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Best Brokerage For RRSP In Canada 2026

By Alex Francisco Updated Figures checked 4 min read

What is the best brokerage for an RRSP in Canada?

Wealthsimple and Questrade both charge $0 to trade stocks and ETFs in an RRSP, but Questrade holds US dollars free while Wealthsimple's USD account costs $10 a month for Core clients. That matters because US dividends paid to an RRSP are exempt from US withholding tax under the Canada–US treaty. YieldMaple checked each broker's pricing page and the CRA's RRSP guide in September 2026.

  • Wealthsimple charges $0 commission on listed stocks and ETFs in an RRSP, and its USD account costs $10 a month for Core clients; free for Premium and Generation.
  • Questrade charges $0 to buy and sell Canadian and U.S.-listed stocks and ETFs, and holding US dollars is free — every account can hold both Canadian and US dollars; its currency conversion fee is 1.5%.
  • US dividends paid to a TFSA could be subject to foreign withholding tax, per the CRA's TFSA guide, while the treaty's normal rate on dividends to a Canadian individual is 15%; an RRSP holding US-listed ETFs directly is exempt.
  • The Home Buyers' Plan allows $60,000 from an RRSP, repaid over 15 years, and an FHSA adds $40,000 of lifetime room for the same first home.
  • RBC Direct Investing charges $9.95 per trade but lists 50+ commission-free ETFs: iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS.
  • Wealthsimple's managed RRSP costs 0.50% a year for Core clients plus fund costs, against an MER of 0.19% for XEQT held self-directed.

— YieldMaple, figures checked against official sources on October 7, 2026. Sources

The best brokerage for an RRSP in Canada depends mostly on two things: what each trade costs, and whether the account can hold US dollars without repeated conversions. An RRSP can stay open for decades, so small per-trade and fund costs compound over a long time. This guide is general education, not financial advice.

RRSP brokerages at a glance

ProfileRRSP brokerageWhy it fits
Canadian-listed ETFs Wealthsimple $0 commission, fractional shares
US-listed ETFs Questrade US dollars free — every account can hold both Canadian and US dollars
Active tradersInteractive Brokers1 cent a share on Canadian stocks, with a $1.00 minimum
Existing RBC clientsRBC Direct Investing50+ commission-free ETFs, otherwise $9.95

Wealthsimple charges $0 commission on listed stocks and ETFs, and Questrade charges $0 to buy and sell Canadian and U.S.-listed stocks and ETFs. Interactive Brokers charges 1 cent a share on Canadian stocks, with a $1.00 minimum. RBC Direct Investing charges $9.95 per trade, but its commission-free list includes iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS. RBC’s Royal Circle status ($250,000+ in month-end balances for four consecutive months, or more than $5,000 a year in trading commissions) does not change the stock commission: RBC lists $9.95 flat per equity trade, with no minimum balance or trading activity required.

Why does the broker matter more for an RRSP than a TFSA?

US withholding tax treats the two accounts differently, so the ability to hold US dollars matters more in an RRSP.

  • Inside a TFSA: US dividends could be subject to foreign withholding tax, per the CRA's TFSA guide. The treaty rate on dividends paid to a Canadian-resident individual is 15%.
  • Inside an RRSP: dividends from US-listed ETFs held directly are exempt from US tax, as long as the plan is operated exclusively to provide pension, retirement or employee benefits. The US Treasury’s technical explanation of the treaty protocol names the RRSP as an example of such a plan.
  • Canadian-listed wrappers: XUS holds one fund, the US-listed iShares Core S&P ETF Trust, plus a little cash, so US dividends are paid to the Canadian fund, not to the RRSP, and the exemption doesn’t reach them.

Using the exemption means converting to US dollars, and conversion has a cost. Questrade charges 1.5% to convert. Wealthsimple charges 1.5% on US trades from a Canadian-dollar account, and converting into its USD account costs 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000. Take $100,000 moved into US-listed ETFs yielding 1.5% and converted at Questrade’s 1.5% fee: the one-time conversion costs about $1,500, while the withholding tax avoided is about $225 a year, so the saving takes roughly 6.7 years to cover the conversion. For RRSPs holding only Canadian-listed ETFs such as XEQT or VFV, the exemption doesn’t apply, and Wealthsimple’s $0 commission and fractional shares are the main draw. The how to buy US stocks in Canada guide covers conversion methods in more detail.

Which RRSP features differ between brokers?

Commissions, US-dollar handling and transfer-fee reimbursements differ most between RRSP brokerages.

