If you’re a Canadian investor who likes ETFs, choosing the right brokerage account can save you a surprising amount of money.
The good news is that Canadian investors have more low-cost choices than ever. The bad news is that “commission-free ETFs” doesn’t always mean the same thing at every brokerage.
Some banks offer a few hundred ETFs that can be purchased without a trading commission. Others offer thousands of ETFs with $0 trading commissions. Some charge a commission when you buy or sell most ETFs but waive the fee on a specific list.
So, which Canadian brokerage is actually the best if your priority is getting access to as many free ETFs as possible?
I compared several of Canada’s major discount brokerages, including Scotia iTRADE, RBC Direct Investing, TD Direct Investing, BMO InvestorLine, Questrade and Wealthsimple.
And there is a clear winner.
What Does “Commission-Free ETF” Actually Mean?
Before comparing brokerages, it’s important to understand what we’re talking about.
When you buy an ETF, there are two different costs you should think about.
The first is the trading commission charged by your brokerage. For example, a brokerage might charge $9.99 every time you buy or sell an investment.
The second is the management expense ratio (MER) charged by the ETF itself.
These are completely different fees.
If you buy an ETF with a 0.20% MER through a brokerage that charges $0 to purchase it, you’re still paying the ETF’s 0.20% annual expense. You simply aren’t paying a separate trading commission to the brokerage.
For long-term investors, keeping both costs low is important.
The Best Canadian Brokerages for Free ETFs
Here is how I would rank the major platforms if access to commission-free ETFs is the primary consideration.
| Rank | Brokerage | Free ETF Approach | Best For |
|---|---|---|---|
| 🥇 1 | Questrade | $0 commission on Canadian & U.S. ETFs | Investors wanting the broadest freedom |
| 🥈 2 | Wealthsimple | $0 commission on thousands of ETFs | Beginners & simplicity |
| 🥉 3 | Scotia iTRADE | 200+ commission-free ETFs | Bank investors wanting a large free ETF list |
| 4 | RBC Direct Investing | 50+ commission-free ETFs | RBC clients |
| 5 | TD Direct Investing | Select commission-free ETFs | TD clients |
| 6 | BMO InvestorLine | Competitive pricing and ETF access | BMO clients |
The rankings deserve some explanation because there is a major difference between the first three.
🥇 1. Questrade — Best Overall for Free ETF Access
If your primary goal is to have the widest possible selection of ETFs available for $0 commission, Questrade is my winner.
Questrade currently charges $0 commission when buying or selling Canadian and U.S.-listed ETFs. In other words, you aren’t restricted to a small list of ETFs selected by the brokerage.
That’s a major distinction.
Suppose you’ve researched an ETF and decided it belongs in your portfolio. With a traditional bank brokerage, you may discover that it isn’t on the brokerage’s commission-free list.
At Questrade, the ETF itself generally isn’t the issue. Canadian and U.S.-listed ETFs qualify for $0 trading commissions.
Questrade also offers fractional-share trading for eligible Canadian and U.S. securities, including ETFs, which can be useful if you’re investing smaller amounts or want to put virtually every dollar to work.
Why I like Questrade
The biggest advantage isn’t simply that ETFs are free.
It’s the freedom of choice.
You aren’t choosing an ETF based on whether your brokerage happens to have negotiated a commission-free arrangement with that particular fund provider.
You can research the investment first and then choose the brokerage.
That’s a much better way to invest.
Best for
Questrade is particularly attractive for investors who:
- Buy and hold ETFs
- Want access to Canadian and U.S. ETFs
- Build their own portfolios
- Want fractional ETF investing
- Don’t want to be restricted to a brokerage’s preferred ETF list
My rating: ⭐⭐⭐⭐⭐
🥈 2. Wealthsimple — Best for Simplicity
If Questrade wins for flexibility, Wealthsimple may win for simplicity.
Wealthsimple offers $0 commission trading on Canadian and U.S.-listed stocks and ETFs, with thousands of securities available through its self-directed platform.
There are no trading commissions on listed Canadian and U.S. securities, and Wealthsimple also offers fractional shares on eligible securities.
For someone opening their first TFSA or RRSP, the simplicity is a major advantage.
You don’t need to worry about whether the ETF you’re interested in appears on a special commission-free list.
If it’s an eligible Canadian or U.S.-listed ETF, you can generally trade it without a commission.
