Which Canadian Discount Broker Is Cheapest for ETFs, US Stocks and Active Trading
Most Canadian online brokers have stopped charging commissions on stocks and ETFs, including BMO, the first of the Big Five banks to do it. So the cost that separates them now is mostly hidden: converting Canadian dollars to US dollars, where the difference between brokers can run to hundreds of dollars a year. I scored 13 brokers on what they actually cost, which accounts they offer, how they handle US dollars, what they charge to leave, and their tools.
The Short Answer
$0 trades, free US dollar accounts in registered plans, $9.95 Norbert's Gambit and every account type.
Read the review ↓Currency at 0.002% and per-share pricing. Nothing is cheaper once you move real money between currencies.
Read the review ↓$0 trades, fractional shares from $1, no transfer-out fee, and it covers the other broker's fee on transfers of $25,000+.
Read the review ↓The only Big Five bank brokerage with $0 stock and ETF trades, no account fees and no transfer-out fee.
Read the review ↓$0 on US stock options, $0.99 on Canadian options and a proper desktop platform.
Read the review ↓$0 trades from a Quebec-based bank, with a transfer rebate of up to $150.
Read the review ↓Find Your Broker
Four quick questions. Your answers fill in the calculator below.
Which account are you opening?
How often do you trade?
Do you buy US stocks?
Do you trade options?
What Each Broker Would Cost You
Your yearly cost at each broker: commissions, options, currency conversion and account fees. Change any number and the list re-ranks.
Assumptions: an average share price of $50 (for per-share pricing), currency converted in four equal batches a year, options traded 5 contracts at a time and priced as US options, US$1 = $1.37. Where a broker does not publish its currency rate, the calculator uses 1.6%, the most common published bank rate, and says so. Brokers that do not offer the account you pick are left out.
The Scorecard
Click any column to sort.
| # | Broker | Score | Costs/40 | US dollars/20 | Accounts/20 | Transfers/10 | Tools/10 |
|---|---|---|---|---|---|---|---|
| 1 | QuestradeBest overall | 87 | 33 | 19 | 20 | 5 | 10 |
| 2 | WealthsimpleBeginners | 86 | 34 | 15 | 20 | 10 | 7 |
| 3 | Interactive BrokersActive traders and US stocks | 82 | 37 | 20 | 13 | 2 | 10 |
| 4 | National BankFrench service | 79 | 31 | 19 | 20 | 5 | 4 |
| 5 | BMO InvestorLineBank customers | 75 | 32 | 10 | 20 | 8 | 6 |
| 6 | Qtrade | 65 | 30 | 10 | 20 | 0 | 4 |
| 7 | Moomoo | 64 | 34 | 14 | 7 | 2 | 6 |
| 8 | Disnat | 63 | 29 | 8 | 20 | 0 | 6 |
| 9 | Webull | 58 | 32 | 10 | 7 | 2 | 6 |
| 10 | CIBC Investor's Edge | 49 | 9 | 10 | 20 | 2 | 7 |
| 11 | TD Direct Investing | 44 | 2 | 12 | 20 | 0 | 10 |
| 12 | RBC Direct Investing | 41 | 0 | 10 | 20 | 5 | 6 |
| 13 | Scotia iTRADE | 34 | 2 | 6 | 20 | 0 | 6 |
Who Offers What
Swipe the table sideways to see every column.
| Broker | TFSA | RRSP | FHSA | RESP | RRIF | LIRA | USD in RRSP/TFSA | Fractional | Pro platform | French | CIPF |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Questrade | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Wealthsimple | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | $ | ✓ | – | ? | ✓ |
| Interactive Brokers | ✓ | ✓ | ✓ | – | ✓ | – | ✓ | ✓ | ✓ | ? | ✓ |
| National Bank | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | – | ? | ✓ | ✓ |
| BMO InvestorLine | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | – | ✓ | ✓ | ✓ |
| Qtrade | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | $ | – | ? | ? | ✓ |
| Moomoo | ✓ | ✓ | – | – | – | – | ✓ | ? | ? | ? | ? |
| Disnat | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | – | ✓ | ✓ | ✓ |
| Webull | ✓ | ✓ | – | – | – | – | ? | ? | ? | – | ✓ |
| CIBC Investor's Edge | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | – | ✓ | ✓ |
| TD Direct Investing | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| RBC Direct Investing | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | – | ✓ | ✓ | ✓ |
| Scotia iTRADE | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ? | – | ✓ | ✓ | ✓ |
✓ offered – not offered $ offered for a fee ? not confirmed on the broker's own pages
The Reviews
Questrade
87/100My experience
I opened my Questrade account more than a decade ago. I eventually moved my trading to Interactive Brokers, but Questrade is a perfectly good choice for Canadian traders and investors.