FeatureWealthsimpleQuestradeInteractive BrokersRBC Direct Investing
Stock / ETF commission$0$0 to buy and sell Canadian and U.S.-listed stocks and ETFs1 cent a share on Canadian stocks, with a $1.00 minimum$9.95 (commission-free ETF list)
US dollars in an RRSPUSD account: $10 a month for Core clients; free for Premium and Generationfree — every account can hold both Canadian and US dollarscash in both CAD and USDUSD allowed in TFSA, FHSA, RRSP, cash and margin accounts (not RESPs, and not GoSmart)
Transfer-in fee reimbursementreimbursed on transfers of $25,000 or more, up to $150 per accountreimbursed up to $150 per accountnot covered in this guide’s sourcesup to $200 when you transfer $15,000 or more (up to $500 for Royal Circle and Royal Distinction members)
Locked-in accounts (LIRA)available (self-directed and managed)offered (LIRA and locked-in RRSP)no locked-in plans (such as a LIRA) and no annuitiesnot covered in this guide’s sources

Questrade’s account list covers TFSA, RRSP, spousal RRSP, FHSA, RESP (individual and family), LIRA, locked-in RRSP, LIF, RRIF, cash and margin (individual and joint), corporate, trust, estate, partnership, sole proprietorship, and Forex & CFD accounts, and Wealthsimple’s self-directed accounts include TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts. Interactive Brokers’ registered plans are RRSP, spousal RRSP, RRIF, TFSA and FHSA. The Wealthsimple vs Questrade comparison sets the two main picks side by side, and the complete Wealthsimple guide covers every Wealthsimple account.

Which ETFs do Canadians commonly hold in an RRSP?

All-in-one and S&P 500 index ETFs are widely used RRSP holdings for self-directed investors, and their fees differ by only fractions of a percent.

  1. XEQT (Canadian-listed global equity): MER 0.19%, a whole stock portfolio in one ticker.
  2. VFV (Canadian-listed S&P 500): MER 0.08%.
  3. XUS (Canadian-listed S&P 500): MER 0.09%; it holds one fund, the US-listed iShares Core S&P ETF Trust, plus a little cash.
  4. VOO and VTI (US-listed S&P 500 and total US market): need US dollars in the RRSP, and receive the treaty exemption when held directly.

An all-in-one ETF such as XEQT can be a complete portfolio on its own; the best Canadian ETFs guide compares the alternatives.

How do the Home Buyers’ Plan and FHSA work together?

First-time buyers can use both for the same home: the CRA says an HBP withdrawal and a qualifying FHSA withdrawal for one home are allowed — you can make an HBP withdrawal and a qualifying FHSA withdrawal for the same qualifying home if you meet the conditions of each.

The RRSP Home Buyers’ Plan lets a first-time buyer withdraw up to $60,000 from an RRSP for a home, repaid over 15 years. The FHSA adds a lifetime limit of $40,000, and a qualifying FHSA withdrawal needs no repayment. Together that is up to $100,000 per buyer, or $200,000 for a couple who both qualify.

Holding the FHSA and RRSP at the same broker keeps the withdrawal paperwork in one place. Withdrawal fees vary: Questrade charges $25 for a partial Home Buyers' Plan or Lifelong Learning Plan withdrawal ($50 for a full one), and RBC Direct Investing charges $25 for an HBP withdrawal. The RRSP Home Buyers’ Plan guide covers repayment rules.

The verdict

Canadian-listed ETFs: Wealthsimple charges $0 commission, offers fractional shares, and keeps the RRSP next to a TFSA and FHSA in one app.

US-listed ETFs: Questrade lets the RRSP hold US dollars free — every account can hold both Canadian and US dollars, which is what makes the treaty exemption practical, once the conversion cost is covered.

Existing RBC clients: RBC Direct Investing’s commission-free list includes XEQT; trades outside that list cost $9.95 each, whatever the account balance.

Open an RRSP with Wealthsimple

Self-directed or managed RRSP, including transfers in from other institutions.

New clients get a $25 cash bonus when they open a Wealthsimple account through our referral link and deposit at least $100 from another institution within 30 days.

Affiliate link: YieldMaple may earn a referral bonus if you open an account. It costs you nothing. Not financial advice.

Open an RRSP → (opens in a new tab)

Frequently asked questions

What is the best brokerage for an RRSP in Canada?