So why isn’t Wealthsimple #1?
This is a close race.
For a beginner who wants a simple investing experience, I could easily make the argument that Wealthsimple is the better choice.
However, I’m ranking these brokerages specifically around ETF access and flexibility, rather than overall user experience.
Questrade has a more established full-service self-directed brokerage environment with extensive investment functionality.
Wealthsimple is an excellent choice for someone who values simplicity, automation and an easy-to-use interface.
My rating: ⭐⭐⭐⭐⭐
🥉 3. Scotia iTRADE — Best Big-Bank Choice for Free ETFs
If you prefer keeping your investments with one of Canada’s major banks, Scotia iTRADE deserves serious consideration.
Scotia currently advertises 200+ commission-free ETFs. The brokerage says these ETFs can be traded with $0 commission when held for at least one business day.
That’s a substantial list compared with some of the other major bank-owned brokerages.
This means you can build a diversified portfolio using a wide variety of ETFs without necessarily paying the usual trading commission.
Scotia iTRADE also offers additional ways to reduce trading costs for eligible Scotiabank clients. Depending on the banking package and eligibility, clients may receive additional commission-free trades.
The catch
You’re still working within Scotia’s commission-free ETF list.
If the ETF you want isn’t on that list, the normal trading commission can apply.
Scotia’s standard online commission is currently $9.99 for investors making fewer than 150 trades per quarter, although active traders can qualify for lower pricing.
For a buy-and-hold ETF investor, however, the 200+ free ETFs give Scotia iTRADE a significant advantage over some of its bank competitors.
My rating: ⭐⭐⭐⭐½
4. RBC Direct Investing
RBC Direct Investing has expanded its commission free ETF offering.
RBC currently lists more than 50 commission-free ETFs covering asset classes including equities, fixed income, multi-asset funds, commodities and digital assets.
Interestingly, the RBC list includes popular all-in-one ETFs such as XEQT, XGRO and XBAL.
That’s important because an investor could potentially construct a very simple long-term portfolio using one of the commission-free all-in-one ETFs.
The problem is that the list is much smaller than Scotia iTRADE’s 200+ ETFs and considerably narrower than Questrade or Wealthsimple’s broader $0 commission model.
If you are already an RBC client and your preferred ETFs are on the commission-free list, however, RBC Direct Investing can be perfectly reasonable.
My rating: ⭐⭐⭐⭐
5. TD Direct Investing
TD Direct Investing takes a somewhat different approach.
Rather than making every ETF commission-free, TD offers a select list of commission-free ETFs.
TD’s current list includes ETFs from several providers and covers Canadian and U.S.-listed products.
For ETFs outside the commission-free list, TD’s standard online commission is currently $9.99 for a full-share trade, while select ETFs are available for $0.
TD does have one interesting alternative worth mentioning: TD Easy Trade.
Easy Trade provides up to 100 commission-free stock or ETF trades per year, including partial-share trades, with no account minimum or monthly account fee.
That’s potentially attractive for someone making relatively few investments each year.
But don’t confuse TD Easy Trade with TD Direct Investing. They are different platforms with different features and pricing structures.
My rating: ⭐⭐⭐½
6. BMO InvestorLine
BMO InvestorLine is another reasonable choice for Canadians who want to invest through a major Canadian bank.
Its biggest advantage may not be a particular commission-free ETF list. Rather, it is the combination of BMO’s self-directed investing platform, research capabilities and integration with the broader BMO ecosystem.
For investors who already bank with BMO, convenience can be a legitimate consideration.
However, if your single most important criterion is the number of ETFs you can trade commission-free, I would put Questrade, Wealthsimple and Scotia iTRADE ahead of BMO.
What About Wealthsimple vs. Questrade?
This is probably the comparison I would spend the most time thinking about if I were opening a new account today.
Both provide $0 commission ETF trading.
So how do you choose?
Choose Wealthsimple if you value:
Simplicity.
The platform is designed to make self-directed investing easy. It’s particularly attractive to someone opening their first TFSA, RRSP or FHSA.
Choose Questrade if you value:
Flexibility.
Questrade is particularly attractive if you want a more traditional self-directed brokerage experience, access to a broad range of investments and the ability to trade Canadian and U.S. ETFs without commissions.
For experienced DIY investors, I give Questrade the edge.
For someone completely new to investing, Wealthsimple may actually be the better experience.
