Use this brokerage fee calculator for Canada to see what a year of investing costs at Wealthsimple, Questrade and TD Direct Investing, counting both trading commissions and the currency conversion you pay to buy US stocks. Enter your own numbers and the cheapest brokerage for your habits is highlighted. YieldMaple checked each brokerage’s published pricing and fee pages on September 23 and 24, 2026, and every rate on this page comes from those pages. Further down, a sourced table lists the same fees for seven more Canadian brokerages.
How does the brokerage fee calculator work?
The calculator multiplies your trades by each brokerage’s commission, adds the published conversion cost on your US purchases, and highlights the lowest yearly total.
- Stock or ETF trades per year. Count every buy and every sell. At Wealthsimple ($0) and Questrade this line stays at zero; at TD Direct Investing each trade costs $9.99 on standard pricing.
- US stocks bought per year (in CAD). The Canadian-dollar amount you convert to buy US-listed shares. Leave it at zero if you only buy Canadian-listed ETFs such as XEQT or VFV, which trade in Canadian dollars on the TSX.
- Wealthsimple plan. Core, or Premium and Generation (from $100,000 in assets). The plan changes the price of the USD account: $10 a month for Core clients; free for Premium and Generation.
- Questrade FX rate. Questrade’s main commissions page doesn’t state a conversion rate, so this box starts empty and the Questrade row reads “enter rate” until you fill it in. Questrade’s separate transaction-fee page lists 1.5% on Canadian-to-US-dollar conversions and back, built into the exchange rate Questrade applies, so type 1.5 to use the published figure.
Two assumptions shape the result. First, the calculator treats a year of US purchases as one conversion, which sets the size tier at TD and in the Wealthsimple USD account; converting in smaller pieces pushes both toward their highest rates. Second, it counts conversion one way only. Wealthsimple and Questrade charge their fee again when you convert US dollars back to Canadian dollars after a sale. TD’s row uses standard pricing, so if every ETF you buy is on TD’s commission-free list, set trades to zero: the other two brokerages charge nothing for those trades either. TD’s currency figure uses its published spread only. TD’s FX pricing page says a surcharge is added on top of that spread, so treat TD’s conversion cost in the calculator as a floor, not the full amount. TD’s own FX examples also measure the transaction size in US dollars, while the calculator picks TD’s tier from the Canadian-dollar amount you enter, so a purchase just above a tier line in Canadian dollars can land in TD’s higher-priced tier. The worked examples below use amounts that fall in the same tier either way.
Canadian brokerage fees at a glance: Wealthsimple vs Questrade vs TD
| Feature | Wealthsimple | Questrade | TD Direct Investing |
|---|---|---|---|
| Stock and ETF commission | $0 (better on this row) | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs (better on this row) | $9.99 per trade (standard pricing) |
| Commission-free ETFs | All listed Canadian and US ETFs | All listed Canadian and US ETFs | 108 ETFs on TD's list |
| Converting CAD to USD (from a CAD account) | 1.5% | 1.5% | 1.07% under $10,000; 0.97% to $24,999; 0.70% from $25,000 (published spread, plus a surcharge) |
| Holding US dollars | USD account: $10 a month for Core clients; free for Premium and Generation | free — every account can hold both Canadian and US dollars (better on this row) | US-dollar side on cash and margin accounts, RRSPs (except Basic RRSPs), RIFs, RLSPs, LRSPs and TFSAs; RESPs and RDSPs are Canadian-dollar only |
| Account fees | $0 to open; minimum: none | none — no annual account fees and no inactivity fees | $25 a quarter when your household's TD Direct Investing accounts total less than $15,000, unless you qualify for a waiver |
| Transfer fees | Repays your old brokerage's exit fee on transfers of $25,000 or more (up to $150 per account) | $150 per account to leave | $150 to leave |
| Options | US$0 per contract | $0 commissions on US equity options contracts | $9.99 plus $1.25 per contract ($7.00 plus $1.25 per contract with 150+ trades a quarter) |
Sources: wealthsimple.com pricing page and Trade fee schedule; questrade.com self-directed commissions and transaction-fee pages; td.com Direct Investing pricing, FX pricing and commission-free ETF pages. Checked September 23–24, 2026.
