The best TFSA account in Canada is the one that fits what you’ll hold inside it: investments, cash or GICs. A Tax-Free Savings Account is only a tax wrapper, so the same room can sit in an ETF at a brokerage, in a savings account at a bank or in a GIC, and the best institution is different for each. This guide ranks TFSA accounts by type of saver, shows what each earns or costs on the 2026 limit of $7,000, and says plainly when Wealthsimple is the wrong choice. YieldMaple checked the pricing, rate and fee pages of Wealthsimple, Questrade, Qtrade, Interactive Brokers, BMO, RBC, TD, CIBC, National Bank, EQ Bank and Tangerine, plus the Canada Revenue Agency’s TFSA pages, on September 23 and 24, 2026.
Best TFSA accounts in Canada at a glance
| Feature | Best pick | The deciding number | Watch out for |
|---|---|---|---|
| ETFs and stocks (most investors) | Wealthsimple self-directed TFSA | $0 commission; fractional shares; no account minimum (better on this row) | 1.5% conversion fee on each US-listed trade |
| US-listed stocks and US dollars | Questrade TFSA | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs; US dollars can stay in the TFSA | 1.5% to convert; $150 to transfer out |
| Staying with a big bank | BMO InvestorLine TFSA | $0 per online stock or ETF trade | Currency conversion costs about 1.6% on conversions under US$25,000 |
| Cash you may need soon | EQ Bank TFSA Cash Savings Account | 1.50% interest (better on this row) | Variable rate; holds cash only |
| New Tangerine clients | Tangerine TFSA savings (new-client rate) | 5.00% for 153 days (about 5 months) | Falls to 0.30% afterwards; a fee applies to transfer out |
| Money with a fixed date | EQ Bank TFSA GIC | 3.70% for 1 year; 4.30% for 5 years | Non-redeemable until it matures |
| Hands-off investing | Questwealth Portfolios or Wealthsimple managed | 0.25% vs 0.50% a year | The ETFs' own fees are extra |
Sources: each provider's official pricing, rate and fee pages, checked September 23 and 24, 2026. Savings rates are variable and can change without notice.
What is the best TFSA account in Canada?
The best TFSA account depends on what you’ll hold: a low-fee brokerage for long-term investing, a high-interest TFSA savings account for near-term cash, or GICs for a fixed date.
So choose in two steps. First, decide when you’ll need the money. A widely used rule of thumb is that money for the next two or three years stays in cash or GICs, because a stock portfolio can fall sharply in any single year and take years to recover. Money for goals further out can go into a diversified ETF, where tax-free growth is worth the most. Second, pick the cheapest good home for that holding. Over decades, what you hold and what it costs matter far more than whose logo is on the account.
The CRA’s rules are the same everywhere: your room is set per person and shared by every TFSA you own, so the choice of institution never changes how much you can contribute.
Which TFSA is best for investing in ETFs and stocks?
Wealthsimple is the best self-directed TFSA for most ETF investors, with $0 commission and fractional shares; Questrade is the better pick if you want to hold US dollars.
| Feature | Wealthsimple | Questrade | Qtrade | Interactive Brokers |
|---|---|---|---|---|
| Commission on stocks and ETFs | $0 (better on this row) | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs | $0 on stock, ETF and mutual fund trades | 1 cent a share on Canadian stocks, with a $1.00 minimum |
| Holding US dollars in a TFSA | USD account $10 a month for Core clients; pricing page doesn't say if TFSAs qualify | free — every account can hold both Canadian and US dollars (better on this row) | USD TFSA costs US$15 a quarter per account | cash in both CAD and USD |
| Currency conversion | 1.5% per US-listed trade from the CAD side | 1.5% | not published on Qtrade's pricing page, which says only that currency conversion may apply and that Qtrade may earn revenue on foreign exchange transactions | 0.002% of the amount (US$2.00 minimum) (better on this row) |
| Help with your old firm's transfer fee | reimbursed on transfers of $25,000 or more, up to $150 per account | reimbursed up to $150 per account | up to $150 (plus applicable taxes) when you transfer $15,000 or more | Not covered in this guide |
| Interest on uninvested cash | No rate listed on the pricing page | 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0% | 0.00% on cash balances up to $2,000,000 (Canadian and US dollars) | 1.606% on CAD cash above $13,000, for accounts worth more than US$100,000 (a lower rate below that) |
Sources: wealthsimple.com pricing page and Trade fee schedule; questrade.com pricing pages; qtrade.ca pricing and fees pages; interactivebrokers.ca commissions, interest and currency pages. Checked September 23 and 24, 2026.