Opening a TFSA was very easy, which is handy.
To be honest, nothing about Questrade ever really annoyed me. It simply did its job.
I recommend it to Canadian investors who would rather not deal with the big banks.
Good for
- $0 commissions on Canadian and US stocks and ETFs, with free US dollar accounts inside a TFSA, RRSP or FHSA
- Norbert's Gambit can be done online for $9.95, which takes most of the sting out of converting currency
- Every account type most people need, including LIRA, RESP and RRIF
- A real desktop platform (Edge Desktop) and $0 US stock options
Not ideal for
- Straight currency conversion costs 1.5%, so skip Norbert's Gambit and US investing gets expensive
- $150 to transfer out
- Stocks and ETFs
- $0 on Canadian and US stocks and ETFs (ECN fees can apply to US orders you route directly)
- Options
- US equity options $0 per contract; Canadian options $0.99 per contract; US index options US$0.99
- Currency conversion
- 1.5% on conversions
- Norbert's Gambit
- Yes, $9.95 per journal online (free with Questrade Plus)
- US dollar accounts
- Free USD accounts, including TFSA, RRSP and FHSA
- Account fees
- No annual, inactivity or registered-plan fees
- Transfer out
- $150
- Transfer in
- Rebates up to $150 per account of the other broker's transfer fee
- Platforms
- Questrade Trading (web), Edge Web, Edge Desktop, QuestMobile and Edge Mobile
Optional Questrade Plus subscription ($19.99 a month) adds free journaling and premium market data. Fractional shares since April 2025.
Dealer: Questrade, Inc., CIRO-regulated. Official fee schedule
Wealthsimple
86/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- $0 trades and $0 commissions on US stock options
- Fractional shares from $1 and a simple app
- No transfer-out fee, and it covers the other broker's fee on transfers of $25,000+
Not ideal for
- 1.5% on US trades from a CAD account; the USD account costs $10 a month until you reach $100,000
- No desktop platform
- Disclosed a data breach in September 2025 affecting under 1% of clients
- Stocks and ETFs
- $0 on Canadian and US stocks and ETFs
- Options
- US$0 per contract on stock and ETF options; index options US$0.25 to US$1
- Currency conversion
- 1.5% on US trades from a CAD account; in a USD account, 1.5% under $10,000 down to 0% at $100,000+
- Norbert's Gambit
- Yes, $9.95 journal, web only, needs a USD account
- US dollar accounts
- USD accounts on all types except RRIF: $10 a month on Core, included at $100,000+
- Account fees
- No account or inactivity fees; USD account $10 a month under $100,000
- Transfer out
- $0
- Transfer in
- Covers the other broker's transfer fee on transfers of $25,000+
- Platforms
- Web and mobile app
Pricing tiers by assets: Core, Premium ($100,000+) and Generation ($500,000+). Disclosed a data breach in September 2025 affecting under 1% of clients.
Dealer: Wealthsimple Investments Inc., CIRO-regulated. Official fee schedule
Interactive Brokers
82/100My experience
I have had my Interactive Brokers account since 2001.
If your goal is to keep costs as low as they can possibly go, this is the broker. Currency exchange, commissions and fees are all cut to the bone, and Interactive Brokers skips the bells and whistles to get there.
That is also the catch. If you want polished trading software that does a lot of the thinking for you, Interactive Brokers is probably not for you.
I recommend it to intermediate and advanced traders who know how markets and orders work and do not need their hand held.
