The best brokerage for students in Canada is one that charges nothing to trade, has no minimum balance and lets small deposits buy fractions of an ETF, because commissions and minimums hurt most when each deposit is $25 or $50. This guide compares Wealthsimple, Questrade and National Bank Direct Brokerage on those points, shows what a small monthly deposit can grow to, and explains how much TFSA room a student has. This guide is general education, not financial advice.
Best brokerages for students in Canada at a glance
| Need | Broker | Why |
|---|---|---|
| First-time investor | Wealthsimple | $0 commissions, no account minimum, fractional shares |
| More tools and US dollars | Questrade | $0 stock and ETF commissions, no minimum balance, USD in every account |
| Bank-owned, no commission | BMO InvestorLine or National Bank Direct Brokerage | $0 stock and ETF trades at both; National Bank waives its $100 annual fee for investors 30 or younger on May 31 |
| All-in-one app | Wealthsimple investing + chequing | Banking and investing in one app |
YieldMaple compared each broker’s published pricing in September 2026. Wealthsimple charges $0 commission, Questrade $0 and National Bank Direct Brokerage $0 on online stock and ETF trades.
Which brokerage is cheapest for students?
Wealthsimple, Questrade and National Bank Direct Brokerage are tied on commissions: all three charge nothing to buy and sell Canadian and US stocks and ETFs online. The differences are in minimums, currency conversion and account fees:
- Wealthsimple has no account minimum and offers fractional shares on thousands of Canadian and US stocks and ETFs. Buying a US stock from a CAD account costs a 1.5% conversion fee.
- Questrade accounts are free to open, with no minimum balance, fractional shares cover hundreds of eligible Canadian and US stocks and ETFs, from $1, commission-free, in any self-directed account, and US dollars can be held in any account: free — every account can hold both Canadian and US dollars.
- National Bank Direct Brokerage has no minimum deposit. Its $100 yearly administration fee is waived for investors 30 or younger on May 31, which covers most students.
- BMO InvestorLine has also dropped commissions: $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted, with $0 (BMO says all brokerage account administration fees are now eliminated) in account administration fees and none as a minimum.
- Other bank-owned brokers charge per trade: TD Direct Investing $9.99 at the standard rate, RBC Direct Investing $9.95 and CIBC Investor’s Edge $6.95, each with a list of commission-free ETFs. On a $50 monthly purchase, that is about 20% of each deposit.
How can a student start investing with a small amount?
A student can start with any amount at a broker that has no minimum and sells fractional shares. A common first setup looks like this:
- Open a TFSA at Wealthsimple or another commission-free broker; the application is online.
- Fund it with a small amount, such as $25 to $100, by Interac e-Transfer or bank transfer.
- Buy a diversified ETF such as XEQT; fractional shares mean any dollar amount buys part of a share.
- Set up a recurring deposit at whatever amount a part-time job, OSAP refund or family contribution can support.
- Leave it alone and raise the deposit when income grows after graduation.
The step-by-step guide for a first $1,000 covers the same path in more detail.
How much can $50 a month grow by age 65?
Starting early matters more than the amount. The table below uses a hypothetical 7% average annual return, compounded monthly, with deposits at the end of each month. Real returns vary year to year and are not guaranteed; the TFSA calculator runs the same maths with your own numbers.
| Monthly deposit | Starting age | Years to 65 | Total deposited | Value at 65 |
|---|---|---|---|---|
| $50 | 22 | 43 | $25,800 | about $164,000 |
| $50 | 32 | 33 | $19,800 | about $77,000 |
| $50 | 42 | 23 | $13,800 | about $34,000 |
| $100 | 22 | 43 | $51,600 | about $328,000 |
| $200 | 22 | 43 | $103,200 | about $655,000 |
The 22-year-old depositing $50 a month ends up with a little over twice what the 32-year-old has with the same deposit, even though the extra 10 years add only $6,000 of deposits. Inside a TFSA, that growth is not taxed on withdrawal.
What is XEQT, and why do student portfolios often hold it?
XEQT (iShares Core Equity ETF Portfolio) is a single ETF that holds stocks from around the world, which is why it shows up in so many beginner portfolios. It has a 0.19% MER and holds 8,296 underlying stocks, roughly about 46% in the US, about 25% in Canada and about 24% in other developed markets. One purchase gives global diversification, and the fund rebalances itself.
It is 100% stocks, so it can drop sharply in a bad year. Individual stocks, meme stocks and small cryptocurrencies swing even harder, and a small account that loses most of its value rarely recovers. Best Canadian ETFs compares XEQT with other all-in-one funds.
What investing mistakes cost students money?
- Frequent trading inside a TFSA. If the CRA decides a TFSA is being used to carry on a business, the holder may have the account deregistered and the income taxed as business income.
- Paying currency conversion on every purchase. Buying US-listed ETFs such as VOO from a CAD account costs a 1.5% conversion fee at Wealthsimple each way; Canadian-listed funds such as VFV or XEQT trade in Canadian dollars. Either way, US dividends that reach a TFSA are subject to US withholding tax of generally 15%, which cannot be recovered inside a TFSA (unlike in an RRSP, which the Canada–US tax treaty recognizes).
- An RRSP before a TFSA at a low income. The RRSP deduction is worth little at a student’s tax rate, and unused RRSP room carries forward.
- Investing while carrying credit card debt. A card such as the Amex Cobalt charges 21.99% on purchases and 21.99% on funds advances, more than stocks have typically returned over the long run.
- Investing money needed soon. Stocks can fall just before a tuition or rent bill is due, and money needed within a year or two is exposed to that timing risk.
Government student loans work differently from credit cards. Canada.ca says there is a 6 months non-repayment period after you finish school, and you receive a 15% tax credit on interest on both federal and provincial or territorial government student loans.
How much TFSA room does a student have?
TFSA room starts accumulating the year you turn 18, if you're a resident of Canada (and no earlier than 2009), and unused room carries forward. With the 2026 limit at $7,000:
- Turned 18 in 2026: $7,000 of room.
- Turned 18 in 2024 (20 in 2026): $21,000 if nothing has been contributed.
- Turned 18 in 2009 or earlier: the full $109,000 cumulative limit.
Exact room is shown in your CRA account; TFSA Explained covers the rules, and the best brokerage for a TFSA compares TFSA providers in more detail.
The verdict
- Wealthsimple fits most students: $0 commissions, no minimum, fractional shares, and chequing in the same app. The complete Wealthsimple guide covers accounts and fees.
- Questrade fits students who want more research tools or plan to buy US stocks often, since US dollars can be held in any account.
- BMO InvestorLine or National Bank Direct Brokerage fits students who want a bank-owned broker without commissions; at National Bank, the annual fee waiver depends on age or account size.
- Bank brokers that charge per trade are expensive for small monthly purchases unless the ETF is on their commission-free list.
The bigger decision is starting at all: a small, regular TFSA deposit that begins at 22 has decades more to compound than one that begins at 32.
Buy stocks and ETFs on Wealthsimple
Self-directed investing for Canadian and US stocks and ETFs, with fractional shares.
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.
Read next
- How to Invest in Canada — full beginner playbook
- TFSA Explained — the account most students start with
- Best Canadian ETFs — all-in-one funds compared
- TFSA Calculator — project your future value