The commission war is over and $0 won — five brokers now charge nothing on stocks
and ETFs. So the real differences moved: the 1.5% currency-conversion fee hiding
behind "free," the account fees that punish small balances, and the apps that
Moomoo and Webull offer only TFSA and RRSP accounts — no RRIF, FHSA, RESP or LIRA. If you'll ever convert an RRSP to a RRIF, your money can't age in place there. .
All 13 brokers, verified at the source, ranked with retirees in mind.
Ranked by overall value for a long-term, registered-account investor — never by who pays
us. Every figure verified at the broker's own pricing pages and stamped
June 10, 2026; offers rotate, so confirm before opening.
How we build this ranking.
The rest of the field
Solid brokers that lost on price, fees or account lineup — including the two apps that can't
hold retirement income accounts at all.
$25/quarter under $15,000 household — registered accounts NOT automatically exempt
Yes
The only big-bank waiver that doesn’t exempt registered accounts by default. Spring offer: 2% back on registered transfers (code SPRING2026) — register by Jun 30, 2026.
$9.95 ($3.95 active — cheapest big-bank active tier); 100+ free ETFs (buys and sells)
Non-registered $25/quarter under $15,000; registered $100/year under $25,000
Yes
Published FX table runs 1.6% under US$25k; USD registered accounts available (not RESP). Up to $10,000 cash back + 150 free trades (code SDCASHFT) ends Aug 31, 2026.
$25/quarter low-activity — waived for ALL registered accounts; registered $100/yr under $25,000
Yes
USD sides on registered accounts are now free except RESP — the old $30/quarter “U.S.-Friendly” fee is RESP-only. Summer offer (SUM26) to Aug 31, 2026.
Inactivity $30/quarter unless 6+ trades/12mo, $15k+ portfolio, or a registered account other than TFSA/FHSA; RRIF/LIF $100/yr under $25,000
Yes
Genuinely $0 commissions with a full USD-registered lineup, but the inactivity fee punishes small buy-and-hold accounts and options cost $8.75 minimum.
$7.50/year maintenance (charged by carrying broker CI)
No
TFSA and RRSP only — no RRIF, FHSA or RESP — and 1.5% FX. New-deposit options-fee promo window closes Jun 30, 2026.
How to choose
Price the currency, not the commission
A $0 trade with a 1.5% FX fee costs $150 on a $10,000 US purchase — fifteen TD commissions. The conversion fee, not the trade fee, is where brokers make their money now.
Commissions went to zero; conversion fees didn't. The standard 1.5% each way means
a round trip through a US stock costs 3% — on $25,000, that's $750, silently. The
defences, in order of power: Interactive Brokers converts at ~0.03%;
USD-side registered accounts (free at RBC, CIBC, NBDB) keep US dividends in US
dollars indefinitely; and Norbert's Gambit works where USD can be held. Holding
US dividend payers for retirement income? This consideration should pick your broker almost by
itself — see our dividend investing guide for the
withholding-tax layer on top.
The retiree lens: can your money age in place?
An RRSP must become a RRIF by the end of the year you turn 71. Brokers without RRIF support force a transfer at exactly the age you least want paperwork.
Every RRSP has an expiry date: by the end of the year you turn 71 it must convert — usually to a
RRIF. Moomoo and Webull can't hold
one, so money saved there must eventually move. Among brokers that can,
the retiree-friendly details diverge: RBC charges nothing in maintenance fees and
gives two free extra RRIF withdrawals a year; NBDB does free lump-sum RRIF
withdrawals at $0 commissions; Qtrade pairs $0 trades with the field's best
service reputation — worth real money when you're 78 and something breaks. TD is
the only big bank whose low-balance fee doesn't automatically exempt registered accounts. The
drawdown mechanics live in our retiree cash strategy
and withdrawal-order guide.
CIPF is not CDIC — know which guards what
CIPF protects your assets if the brokerage fails — $1M general + $1M registered retirement + $1M RESP. It never protects against investments losing value. Cash deposits are CDIC's job.
All thirteen brokers are CIRO dealers and CIPF members. CIPF restores your assets
if the firm becomes insolvent — up to $1 million for general accounts, another $1 million
for registered retirement accounts combined, another $1 million for RESPs — and never covers market
losses. It's the investing sibling of CDIC, which covers bank deposits — if you're
structuring both sides, run cash through the CDIC coverage
planner. One nuance from this table: app brokers may custody through a carrying broker (Moomoo
uses Canaccord Genuity) — protection flows through that arrangement, a familiar pattern from the
fintech banking world.
Offers expiring soon. Questrade's up-to-$300 (June 22), TD's 2%-on-registered
transfers (June 30), Webull's options promo (June 30), BMO's and Scotia's cash-back offers
(August 31), Wealthsimple's 1% match (September 15). A transfer bonus is nice — but transfer-fee
reimbursement (now standard at $150–$200 with a $15,000+ move) matters more often. As always:
pick the broker on its everyday terms; our offer
tracker watches the bonuses.