Wealthsimple: best for most ETF investors
A self-directed Wealthsimple TFSA charges $0 commission on listed Canadian and US stocks and ETFs, and there’s no account minimum. It also offers fractional shares (yes — thousands of Canadian and US stocks and ETFs), so on eligible securities a contribution can be invested to the dollar instead of only in whole units. Its pricing page also includes recurring investments on every plan, which buy a chosen stock or ETF automatically every week, two weeks or month. Canadian-listed ETFs such as XEQT and VFV trade in Canadian dollars, so buying them needs no currency conversion; the VFV vs XEQT comparison explains which suits which investor.
Where Wealthsimple is weaker for a TFSA:
- US-listed stocks. Each buy and each sell from the Canadian-dollar side costs 1.5% to convert. The USD account costs $10 a month for Core clients; free for Premium and Generation, and Wealthsimple’s pricing page doesn’t say whether TFSAs qualify.
- GICs. Wealthsimple’s advice page says it doesn’t offer GICs, so a GIC ladder belongs elsewhere.
- Idle cash. Wealthsimple’s pricing page lists no interest rate on uninvested cash in a self-directed TFSA. Cash you mean to keep as cash belongs in a TFSA savings account instead (compared below).
- Transfers under the threshold. Wealthsimple’s fee reimbursement only applies to transfers of $25,000 or more.
- Fast cash-outs. Instant withdrawals from investment accounts cost 2.5%; the standard route is slower.
For fees, account types and transfer steps in more detail, see the Wealthsimple TFSA guide.
Questrade: best for holding US dollars
Questrade charges $0 to buy and sell Canadian and U.S.-listed stocks and ETFs, and per its pricing page, you can hold USD in registered accounts, so US trades don't force a conversion. Converting Canadian dollars still costs 1.5%, but you convert once and keep the US dollars instead of paying on every trade. Questrade also lets investors journal shares between the Canadian and US sides for $9.95 per online journaling request (free and unlimited with Questrade Plus), the step behind Norbert’s Gambit, a way to convert large sums without the percentage fee. Fractional shares cover hundreds of eligible Canadian and US stocks and ETFs, from $1, commission-free, in any self-directed account, fewer than Wealthsimple’s list. A Questrade account is free to open, with no minimum balance, and when you move a TFSA in, the old firm’s transfer fee is reimbursed up to $150 per account; Questrade’s offers page lists no minimum transfer size for that. Leaving costs $150 per account, for a full or partial transfer (sales tax added where applicable). Uninvested cash earns 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0%. Compare Questrade's current pricing , or read the full Wealthsimple vs Questrade comparison.
Qtrade, Interactive Brokers and moomoo
Qtrade charges $0 on stock, ETF and mutual fund trades, and its commission-free list covers all ETFs on Canadian and US exchanges. Two TFSA-specific costs stand out on its fee page: the fee for US-dollar registered accounts is US$15 a quarter per account for a US-dollar RRSP, RRIF or TFSA (no fee on FHSAs; waived for Investor Plus), and a full de-registration costs $125, including emptying a TFSA (FHSAs excepted). It also charges $100 if you close an account within its first year. Qtrade’s pricing page doesn’t publish its currency conversion rate. Its fall 2026 offer for new clients pays 5% of net new deposits from $1,000 to $10,000; then $550 up to $25,000, $600 up to $50,000, $700 up to $100,000, $1,000 up to $250,000, $2,500 up to $500,000 and $5,000 above that, and its terms list CAD and USD TFSAs among eligible accounts (see the Wealthsimple vs Qtrade comparison).