Good for
- Currency conversion at 0.002% of the amount, with a US$2 minimum. Nothing else in Canada comes close
- Per-share pricing that stays small on large orders
- Trader Workstation, the most capable platform here, plus access to markets around the world
Not ideal for
- A small commission on every trade, which adds up for frequent small buyers
- No RESP and no locked-in accounts (LIRA, LIF), and no margin in registered accounts
- The platform has a learning curve, and the transfer-out fee is not published
- Stocks and ETFs
- US stocks US$0.005 a share (US$1 minimum); Canadian stocks $0.01 a share ($1 minimum), IBKR Pro Fixed pricing
- Options
- US options US$0.65 per contract (US$1 minimum); Canadian options $1.25 per contract ($1.50 minimum)
- Currency conversion
- 0.002% of the amount, minimum US$2 per conversion
- Norbert's Gambit
- Not needed: currency conversion is close to the interbank rate
- US dollar accounts
- Multi-currency accounts; registered plans can hold CAD and USD cash
- Account fees
- No account maintenance fee; optional market-data subscriptions; two free withdrawals a month
- Transfer out
- Not published
- Transfer in
- No transfer-in reimbursement policy published
- Platforms
- Trader Workstation, IBKR Desktop, Client Portal (web) and IBKR Mobile
No locked-in plans (LIRA, LIF) and no RESP. RRIF added in February 2026, FHSA in April 2025. Registered accounts cannot use margin.
Dealer: Interactive Brokers Canada Inc., CIRO-regulated. Official fee schedule
National Bank Direct Brokerage
79/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- $0 trades on Canadian and US stocks and ETFs
- Full French service from a Quebec-based bank
- Rebates up to $150 plus tax on transfers of $20,000+
Not ideal for
- $100 a year under $20,000 in assets, unless you are 30 or under
- 1.70% on currency conversions under $25,000, among the highest published rates here
- No fractional shares
- Stocks and ETFs
- $0 on Canadian and US stocks and ETFs
- Options
- $1.25 per contract, $6.25 minimum
- Currency conversion
- 1.70% under $25,000, falling to 0.60% at $1 million+
- Norbert's Gambit
- Possible: $9.95 per security to move between CAD and USD accounts
- US dollar accounts
- USD accounts available; registered USD on TFSA and RRSP
- Account fees
- $100 a year per client, waived at $20,000+ in assets or age 30 and under
- Transfer out
- $150
- Transfer in
- Rebates up to $150 plus tax on transfers of $20,000+
- Platforms
- Web platform and National Bank app
A Quebec-based bank with full French service.
Dealer: National Bank Financial Inc., CIRO-regulated. Official fee schedule
BMO InvestorLine
75/100My experience
I opened my BMO InvestorLine account about 10 years ago to start a TFSA.
If you already bank with BMO, investing through them makes perfect sense.
The one drawback in my experience: their site has had more technical issues than any of the other brokers I have used. To their credit, their customer service has been strong every time I have had a problem.
I recommend it to beginner traders and investors.
Good for
- $0 on Canadian and US stocks and ETFs since September 2026, with no account fees
- No transfer-out fee, which is rare
- Options at $0.90 a contract with no base commission
- Easy if you already bank with BMO
Not ideal for
- Converting currency costs 1.6% under $25,000
- No fractional shares, and Norbert's Gambit is not documented
- The advanced platform is reserved for active or larger clients
- Stocks and ETFs
- $0 on Canadian and US stocks and ETFs since September 14, 2026
- Options
- $0.90 per contract, no base commission, $0 exercise and assignment
- Currency conversion
- 1.6% under $25,000, falling to 0.4% or less at $250,000+
- Norbert's Gambit
- Not documented by BMO
- US dollar accounts
- USD accounts on registered plans except RESP
- Account fees
- No account or admin fees since September 2026
- Transfer out
- $0
- Transfer in
- Transfer-fee reimbursement listed as a benefit for Gold-tier 5-Star clients
- Platforms
- Web platform, BMO Invest app, BMO Active Trader
The first big-bank brokerage to drop stock and ETF commissions, and it removed its $150 transfer-out fee at the same time.
Dealer: BMO InvestorLine Inc., CIRO-regulated. Official fee schedule
Qtrade Direct Investing
65/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- $0 trades since October 2025 and options at $0.75 a contract
- No admin fees and a full lineup of accounts
Not ideal for
- Its currency conversion rate is not published
- US dollar registered accounts cost US$15 a quarter each
- $150 to transfer out, and Norbert's Gambit is not documented
- Stocks and ETFs
- $0 on stocks and ETFs online
- Options
- $0.75 per contract
- Currency conversion
- Not published
- Norbert's Gambit
- Not documented by Qtrade
- US dollar accounts
- USD registered accounts (RRSP, RRIF, TFSA) cost US$15 a quarter each
- Account fees
- Quarterly admin fees eliminated in October 2025; USD registered accounts US$15 a quarter
- Transfer out
- $150
- Transfer in
- No standing reimbursement policy published
- Platforms
- Web platform and mobile app
Moved to $0 commissions in October 2025.