The first row is the headline: Wealthsimple and Questrade charge $0 commission, and TD charges $9.99 a trade outside the 108 ETFs on its free list. On conversion, Wealthsimple charges 1.5% and Questrade 1.5%. TD’s published spread is lower, 1.07% under $10,000, 0.97% from $10,000 to $24,999 and 0.70% from $25,000, but TD’s FX pricing page says a surcharge is added on top, so the true gap is narrower than those tier rates suggest. For holding US dollars, Questrade’s dual-currency accounts are free — every account can hold both Canadian and US dollars. Wealthsimple’s USD account costs $10 a month on Core and nothing on Premium or Generation. TD gives a US-dollar side on cash and margin accounts, RRSPs (except Basic RRSPs), RIFs, RLSPs, LRSPs and TFSAs; RESPs and RDSPs are Canadian-dollar only. Opening a Wealthsimple account costs $0, and Wealthsimple lists its self-directed account minimum as none.
How much are trading fees in Canada?
Canadian online stock and ETF commissions run from $0 at Wealthsimple, Questrade, BMO InvestorLine, National Bank and Qtrade to $9.99 a trade at TD Direct Investing.
Here is the same comparison across ten brokerages, using only figures from each firm’s own pricing page:
| Feature | Online stock and ETF commission | Converting CAD to USD (smaller amounts) | Account fees and minimums |
|---|---|---|---|
| Wealthsimple | $0 (better on this row) | 1.5% from a CAD account | $0 to open; minimum: none |
| Questrade | $0 to buy and sell Canadian and U.S.-listed stocks and ETFs (better on this row) | 1.5% | none — no annual account fees and no inactivity fees |
| TD Direct Investing | $9.99 (free on 108 ETFs) | 1.07% under $10,000, plus a surcharge | $25 a quarter under $15,000, unless waived |
| RBC Direct Investing | $9.95 (free on 50+ ETFs) | about 1.6% on conversions up to US$24,999 | $0 (no quarterly or annual maintenance fee and no minimum balance) |
| CIBC Investor's Edge | $6.95 (free on 200+ ETFs) | 1.6% (225 basis points) on conversions up to US$24,999.99 | $100 a year under $10,000, with exemptions |
| BMO InvestorLine | $0 (better on this row) | about 1.6% on conversions under US$25,000 | $0 (BMO says all brokerage account administration fees are now eliminated) |
| National Bank Direct Brokerage | $0 (better on this row) | about 1.70% on conversions up to US$24,999 | $100 a year under $20,000, with exemptions |
| Qtrade | $0 (better on this row) | 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 | no minimum deposit; US$15 a quarter per account for a US-dollar RRSP, RRIF or TFSA |
| Interactive Brokers | 1 cent a share on Canadian stocks, with a $1.00 minimum | 0.002% of the amount (US$2.00 minimum) (better on this row) | no account minimum and no inactivity fee (US$0 for both) |
| Moomoo Canada | CA$0.0149 a share, with a CA$1.49 minimum per order | 0% fee, plus an unpublished spread | $0 account fees |
Sources: each brokerage's own pricing and fee pages (wealthsimple.com, questrade.com, td.com, rbcdirectinvesting.com, investorsedge.cibc.com, bmo.com, nbc.ca, qtrade.ca, interactivebrokers.ca, moomoo.com/ca), checked September 2026. Commissions are for online trades of Canadian-listed stocks and ETFs; bank conversion rates are the brokerages' own rounded estimates, and CIBC states its spread both in basis points of the exchange rate and as a percentage.
Five charge no online commission. Wealthsimple and Questrade are joined by BMO InvestorLine, which lists $0 per stock or ETF trade on Canadian and US exchanges, online or agent-assisted; National Bank Direct Brokerage, at $0 on online Canadian and U.S. stock and ETF trades; and Qtrade, at $0 on stock, ETF and mutual fund trades. Their account fees differ. BMO lists administration fees of $0 (BMO says all brokerage account administration fees are now eliminated). National Bank charges $100 a year per account root below $20,000 in eligible assets, unless you qualify for an exemption such as being 30 or younger on May 31. Qtrade has no minimum deposit but charges US$15 a quarter per account for a US-dollar RRSP, RRIF or TFSA (no fee on FHSAs; waived for Investor Plus).
Three banks still charge per trade but keep free-ETF lists. TD is covered above. RBC Direct Investing charges $9.95 per online or mobile trade but lets every account trade 50+ ETFs free, iShares ETFs, including XEQT, XGRO, XBAL, XIC and XUS, and lists a maintenance fee of $0 (no quarterly or annual maintenance fee and no minimum balance). CIBC Investor’s Edge charges $6.95 per online stock or ETF trade, with 200+ free ETFs including VFV, VEQT, XGRO and XBAL, but not XEQT, plus a $100 annual fee when your combined balance is under $10,000.