Wealthsimple and Questrade both charge $0 to trade stocks and ETFs in an RRSP. Wealthsimple suits RRSPs built on Canadian-listed ETFs, with fractional shares and one app for every account. Questrade suits RRSPs holding US-listed ETFs, because every account can hold US dollars free — every account can hold both Canadian and US dollars, while Wealthsimple's USD account costs $10 a month for Core clients; free for Premium and Generation. Interactive Brokers suits active traders, and RBC Direct Investing suits existing RBC clients who stick to its commission-free ETF list.

Where should I open my RRSP?

It depends on what the RRSP will hold. For Canadian-listed ETFs and stocks, Wealthsimple charges $0 commission and has no account minimum. For US-listed ETFs held to use the RRSP's US withholding tax exemption, Questrade lets the RRSP hold US dollars free — every account can hold both Canadian and US dollars. Interactive Brokers RRSPs also hold cash in both CAD and USD. All three are CIPF members, and the contribution limit is shared across every RRSP you own.

Should I buy US-listed or Canadian-listed ETFs in my RRSP?

Inside an RRSP, US-listed ETFs held directly avoid US withholding tax on dividends, because the Canada–US treaty exempts retirement plans. A Canadian-listed S&P 500 ETF such as XUS holds one fund, the US-listed iShares Core S&P ETF Trust, plus a little cash, so the US dividends are paid to the Canadian fund rather than the RRSP, and the exemption doesn't reach them. The trade-off is conversion: Questrade charges 1.5%, and Wealthsimple charges 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000 into its USD account, which can outweigh the tax saved for years.

Can I have multiple RRSPs at different brokers?

Yes. The RRSP deduction limit applies to all your RRSPs combined, not per broker, so contributions at every institution count against one limit (up to $33,810 for 2026). A spousal RRSP is a separate plan: the contributor gets the tax deduction, and the annuitant spouse or common-law partner, likely in a lower bracket in retirement, receives and reports the income. Contributions to a spousal RRSP also use up your own RRSP deduction limit — your contributions to your RRSP and your spouse's RRSP together can't be deducted beyond that one limit.

What's the most expensive way to hold an RRSP?

Paying a commission on every contribution and a high fund fee on top is the costliest combination. RBC Direct Investing charges $9.95 per trade and TD Direct Investing $9.99 outside their commission-free lists, which adds up on small monthly contributions. Fund fees compound over decades: XEQT's MER is 0.19%, and a fund's MER is charged every year on the whole balance, so comparing it with bank mutual fund MERs shows the long-term gap.

Should I use Wealthsimple's managed investing for my RRSP?

Managed investing suits investors who want no decisions at all. Wealthsimple charges 0.50% a year for Core clients and 0.40% a year for Premium clients, plus the costs of the ETFs in the portfolio. A self-directed Wealthsimple RRSP holding an all-in-one ETF such as XEQT costs only the fund's MER of 0.19%, with $0 commission. The self-directed route needs the discipline to keep contributing and rebalance through market drops.

How long does an RRSP transfer to Wealthsimple take?

Wealthsimple lists 2–4 weeks for most account types when an RRSP is transferred in from another institution. Transfers are processed institution to institution, so the money stays sheltered and doesn't count as a withdrawal or a new contribution. Most banks charge a transfer-out fee: $150 at RBC Direct Investing and $150 at TD Direct Investing. Wealthsimple says that fee is reimbursed on transfers of $25,000 or more, up to $150 per account.

Can I transfer my Big 5 bank RRSP to Wealthsimple?

Yes, by a direct transfer that Wealthsimple starts on your behalf. Holdings can move in kind or be sold and moved as cash, depending on what the receiving account can hold. The old institution's transfer-out fee is reimbursed on transfers of $25,000 or more, up to $150 per account, and most transfers take 2–4 weeks. Transfers below that threshold still work, but the old institution's transfer-out fee is then paid by you.

Does the RRSP US withholding tax exemption apply to VFV or XUS?

No, not directly. The exemption covers dividends paid to the RRSP itself, and a Canadian-listed ETF receives the US dividends inside the fund. XUS, for example, holds one fund, the US-listed iShares Core S&P ETF Trust, plus a little cash, so any US withholding happens at the fund level before the RRSP sees the income. Holding the US-listed fund directly in the RRSP is the way to use the exemption, at the cost of converting to US dollars.

Sources & methodology

Figures checked

Verified by Alex Francisco on . Pricing and rates pulled from each broker, bank, or issuer’s public pricing page on or before the verification date. Tax brackets and contribution limits cite Canada Revenue Agency publications. Read the full review methodology or our affiliate disclosure.

How we check figures: methodology · editorial policy · corrections

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