Dealer: Aviso Financial Inc., CIRO-regulated. Official fee schedule
Moomoo Canada
64/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- No currency conversion fee for now (the rate still includes a spread)
- Low per-share pricing and US options at US$0.65 a contract
Not ideal for
- Minimum commissions of $1.49 and US$1.99 on every trade
- No FHSA, RESP or RRIF, and no Canadian options
- Several details, including the transfer-out fee, could not be confirmed
- Stocks and ETFs
- US stocks US$0.0099 a share (US$1.99 minimum); Canadian stocks $0.0149 a share ($1.49 minimum)
- Options
- US options US$0.65 per contract; no Canadian options
- Currency conversion
- $0 fee, currently waived, but the rate includes a spread
- Norbert's Gambit
- Not confirmed
- US dollar accounts
- CAD and USD in the same account
- Account fees
- No account fees; $50 per RRSP withdrawal
- Transfer out
- Not published
- Transfer in
- Not confirmed
- Platforms
- Mobile app (other platforms not confirmed)
No FHSA, RESP or RRIF. CIPF membership is stated by Moomoo; confirm in the CIPF directory before publishing.
Dealer: Moomoo Financial Canada Inc., CIRO-regulated. Official fee schedule
Desjardins Online Brokerage (Disnat)
63/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- $0 trades, full French service, and US dollar versions of the main registered plans
- Disnat Direct for active traders
Not ideal for
- A $30 quarterly inactivity fee unless you trade, hold $15,000+ or are 18 to 30
- Currency conversion up to 1.90%, with no published tiers
- Streaming data and the active platform cost extra unless you trade often
- Stocks and ETFs
- $0 on stocks and ETFs online
- Options
- $1.25 per contract, $8.75 minimum
- Currency conversion
- 0.15% to 1.90%, without published tiers
- Norbert's Gambit
- Not documented by Disnat
- US dollar accounts
- USD plans for RRSP, TFSA, RRIF, LIRA and LIF
- Account fees
- $30 a quarter inactivity fee unless 6+ trades a year, $15,000+ or age 18-30; RRSP and LIRA $100 a year under $15,000
- Transfer out
- $150
- Transfer in
- No reimbursement policy published
- Platforms
- Disnat Classic and Disnat Direct
Streaming quotes and the Disnat Direct platform carry monthly fees unless you trade often.
Dealer: Desjardins Securities Inc., CIRO-regulated. Official fee schedule
Webull Canada
58/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- $0 trades on Canadian and US stocks and ETFs
- Inexpensive US options
Not ideal for
- No FHSA, RESP or RRIF
- Its currency rate, account fee and transfer-out fee are not on its pricing page
- English only
- Stocks and ETFs
- $0 on Canadian and US stocks and ETFs since April 2026
- Options
- US options US$0.99 per contract after a 3-month free period
- Currency conversion
- 1.5% (reported by reviewers, not on Webull's pricing page)
- Norbert's Gambit
- Not confirmed
- US dollar accounts
- CAD and USD sides in each account (not confirmed on an official page)
- Account fees
- Reviewers disagree on a small account fee; not on the official pricing page
- Transfer out
- $150 (reported by reviewers)
- Transfer in
- Runs transfer bonuses rather than a reimbursement policy
- Platforms
- Mobile app and web (desktop not confirmed)
No FHSA, RESP or RRIF. English only.
Dealer: Webull Securities (Canada) Limited, CIRO-regulated. Official fee schedule
CIBC Investor's Edge
49/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- $0 trades for investors under 25 with a CIBC Smart Start account, and 180+ free ETFs
- A US dollar side on every account except RESP, at no cost
- Free fractional shares on US stocks until October 31, 2027
Not ideal for
- $6.95 a trade for everyone else
- $100 a year if all your accounts total $10,000 or less
- No separate desktop platform named on its site, and the transfer-out fee is not on its pricing page
- Stocks and ETFs
- $6.95 a trade, $4.95 at 150+ a quarter, $0 under 25 with a CIBC Smart Start account; 180+ ETFs free
- Options
- $6.95 plus $1.25 per contract
- Currency conversion
- 1.6% under $25,000, falling to 0.2% at $1 million+
- Norbert's Gambit
- Not documented by CIBC
- US dollar accounts
- Every account except RESP has a USD side at no cost
- Account fees
- $100 a year if all your accounts total $10,000 or less
- Transfer out
- Not published
- Transfer in
- No reimbursement policy published
- Platforms
- Website and CIBC Mobile Wealth app
Fractional shares on 1,000+ US stocks and ETFs, free until October 31, 2027, then $1.95.