Interactive Brokers charges 1 cent a share on Canadian stocks, with a $1.00 minimum, plus 0.002% of the amount (US$2.00 minimum) to convert currency, and its TFSAs hold cash in both CAD and USD. Converting $10,000 at a 1.5% fee costs $150; at IBKR the minimum commission applies instead, about US$2. It pays 1.606% on CAD cash above $13,000, for accounts worth more than US$100,000 (a lower rate below that), and its registered accounts transfer out only through the electronic ATON transfer system. It suits large, active or USD-heavy TFSAs more than small monthly ETF buys.
Moomoo Canada offers TFSAs, but charges CA$0.0149 a share, with a CA$1.49 minimum per order on Canadian stocks and ETFs, and its recurring AutoBuy feature buys whole shares only — each AutoBuy purchase is rounded down to the nearest whole share, and it fails if the amount can't buy one share. That makes it an awkward fit for small regular ETF contributions.
Which bank has the best TFSA?
For investing, BMO InvestorLine is the standout bank TFSA at $0 per trade; for TFSA cash and GICs, EQ Bank’s posted rates beat Tangerine’s standard ones.
YieldMaple compared the self-directed brokerages of five big banks:
| Feature | BMO InvestorLine | RBC Direct Investing | TD Direct Investing | CIBC Investor's Edge | National Bank Direct Brokerage |
|---|---|---|---|---|---|
| Online stock or ETF commission | $0 (better on this row) | $9.95 | $9.99 | $6.95 | $0 (better on this row) |
| Commission-free ETFs | Every stock and ETF trade | 50+, including XEQT | 108, including VEQT and VFV (not XEQT) | 200+, including VEQT and VFV (not XEQT) | Every online stock and ETF trade |
| Small-account fee | $0 (BMO says all brokerage account administration fees are now eliminated) | $0 (no quarterly or annual maintenance fee and no minimum balance) | $25 a quarter under $15,000, unless waived | $100 a year under $10,000, unless exempt | $100 a year under $20,000, unless exempt |
| Transfer-out fee | $0 (better on this row) | $150 | $150 | $150 | $150 per account |
Sources: each bank's Direct Investing pricing, commission and fee schedules. Scotiabank iTrade wasn't included in this update.
BMO InvestorLine charges $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted, per its September 2026 fee schedule, with administration fees of $0 (BMO says all brokerage account administration fees are now eliminated) and a transfer-out fee of $0. It sells GICs and bonds with commissions, if any, built into the quoted price, and US dollars can be held in registered accounts (except RESPs), plus cash and margin accounts. Converting costs about 1.6% on conversions under US$25,000. For a bank client who wants ETFs and GICs in one TFSA, it’s the cheapest big-bank option YieldMaple found; the Wealthsimple vs BMO InvestorLine comparison goes deeper.
National Bank Direct Brokerage also charges $0 online, but its annual administration fee of $100 applies below $20,000 in assets, split as $50 each on an RRSP and a TFSA held under the same account root. Being 30 or younger on May 31 is one of the exemptions. TFSA withdrawals cost $0.
RBC Direct Investing charges $9.95 a trade, but its commission-free list covers iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS, and its maintenance fee is $0 (no quarterly or annual maintenance fee and no minimum balance). RBC clients can use GoSmart, a service inside the RBC Mobile app, which gives 50 commission-free stock and ETF trades per year in TFSA, FHSA and RRSP accounts only, in Canadian dollars, though transfers in are not accepted from other investment accounts, at RBC or elsewhere.
TD Direct Investing charges $9.99 a trade outside a list of 108 commission-free ETFs, including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT. Its maintenance fee is $25 a quarter when your household's TD Direct Investing accounts total less than $15,000, unless you qualify for a waiver. The ways to avoid it: 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. TD’s separate Easy Trade service gives 100 free trades a year. Buying XEQT monthly at TD’s standard rate costs about $120 a year; buying VEQT, which is on TD’s list, costs nothing in commission.
