Best RRSP Account in Canada for 2026: Brokerages, Robo-Advisors and Savings Compared

The best RRSP account in Canada for most people is a low-cost, self-directed RRSP where you buy one or two ETFs and keep contributing, and Wealthsimple is the easiest place to open one. It isn’t the right pick for everyone: US-dollar investors, GIC buyers and people moving a large RRSP for a bonus each have a better option, and this guide says which. It compares brokerages, robo-advisors, banks and savings accounts on the fees that actually hit an RRSP: commissions, small-account charges, currency conversion, withdrawal fees and exit fees. YieldMaple checked every figure below against the provider’s official pricing, fee-schedule or offer page, or the relevant government or regulator page, in September 2026.

Best RRSP accounts in Canada at a glance

Best RRSP account by type of saver (September 2026)

Feature	Pick	Why it wins
Best overall for ETF investors	Wealthsimple (better on this row)	$0 commission on listed Canadian and US stocks and ETFs, no account minimum, fractional shares, managed option at 0.50% a year (better on this row)
US-listed ETFs	Questrade	$0 to buy and sell Canadian and U.S.-listed stocks and ETFs; the RRSP can hold US dollars at no charge
Large US-dollar conversions	Interactive Brokers	Currency conversion at 0.002% of the amount (US$2.00 minimum)
Cheapest managed RRSP	Questwealth (Questrade)	0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000
Cash and GICs with CDIC	EQ Bank	1.50% on RRSP cash savings; 3.70% on a 1-year GIC
New-client savings rate	Tangerine	5.00% on RSP savings for 153 days (about 5 months)
Big-bank brokerage	BMO InvestorLine	$0 per stock or ETF trade; administration fees $0 (BMO says all brokerage account administration fees are now eliminated)
Biggest cash bonus on most transfers	TD Direct Investing	3% cash back on assets transferred from outside TD into an eligible registered account (TFSA, RRSP, FHSA and some locked-in plans), or 1% into a non-registered account

Sources: each provider's official pricing, fee-schedule and offer pages, checked September 2026. Rates and promotions change; confirm the current terms before you open an account.

What is the best RRSP account for most people?

Wealthsimple is the best RRSP account for most people, because every listed Canadian and US stock or ETF trade costs $0 and small accounts pay no account fees.

That matters more in an RRSP than almost anywhere else. Most people fund an RRSP with regular deposits over decades, so any per-trade commission or small-balance fee repeats hundreds of times. At Wealthsimple:

• Buying costs nothing. Commission on listed Canadian and US stocks and ETFs is $0, the account minimum is none, and fractional shares are available on thousands of Canadian and US stocks and ETFs, so if your ETF is one of them, each contribution can be invested in full even when one unit costs more than you’re adding.
• There are three ways to hold it. A self-directed RRSP (Wealthsimple calls it a Wealthsimple Trade account), a managed RRSP at 0.50% a year for Core clients and 0.40% a year from $100,000 in assets, or a registered savings RRSP that holds cash. Money in that savings version is not protected by CIPF — the cash is held in trust with CDIC member institutions instead. Spousal RRSPs come in both the self-directed and managed versions.
• Leaving is cheap too. Wealthsimple’s Trade fee schedule lists no charge for bank-transfer withdrawals, closing an account or transferring it to another institution. Most rivals charge for at least one of those: Questrade, for example, charges $50 per partial RRSP withdrawal (see the fee checklist below).
• Moving in can pay. The old firm’s transfer-out fee is reimbursed on transfers of $25,000 or more, up to $150 per account, and the transfer match adds 1% of the net amount transferred on transfers of $25,000 or more.
• A big RRSP lowers your other costs. Wealthsimple’s pricing page counts RRSPs toward its $100,000 Premium threshold, which cuts the managed fee and makes the USD account free.