Dealer: CIBC Investor Services Inc., CIRO-regulated. Official fee schedule
TD Direct Investing
44/100My experience
TD was my first investing account. I opened it in 1997.
If you already bank with TD, it is very handy, because moving money between your accounts is easy. I have found their customer service and their lineup of products to be excellent, and they keep adding features aimed at investors and traders of every experience level.
TD used to charge high commissions, and it has brought them down over the years.
I recommend it to Canadians who want an easy way to open an RRSP, a TFSA or any other registered account.
Good for
- A full lineup of accounts and a strong active-trader platform
- The lowest published bank currency rate on small conversions (1.26%)
- TD Easy Trade gives casual investors 100 free trades a year
Not ideal for
- $9.99 a trade on the main platform, unless the ETF is on TD's free list
- $25 a quarter on small households that do not trade or contribute
- $150 to transfer out, with no standing rebate for transfers in
- Stocks and ETFs
- $9.99 a trade, or $7 at 150+ trades a quarter; select ETFs $0
- Options
- $9.99 plus $1.25 per contract
- Currency conversion
- 1.26% under $25,000, falling to 0.19% at $1 million+
- Norbert's Gambit
- Not documented by TD
- US dollar accounts
- USD sides on TFSA, RRSP and RRIF (not RESP or RDSP)
- Account fees
- $25 a quarter if household assets are under $15,000, waived with 3+ trades a quarter or a $100 monthly contribution
- Transfer out
- $150
- Transfer in
- No standing reimbursement policy; periodic transfer promotions
- Platforms
- WebBroker, TD app, Advanced Dashboard, TD Active Trader, TD Easy Trade app
TD Easy Trade, a separate app, gives 100 free stock and ETF trades a year, then $9.99, but no options. Partial shares cost $1.99 a trade on TD Direct Investing.
Dealer: TD Waterhouse Canada Inc., CIRO-regulated. Official fee schedule
RBC Direct Investing
41/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- About 50 ETFs trade free, and there is no maintenance fee
- Reimburses up to $200 of the other broker's fee on transfers of $15,000+
- GoSmart gives 50 free trades a year on TFSA, RRSP and FHSA accounts
Not ideal for
- $9.95 a trade on everything else
- 1.6% on currency conversions under $25,000
- No fractional shares
- Stocks and ETFs
- $9.95 a trade, $6.95 at 150+ a quarter; about 50 ETFs free
- Options
- $9.95 plus $1.25 per contract
- Currency conversion
- 1.6% under $25,000, falling to 0.1% at $2 million+
- Norbert's Gambit
- Not documented by RBC
- US dollar accounts
- USD on most account types except RESP
- Account fees
- No maintenance fee since August 2025
- Transfer out
- $150
- Transfer in
- Reimburses up to $200 on transfers of $15,000+
- Platforms
- Online Investing, RBC Mobile, Trading Dashboard
GoSmart, inside the RBC Mobile app, gives 50 free trades a year on TFSA, RRSP and FHSA accounts, then $9.95.
Dealer: RBC Direct Investing Inc., CIRO-regulated. Official fee schedule
Scotia iTRADE
34/100Reviewed from the published fee schedule and account pages; I have not held an account here.
Good for
- A practice account and the Trade Pro platform
- $4.99 trades if you make 150+ a quarter
Not ideal for
- $9.99 a trade for most investors
- Its currency rate is not published, and its own help pages disagree on US dollar registered accounts
- $100 a year on RRSPs under $25,000 unless you make 12+ trades
- Stocks and ETFs
- $9.99 a trade, $4.99 at 150+ a quarter; eligible ETFs free
- Options
- $9.99 plus $1.25 per contract; $65 plus commission on exercise or assignment
- Currency conversion
- Not published
- Norbert's Gambit
- Not documented by Scotia
- US dollar accounts
- Scotia's own help pages disagree on USD registered accounts
- Account fees
- RRSP, RRIF and LIRA $100 a year under $25,000 (or under 12 trades); low-activity non-registered accounts $25 a quarter
- Transfer out
- $150
- Transfer in
- No standing reimbursement policy published
- Platforms
- Web, Scotia iTRADE app, Trade Pro
Practice account with $100,000 of virtual cash in each currency.