CIBC Investor’s Edge charges $6.95 a trade, with 200+ commission-free ETFs, including VFV, VEQT, XGRO and XBAL, but not XEQT, and an annual fee of $100 a year when the total market balance of all your Investor's Edge accounts is $10,000 or less unless you’re exempt. Its Young Investor pricing is $0 per online stock or ETF trade and no annual account fee, for clients aged 18 to 24 with a CIBC Smart Start chequing account, and it covers individual non-registered, RRSP, TFSA and FHSA accounts, so a TFSA qualifies. The guide to brokerage accounts for students in Canada compares brokers for students starting with small amounts.
Idle cash is a cost at bank brokerages too: BMO lists 0.00% on cash balances (CAD and USD), including TFSAs and RRSPs, and RBC lists 0% on cash balances (CAD and USD), including TFSA and RRSP accounts. Invest new contributions promptly rather than leaving them as cash.
What is the best high-interest TFSA savings account?
EQ Bank’s TFSA Cash Savings Account pays 1.50%, five times Tangerine’s standard 0.30%, though new Tangerine clients can earn 5.00% for 153 days (about 5 months).
YieldMaple checked three TFSA savings accounts: EQ Bank, Tangerine and Wealthsimple. Only EQ Bank and Tangerine publish a rate that every client gets, so the ranking compares those two.
- EQ Bank. The TFSA Cash Savings Account pays a posted 1.50%, which EQ Bank says can change without notice. Deposits are covered up to $100,000 per insured category, per depositor (Equitable Bank, which trades as EQ Bank, is a CDIC member). Compare EQ Bank's current TFSA rate before you open; it’s variable.
- Tangerine. The standard TFSA savings rate is 0.30%. The new-client rate of 5.00% applies to new clients whose Client Number is created between July 28 and November 30, 2026, for 153 days (about 5 months) after you meet the conditions. Tangerine’s registered accounts carry no fees while your money stays, but a fee applies when you transfer registered funds out to another institution (amount on Tangerine's fee schedule). Its CDIC page lists a separate $100,000 each for joint deposits (collectively, not per person), RRSP deposits and TFSA deposits, so TFSA deposits are insured separately from your regular savings.
- Wealthsimple registered savings TFSA. A cash-only TFSA you can withdraw from at any time. Wealthsimple’s accounts page advertises its rate only as an “up to” figure, and YieldMaple didn’t confirm the rate that applies to each client in this update, so compare it on Wealthsimple’s registered savings page or in the Wealthsimple interest rates guide before choosing it over EQ Bank. It is not protected by CIPF — the cash is held in trust with CDIC member institutions instead.
Check whether cash needs the TFSA at all. Interest outside a TFSA is taxable, but some taxable accounts pay more. Wealthsimple’s non-registered Savings account pays 2.5% (available to every client, no tiers), which leaves about 1.75% after tax at a 30% marginal rate, still above a 1.50% TFSA rate. EQ Bank’s Personal Account pays 2.75% with $2,000 a month in payroll deposits. Keeping emergency cash there saves your TFSA room for investments, where the tax shelter is worth more. The best high-interest savings accounts guide compares more options.
Cash inside a brokerage TFSA. If your TFSA is at a brokerage that pays nothing on idle cash, a high-interest savings ETF is an alternative. Global X’s CASH ETF had an annualized distribution yield of 2.09% as at October 6, 2026 and a 0.11% MER, and it holds high-interest deposit accounts with one or more Canadian chartered banks. Unlike a bank deposit, it’s not eligible for CDIC deposit insurance (CDIC lists ETFs and mutual funds among the products it does not cover).
Where can you get the best GIC rates in a TFSA?
EQ Bank posts 3.70% for a one-year GIC and 4.30% for five years in a TFSA, ahead of Tangerine’s posted 3.60% and 4.25%.
