Brokerage Account Canada (2026): Zero Commission Isn’t Zero Cost

What is a brokerage account in Canada?

A brokerage account lets you buy and sell stocks and ETFs yourself, through a firm that is a member of the Canadian Investment Regulatory Organization (CIRO). You choose the investments. The firm holds them and charges for the service.

It can be registered, such as a TFSA, RRSP or FHSA, or non-registered. A robo-advisor such as Questwealth, Wealthsimple Managed, RBC InvestEase, BMO SmartFolio or JustWealth chooses and rebalances the portfolio for you, for a management fee.

Is trading free at Canadian brokerages now?

Often, yes. As of October 2026, five of the brokerages below list $0 commissions on online stock and ETF trades. The rest charge for stocks but offer a list of ETFs that trade free.

BMO’s fee schedule says it does not charge commissions on online or agent-assisted stock and ETF trades. Its administration, minimum balance and transfer-out fees also fell to $0 on that date.

Zero commission is not zero cost. A $0 trade can still carry a currency conversion fee, an administration fee or a charge to leave.

What does an account cost with free trades?

The cost is in the account fee and its waiver. For a small account, that fee is the largest cost on the page. Here is what each brokerage lists, as of October 2026.

The inversion matters. A small account feels the administration fee most. On $5,000 at TD with no waiver, $25 a quarter is $100 a year, or 2% of the balance. A large account feels the currency fee most, as the next section shows.

What does buying US stocks or ETFs cost?

If you pay in Canadian dollars, the brokerage converts your money to US dollars first. That conversion carries a fee, either a named percentage or a spread inside the exchange rate. It never appears as a commission line.

Say you buy a US$10,000 US-listed ETF from a Canadian-dollar account. These are the listed conversion costs, as of October 2026.

A 1.5% fee on US$10,000 is US$150 going in. Selling and converting back costs about the same again, so a round trip is US$300. Interactive Brokers lists 0.20 basis points on the trade value, which would be well under a dollar, so its US$2 minimum applies.

Scotia earns revenue from the spread and gives rates on request. Qtrade converts at rates it determines. Neither publishes a percentage. Our fee calculator shows how fees compound.

Can you hold US dollars in a TFSA?

At most of the brokerages here, yes. Holding US dollars lets you avoid converting each time. Some charge for it. RESPs are the usual exception.

Wealthsimple Trade offers US dollar TFSA, FHSA, RRSP and RESP accounts at $10 a month on the Core plan, free on Premium and Generation. Qtrade charges US$15 a quarter per USD registered account. CIBC Investor’s Edge, RBC, TD, BMO and Scotia list USD sides on registered accounts other than RESPs, with no separate fee listed. National Bank charges $9.95 per security to move between its currency accounts. Questrade accounts hold both currencies.

Whether US dividends in a TFSA face tax at source is a question the official sources we read do not settle. Ask a tax professional before you rely on any answer.

What does it cost to leave a brokerage?

Most brokerages here list $150 to transfer an account out. Wealthsimple lists $0, and BMO lowered its fee to $0 on September 14, 2026. The receiving firm may reimburse you.

A $150 exit fee is 3% of a $5,000 account and 0.15% of $100,000, so it matters most to small accounts.

Should you switch for a promotion?

Only if the bonus is larger than what the move costs, over the time you will stay. We do not list current offers, because they expire. Here is how to test one.

• Start with the bonus, and the balance and holding period it needs.
• Subtract the exit fee, if your old brokerage charges one and the new firm does not reimburse it. A $150 bonus against a $150 exit fee leaves you at $0.
• Subtract the yearly administration fee at the new brokerage, if the waiver does not cover you.
• Add any conversion fee if you must sell and rebuy.

If the total is still positive after a year or two, move.

Is your money protected if the brokerage fails?

Partly. The Canadian Investor Protection Fund (CIPF) returns missing property if a member firm fails. It does not cover a fall in the value of your investments, and it is not deposit insurance.

CIPF’s own page says it covers missing property and that it “does not guarantee the value of the property.” Its coverage for individuals is up to $1,000,000 for general accounts combined, a separate $1,000,000 for registered retirement accounts combined, and a separate $1,000,000 for RESPs. Check that your firm is a CIPF and CIRO member before you open an account. Each brokerage in this guide states its membership on its own site.

Crypto held at Wealthsimple is not covered by CIPF.

Which brokerage suits which investor?

No brokerage is the right one for everyone. These are the fits the fees suggest, not a ranking.

• Small, regular ETF buyer: Wealthsimple Trade, Questrade, Qtrade and National Bank Direct Brokerage list $0 online commissions. Wealthsimple Trade also lists fractional shares from $1.
• Large US-dollar buyer: compare conversion first. Interactive Brokers lists the lowest cost, and its registered accounts hold CAD and USD cash.
• All your banking at one bank: TD Direct Investing, RBC Direct Investing, CIBC Investor’s Edge and Scotia iTRADE fit, but check the waiver conditions.
• Already a BMO client: BMO InvestorLine now lists no administration fee. Its conversion cost is built into the rate.

For a small, all-Canadian portfolio, most of these differences do not matter much. A $0 commission and no administration fee are the two to check. See our investing hub to compare more.