Investing
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For most Canadian investors the deciding factors are commission per trade, whether ETF purchases are free, and what the platform charges to convert Canadian dollars to US.
| Provider | Rating | Stock commission | Account minimum | FX conversion | |
|---|---|---|---|---|---|
4.5/5 Best for Commission-free trading | $0 | $0 | 1.5% | Read review | |
4.7/5 Best for Overall value | $4.95 - $9.95 | $1,000 | 1.5% | Read review | |
4.4/5 Best for Research and service | $8.75 | $0 | 1.6% | Read review |
Our picks
Showing 3 results
Our pick for: Commission-free trading
Stock commission
$0
Account minimum
$0
FX conversion
1.5%
Zero commissions, no minimum and fractional shares make it the easiest place to start.
The downside: Research tools are thin if you want to dig into fundamentals.
Our pick for: Overall value
Stock commission
$4.95 - $9.95
Account minimum
$1,000
FX conversion
1.5%
Commission rebate for new accounts
Free ETF purchases, every registered account type and research tools that hold up for serious investors.
Our pick for: Research and service
Stock commission
$8.75
Account minimum
$0
FX conversion
1.6%
Consistently top-ranked for service and research, with a list of ETFs you can buy and sell free.
The downside: There's a quarterly administration fee unless your balance is large enough.
A TFSA gives tax-free growth and withdrawals with no deduction going in. An RRSP gives you a deduction now and taxes withdrawals later. Broadly: RRSP if your income is high now and will be lower in retirement, TFSA if the reverse or if you want flexibility.
When you buy US-listed stocks with Canadian dollars, the broker converts currency and takes a spread, often around 1.5%. On large or frequent US trades this dwarfs the commission.