Where Wealthsimple falls short for an RRSP. It’s weaker if you want to hold US-listed ETFs: trades from the Canadian-dollar side carry a 1.5% conversion fee each way, and the USD account costs $10 a month for Core clients; free for Premium and Generation, so confirm in the app that it’s offered on your RRSP before paying for it. Its trading pages don’t list GICs, so a GIC ladder belongs at a bank or a brokerage that sells them. And investors who want advanced charting and options research may prefer Questrade, whose Questrade Pro trading platform is free for all Questrade customers. The full Wealthsimple RRSP guide covers fees, the spousal version and transfers in detail, and our complete Wealthsimple guide covers everything else the company offers.

Which RRSP account is best for US-listed ETFs?

Questrade is the best RRSP for US-listed ETFs: the RRSP holds US dollars for free, and it charges $0 to buy and sell Canadian and U.S.-listed stocks and ETFs.

The reason this question matters most for the RRSP is a tax treaty. Under the Canada–US tax treaty, dividends paid to a retirement plan are exempt from US tax, as long as the plan is operated exclusively to provide pension, retirement or employee benefits, and the US Treasury's technical explanation of the 2007 Protocol uses a Canadian RRSP as its example of a retirement arrangement described in that exemption. Outside a retirement plan, the treaty lets the US tax dividends paid to a Canadian investor at up to 15%, and in a TFSA, foreign dividends could be subject to foreign withholding tax, per the CRA's TFSA guide. The exemption covers dividends paid to the RRSP itself, so it applies to US-listed ETFs held directly. A Canadian-listed ETF that owns US stocks, such as VFV, receives those dividends inside the fund, so the RRSP exemption doesn’t reach them.

To use it, you need US dollars in the RRSP, and that’s where providers differ:

• Questrade: holding US dollars is free — every account can hold both Canadian and US dollars. Converting costs 1.5% on Canadian-to-US-dollar conversions and back, built into the exchange rate Questrade applies, unless you use Norbert’s gambit, where Questrade charges $9.95 per online journaling request (free and unlimited with Questrade Plus). The Norbert’s gambit guide walks through it.
• Interactive Brokers: registered accounts can hold cash in both CAD and USD, and conversions cost 0.002% of the amount (US$2.00 minimum). That’s the cheapest route for large amounts, though IBKR describes its Trader Workstation as a professional trading platform, so expect more complexity than a beginner app. See the Wealthsimple vs Interactive Brokers comparison.
• Wealthsimple: a US-listed purchase from the Canadian-dollar side costs 1.5%, so buying $10,000 of a US-listed ETF costs about $150 in conversion, and about the same again when you sell. Converting into a USD account costs 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000, applied to Wealthsimple’s own exchange rate, which already includes a spread.
• Qtrade: a US-dollar RRSP costs US$15 a quarter per account for a US-dollar RRSP, RRIF or TFSA (no fee on FHSAs; waived for Investor Plus).
• Bank brokerages: most let an RRSP hold US dollars (TD’s accounts include cash and margin accounts, RRSPs (except Basic RRSPs), RIFs, RLSPs, LRSPs and TFSAs; RESPs and RDSPs are Canadian-dollar only), and BMO InvestorLine and National Bank Direct Brokerage also charge $0 commission on US-listed trades, but conversions run about 1.6% on conversions up to US$24,999 at RBC and about 1.6% on conversions under US$25,000 at BMO.

If you add a few thousand dollars a year, a Canadian-listed ETF bought in Canadian dollars is still the simpler and often cheaper choice. The treaty advantage pays off on a large, long-held block of US-listed ETFs. The guide to buying US stocks in Canada and the Wealthsimple vs Questrade comparison cover the details, or see Questrade's current pricing .

What is the best RRSP savings account in Canada?

EQ Bank is the best RRSP savings account for most savers, paying 1.50% on RRSP cash and 3.70% on a 1-year GIC, with CDIC coverage.