Bank brokerages publish their conversion spreads by size. On smaller conversions, BMO lists about 1.6% on conversions under US$25,000, RBC about 1.6% on conversions up to US$24,999, CIBC 1.6% (225 basis points) on conversions up to US$24,999.99 and National Bank about 1.70% on conversions up to US$24,999. TD publishes 1.07% under $10,000 but, per its FX pricing page, adds a surcharge on top of the spread. Qtrade’s conversion cost is 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.
Interactive Brokers and Moomoo charge by the share. Interactive Brokers charges 1 cent a share, with a $1.00 minimum and a cap of 0.5% of the trade value per order on Canadian stocks and ETFs, converts currency for 0.002% of the amount (US$2.00 minimum), and has no account minimum and no inactivity fee (US$0 for both). Moomoo Canada charges CA$0.0149 a share, with a CA$1.49 minimum per order on Canadian stocks and ETFs, lists a currency fee of 0% (waived until further notice), but conversions use Moomoo's own exchange rate, which includes a spread Moomoo doesn't publish, and has $0 account fees. Per-share pricing means a minimum charge on every order, so it only beats a no-commission brokerage when you need those platforms’ tools, markets or cheap currency conversion.
The calculator above covers Wealthsimple, Questrade and TD. To price any other brokerage in the table, use the same method by hand: trades times commission, plus your US purchases times its conversion rate. The head-to-head pages go deeper: Wealthsimple vs RBC Direct Investing, Wealthsimple vs CIBC Investor’s Edge, Wealthsimple vs BMO InvestorLine, Wealthsimple vs National Bank Direct Brokerage, Wealthsimple vs Qtrade and Wealthsimple Trade vs Moomoo. Away from Wealthsimple, the fee comparison of Questrade and Interactive Brokers sets those two side by side.
Why can currency conversion cost more than commissions?
A percentage fee grows with every dollar you convert while a commission stays flat, so converting $15,000 at 1.5% costs $225, more than 22 trades at TD’s standard rate.
Here is what one conversion of $15,000 costs at each brokerage, one way:
- Wealthsimple, from a CAD account: $225
- Questrade: $225
- Wealthsimple USD account: $150, plus $120 a year for the account on the Core plan
- TD Direct Investing: $145.50 at the published spread, plus the surcharge TD adds on top
- Interactive Brokers: the US$2.00 minimum
Sell those shares later and bring the money home, and Wealthsimple and Questrade charge their fee again on the way back: about $450 for the round trip if the shares hold their value.
Four ways to shrink the conversion bill:
- Buy the Canadian-listed version. ETFs such as VFV and XEQT hold US stocks but trade in Canadian dollars, so there’s no conversion at all. Our guide on how to buy US stocks in Canada covers when the US-listed version is still worth it.
- Hold US dollars instead of converting back and forth. Questrade’s accounts are free — every account can hold both Canadian and US dollars. Wealthsimple’s USD account costs $10 a month on Core (free on Premium and Generation), and conversions into it are tiered: 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000.
- Use Norbert’s Gambit for large sums. You buy a dual-listed security in Canadian dollars, move it to the US-dollar side and sell it. At Questrade the journaling step costs $9.95 per online journaling request (free and unlimited with Questrade Plus). Run your numbers in the Norbert’s Gambit calculator.
- Convert at Interactive Brokers. Its conversion commission is 0.002% of the amount (US$2.00 minimum), and buying a US stock directly with Canadian dollars there costs typically 0.03% added to the exchange rate, with no separate commission.
What does a year of trading cost? Three worked examples
A year costs from $0 for a monthly Canadian-ETF buyer at Wealthsimple or Questrade to $600 for someone converting $40,000 through a Wealthsimple CAD account or Questrade.
All three examples use the calculator’s own method, so you can enter the same numbers to check each one.
Monthly ETF buyer: 12 trades, no US stocks
- Wealthsimple: $0
- Questrade: $0
- TD Direct Investing: $119.88 on standard pricing, or nothing if your ETF is on TD’s free list. That list had 108 funds on September 24, 2026, including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT.
