Best TFSA Investment Accounts for Canadians
Wealthsimple TFSA
Wealthsimple TFSA stands out as the best tax-free savings and investment account in Canada for its zero-commission trading, automated portfolio options, and high interest on idle cash. It’s perfect for Canadians who want a hands-off, no-fee way to grow their money tax-free—whether through smart investing or cash savings.
Rating: ★★★★★ (4.9/5)
Monthly Fee: $0
Interest Rate:
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Commission-free trading: $0 to buy/sell stocks and ETFs
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Automatic investing: Get a professionally managed TFSA portfolio with rebalancing
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Earn interest on cash: Up to 4.00% APY on uninvested funds (with direct deposit & premium tiers)
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No account minimums: Start investing with as little as $1
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Tax-free growth: All capital gains, interest, and dividends are 100% tax-sheltered within the TFSA
Best For: All Investors
Best TFSA Investing Accounts for Canadians
Best for: RBC Investors
RBC Direct Investing
4.8/5
Bonus Offer
None
Min. Deposit
$0
Monthly Fee
Trade Fee
$9.95 per trade
$0 - $25
Why it's great:
Fully integrated with your RBC banking accounts
Broad access to Canadian and U.S. stocks, ETFs, and mutual funds
Trusted platform from a Big Five Canadian bank
Key Details:
Commissions: $9.95 per trade
Minimum Deposit: $0 (but $15,000 to avoid maintenance fee)
Monthly Fees: $25 quarterly if balance under $15,000
Bonus Offer: Occasionally includes cash or commission-free trades for new clients
Best For: RBC clients seeking full-service DIY investing
Best for: Active Traders
Interactive Brokers Canada
5.0/5
Bonus Offer
Low margin rates
Min. Deposit
$0
Monthly Fee
Trade Fee
$0.01 per share
$0 - $10
Why it's great:
Ultra-low trading fees and advanced trading tools
Access to 150+ global markets
Ideal for active and international investors
Key Details:
Commissions: As low as $0.01 per share (Tiered or Fixed pricing)
Minimum Deposit: $0 (was $10,000 before 2019)
Monthly Fees: $0 with IBKR Lite (or activity-based on IBKR Pro)
Bonus Offer: Rare; IB focuses on low-cost structure
Best For: Active and global traders
Best for: TD Investors
TD Direct Investing
4.8/5
Bonus Offer
None
Min. Deposit
$0
Monthly Fee
Trade Fee
$9.99 per trade
$0 - $25
Why it's great:
Access to TD research and analyst insights
Seamless integration with TD Canada Trust accounts
Strong educational tools and investor support
Key Details:
Commissions: $9.99 per trade
Minimum Deposit: $0 (but $15,000 to avoid maintenance fees)
Monthly Fees: $25 quarterly if balance under $15,000
Bonus Offer: Periodic promos for cash or free trades
Best For: TD clients wanting convenience and research tools
Best for: All Investors
Questrade
5.0/5
Bonus Offer
$50 trade credit
Min. Deposit
$1,000
Monthly Fee
Trade Fee
$4.95 – $9.95 per trade
$0
Why it's great:
Low fees with free ETF purchases
User-friendly platform for beginners and pros alike
Strong support for registered accounts (TFSA, RRSP, etc.)
Key Details:
Commissions: $4.95–$9.95 per trade (ETFs free to buy)
Minimum Deposit: $1,000
Monthly Fees: $0
Bonus Offer: Up to $250 cash or transfer fee rebate (with promo code)
Best For: Cost-conscious DIY investors
Best for: All Investors
Wealthsimple Trade
4.8/5
Bonus Offer
$25 bonus
Min. Deposit
$0
Monthly Fee
Trade Fee
$0 on all trades
$0
Why it's great:
100% commission-free stock and ETF trading
Simple and clean mobile-first platform
No minimums or fees make it beginner-friendly
Key Details:
Commissions: $0 on all trades
Minimum Deposit: $0
Monthly Fees: $0 (Wealthsimple Plus available at $10/mo for USD trades)
Bonus Offer: $25–$50 cash with qualifying deposit
Best For: Beginners and no-fee investors