A savings or GIC RRSP makes sense for money you’ll need within a few years, for the years just before retirement, or for anyone who won’t hold stocks. The options:

• EQ Bank: the RRSP Cash Savings Account pays 1.50%. RRSP GICs pay 3.70% for one year and 4.30% for five, and they’re non-redeemable, so the money stays locked in until the GIC matures. Deposits are covered up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member). Open an EQ Bank account .
• Tangerine: new clients get 5.00% on the RSP Savings Account for 153 days (about 5 months), available to new clients whose Client Number is created between July 28 and November 30, 2026. After that the rate falls to Tangerine’s posted rate (its regular and TFSA savings accounts post 0.30%), so plan to move the money into a GIC or another account when the promotion ends. Tangerine’s GICs pay 3.60% for one year and 4.25% for five, and CDIC coverage at Tangerine includes a separate $100,000 each for joint deposits (collectively, not per person), RRSP deposits and TFSA deposits. The Wealthsimple vs Tangerine comparison goes further.
• GICs next to ETFs in one brokerage RRSP: Questrade sells GICs with no cost to buy or sell but a $5,000 minimum purchase, which suits a larger RRSP that holds both. The bank brokerages below also sell GICs.
• A savings ETF inside a brokerage RRSP: the Global X High Interest Savings ETF (CASH) had an annualized distribution yield of 2.09% as at October 6, 2026 with a 0.11% MER, and it can be held in all registered and non-registered investment accounts. The catch: ETFs are not eligible for CDIC deposit insurance (CDIC lists ETFs and mutual funds among the products it does not cover).
• Wealthsimple’s registered savings RRSP: cash only, no fees, and an interest rate Wealthsimple quotes as an “up to” figure, so check what your client tier earns on the Wealthsimple interest rates page.

Don’t leave RRSP cash idle at a brokerage. Uninvested cash earns nothing at several of them: Questrade pays 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0%, TD pays 0% on cash balances (CAD and USD) at every balance tier, in trading accounts and RRSPs/RIFs, BMO InvestorLine pays 0.00% on cash balances (CAD and USD), including TFSAs and RRSPs and Qtrade pays 0.00% on cash balances up to $2,000,000 (Canadian and US dollars). On $20,000 of RRSP cash, that’s $0 a year, against about $300 in EQ Bank’s RRSP savings account or $740 in its 1-year GIC. For current GIC rates across more banks, see the best GIC rates guide.

Which bank RRSP is worth opening?

BMO InvestorLine is the strongest big-bank RRSP in fall 2026, charging $0 per stock or ETF trade and no account administration fees.

A bank brokerage makes sense if you want GICs and bonds next to your ETFs, want your RRSP in the same login as your chequing, or value phone support. The six bank-owned brokerages differ more than most people expect:

• BMO InvestorLine: $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted, administration fees of $0 (BMO says all brokerage account administration fees are now eliminated), and a transfer-out fee of $0. BMO used to charge $25 a quarter on non-registered accounts, $100 a year on RRSPs and LIRAs and $50 a year on RESPs, so older reviews that warn about its RRSP fee are out of date. Details: Wealthsimple vs BMO InvestorLine.
• RBC Direct Investing: $9.95 per online or mobile trade, but 50+ ETFs trade free, meaning iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS. Its maintenance fee is $0 (no quarterly or annual maintenance fee and no minimum balance). Watch the exit costs: $50 per RRSP withdrawal and $150 to transfer out. Details: Wealthsimple vs RBC Direct Investing.
• TD Direct Investing: $9.99 per trade (Standard); $7.00 per trade (Active Trader); $0 on select ETFs. Its commission-free list has 108 ETFs, including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT. Small households pay $25 a quarter when your household's TD Direct Investing accounts total less than $15,000, unless you qualify for a waiver. Details: Wealthsimple vs TD.
• CIBC Investor’s Edge: $6.95 per online stock or ETF trade, with 200+ commission-free ETFs, including VFV, VEQT, XGRO and XBAL, but not XEQT. The annual fee is $100 a year when the total market balance of all your Investor's Edge accounts is $10,000 or less; exemptions cover FHSAs, new clients for their first 180 days, CIBC Smart Start (under 25) and Smart for Students clients, and Premium Edge clients. Details: Wealthsimple vs CIBC Investor’s Edge.
• Scotia iTRADE: $9.99 per online stock or ETF trade (fewer than 150 trades a quarter), with 200+ ETFs trading commission-free. Its RRSP fee is the one to check: $100 a year per RRSP, RRIF, LIRA or LIF when your combined Scotia iTRADE accounts total less than $25,000 and you make fewer than 12 commissionable trades a year. Commission-free ETF purchases don’t generate a commission, so they don’t count toward that trade test. Scotia says low-activity and RRSP admin fees are waived until and including the year you turn 26. Transferring out costs $150 per transfer (full or partial).
• National Bank Direct Brokerage: $0 on online Canadian and U.S. stock and ETF trades, but a $100 annual administration fee applies unless you qualify through at least $20,000 in eligible assets on May 31, being 30 or younger on May 31, holding only an InvestCube account, or being enrolled in a National Bank offer for professionals or newcomers. Details: Wealthsimple vs National Bank Direct Brokerage.