What About the Big Banks?
This is where things get interesting.
There is still a strong argument for using a bank-owned brokerage.
If you already bank with RBC, TD, Scotiabank or BMO, having your investments and banking under one roof can be convenient.
You may also benefit from:
- Easier transfers between accounts
- A familiar online banking environment
- Access to research tools
- Integration with other banking products
- In-person support in some circumstances
But convenience shouldn’t automatically mean paying more.
If you are going to invest $500 every month, even a $9.99 trading commission can become meaningful if you’re paying it repeatedly.
That’s why commission-free ETF investing has changed the game.
A $10 Commission Doesn’t Sound Like Much — Until It Adds Up
Imagine you’re investing $500 every month.
If your brokerage charges $10 every time you purchase an ETF, you’re paying:
$10 × 12 = $120 per year
That might not sound significant.
But suppose you’re investing for 30 years.
That’s potentially $3,600 in commissions, before considering the investment growth that money could have generated.
And if you make multiple trades each month, the cost can become much larger.
This is why commission-free investing is particularly attractive for people who make regular contributions.
Don’t Choose a Brokerage Based Only on Trading Commissions
There’s one important warning.
$0 commission doesn’t mean $0 cost.
Before opening an account, look at the entire fee structure.
For example, investors should consider:
- Foreign-exchange fees
- Account administration fees
- Transfer fees
- Withdrawal fees
- Data fees
- Options fees
- Margin interest
- ETF MERs
Foreign exchange is particularly important for Canadians buying U.S.-dollar investments.
A brokerage could charge $0 commission while still making money through currency conversion.
For example, Wealthsimple currently lists a 1.5% currency conversion fee for CAD/USD conversions in its standard pricing.
If you’re investing substantial amounts in U.S. securities, that can matter considerably more than a $10 trading commission.
What About Buying ETFs in a TFSA?
For most long-term Canadian investors, a TFSA is one of the first accounts worth considering.
You can hold ETFs inside your TFSA and any investment growth and withdrawals are generally tax-free, subject to the normal TFSA rules.
That makes the combination of:
TFSA + diversified ETF + $0 trading commission
an extremely powerful setup for a long-term investor.
The same concept applies to RRSPs and FHSAs, although the tax treatment of each account is different.
My Ranking
If I were ranking these brokerages specifically for Canadian investors who want access to commission-free ETFs, my ranking would be:
🥇 #1 — Questrade
Best overall for ETF freedom.
You aren’t restricted to a small commission-free list. Canadian and U.S.-listed ETFs are available at $0 commission, making Questrade my overall winner for this specific category.
🥈 #2 — Wealthsimple
Best for simplicity.
Thousands of stocks and ETFs can be traded commission-free, and the platform is particularly appealing for newer investors.
🥉 #3 — Scotia iTRADE
Best major-bank brokerage for ETF selection.
With 200+ commission-free ETFs, Scotia iTRADE is the standout among the major bank-owned platforms I reviewed.
#4 — RBC Direct Investing
A good choice if you’re an RBC client and your preferred ETFs are among its 50+ commission-free offerings.
#5 — TD Direct Investing
A strong full-service bank brokerage, but its commission-free ETF selection is more limited.
#6 — BMO InvestorLine
A solid bank-owned option, particularly for existing BMO customers, but not my first choice if maximizing free ETF access is the primary objective.
The Winner: Questrade
If you asked me:
“I am a Canadian DIY investor. I want to buy ETFs regularly and I don’t want to worry about whether the ETF is on a special commission-free list. Which brokerage would you choose?”
My answer would be Questrade.
The reason isn’t simply that Questrade advertises $0 ETF commissions.
It’s the combination of broad ETF availability, $0 commissions on Canadian and U.S.-listed ETFs, fractional investing and a full self-directed brokerage platform.
That gives investors something extremely valuable:
choice.
You can choose the ETF because you believe it’s the right investment—not because your brokerage happens to offer it commission-free.
That said, Wealthsimple is a very close second, particularly for newer investors who value simplicity. And if you strongly prefer a traditional bank, Scotia iTRADE is the clear bank-owned winner for ETF selection, with more than 200 commission-free ETFs.
Ultimately, the best brokerage is the one that gives you the investment choices you want at a cost you can live with.
But if your number-one priority is the ability to buy a wide range of ETFs without paying trading commissions, Questrade gets my vote.
