Investing in Canada: compare the costs, then learn the steps
Brokerage fees, robo-advisors and all-in-one ETFs side by side, checked on each provider's own pricing page, and a six-step path from your first dollar to the tax rules.
Edited by Krish Paul Fees checked October 30, 2026 No affiliate links
Compare the costs
| Brokerage | Stock and ETF trade | Account fees |
|---|---|---|
| Wealthsimple | $0 | No account fees |
| Questrade | $0 | No annual or inactivity fees |
| BMO InvestorLine | $0 since September 14, 2026 | No administration or minimum balance fees |
| National Bank Direct Brokerage | $0 | $100 a year unless you meet an exemption, such as being 30 or younger |
| Desjardins Online Brokerage (Disnat) | $0 | $30 a quarter inactivity fee unless you trade 6 times a year, hold $15,000 or are 18 to 30 |
| CIBC Investor's Edge | $6.95 ($0 under 25 with a Smart Start account) | $100 a year if all your accounts total $10,000 or less (not on an FHSA) |
| RBC Direct Investing | $9.95 (select ETFs free) | No maintenance fee |
| TD Direct Investing | $9.99 (select ETFs free) | $25 a quarter under $15,000, with several waivers |
| Scotia iTRADE | $9.99 (some ETFs free) | $25 a quarter on non-registered accounts of $10,000 or less with no trades; $100 a year on RRSPs under $25,000 with fewer than 12 trades |
| Interactive Brokers Canada | 1 cent a share, $1 minimum | No platform fees or account minimum |
| Robo-advisor | Management fee | Fund costs (MER) |
|---|---|---|
| Questwealth Portfolios | 0.25% under $100,000, 0.20% above | 0.09% to 0.12% |
| Wealthsimple managed | 0.5% under $100,000, 0.4% from $100,000, as low as 0.2% from $500,000 | Not stated on the pricing page |
| RBC InvestEase | 0.50% | 0.12% to 0.25% |
| Justwealth | 0.50%, at least $4.99 a month | About 0.20% on average |
| CI Direct Investing | 0.60% to $150,000, 0.40% to $500,000, 0.35% above | Not included in the fee, not stated |
| BMO SmartFolio | 0.70% on the first $100,000, down to 0.40% | 0.20% to 0.35% |
| ETF | Issuer | Stocks / bonds | MER |
|---|---|---|---|
| ZEQT | BMO | 100 / 0 | 0.18% |
| XEQT | iShares | 100 / 0 | 0.19% |
| VEQT | Vanguard | 100 / 0 | 0.22% |
| ZGRO | BMO | 80 / 20 | 0.18% |
| XGRO | iShares | 80 / 20 | 0.20% |
| VGRO | Vanguard | 80 / 20 | 0.22% |
| ZBAL | BMO | 60 / 40 | 0.18% |
| XBAL | iShares | 60 / 40 | 0.19% |
| VBAL | Vanguard | 60 / 40 | 0.22% |
Fees from each provider's own pricing page or the ETF issuer's fact sheet, checked October 30, 2026. Account fees often have waivers; the full comparison pages list them. Gizly is not paid by any provider here.
Learn it in six steps
- Are you ready to invest?Debt, an emergency fund and when you need the money decide whether to invest at all.Readiness check
- Pick the accountTFSA, RRSP or FHSA first, and how the tax works in each.Which-first calculator
- Pick how hands-on to beA robo-advisor, one all-in-one ETF, or a portfolio you build yourself, and what each costs.Cost over time calculator
- Pick what to holdAll-in-one ETFs, index ETFs, GICs and bond funds, matched to your timeline.Guide coming soon
- Open the account and buyChoosing a brokerage, placing your first trade and handling US dollars.Guide coming soon
- Understand the taxWhat is taxed where, and the US withholding tax on dividends in a TFSA or RRSP.Withholding tax calculator
Which account first?
Four answers give you an order, with the reason for each step.
A starting order, not advice. The income bands are the 2026 federal tax brackets. See the full TFSA, RRSP and FHSA calculator
Calculators
- Brokerage cost calculatorYour yearly cost at 10 brokerages, from trades, account fees and currency conversion.
- Robo-advisor fee calculatorWhat six robo-advisors charge at your balance and over time.
- ETF fee drag calculatorWhat a 0.18% ETF and a 1.93% mutual fund leave you after 25 years.
- TFSA contribution roomYour room for 2026, year by year.
- GIC and savings calculatorInterest, tax and inflation on safe money.
Common questions
Which is the cheapest way to invest in Canada?
For most people it is a single all-in-one ETF bought at a $0-commission brokerage. In our October 30, 2026 check, the BMO all-in-one ETFs had a 0.18% MER, and Wealthsimple, Questrade, BMO InvestorLine, National Bank Direct Brokerage and Desjardins Online Brokerage charged $0 to buy them.
Should I use a robo-advisor or buy an ETF myself?
A robo-advisor adds a management fee of about 0.20% to 0.70% a year for building, rebalancing and nudging you. Buying one all-in-one ETF yourself costs only its MER, but you place the trades. On $50,000, a 0.5% fee is $250 a year.
TFSA or RRSP first?
Take any employer match first. Then an FHSA if you will buy a first home, because it is deductible going in and tax-free coming out. After that, an RRSP usually wins when your tax rate now is higher than it will be in retirement, and a TFSA wins when it is lower or you may need the money.
Are my investments protected if a brokerage fails?
CIPF covers property a member firm fails to return, up to $1 million per account category. It does not cover a drop in market value. CDIC covers deposits and GICs, not stocks or ETFs.
Explore more topics
General information, not investment, tax or legal advice. Fees come from each provider's pricing page and each ETF issuer's documents, checked on the date shown. CIPF coverage from cipf.ca. Gizly has no affiliate relationship with any provider listed. See how we check the numbers.