What to avoid is the bank branch RRSP: an advisor-sold mutual fund whose management expense ratio is baked into the fund’s returns. Canadian mutual fund MERs run from less than 1% to more than 3%, according to the Ontario Securities Commission. The Reddit section below shows what that costs.

Is a managed RRSP worth the fee?

A managed RRSP is worth its fee only if automation keeps you invested; Questwealth charges the least at 0.25%, and Wealthsimple charges 0.50% a year.

A managed RRSP (a robo-advisor) picks a portfolio for your risk level, rebalances it and reinvests every deposit. Here’s what the management fee alone costs a year on an RRSP of $50,000, before the ETFs’ own fees:

Justwealth charges 0.50% and RBC InvestEase 0.50% + sales tax; CI Direct Investing’s schedule is 0.60% on the first $150,000, 0.40% on the next $350,000 and 0.35% above $500,000, and BMO SmartFolio charges 0.70% a year on its first fee tier. Questwealth’s full schedule is 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000, and Wealthsimple’s fee drops to 0.40% a year from $100,000 in assets. Justwealth has a minimum account of $5,000 outside RESPs, FHSAs and RDSPs. A middle route at Wealthsimple is Automated Investing inside a self-directed RRSP, at 0.25%, capped at $250 per account per year.

The honest trade-off: a single all-equity ETF such as XEQT is cheaper than any robo, but it holds only stocks and relies on you to keep buying and not sell in a crash. If a managed portfolio with bonds would keep you calm through a downturn, the extra fee is money well spent. The full best robo-advisor guide compares returns as well as fees.

What does the same RRSP cost at each provider?

A $500-a-month XEQT plan costs nothing in year one at five of the nine brokerages below, and up to about $183 at CIBC Investor’s Edge.

This is the comparison most “best RRSP” lists skip. Take a beginner who contributes $500 a month and buys XEQT, a one-fund global stock ETF, with each deposit: 12 purchases, ending the year with roughly $6,000, which is under every small-account threshold below.

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Three lessons from the table:

1. Pick the ETF your broker trades free, or a broker where everything is free. Swap XEQT for VEQT and TD’s $119.88 and CIBC’s $83.40 in commissions disappear, because VEQT is on both commission-free lists, while RBC already trades XEQT free. At TD, the $25 a quarter fee is waived for household assets over $15,000, a pre-authorized contribution or systematic plan of at least $100 a month, three or more commission trades in the previous quarter, an RDSP in the household, the first six months after your first account opens, or a household that holds only an FHSA, so a monthly automatic contribution also removes that fee. The XEQT vs VEQT comparison shows the two funds are close substitutes.
2. Small-account fees are the real trap. National Bank waives its fee only for at least $20,000 in eligible assets on May 31, being 30 or younger on May 31, holding only an InvestCube account, or being enrolled in a National Bank offer for professionals or newcomers, and CIBC’s fee applies until your combined balance reaches $10,000. Scotia’s RRSP fee catches the investor doing everything right: a small RRSP that buys only commission-free ETFs never makes a commission trade, so from the year you turn 27 it pays $100 a year. A new RRSP spends its first few years exactly where those fees bite.
3. Whole shares leave cash idle. Wealthsimple can invest the full contribution through fractional shares, which cover thousands of Canadian and US stocks and ETFs. At a brokerage that sells only whole units, a contribution that doesn’t divide evenly leaves cash sitting in the account; TD does sell partial shares, but charges $1.99 per trade for those orders.