Dealer: Scotia Capital Inc., CIRO-regulated. Official fee schedule
What Every Canadian Should Know Before Choosing
Your money is protected, up to a point
Every broker here is regulated by the Canadian Investment Regulatory Organization (CIRO), which formed in 2023 when IIROC and the MFDA merged. Each is also a member of the Canadian Investor Protection Fund (CIPF). If a member firm goes under, CIPF protects the cash and securities it held for you: up to $1 million across all your general accounts combined (cash, margin, TFSA and FHSA), a separate $1 million for retirement accounts such as RRSPs and RRIFs, and a separate $1 million for RESPs. It does not cover a fall in the value of your investments, crypto, or bad advice.
Currency conversion is the cost that matters
Brokers convert currency at their own rate, and the markup on a small conversion runs from 0.002% at Interactive Brokers to between 1.26% and 1.9% at most of the others. On $20,000 a year, that is the difference between a few dollars and $300 or more. Three ways to cut it: hold US dollars in a US dollar account so you only convert once, use Norbert's Gambit (buy DLR in Canadian dollars, journal it to DLR.U, sell for US dollars), or use a broker with a low conversion rate.
US dividends: RRSP beats TFSA
The US withholds 15% of the dividends paid into a TFSA, and you cannot recover it. RRSPs are exempt under the Canada-US tax treaty when you hold US-listed shares directly and your broker has a W-8BEN on file. If you hold US dividend stocks, the RRSP is usually the better home for them.
Moving brokers is easier than it looks
The new broker pulls the account over through ATON, and industry rules call for it to be done within 10 clearing days. Always transfer registered accounts broker to broker; never withdraw and redeposit. Expect a transfer-out fee of up to $150 per account, then ask the new broker to reimburse it. Questrade, Wealthsimple, RBC and National Bank all do, above their minimums.
Questions
What is the cheapest stock broker in Canada?
For buying Canadian stocks and ETFs, several brokers now charge nothing, including Questrade, Wealthsimple, BMO InvestorLine, National Bank, Qtrade and Disnat. The real difference is currency conversion. If you buy US stocks, Interactive Brokers is the cheapest by a wide margin, and Questrade and Wealthsimple close most of the gap with Norbert's Gambit. Use the calculator above with your own numbers.
Is my money protected if a Canadian broker goes bankrupt?
Every broker on this page is a member of the Canadian Investor Protection Fund (CIPF), which protects the cash and securities a member firm holds for you if the firm becomes insolvent. Coverage is $1 million for all your general accounts combined (cash, margin, TFSA and FHSA), a separate $1 million for retirement accounts such as RRSPs and RRIFs, and a separate $1 million for RESPs. It does not cover market losses or crypto.
Which brokers let me hold US dollars in a TFSA or RRSP?
Questrade, Interactive Brokers, BMO InvestorLine, TD, CIBC, RBC and Disnat all offer a US dollar side on registered accounts. Wealthsimple does too, but charges $10 a month for it under $100,000. Qtrade charges US$15 a quarter per US dollar registered account. Scotia's own help pages contradict each other.
Should I hold US stocks in my TFSA or my RRSP?
The US withholds 15% of dividends paid to a TFSA, and you cannot get it back. An RRSP is exempt under the Canada-US tax treaty, as long as you hold US-listed shares directly and your broker has a W-8BEN form on file. Canadian-listed ETFs that hold US stocks lose the 15% inside the fund either way.
How do I move my account to a different broker?
You open the new account and the new broker requests the transfer through ATON, the industry's transfer system. Do not withdraw and redeposit a TFSA, RRSP or FHSA yourself, because that uses contribution room. Industry rules call for transfers to finish within 10 clearing days. Most brokers charge up to $150 to transfer out, and several will reimburse that fee if you are moving in a large enough account.
Which brokers offer the FHSA?
Every broker on this page except Webull and Moomoo, as of October 2026.
What is Norbert's Gambit?
A way to convert Canadian dollars to US dollars at close to the market rate. You buy DLR, a currency ETF, in Canadian dollars, ask your broker to journal it to DLR.U, its US dollar listing, and sell it for US dollars. It takes one to three business days. Questrade and Wealthsimple let you do it online for $9.95.
Sources. Fees, account types and policies come from each broker's own pricing pages and fee schedules, checked on October 18, 2026, plus the CIPF coverage page and CIRO's list of regulated dealers. Brokers change their prices; check the fee schedule before you open an account.