounding — reinvested dividends and gains build wealth over long horizons.

Automation — robo-advisors handle diversification and rebalancing hands-off.

How to choose

Decide first whether you want to trade yourself or delegate. Hands-on investors should compare commissions, US-dollar account availability and platform tools; hands-off investors should compare robo management fees and portfolio options. Either way, make sure the platform offers the registered accounts you need — TFSA and RRSP at minimum, FHSA if you are saving for a first home — and check for account-transfer fees and minimums.

Leading providers in Canada

Wealthsimple and Questrade lead the low-cost self-directed and robo space, popular with newer investors for commission-free trading and simple apps. The bank-owned brokerages — TD Direct Investing, RBC Direct Investing and BMO InvestorLine — offer deep research and integration with everyday banking, while CI Direct Investing is a established robo-advisor. Many Canadians hold a bank brokerage for RRSPs alongside a Wealthsimple or Questrade account for lower-cost trading.

What it costs

Costs run from C$0 commissions on the low-cost platforms to around C$9.95 per trade at some bank brokerages, though several have cut ETF fees. Robo-advisors charge roughly 0.4% to 0.5% a year plus ETF expenses. Account minimums range from C$0 to about C$500 on certain managed portfolios, and some accounts carry annual or transfer-out fees worth checking.

Protections and regulation

Investment dealers are regulated by the Canadian Investment Regulatory Organization (CIRO), with securities oversight by provincial commissions such as the Ontario Securities Commission and, in Quebec, the AMF. Eligible client assets are protected against member-firm insolvency by the Canadian Investor Protection Fund (CIPF) up to C million — note this covers dealer failure, not market losses.

Common questions

TFSA or RRSP first? — Broadly, TFSA suits lower or uncertain future income and flexible access; RRSP suits higher earners deferring tax to a lower-income retirement.

Is a robo-advisor safe? — Assets are held at a CIPF-member custodian; the robo manages allocation but does not hold your cash directly.

What is the FHSA? — A registered account for first-home buyers combining tax-deductible contributions with tax-free qualifying withdrawals.

Investing & Brokerage in Canada — FAQ