For bigger balances or more trades, run your own numbers in the Canadian brokerage fee calculator, or see the best brokerage for an RRSP ranking, which focuses on self-directed platforms only.

RRSP fee checklist: five charges beyond commissions

Before you open or move an RRSP, check these five fees on the provider’s fee page. Every figure below is from the provider’s own schedule.

1. Withdrawal (de-registration) fees. These hit Home Buyers’ Plan withdrawals too. Questrade charges $50 per partial RRSP withdrawal, $100 to withdraw the whole RRSP, and $25 for a partial Home Buyers' Plan or Lifelong Learning Plan withdrawal ($50 for a full one). RBC Direct Investing charges $50 per RRSP withdrawal and $25 for a Home Buyers’ Plan withdrawal. TD charges $25 per partial withdrawal from an RRSP, LIRA or LRSP. Qtrade charges $50 per partial withdrawal from an RRSP or other registered plan, including Home Buyers' Plan withdrawals (RESPs, TFSAs and FHSAs excepted). National Bank Direct Brokerage charges $50 per lump-sum RRSP withdrawal, including the Home Buyers’ Plan. Moomoo charges $50 for a partial RRSP withdrawal and $75 to withdraw the whole RRSP, plus sales tax. CIBC charges $100 to empty an RRSP but $0 for a Home Buyers’ Plan withdrawal. Wealthsimple’s fee schedule lists no charge for bank-transfer withdrawals. If you plan to use the RRSP Home Buyers’ Plan, this fee is worth checking first.
2. Transfer-out fees. Questrade charges $150 per account, for a full or partial transfer (sales tax added where applicable); Qtrade $150; RBC $150; TD $150; CIBC $150; Scotia iTRADE $150 per transfer (full or partial); National Bank $150 per account. BMO InvestorLine charges $0, and Wealthsimple’s fee schedule lists no charge. On the way in, many firms refund the fee: RBC Direct Investing gives up to $200 when you transfer $15,000 or more (up to $500 for Royal Circle and Royal Distinction members), and Qtrade up to $150 (plus applicable taxes) when you transfer $15,000 or more.
3. Small-account and paper fees. Scotia iTRADE, TD, CIBC and National Bank charge small accounts (see the table above). National Bank also sends statements by mail until you switch to online delivery and charges $7.50 a quarter for mailed statements, so switch to e-statements on day one.
4. Holding US dollars. A US-dollar RRSP costs US$15 a quarter per account at Qtrade and it’s free at Questrade. Wealthsimple’s USD account costs $10 a month for Core clients; confirm in the app that it’s offered on an RRSP before you pay for it.
5. Cash that earns nothing. Questrade, TD, BMO InvestorLine and Qtrade pay nothing on uninvested RRSP cash (see the savings section above), so invest contributions promptly or park them in a savings ETF.

What are the best RRSP account offers right now?

TD’s Easy Cash Offer pays the most cash for moving an RRSP worth between about $18,333 and $1.5 million; Qtrade pays more below that range, and Wealthsimple above it.

