Best Brokerage for Newcomers to Canada 2026
TL;DR
For most newcomers, Wealthsimple Trade is the easiest first brokerage — fast online onboarding, $0 commissions, no credit history required. Switch to Questrade once you're investing more than ~$10K and want USD-side registered accounts. Big-bank brokers and IBKR are usually better added later, not first.
The newcomer brokerage decision in 60 seconds
Three things matter when picking your first Canadian brokerage as a newcomer:
- Onboarding friction — does the broker open an account without Canadian credit history?
- Minimums — does it require a deposit you don't have yet?
- Account types — do they offer the registered account (TFSA, FHSA, RRSP) you actually need first?
Commissions and FX margin matter eventually, but they're rarely the deciding factor in year one when balances are small.
Comparison table
| Broker | Minimum | FX margin | Newcomer-friendly | Best for |
|---|---|---|---|---|
| Wealthsimple Trade | $1 | 1.5% (or 0% on Premium / Generation) | Yes | Beginners and small accounts |
| Questrade | None | ~1.5–2.0% on auto-conversion (Norbert's Gambit available) | Yes | Long-term ETF investors |
| TD Direct Investing | None (but $25/quarter fee waived above $15K) | ~1.5% (Norbert's Gambit possible via DLR/DLR.U) | Yes | Existing TD clients and complex account needs |
| Interactive Brokers Canada | None | ~0.03% (interbank + small spread) — best in class | Limited | Active traders and global ETF investors |
Order of operations for a newcomer
- Get a SIN — required for any registered account.
- Open a Canadian chequing account — see our best bank for newcomers guide.
- File your first tax return, even with $0 income — this unlocks GST/HST credit and starts your CRA history. See first tax return as a newcomer.
- Open a TFSA at Wealthsimple Trade or Questrade — link to your chequing account, fund $100 to start, buy a Canadian-listed total-market ETF.
What about Wealthsimple Cash and high-interest accounts?
Newcomers often start with a high-interest savings account (HISA) for emergency cash, then add a brokerage for long-term investing. Both can sit at Wealthsimple — the cash account isn't a brokerage account but it's CDIC-protected and offers competitive rates.
Common newcomer mistakes
- Holding US stocks in a non-USD TFSA — every dividend gets converted at 1.5%. Use a USD-side registered account or hold Canadian-listed equivalents (e.g., VFV instead of VOO).
- Over-contributing to TFSA — your room only starts the year you become a tax resident. CRA penalizes 1% per month on excess.
- Skipping the FHSA — if you might buy a home in 5+ years and earn taxable income, the FHSA is the most tax-efficient registered account.
- Picking IBKR first — it's a great second broker but the application complexity is overwhelming during a busy first year in Canada.
Sources
- CRA — TFSA rules
- Government of Canada — First Home Savings Account (FHSA)
- Canadian Investor Protection Fund
Not investment or tax advice. Verify residency rules with CRA before contributing. We do not accept referral commissions from any broker mentioned. Last reviewed: April 18, 2026.
Editorial disclaimer
This article is published by LoonieLabs for general information only. It is not financial, tax, legal, accounting, or immigration advice and must not be relied on as such. Rules, dollar figures, interest rates, and program eligibility change — always verify with the Canada Revenue Agency, IRCC, or a qualified professional before acting. Spotted an error? See our corrections policy. Last reviewed: April 18, 2026.
Frequently Asked Questions
Written and reviewed by Shrey Patel — Founder & Editor-in-Chief
Winnipeg, MB · Figures cross-checked against official banking & credit sources · Last reviewed April 18, 2026 · LinkedIn
Founder of LoonieLabs · based in Winnipeg, MB · writes and reviews every page on the site I oversee every figure on this page personally — verified against primary sources (CRA, IRCC, Statistics Canada, the Bank of Canada, or the originating provincial ministry). LoonieLabs has no affiliate relationships with any bank, credit card, or immigration consultant featured on this site. Spotted a mistake? Tell us.
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