Investing
How to Start Investing in Canada
A step-by-step guide to investing for beginners in Canada: which account to open (TFSA, RRSP or FHSA), DIY broker or robo-advisor, and what it costs. 7 brokers now charge $0 to trade.
How do I start investing in Canada?
1) Build a small emergency fund in a high-interest savings account. 2) Pay off credit card debt (20%+ interest beats any investment return). 3) Open a TFSA, FHSA or RRSP. 4) Choose a broker (do it yourself) or a robo-advisor (done for you). 5) Buy a diversified, low-cost ETF or portfolio. 6) Set up automatic contributions.
Which account should I open first?
Most beginners start with a TFSA ($7,000 of new room in 2026). First-time home buyers should open an FHSA too. Higher earners saving for retirement benefit from an RRSP’s tax refund.
Should I use a robo-advisor or invest myself?
A robo-advisor builds and rebalances a portfolio for you for about 0.25%–0.7% a year plus fund fees. Doing it yourself at a $0-commission broker with an all-in-one ETF costs about 0.2% a year. On $50,000 that’s roughly $100 versus $250–$450 a year.
| Robo-advisor | Management fee on $50,000 |
|---|---|
| Questwealth Portfolios | $125 |
| Wealthsimple Managed Investing | $250 |
| RBC InvestEase | $250 |
| Justwealth | $250 |
| CI Direct Investing | $300 |
| BMO SmartFolio | $350 |
Which brokers charge no commission?
Wealthsimple, Questrade, Qtrade, National Bank, BMO InvestorLine, Disnat, TD Easy Trade cost $0 in commissions for a typical 24 trades a year (TD Easy Trade includes 100 free trades a year; the others charge $0 per online stock and ETF trade).
How much money do I need to start investing?
As little as $1 at brokers with fractional shares, or $0–$1,000 minimums at most robo-advisors. Regular contributions matter more than the starting amount.
Official sources and further reading
Terms vary by product. Confirm the provider’s current terms before acting. This guide does not predict approval, realized value or credit-score changes. How WalletReturn calculates value