Frequently asked questions
The best broker overall, the catch behind $0, escaping FX fees, RRIF support, CIPF safety, and whether your bank's brokerage is good enough.
What is the best online broker in Canada?
For most investors, Questrade is the strongest all-rounder in 2026: $0 commissions on Canadian and US stocks and ETFs, the complete registered lineup (TFSA, RRSP, RRIF, FHSA, RESP, LIRA), fractional shares, and no account fees. Wealthsimple is right beside it with the only $0-options platform and the slickest app, and Qtrade — newly commission-free — pairs $0 trades with the best service reputation in the field. If you want a Big Five name, RBC Direct Investing (no maintenance fees, free USD registered sides) and CIBC Investor’s Edge ($6.95 flat, 180+ free ETFs) lead.
Are commission-free brokers really free? What’s the catch?
Five brokers now charge genuinely $0 on stock and ETF trades — Questrade, Wealthsimple, Qtrade, National Bank Direct and Desjardins. The catches live elsewhere: currency conversion (typically 1.5% each way — the big one, see below), small regulatory/ECN pass-throughs on some order types, and account-level fees at the bank-owned pair (NBDB's $100/yr under $20,000; Desjardins' $30/quarter inactivity fee). On a $10,000 US-stock purchase, the "free" broker charging 1.5% FX collects $150 — fifteen times TD's $9.99 commission. Always price the whole trip, not the trade.
How do I avoid the 1.5% currency-conversion fee?
Three escapes. One: hold a USD-side registered account so US dividends and sale proceeds stay in USD — free at RBC, CIBC and National Bank Direct, US$15/quarter at Qtrade, $10/month (or free on premium tiers) at Wealthsimple. Two: Norbert’s Gambit — buy an interlisted security, journal it across, sell in the other currency; works at Questrade and costs $9.95/security at NBDB. Three: Interactive Brokers, where conversion costs about 0.03% — roughly fifty times cheaper — and the workaround becomes unnecessary. For a retiree drawing USD dividends, this single issue usually matters more than commissions.
Which brokers can hold my RRIF?
This splits the field cleanly. Full retirement suite (including RRIF): Questrade, Wealthsimple, Qtrade, National Bank Direct, Desjardins, Interactive Brokers, and all five big-bank brokerages. TFSA and RRSP only — no RRIF, FHSA or RESP: Moomoo and Webull. If you’re within sight of converting an RRSP to a RRIF, the no-RRIF apps mean a forced transfer later — start where your money can age in place. RBC is notably RRIF-friendly (first two extra withdrawals a year free), and NBDB does free lump-sum RRIF withdrawals. See the RRIF minimum calculator for what your schedule will look like.
Is my money safe at a small or app-based broker?
All thirteen brokers here are CIRO-regulated investment dealers and CIPF members. CIPF covers up to $1 million for general accounts, plus $1 million for registered retirement accounts combined, plus $1 million for RESPs — against the firm failing, never against your investments losing value. One structural nuance: Moomoo is an introducing broker whose client assets are carried by Canaccord Genuity — protection flows through that arrangement, similar in spirit to the in-trust fintechs in our banking coverage. Note that CIPF is not CDIC: cash deposits are a different regime — see the CDIC planner.
Should I just use my bank’s brokerage?
The convenience is real — one login, instant transfers, branch help — and the gap has narrowed: NBDB is genuinely $0, RBC killed its maintenance fees, CIBC charges $6.95 with a large free-ETF list. But the legacy tier still costs: TD and Scotia charge ~$10 a trade, quarterly low-balance fees lurk (TD’s doesn’t even exempt registered accounts automatically), and Scotia charges $30/quarter just for US-dollar-friendly registered treatment. Reasonable rule: if your bank is NBC, RBC or CIBC, staying put is defensible; if it’s TD, BMO or Scotia, you’re paying mostly for the logo.
How current is this comparison?
Every figure was verified at each broker’s own pricing and fee pages on June 10, 2026 — important right now, because the market just moved: Qtrade went commission-free in 2026, Wealthsimple dropped options fees to $0 in January, RBC eliminated maintenance fees, and several welcome offers expire mid-2026 (Questrade’s June 22, TD’s June 30, BMO and Scotia August 31, Wealthsimple’s match September 15). Where a figure couldn’t be confirmed first-party, we left it out. Commissions and offers change without notice — confirm on the broker’s page before opening. See our methodology.
This page is for educational purposes only and is not investment advice. Commissions, FX rates,
account fees, registered-account availability and welcome offers change frequently; every figure
was verified at the broker's own published pricing on June 10, 2026, and anything unverifiable first-party
was excluded. CIPF coverage applies if a member firm fails and never protects against investment
losses. Confirm current terms with the broker before opening or transferring an account. See our
methodology for how we rank products and make money.
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