TD Direct Investing Review 2026: Big-Bank Brokerage Honest Take
TL;DR
TD Direct Investing is the most complete Canadian brokerage by account types — RDSP, RESP, LIRA, trust, corporate — with strong research tools. The trade-off: $9.99 commissions and a $25 quarterly fee under $15K make it expensive for small accounts. Best when consolidated with TD chequing or for accounts the app-first brokers don't offer.
What TD Direct Investing is
TD Direct Investing is the self-directed brokerage arm of TD Bank Group, one of Canada's Big Five banks. It is regulated by CIRO with CIPF protection, and is one of only a handful of Canadian brokerages that supports the full set of registered accounts including RDSP, RESP, LIRA, and trust accounts.
Important: this is not the same as TD Ameritrade, the US brokerage that merged into Charles Schwab in 2023. Canadians cannot open Schwab accounts; TD Direct Investing is the Canadian-resident equivalent.
Fees at a glance
| Equity commission | $9.99 flat (active traders: $7.00 with 150+ trades/quarter) |
| ETF buy / sell | $9.99 (free on a small list of TD ETFs) |
| Options | $9.99 + $1.25/contract |
| FX margin | ~1.5% (Norbert's Gambit possible via DLR/DLR.U) |
| Account minimum | None (but $25/quarter fee waived above $15K) |
| Maintenance fee | $25/quarter under $15K (some exceptions) |
| USD registered | Yes (TFSA / RRSP) |
| Investor protection | CIPF up to $1M |
Pros
- Full registered account suite including RDSP, RESP, LIRA, trust
- WebBroker research tools and analyst reports
- Easy linking with TD chequing, savings, and credit card accounts
Cons
- $9.99 flat commission is uncompetitive for small accounts
- $25 quarterly maintenance fee under $15,000 (some exceptions)
- Slow account opening compared with app-first brokers
Who it's best for
- Existing TD Bank clients consolidating chequing, savings, and investments in one place.
- Anyone needing accounts the app-first brokers don't offer (RDSP, trust, corporate).
- Investors with $50,000+ where the $25 quarterly fee disappears and bank-grade research adds value.
Who should look elsewhere
- New investors with under $15,000 — fees are punishing. Use Wealthsimple Trade or Questrade instead.
- Active traders and global ETF buyers — see Interactive Brokers Canada.
Sources
Not investment advice. Verify current pricing on td.com before opening an account. We do not accept referral commissions. 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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