Investing · For retirees
Best brokers for retirees in Canada
Broker rankings are written for accumulators — commissions, apps, free trades. Retirement flips the question: can the account pay you? We re-ranked all 13 brokers we track on the three things that matter after the paycheques stop: whether it can hold a Registered Retirement Income Fund — what your RRSP must convert into by the end of the year you turn 71. It pays you a mandatory minimum each year; a broker without RRIF accounts can't hold your retirement. , what US-dollar dividends actually cost, and what you pay to take money out. Two of Canada’s most-advertised apps fail the first test outright.
The five we’d hand a retiree
$0 commissions with the complete registered lineup — RRIF and LIRA included — USD held inside registered accounts, real-time fractional shares for clean drawdowns, and no account fees at any balance. An RRSP built here simply converts and stays at 71.
Full reviewThe only broker on this page that makes the income itself free: $0 commissions, free USD-side registered accounts, and free lump-sum RRIF and LIF withdrawals — the fee most retirees don’t know they’ll pay until they pay it. The $100/yr fee waives at $20,000.
Full reviewRecently transformed for retirees: free USD sides on RRSPs, TFSAs and RRIFs at mid-market rates, 200+ commission-free ETFs, “Buck a Bond” fixed-income pricing and commission-free GICs. Every registered account is exempt from the low-activity fee.
Full reviewNo maintenance fees at all, free multi-currency registered accounts (CAD and USD side by side), and the first two extra RRIF withdrawals each year are free. You pay $9.95 a trade — at retiree trading frequency, often less than rivals’ account fees.
Full reviewGenuinely $0 commissions in both currencies with USD sides on RRSP, TFSA, LIRA, RRIF and LIF — and holding any of those retirement accounts waives the inactivity fee automatically. Published FX spreads (0.15%–1.90% by size) are disclosure nobody else offers.
Full reviewAll 13 brokers, retiree-graded
Sorted by the disqualifier first. Every name links to the full review with the complete fee table.
| Broker | RRIF? | US dollars in registered accounts | Income mechanics |
|---|---|---|---|
| Questrade TFSA, RRSP, RRIF, FHSA, RESP, LIRA — the full suite | Yes | 1.5% CAD↔USD conversion; USD can be held in registered accounts, so Norbert’s Gambit works | — |
| Wealthsimple TFSA, RRSP, RRIF, FHSA, RESP, LIRA, LIF | Yes | 1.5% FX on the CAD account; USD account $10/mo (free on Premium/Generation tiers); conversion drops to 0% over $100k | — |
| Qtrade Direct Investing TFSA, RRSP, RRIF, FHSA, RESP, LIRA, LIF | Yes | USD-side registered accounts (RRSP, RRIF, TFSA) at US$15/quarter each | — |
| National Bank Direct Brokerage TFSA, RRSP, RRIF, LIF, LIRA, RESP | Yes | Free USD-side registered accounts (TFSA, RRSP, RRIF, LIRA); in-house Norbert’s Gambit at $9.95/security | Free lump-sum RRIF and LIF withdrawals |
| RBC Direct Investing TFSA, RRSP, RRIF, FHSA, RESP — first 2 extra RRIF withdrawals each year are free | Yes | Free multi-currency accounts — CAD and USD side by side in the same registered account | First 2 extra RRIF withdrawals each year are free |
| CIBC Investor’s Edge TFSA, RRSP, RRIF, FHSA, RESP, LIRA/LIF | Yes | CAD + USD sides on every account except RESP, free; free DRIPs | — |
| Interactive Brokers Canada TFSA, RRSP, RRIF, FHSA — no RESP or LIRA | Yes | The FX killer: ~0.03% on conversions vs 1.5% elsewhere — direct USD conversion inside an RRSP | — |
| TD Direct Investing The broadest lineup in Canada: RRSP, RRIF, TFSA, FHSA, RESP, RDSP plus every locked-in variant (LIRA, LIF, LRIF, PRIF…) | Yes | USD sides on RRSP, RRIF, TFSA and most locked-in plans (RESP/RDSP are CAD-only); no published FX spread — the rate appears at conversion | RRIF full-withdrawal fee waived |
| BMO InvestorLine RRSP, RRIF, TFSA, FHSA, RESP plus locked-in variants (LIRA, LIF, LRIF, RLIF…) | Yes | The only big bank that publishes its FX table: 1.6% under US$25k, stepping down to ≤0.4% at $250k+; USD registered accounts except RESP | RRSP/RRIF deregistration $50 |
| Scotia iTRADE RRSP, RRIF, TFSA, FHSA, RESP, LIRA, LIF | Yes | Free USD side on every registered account except RESP (RRSP, TFSA, RRIF, LIRA, LRSP) at mid-market rates — the $30/quarter U.S.-Friendly fee now applies only to RESPs | Full deregistration $125, partial $50; estate processing $200 |
| Desjardins Online Brokerage TFSA, RRSP, RRIF, LIF, LIRA, RESP, FHSA — the full suite, with USD sides on the retirement accounts | Yes | USD plans on RRSP, TFSA, LIRA, RRIF and LIF — hold and trade US securities with no conversion; when you do convert, the spread runs 0.15%–1.90% by size (published) | Partial registered withdrawal $25, full $150 |
| Moomoo Canada TFSA, RRSP and spousal RRSP only — no RRIF, RESP, FHSA or LIRA | No | “0% FX fee” — but at Moomoo’s own corporate rate, which embeds a spread; TFSA can hold USD | RRSP deregistration $75 full / $50 partial — and no RRIF to convert into |
| Webull Canada TFSA and RRSP only — no RRIF, RESP, FHSA or LIRA | No | 1.5% FX markup, US$10 minimum exchange; registered accounts run in CAD | Deregistration $25 partial / $50 full — and no RRIF to convert into |
All figures from broker pricing and fee pages, verified June 10, 2026. “—” means the broker doesn’t publish a withdrawal-fee schedule we could verify — ask before transferring in.
