FAQs
What is the best online brokerage in Canada?
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The best online brokerage in Canada depends on your investing style. Wealthsimple Trade is widely considered the best option for beginners due to commission-free trading and a simple mobile app. Questrade is the best all-rounder for self-directed investors who want low fees on stocks, ETFs, and registered accounts. Interactive Brokers is the top pick for active and advanced traders thanks to its low margin rates and global market access.
Are Canadian online brokers safe and regulated?
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Yes. All legitimate Canadian online brokers are regulated by the Canadian Investment Regulatory Organization (CIRO), the national self-regulatory body that oversees investment dealers and trading on Canadian debt and equity marketplaces. Eligible client accounts are also protected by the Canadian Investor Protection Fund (CIPF) for up to $1 million per account category if a member firm becomes insolvent. Provincial regulators such as the Ontario Securities Commission (OSC) provide additional oversight.
When choosing an online brokerage in Canada, compare commission fees, account maintenance fees, available account types (TFSA, RRSP, FHSA, RESP, margin), trading platform quality, research tools, customer service, and currency conversion costs for US trades. Confirm the broker is regulated by CIRO and a member of CIPF for investor protection. Active traders should prioritize low commissions and platform features; long-term investors should prioritize free ETF trading and registered account selection.
What should I look for when choosing an online brokerage in Canada?
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Most Canadian online brokers offer a full range of registered and non-registered accounts: Tax-Free Savings Accounts (TFSA), Registered Retirement Savings Plans (RRSP), First Home Savings Accounts (FHSA), Registered Education Savings Plans (RESP), Registered Retirement Income Funds (RRIF), Locked-In Retirement Accounts (LIRA), individual and joint cash accounts, margin accounts, and corporate accounts. Account availability varies by broker — Wealthsimple, Questrade, and the big-bank brokerages offer the widest selection.
What types of accounts can I open with a Canadian online broker?
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Yes. All major Canadian online brokers allow you to buy and hold US-listed stocks, ETFs, and options. Most also support USD-denominated accounts, which let you avoid repeat currency conversion fees when trading US securities. Brokers like Questrade, Interactive Brokers, and the big-bank platforms offer USD registered accounts (TFSA, RRSP). Currency conversion costs vary widely — Interactive Brokers and Norbert's Gambit at Questrade are typically the cheapest ways to convert CAD to USD.
Can I hold US stocks and US dollars in a Canadian brokerage account?
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What is the minimum deposit to open a brokerage account in Canada?
Most Canadian online brokers have no minimum deposit to open a self-directed account, including Wealthsimple Trade, Questrade, Qtrade, TD Direct Investing, CIBC Investor's Edge, and Interactive Brokers. Robo-advisor and managed portfolio products often have minimums (Questrade's Questwealth requires $250; Wealthsimple Managed has no minimum). Some big-bank brokerages charge a quarterly maintenance fee unless you maintain a balance threshold or qualify through other criteria such as making regular contributions or being under 26.
Do Canadian online brokers offer commission-free trading?
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Yes. As of 2026, most major Canadian online brokers offer $0 commission trading on Canadian and US stocks and ETFs — including Wealthsimple Trade, Questrade, Qtrade, National Bank Direct Brokerage, Desjardins Online Brokerage, Moomoo Canada, and Webull Canada. The big-bank brokerages — TD Direct Investing, RBC Direct Investing, BMO InvestorLine, CIBC Investor's Edge, and Scotia iTRADE — typically still charge around $9.95 per stock trade, though most offer commission-free ETF programs and discounted pricing tiers for active traders.
Do Canadian online brokers offer fractional shares?
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Yes, but availability and pricing vary. Wealthsimple Trade offers commission-free fractional shares on thousands of Canadian and US stocks and ETFs with a $1 minimum. Interactive Brokers offers fractional shares on most US and Canadian stocks. TD Direct Investing offers fractional trades for $1.99 (compared to its standard $9.99 commission), and TD Easy Trade includes 50 free fractional or full-share trades per year. Questrade, Qtrade, and most other big-bank brokerages do not offer true fractional share trading on stocks.
You can transfer your investments between Canadian brokerages using a CRA-recognized direct transfer form (T2033 for RRSPs; issuer-to-issuer for TFSAs). The receiving broker initiates the transfer; you do not have to sell your holdings — most transfers can be made "in-kind." The losing institution typically charges a transfer-out fee of $50–$150, which many receiving brokers will reimburse up to a set amount as part of a sign-up promotion. Direct transfers preserve your contribution room and avoid tax. Transfers usually complete within 2–6 weeks.
How do I transfer my brokerage account to another Canadian broker?
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In a non-registered Canadian brokerage account, eligible Canadian dividends qualify for the dividend tax credit, capital gains are currently subject to a 50% inclusion rate (you pay tax on half the gain at your marginal rate), and US dividends are fully taxable as foreign income with a 15% US withholding tax under the Canada-US tax treaty. Inside a TFSA or RRSP, Canadian dividends and capital gains grow tax-free or tax-deferred, but US dividends in a TFSA are still subject to 15% US withholding tax. RRSPs are exempt under the treaty. Tax rules can change — verify current rates with the CRA before filing.
How are dividends and capital gains taxed in a Canadian brokerage account?
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Can newcomers to Canada open an online brokerage account?
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Yes. Newcomers and permanent residents can open a Canadian online brokerage account once they have a Social Insurance Number (SIN) and a Canadian address. Most major brokerages — including Wealthsimple, Questrade, and the big-bank platforms — accept newcomer applicants. Non-residents of Canada generally cannot open standard accounts; Interactive Brokers is one of the few options that supports non-resident clients, subject to eligibility and tax-treaty rules.
What is a DRIP and which Canadian brokers offer it?
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A Dividend Reinvestment Plan (DRIP) automatically reinvests cash dividends from a stock or ETF into additional shares of the same security, commission-free. Most Canadian online brokers — including Questrade, Interactive Brokers, TD Direct Investing, RBC Direct Investing, BMO InvestorLine, CIBC Investor's Edge, and National Bank Direct Brokerage — offer DRIPs, typically only buying whole shares. Wealthsimple Trade offers a synthetic, fractional DRIP that reinvests dividend cash into partial shares at the account level.