EQ Bank’s GICs are non-redeemable, so the money stays locked in until the GIC matures, so only lock up money you won’t need before the term ends. Tangerine’s posted GIC rates are from its rate table; confirm the TFSA version pays the same before you buy. GIC interest earned inside a TFSA is tax-free, which makes a GIC TFSA a clean fit for a known date such as a wedding or a planned purchase.
You can also buy GICs inside a brokerage TFSA. BMO InvestorLine and RBC Direct Investing price them with the commission built into the quoted price, and National Bank Direct Brokerage lists GIC purchases at $0 commission, bought online in amounts under $500,000. Wealthsimple says it doesn’t offer GICs, which is one reason to keep a GIC TFSA at a bank. The best GIC rates guide tracks more issuers.
Should you use a managed TFSA (robo-advisor)?
A managed TFSA makes sense if you won’t pick and rebalance investments yourself; Questwealth charges the lowest managed-portfolio fee YieldMaple found, 0.25%, against Wealthsimple’s 0.50% a year for Core clients.
- Questwealth Portfolios (Questrade): 0.25% a year on balances of $250 to $99,999, and 0.20% from $100,000.
- Wealthsimple managed: 0.50% a year for Core clients and 0.40% a year once you hold $100,000 or more at Wealthsimple. Its Automated Investing service, where you choose your own stocks and ETFs and set target weights, and Wealthsimple can rebalance back to them, costs 0.25%, capped at $250 per account per year.
- RBC InvestEase: 0.50% + sales tax.
- Justwealth: 0.50%, with a minimum fee of $4.99 a month and an account minimum of $5,000 (no minimum for RESPs, FHSAs and RDSPs).
- Tangerine Core Portfolios: a 0.80% management fee plus a 0.15% administration fee.
Except for Tangerine, whose two fees are the costs of its own mutual fund portfolios, each of these adds its fee on top of the costs of the ETFs inside the portfolio, while an all-in-one ETF such as XEQT costs only its 0.19% MER. Tax-loss harvesting, a selling point for some robo-advisors, does nothing inside a TFSA, because there are no capital gains taxes to offset. The best robo-advisor guide compares returns and fees in full.
What does the 2026 limit earn or cost in each type of TFSA?
On $7,000, EQ Bank’s TFSA savings account earns about $105 a year, a one-year EQ GIC about $259, and XEQT costs about $13.30 in fund fees.
This worked example puts every option in dollars on the 2026 limit. Interest figures are simple interest for one year at today’s posted rates; savings rates can change.
Cash and GICs (interest you earn, tax-free):
- EQ Bank TFSA Cash Savings at 1.50%: about $105.
- Tangerine TFSA savings at the standard 0.30%: about $21.
- Tangerine TFSA savings for a new client: about $159 in the first year, because the 5.00% rate lasts 153 days (about 5 months).
- EQ Bank one-year GIC at 3.70%: $259, locked in for the year.
- EQ Bank five-year GIC at 4.30%: $301 for each year of the term.
Investments (what you pay; returns are not guaranteed):
- XEQT at Wealthsimple, Questrade or BMO InvestorLine: $0 commission, plus the 0.19% MER, about $13.30 a year.
- XEQT bought monthly at TD’s standard rate: about $120 in commissions, plus the MER.
- Questwealth managed portfolio: $17.50, plus fund costs.
- Wealthsimple managed portfolio (Core): $35, plus fund costs.
- Tangerine Core Portfolio: $66.50 in management and administration fees, before sales tax.
- A mutual fund with a 2% MER: Edward Jones’s own example says a 2% MER costs $20 a year for every $1,000 invested, so $140.
The gap grows with the balance. On a full $109,000 of room, XEQT’s MER is about $207 a year, a Tangerine Core Portfolio’s fees about $1,036, and a 2% fund $2,180. Investments can also lose money in any year, which cash can’t; XEQT’s 13.94% annualized five-year return to September 30, 2026 is history, not a forecast. To project a balance, use the TFSA growth calculator.