TD pays 3% cash back on assets transferred from outside TD into an eligible registered account (TFSA, RRSP, FHSA and some locked-in plans), or 1% into a non-registered account, up to $15,000. Qtrade offers up to $5,000 in cash back, and Wealthsimple’s transfer match pays 1% of the net amount transferred, up to $20,000. On a smaller transfer Qtrade comes out ahead: its own example is $500 cash back on a $10,000 deposit kept in the account until February 5, 2028, against $300 from TD. Past $1.5 million, Wealthsimple’s match is the bigger one, because TD’s reward stops at $15,000 while Wealthsimple’s keeps growing to $20,000. Qtrade and Wealthsimple also cost less to use afterward if you buy XEQT, because neither charges commission on it. The full terms:

Worked example: moving a $40,000 RRSP.

• TD: about $1,200 in cash back, half by the end of 2027 and half by the end of 2028, if the assets stay until November 30, 2028.
• Qtrade: $700, paid on or around March 5, 2028 (the $100 sign-up bonus on or around March 5, 2027).
• Wealthsimple: $400, or about $16.67 a month for two years, and Wealthsimple says the match stacks with its new-client bonus. The old firm’s transfer-out fee is also reimbursed on transfers of $25,000 or more, up to $150 per account.

On cash alone, TD wins. The catch is what happens after the bonus: at TD, XEQT costs $9.99 a trade because it isn’t on the commission-free list, and withdrawing or moving the assets before November 30, 2028 shrinks the reward, or cancels what’s still unpaid if the balance drops below TD’s $2,500 minimum. If you’d hold VEQT or another fund on TD’s list and won’t move for two years, TD’s offer is hard to beat. If you’ll keep buying XEQT every month or want the freedom to leave, a smaller bonus at a $0-commission broker can come out ahead. YieldMaple’s bonus index lists sign-up offers from banks and brokerages in one place.

Questrade Plus is different: it matches new contributions rather than transfers. A year of Plus costs about $240, which the match covers only once you contribute about $24,000 in the year. At the $33,810 maximum, the match is worth about $338. The Tangerine Investments bonus of 2% (up to $20,000 per account) is paid in fund units, and Tangerine’s funds carry fees of 0.50% to 0.80% plus a 0.15% administration fee, so weigh the bonus against years of higher fees. RBC’s GoSmart bonus of $100 when you deposit $2,000 into your first GoSmart account only suits a brand-new RRSP: GoSmart is for existing RBC clients using the RBC Mobile app and doesn’t accept transfers from other investment accounts. Wealthsimple’s transfer process is explained step by step in the Wealthsimple transfer guide.

Why does Reddit keep recommending a discount brokerage for RRSPs?

Because fund fees compound: Edward Jones’s own fee page says a 2% MER costs $20 a year for every $1,000 invested, about ten times XEQT’s 0.19% MER.

Threads in Reddit’s Canadian personal-finance communities tend to give the same answer to “best RRSP account”: skip the branch, open a self-directed RRSP at a low-cost brokerage, buy one all-in-one ETF and keep contributing. The logic holds up. On a $100,000 RRSP, a fund charging the 2% MER in that example costs about $2,000 a year, while XEQT costs about $190. That gap is charged every year, on a balance that keeps growing, for decades.

Part of a mutual fund’s MER usually pays the advisor who sold it: the OSC puts typical trailing commissions at 0.25% to 1.5% a year. Account fees can stack on top: Edward Jones’s fee schedule lists $125 a year to administer an RRSP holding stocks, ETFs, GICs or bonds, and $135 to transfer a whole account out. You’ll see your own costs more clearly soon, because total cost reporting reaches Canadian investment statements in early 2027 (covering costs up to December 31, 2026).

The Reddit advice has limits. An all-in-one equity ETF can fall hard in a crash, and it only works if you keep buying through it. If you want a person to plan withdrawals, taxes and pensions, paying for advice can be worth it, as long as you know exactly what you pay; the Wealthsimple vs financial advisor comparison sets the two side by side. For choosing between two popular all-in-one ETFs, see XEQT vs VEQT.

When is the RRSP deadline for the 2026 tax year?