TD’s maintenance fee of $25 a quarter on households under $15,000 needs watching here. Per TD’s pricing page, three or more trades that incur a commission in the previous quarter waive it, and free-list ETF trades carry no commission. A small TD account buying only free-list ETFs can instead avoid the fee with a pre-authorized contribution plan that meets TD’s monthly minimum, or through one of the other waivers TD lists. A monthly XEQT buyer who wants a bank brokerage can also look at RBC Direct Investing, whose free list includes XEQT.
US-stock buyer: 24 trades, $15,000 converted
- Wealthsimple (CAD account): $225
- Wealthsimple (USD account, Core): $270, or $150 on Premium or Generation
- Questrade (with 1.5 entered): $225
- TD Direct Investing: $385.26, plus TD’s FX surcharge
Commissions decide this one. TD’s lower published spread saves at most $79.50 on the conversion, and less once its surcharge is added, but 24 commissions cost $239.76. On Core, a Wealthsimple CAD account beats the USD account at this size: the USD account’s lower tier saves $75 on the conversion but adds $120 a year.
Large converter: 6 trades, $40,000 converted at once
- Wealthsimple (CAD account): $600
- Questrade (at the published 1.5%): $600
- Wealthsimple (USD account, Core): $320, or $200 on Premium or Generation
- TD Direct Investing: $339.94, plus TD’s FX surcharge
Here the percentage is the whole story. Even before TD’s surcharge, a Core Wealthsimple USD account costs $19.94 less than TD, and a Premium or Generation client pays the least of any option here. Neither Wealthsimple’s CAD account nor Questrade’s standard conversion suits this investor. Questrade becomes competitive again with Norbert’s Gambit, where the fixed $9.95 journaling fee replaces the percentage fee, and Interactive Brokers’ conversion commission would be the US$2.00 minimum.
Is Wealthsimple cheaper than Questrade?
Not on trading fees: Wealthsimple and Questrade both charge $0 commission on stocks and ETFs, and Wealthsimple’s 1.5% conversion fee matches Questrade’s 1.5%.
The differences sit around the edges.
Where Questrade comes out ahead
- Holding US dollars. Every Questrade account can hold both currencies for free. Wealthsimple’s USD account costs $10 a month on Core, which is $120 a year.
- Norbert’s Gambit. Questrade’s journaling fee is $9.95 per online journaling request (free and unlimited with Questrade Plus), which turns a large conversion into a flat cost. Questrade Plus costs $19.99 a month, so it only pays for itself if you journal often.
- Account types. Questrade opens trust, estate and partnership accounts, which aren’t on Wealthsimple’s self-directed list (TFSA, RRSP, FHSA, RESP, LIRA, RRIF, non-registered (cash and margin), and corporate accounts).
Where Wealthsimple comes out ahead
- Large conversions into a USD account. Wealthsimple’s fee steps down by size, 1.5% under $10,000; 1.0% from $10,000; 0.5% from $25,000; 0% from $100,000, and the account is free from $100,000 in assets. Questrade’s transaction-fee page lists a single rate of 1.5%.
- Fractional shares. Wealthsimple: yes — thousands of Canadian and US stocks and ETFs. Questrade: hundreds of eligible Canadian and US stocks and ETFs, from $1, commission-free, in any self-directed account.
- Margin. Wealthsimple’s Core CAD margin rate is 4.95%. Questrade charges CAD prime + 4.25% on balances under $100,000, which works out to 8.70% at its current prime of 4.45%.
For the full account-by-account breakdown, see Wealthsimple vs Questrade and every Questrade fee, itemized, or check Questrade's current pricing .
When is TD Direct Investing cheaper?
On ongoing fees, TD Direct Investing beats Wealthsimple only when you convert currency but pay few commissions, since its edge is a lower published spread and standard trades cost $9.99.
If every ETF you buy is on TD’s commission-free list, TD’s trading cost drops to zero, but that only ties Wealthsimple and Questrade; it doesn’t beat them. The list includes US-listed funds as well as Canadian ones (including VFV, VEQT, VGRO, VBAL, SPY, QQQ and TD's own ETFs such as TEQT, but not XEQT), so a buyer of the US-listed ones pays no TD commission, only the conversion.
The currency edge is small. On a $15,000 conversion, TD’s published spread is $79.50 below Wealthsimple’s CAD-account fee, the price of about eight TD commission trades, and TD’s surcharge on top of the spread eats into that gap. In practice, TD’s lower spread only pays off for someone who converts a lot and makes very few commission trades.