Which TFSA accounts should you avoid?
Avoid high-fee mutual funds, uninvested cash that earns nothing, and small-account or exit fees you could sidestep; each costs more over time than the account’s headline suggests.
- High-fee funds sold as “a TFSA”. The Ontario Securities Commission says mutual fund MERs range from less than 1% to more than 3%, and front-end sales charges can be up to 5%. Some advisor firms also charge account fees; Edward Jones lists $50 a year for a TFSA. Your first full picture of these costs arrives with total cost reporting, early 2027 (covering costs up to December 31, 2026), so read that statement closely.
- Cash that sits idle. Questrade pays 0% at current prime rates — Questrade's formula for CAD cash is prime minus 8.50%, and a negative result pays 0%, and CIBC lists 0.00% on cash balances (CAD and USD), in registered and non-registered accounts. Contributions left uninvested in a brokerage TFSA earn nothing until you buy something.
- Small-account and exit fees. TD charges $25 a quarter when your household's TD Direct Investing accounts total less than $15,000, unless you qualify for a waiver; CIBC charges $100 a year when the total market balance of all your Investor's Edge accounts is $10,000 or less; Qtrade charges $125, including emptying a TFSA (FHSAs excepted). Most of the brokerages in this guide charge $150 to transfer an account out.
- Using a TFSA like a chequing account. Money you withdraw only becomes room again on January 1 of the following year. Re-contributing sooner without spare room is an over-contribution, which the CRA taxes every month until it’s removed. The TFSA withdrawal rules guide walks through examples.
- Day trading. The CRA can treat profits from frequent, business-like trading in a TFSA as taxable business income.
- US dividend stocks you meant for an RRSP. Foreign dividends paid to a TFSA could be subject to foreign withholding tax, per the CRA's TFSA guide, and the CRA’s foreign tax credit only applies to foreign income you include on your return, which TFSA income isn’t, so that tax can’t be recovered. Under the Canada–US tax treaty, dividends paid to retirement plans such as an RRSP are exempt from US tax, as long as the plan is operated exclusively to provide pension, retirement or employee benefits. A Canadian-listed ETF avoids the currency conversion fee, not the withholding inside the fund. The TFSA vs RRSP guide covers which account to fill first.
What does Reddit say is the best TFSA account in Canada?
A common recommendation in Canadian personal-finance threads is a self-directed TFSA at a no-commission brokerage holding one all-in-one ETF, and YieldMaple’s fee checks mostly back that up.
The cost argument holds: an all-in-one ETF such as XEQT charges a 0.19% MER and rebalances inside the fund, and Wealthsimple, Questrade, BMO InvestorLine and Qtrade all charge nothing to buy it. The Wealthsimple-or-Questrade debate usually comes down to US dollars: if you’ll hold US-listed stocks, Questrade’s ability to keep US dollars in the TFSA matters; if you’ll hold Canadian-listed ETFs, Wealthsimple’s simpler app and fractional shares win.
Where the standard advice is incomplete:
- Money you’ll need soon shouldn’t be in stocks. A TFSA savings account or GIC fits that job.
- People who sold in the last downturn may be better served by a managed portfolio that includes bonds, even at 0.50% a year or 0.25%, than by an all-stock ETF they abandon.
- Big transfers can earn more from a switching offer than from any fee difference. 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 in cash back, if you register by October 23, 2026, transfer by November 30, 2026 and keep the assets there until November 30, 2028; half the reward is paid by December 31, 2027 and the rest by December 31, 2028. On a $50,000 TFSA that’s $1,500, against $500 from Wealthsimple’s transfer match, which is paid over 24 months.
What should you do before new TFSA room arrives on January 1, 2027?
New TFSA room arrives on January 1, 2027, along with any amount you withdrew in 2026, so open the account you want before then.
