Investing · Broker review
TD Direct Investing review
Canada’s biggest brokerage by reputation, with the broadest account lineup and the best research stack — undermined by $9.99 commissions and the only big-bank maintenance waiver that doesn’t automatically exempt registered accounts.
Best for: TD banking customers with $15k+ household assets who value platforms and research over price
Pros
- The broadest registered lineup anywhere: RRIF, RDSP and every locked-in variant (LIRA, LIF, LRIF, PRIF…)
- 104 commission-free ETFs (including US listings), buys and sells, plus partial shares at $1.99
- Advanced Dashboard and Active Trader platforms with free real-time data and TD analyst research
- RRIF full-withdrawal fee waived; USD sides on RRSP, RRIF and TFSA
Cons
- $9.99/trade ($7 only at 150+ trades/quarter) in a field that moved to $0
- The $25/quarter fee under $15,000 household does NOT auto-exempt registered accounts — unique among the big banks
- No published FX spread — you see the rate only when you convert
Who TD Direct Investing is
TD Direct Investing (TD Waterhouse) is the establishment choice — the brokerage your branch refers you to, with the deepest account shelf in the country. If you hold an unusual registered account — an RDSP, a PRIF, a restricted locked-in plan — this is one of very few places that takes it. It’s a CIRO dealer and CIPF member.
The platforms are a genuine strength: WebBroker for most people, Advanced Dashboard (free at 30+ trades/quarter or $500k household) and TD Active Trader for the engaged, all with free real-time Canadian and US data and TD’s own analyst research.
The fees, plainly
Commissions are $9.99, falling to $7 only at 150+ trades a quarter — pricing from a different era. The partial offsets: 104 commission-free ETFs (digital trades, buys and sells) and $1.99 partial shares. Options run $9.99 + $1.25/contract.
The fee to plan around is the $25/quarter maintenance charge under $15,000 in household assets — and unlike RBC, BMO or Scotia, holding a registered account does not automatically exempt you. A $100+/month automatic deposit does. Below $15k, frankly, start somewhere cheaper.
For retirees
Strong on structure: RRIF and every locked-in income variant, USD sides on RRSP/RRIF/TFSA for US-dividend income, and the RRIF full-withdrawal fee is waived — a small courtesy most rivals don’t extend. The current transfer offer (2% back on registered transfers, code SPRING2026, by Jun 30, 2026) treats RRIFs as bonus-eligible only — a RRIF transfer alone doesn’t qualify; you need $10k into a TFSA/RRSP/FHSA first.
Weigh the $9.99 toll against how often a retiree actually trades — at a few trades a year it’s under $50, a price some will happily pay for the research and the branch next door. The RRIF calculator and cash strategy cover the income mechanics.
Frequently asked questions
What does TD Direct Investing charge to trade?
Stocks and ETFs: $9.99 ($7 flat at 150+ trades/quarter); 104 commission-free ETFs (digital trades); partial shares $1.99. Options: $9.99 + $1.25/contract ($7 + $1.25 active). Account fees: $25/quarter under $15,000 household — registered accounts NOT auto-exempt; waived by $100+/mo auto-deposits, 3+ trades/quarter, or first 6 months. Figures verified at TD Direct Investing's own pricing pages on June 10, 2026 — compare the whole field on our Best online brokers ranking.
Which registered accounts does TD Direct Investing offer? Can it hold a RRIF?
The broadest lineup in Canada: RRSP, RRIF, TFSA, FHSA, RESP, RDSP plus every locked-in variant (LIRA, LIF, LRIF, PRIF…). Yes — RRIF support means an RRSP here can convert at 71 and stay put, with no forced transfer at exactly the wrong moment. See the RRIF minimum calculator for what the drawdown schedule looks like.
Is my money safe at TD Direct Investing?
TD Waterhouse Canada Inc. — CIRO dealer, CIPF member. CIPF covers up to $1M for general accounts, plus $1M for registered retirement accounts combined, plus $1M for RESPs — against the firm failing, never against investments losing value. For cash deposits (a different regime), see the CDIC coverage planner.
The bottom line
A premium-priced brokerage that still earns its keep for unusual account needs, research-hungry investors and TD loyalists above the fee waterline. For a simple TFSA-and-RRSP investor, the $0 field does the same job for free.
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This review is for educational purposes only and is not investment advice. Commissions, FX rates, account fees and offers shown were verified at the broker's own published pricing on June 10, 2026 and change without notice. Our editorial rating reflects costs, account lineup, currency handling and service — it is never paid for. CIPF protects against member-firm insolvency, never market losses. Confirm current terms on the broker's site before opening an account. See our methodology.