TD also has cheaper routes than standard pricing:
- TD Easy Trade gives 100 free trades a year, then charges $9.99 a trade ($1.99 for partial-share orders of less than one share). It has no maintenance fees, no fees for U.S. dollar accounts and no minimum balance, but it’s a phone or tablet app only — you can't use it in a desktop browser, and it offers a TFSA, FHSA, RRSP and cash (non-registered) account, individual only.
- Active Trader pricing drops the commission to $7.00 per trade with 150 or more trades a quarter.
- Partial-share orders cost $1.99 per trade.
Other TD costs to know: withdrawing a registered account in full costs $100 (not charged on RDSPs, RESPs, TFSAs, FHSAs or RRIFs), partial RRSP withdrawals cost $25 per partial withdrawal from an RRSP, LIRA or LRSP, and uninvested cash earns 0% on cash balances (CAD and USD) at every balance tier, in trading accounts and RRSPs/RIFs. CAD margin costs 6.50% at TD, against 4.95% on Wealthsimple’s Core plan.
Transfer offers can outweigh a year of fees, so check them before you move a large account. TD’s Easy Cash Offer 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 on transfers of at least $2,500, 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. Wealthsimple’s transfer match pays 1% of the net amount transferred up to $20,000 on transfers of $25,000 or more, paid over 24 months. Compare the two in Wealthsimple vs TD Direct Investing.
What fees does the calculator leave out?
The calculator leaves out account, transfer, withdrawal, options and margin costs, which can outweigh commissions on a small or rarely used account.
- Small-account 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 under $10,000, and National Bank $100 a year under $20,000, each with exemptions. Questrade has none — no annual account fees and no inactivity fees.
- Transfer-out fees. Leaving Questrade costs $150 per account, for a full or partial transfer (sales tax added where applicable); leaving TD costs $150. Wealthsimple repays your old brokerage’s fee on transfers of $25,000 or more, up to $150 per account; Questrade says another firm’s fee is reimbursed up to $150 per account.
- Withdrawal fees. Wealthsimple charges 2.5% for an instant withdrawal from an investment account; a standard withdrawal avoids it. RBC charges $50 for an RRSP withdrawal.
- Options. Wealthsimple charges US$0 per contract on equity and ETF options. Questrade has $0 commissions on US equity options contracts and charges CA$0.99 per contract on Canadian-listed options. TD charges $9.99 plus $1.25 per contract ($7.00 plus $1.25 per contract with 150+ trades a quarter). The guide to the best brokerage for options trading compares per-contract pricing across brokers.
- Margin interest. CAD margin costs 4.95% at Wealthsimple on Core, CAD prime + 4.25% at Questrade on balances under $100,000 (8.70% today), and 6.50% at TD.
For every Wealthsimple charge in one place, including the ones that only apply to crypto, chequing and managed accounts, see Wealthsimple fees, explained.
Which brokerage should you pick to keep fees low?
For most Canadians buying ETFs and some US stocks, Wealthsimple or Questrade costs least; TD only matches them on commissions when every ETF you buy is on its free list.
Pick Wealthsimple if:
- You buy Canadian-listed ETFs or stocks regularly and want $0 commissions with fractional shares for small contributions.
- You have $100,000 or more with Wealthsimple, which makes the USD account free, so large conversions into it get the size-based tiered rates without a monthly fee.
- You’re moving $25,000 or more and want your old brokerage’s exit fee covered. The steps are in our guide to transferring an account to Wealthsimple.
Pick Questrade if:
- You want to hold US dollars in every account without a monthly fee.
- You plan to convert large sums with Norbert’s Gambit.
- You need a trust, estate or partnership account.
Stay with TD if:
- Your ETFs are on TD’s commission-free list, you bank at TD, and a move isn’t worth the paperwork.
- You make very few commission trades but convert large amounts, and the all-in rate TD shows you, surcharge included, still beats a flat 1.5%.
Look at Interactive Brokers if:
- You convert large sums often and are comfortable with a complex platform. Its 0.002% of the amount (US$2.00 minimum) conversion commission is the lowest published cost YieldMaple found. See Wealthsimple vs Interactive Brokers.
Wealthsimple is the wrong pick if you convert large sums on the Core plan and don’t want a monthly USD account fee: Questrade with Norbert’s Gambit, or Interactive Brokers, will cost less. For everything else Wealthsimple offers, start with our complete Wealthsimple guide.
This page is general education, not financial advice. Brokerages change their pricing, so confirm the current fees on each company’s own site before you move money.