- Know your room. The 2026 limit is $7,000, and the 2027 limit is not announced yet (CRA normally publishes the next year's TFSA limit in November). Past limits were 2009–2012 $5,000; 2013–2014 $5,500; 2015 $10,000; 2016–2018 $5,500; 2019–2022 $6,000; 2023 $6,500; 2024–2026 $7,000. Room starts the year you turn 18, if you're a resident of Canada (and no earlier than 2009). The CRA advises working from your own records, because the room shown in your CRA account may not include this year’s transactions yet.
- Don’t re-contribute 2026 withdrawals early. They come back on January 1 of the following year, not the day you withdraw.
- Watch the offer deadlines. Tangerine’s new-client rate needs a Client Number created by November 30, 2026. TD’s transfer offer requires registration by October 23, 2026. For Qtrade’s new-client offer, apply by January 5, 2027 and fund the account by February 5, 2027; a new $7,000 deposit would earn $350 if it stays until February 5, 2028 (withdrawals or transfers out before then reduce the bonus). Wealthsimple’s new-client bonus is $25 through an affiliate link.
- Automate January. Set a recurring contribution and a recurring buy so the new room goes to work on the first business day of the year.
For the full rules, including how unused room carries forward, see the TFSA contribution limit guide.
Can you have more than one TFSA, and how do you switch?
Yes: you can hold TFSAs at several institutions, but your contribution room is shared across all of them, and switching should be a direct transfer, not a withdrawal.
A common setup is two TFSAs: an investing TFSA at a brokerage and a cash TFSA at a bank for an emergency fund or a near-term goal. To move one, start the transfer at the receiving institution. The CRA says a direct transfer between your TFSAs has no effect on your room, while withdrawing the money yourself and depositing it in another TFSA counts as an ordinary new contribution.
What switching costs and pays:
- Leaving: Questrade, RBC, TD, CIBC, National Bank and Qtrade each charge $150; BMO InvestorLine charges $0. At Tangerine, a fee applies when you transfer registered funds out to another institution (amount on Tangerine's fee schedule).
- Arriving at Wealthsimple: the old firm’s fee is reimbursed on transfers of $25,000 or more, up to $150 per account, as long as the account stays funded for 90 days. Transfers of $25,000 or more can also earn a match of 1% of the net amount transferred, up to $20,000, paid over 24 months; you must register first.
- Arriving elsewhere: at Questrade the old firm’s fee is reimbursed up to $150 per account; Qtrade covers up to $150 (plus applicable taxes) when you transfer $15,000 or more; RBC covers up to $200 when you transfer $15,000 or more (up to $500 for Royal Circle and Royal Distinction members); National Bank covers up to $150 plus taxes when you transfer $20,000 or more.
- Timing: Wealthsimple puts the average TFSA transfer at 2–4 weeks.
The Wealthsimple transfer guide walks through each step.
The verdict: the best TFSA account for each type of saver
Pick Wealthsimple if you’ll buy Canadian-listed ETFs with regular contributions, want fractional shares and automatic buys, or are consolidating $25,000 or more and can use the fee reimbursement and transfer match.
Pick Questrade if you buy US-listed stocks and want to keep US dollars in the TFSA, or you’re moving a smaller TFSA and want the old firm’s fee covered.
Pick BMO InvestorLine if you want a big-bank TFSA that holds ETFs and GICs together, at $0 a trade.
Pick EQ Bank if the money is cash for the next couple of years (1.50%) or has a fixed date (GICs from 3.70%).
Pick Tangerine only if you’re a new client before November 30, 2026 and will move the cash on after the promotional period; its standard rate is 0.30%.
Pick Questwealth or Wealthsimple managed if you won’t choose and rebalance investments yourself.
Pick Interactive Brokers if you convert large sums to US dollars and trade actively.
Skip Wealthsimple if you want GICs, cheap US-dollar holdings inside the TFSA, or branch service. It’s the right TFSA for a lot of people, not for everyone.
This page is general education, not financial advice; the right account depends on your timeline, income and other savings. For everything else Wealthsimple offers, see our complete Wealthsimple guide.