The RRIF test comes first
At the end of the year you turn 71, your RRSP must become a RRIF (or an annuity, or cash — taxed). A broker that can’t hold a RRIF turns that deadline into a forced move: transfer-out fees, weeks of paperwork, and repurchasing positions, at an age when none of it is fun. Moomoo and Webull — heavily advertised, genuinely cheap — offer TFSA and RRSP only. They’re fine satellite accounts; they are not places to build retirement money. Everything else on this page holds RRIFs, and the better ones (Questrade, NBDB, the big banks) add LIRA/LIF for pension money. Run your conversion math with the RRIF minimum calculator.
USD dividends: the quiet 1.5%
A Canadian retiree’s income portfolio usually carries US payers, and every dividend lands in USD. In a CAD-only account the broker converts each payment at its house rate — typically 1.5%, forever. The fix is a USD side on the registered account: dividends stay in dollars, conversions happen when you choose. Free at NBDB, RBC, CIBC, Scotia (new), Questrade, Disnat, TD and BMO (except RESPs); paid at Qtrade (US$15/quarter) and Wealthsimple ($10/month below Premium); unavailable at Webull. The outlier is Interactive Brokers, which just converts at ~0.03% and makes the whole workaround unnecessary.
What it costs to get paid
The fee schedules retirees should read are the ones accumulators never see: Taking money out of a registered plan (outside the RRIF minimum) — many brokers charge $25–$150 per 'deregistration', and it adds up across a 25-year retirement. and withdrawal charges. The spread is wide: NBDB makes lump-sum RRIF/LIF withdrawals free, RBC includes two free extra RRIF withdrawals a year, TD waives the RRIF full-withdrawal fee — while others charge $25–$150 per event. Mechanical details help too: fractional shares (Questrade, Wealthsimple, IBKR) let you sell exactly $1,500 of a $400 stock when the minimum comes due, and free DRIPs (Qtrade, CIBC) compound whatever you don’t spend. Sequence the withdrawals themselves with our retiree cash strategy.
Prefer it managed?
If you’d rather nobody in the household ever places a trade, every robo-advisor we review — Questwealth, Justwealth, Wealthsimple Managed and the rest — holds RRIFs and automates the minimum payments, rebalancing through the drawdown for roughly 0.4–0.7% all-in. The robo-advisor guide compares them; the broker-vs-robo question is answered honestly in the FAQ below.
Frequently asked questions
What should a retiree look for in an online broker?
Three things, in order. (1) A RRIF — your RRSP must convert by the end of the year you turn 71, and a broker without RRIF accounts forces a paid transfer at exactly the wrong time. (2) USD economics — if you hold US dividend payers, a free USD side on registered accounts stops a 1.5% conversion skim on every payment. (3) Withdrawal mechanics — deregistration and withdrawal fees range from free (NBDB) to $150; you’ll pay them every year of a 25-year retirement. Commissions matter least: at a few trades a year, even $9.95 is noise.
Which brokers can’t hold a RRIF?
Moomoo and Webull — both offer TFSA and RRSP only. 11 of the 13 brokers we track hold RRIFs. The two apps are fine as taxable/satellite accounts, but an RRSP built there must transfer out (with exit fees, per currency at Moomoo) before age 71. If retirement money is the goal, start where it can finish.
What does a USD-side registered account actually save?
A retiree holding US$200,000 of US dividend payers yielding 3% collects about US$6,000 a year. In a CAD-only registered account, every payment converts at the broker’s FX rate — at 1.5%, roughly $90/year skimmed, plus 1.5% again on any principal you move. Free USD sides (NBDB, RBC, CIBC, Scotia, Questrade, Disnat, TD, BMO) let dividends stay in USD. The deep-discount alternative: IBKR converts at ~0.03% — effectively free — if you don’t mind a pro-grade platform.
Should a retiree use a broker or a robo-advisor?
Different jobs. A broker suits the investor who runs a simple all-in-one ETF or income portfolio and wants fees near zero. A robo-advisor adds automatic RRIF payment scheduling, rebalancing through drawdown, and a human-free management layer for ~0.4–0.7% all-in — all six robos we review hold RRIFs. The honest dividing line is interest, not intelligence: if you won’t check the account, paying 0.5% for someone to run it beats 0% for nobody running it.
How current is this page?
Every figure verified at the brokers’ own pricing and fee pages on June 10, 2026 — including Scotia’s recent change to free USD registered sides (the old $30/quarter U.S.-Friendly program now applies only to RESPs). Each broker name links to its full review with the complete fee table. See our methodology.
This page is for educational purposes only and is not investment advice. Broker facts verified at each broker’s published pricing and fee pages on June 10, 2026; fees and offers change — each review carries the full schedule and its as-of date. We deliberately exclude figures we could not verify at the source. See our methodology.