The CRA hasn’t posted it yet, but the Income Tax Act’s 60-day rule points to Monday, March 1, 2027.

Contributions count for a tax year if made on or before the day that is 60 days after the end of the tax year. The CRA’s own date for 2026 is not yet posted on canada.ca (as of September 23, 2026); for the 2025 tax year it was March 2, 2026. Wealthsimple’s RRSP page lists February 28, 2027, which is a Sunday. Having the money inside your RRSP by Friday, February 26, 2027 meets either date.

Three practical points if you’re opening a new RRSP for the deadline:

• Open it in January, not the last week. Account approval, linking a bank and moving money all take time, and the contribution has to land in the RRSP by the deadline.
• A transfer between RRSPs isn’t a contribution. Moving an old RRSP to a new provider doesn’t create a deduction, and a transfer takes 2–4 weeks at Wealthsimple, so don’t count on it to meet a deadline.
• Age limits. You can contribute to your own RRSP until December 31 of the year you turn 71, and to a spouse’s until December 31 of the year your spouse or common-law partner turns 71.

Your 2026 room is unused room carried forward, plus the lesser of 18% of last year's earned income and the annual RRSP limit, minus your pension adjustment. With $70,000 of 2025 earned income and no workplace pension, that’s $12,600 of new room; you need about $187,833 of earned income to reach the full $33,810. The 2027 dollar limit is $35,390. Estimate yours below, then confirm it on your notice of assessment.

The RRSP deadline guide covers last-minute strategy, the RRSP contribution limit guide covers over-contributions, and the RRSP calculator estimates your refund and long-term growth.

RRSP decision checklist: which account to open

Open a Wealthsimple RRSP if:

• You’ll buy Canadian-listed ETFs with regular contributions and want every trade at $0, fractional shares and no small-account fees.
• You want the option of a managed or cash RRSP later without changing institutions.
• You’re consolidating $25,000 or more and want the fee reimbursement and transfer match with a broker you won’t need to leave.

Open a Questrade RRSP if:

• You’ll hold US-listed ETFs for the treaty benefit and want US dollars in the RRSP at no charge.
• You contribute about $24,000 or more a year and want Questrade Plus’s contribution match.
• You won’t need to take money out early: each partial RRSP withdrawal costs $50, and moving the account elsewhere costs $150. The Questrade review covers its other fees.

Open a bank brokerage RRSP (BMO InvestorLine first) if:

• You want GICs, bonds and ETFs in one account, or your RRSP beside your chequing. At RBC, stick to its commission-free iShares list; at TD and CIBC, stick to theirs.
• You’re moving a large RRSP, will hold funds from TD’s commission-free list and won’t leave before November 30, 2028: TD’s transfer offer pays the most.

Open an EQ Bank or Tangerine RRSP if:

• You want cash or GICs with CDIC protection and no market risk.

Fund a different account first if:

• You’re buying your first home: the FHSA gives a deduction plus a tax-free home withdrawal, up to $8,000 a year. See the best FHSA guide.
• Your income is modest now or you may need the money before retirement: a TFSA is usually more flexible. The TFSA vs RRSP guide runs the numbers, and the best TFSA account guide is this page’s sister guide.
• Your employer matches group RRSP contributions: take the full match before anything else. No brokerage promotion beats it.

The verdict

For most Canadians opening or consolidating an RRSP in 2026, Wealthsimple is the best RRSP account: $0 commission on every listed Canadian and US stock and ETF, no account minimum, no small-account, closing or transfer-out fees in its fee schedule, and the option to switch to a managed portfolio at 0.50% a year. Questrade is the better home for US-listed ETFs, EQ Bank for cash and GICs, and TD’s offer pays the most cash if you’re moving a large RRSP and will stay put.

Whichever you choose, the big wins are the same: low fees, one diversified fund you’ll keep buying, and contributions that go in automatically. This guide is general education, not financial advice; the right account depends on your income, tax bracket, timeline and other savings.