The best brokerage for a TFSA in Canada is one that charges nothing to buy ETFs, has no minimum and makes monthly contributions easy, because a TFSA is usually funded in small, regular amounts over decades. This guide compares Wealthsimple, Questrade, BMO InvestorLine and National Bank Direct Brokerage on commissions, currency conversion and transfer fees, and shows what per-trade commissions cost over 30 years. It is general education, not financial advice.
Best TFSA brokerages in Canada at a glance
| Profile | TFSA provider | Why |
|---|---|---|
| Most Canadians | Wealthsimple | $0 commissions, fractional shares, no minimum |
| Frequent US-stock buyers | Questrade | $0 stock and ETF commissions, US dollars in a TFSA |
| Bank-owned, no commission | BMO InvestorLine or National Bank Direct Brokerage | $0 and $0 stock and ETF trades |
| Cash-only TFSA | EQ Bank TFSA Savings | 1.50% interest, no investing |
YieldMaple compared each broker’s published pricing in September 2026. Wealthsimple charges $0 commission on TFSA stock and ETF trades, the same as Questrade, BMO InvestorLine and National Bank Direct Brokerage online.
Why does brokerage choice matter more for a TFSA?
Because most TFSAs are built from small, repeated purchases, a per-trade commission is charged over and over for decades. Here is one purchase a month for 30 years:
- At Wealthsimple, Questrade, BMO InvestorLine or National Bank Direct Brokerage: $0 in commissions.
- At TD Direct Investing’s standard $9.99 commission: $3,596 in commissions.
- If that money had stayed invested instead, at a hypothetical 7% average annual return, it would have grown to about $12,200.
The size of the purchase doesn’t change the commission, so the drag is heaviest on small monthly deposits: $9.99 is about 10% of a $100 purchase. Bank brokers narrow the gap for some funds: TD charges $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs, RBC Direct Investing’s commission-free list includes iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS, and CIBC Investor’s Edge has 200+ commission-free ETFs, including VFV, VEQT, XGRO and XBAL, but not XEQT.
Can you transfer a TFSA to another brokerage?
Yes. A direct transfer, started by the new broker, moves the TFSA without using contribution room; withdrawing and re-depositing the money yourself does use room until the following January.
- Transfer-out fees at the old broker: Questrade charges $150 per account, for a full or partial transfer (sales tax added where applicable), National Bank Direct Brokerage $150 per account, and BMO InvestorLine $0.
- Reimbursement at the new broker: at Wealthsimple the fee is reimbursed on transfers of $25,000 or more, up to $150 per account; at Questrade it is reimbursed up to $150 per account; National Bank covers up to $150 plus taxes when you transfer $20,000 or more.
- Timing: Wealthsimple says most transfers take 2–4 weeks.
A TFSA smaller than $25,000 moving to Wealthsimple doesn’t qualify for the reimbursement, so the old broker’s fee comes out of the account.
What can you hold in a TFSA at a brokerage?
A self-directed TFSA can hold most listed investments. The CRA’s qualified investments include cash, mutual funds, securities listed on a designated stock exchange, GICs, bonds and certain small business corporation shares. For long-term investors, broad Canadian-listed ETFs are the usual core:
- XEQT — global all-equity ETF, 0.19% MER, one-ticker simplicity
- VEQT — Vanguard’s all-equity equivalent
- VFV — S&P 500 in Canadian dollars, 0.08% MER
US dividends paid into 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), whether the US stocks are held directly or inside a Canadian-listed ETF. Canadian-listed funds do avoid currency conversion, which costs 1.5% per conversion in a Wealthsimple CAD account. Best Canadian ETFs compares the main options.
How much can you put in a TFSA in 2026?
The 2026 TFSA dollar limit is $7,000. Someone who has been eligible since 2009 and never contributed has $109,000 of room in 2026. The same limit applies at every broker and is shared across all your TFSAs.
- Withdrawals are added back to your room on January 1 of the following year.
- Over-contributions are taxed at 1% per month for as long as the excess stays in the account.
- Your CRA account shows your exact room; brokers only see their own account.
TFSA Contribution Limit covers every year’s limit, and the TFSA Calculator projects growth.
The verdict
- Wealthsimple fits most TFSA investors: $0 commissions, fractional shares and automatic deposits. The complete Wealthsimple guide covers its accounts and fees.
- Questrade fits investors who buy US stocks often and want US dollars inside the TFSA.
- BMO InvestorLine or National Bank Direct Brokerage fits investors who want a commission-free broker owned by a bank.
- EQ Bank’s TFSA savings account fits money meant to stay in cash.
- Per-trade bank brokers cost the most for monthly buyers, unless every purchase is on their commission-free ETF list.
Open a TFSA with Wealthsimple
Invest tax-free in a self-directed or managed TFSA.
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
- TFSA Explained — full TFSA mechanics
- TFSA Calculator — project your TFSA value
- Best Canadian ETFs — what to hold
- Best Brokerage for Beginners
- Best Online Brokerage Canada