The Best Robo Advisors in Canada

The most well-known and trusted robo advisor on the market today available in Canada is Wealthsimple. Even if you’ve had no prior interest in investments, virtual brokers, or buying stocks in Canada – you’ve most likely heard the name. 

With a $0 initial deposit needed, getting started is easier than ever. With diverse portfolio types including Halal-compliant, socially responsible, beginner-friendly, and large sums of money portfolio options, there is one for everyone regardless of your budget and social necessities. You can rest assured that your money is going to the right places while helping you grow. 

All portfolio types have free auto-rebalancing on an as-needed basis, and all accounts also have access to a human advisor as well with no additional fees. There are five available portfolio types currently – Conservative, Growth, SRI, Balanced, and Halal. 

Wealthsimple is an easy and affordable way to get started with investments with no account fee and no minimum investment needed. The percentages for management fees are higher than most other robo advisors, however, and if you’re making a decent amount of coin it can start to add up. That aside, it’s simple and the top-rated robo advisor to go with whether you’re just dipping your toes in or are an advanced investor. 

Questrade is another well-known virtual broker that is top-rated within Canada is Questrade. Founded in 1999 and headquartered in Toronto, it’s also Canadian-made. 

With no annual fee and no inactivity fee, making Questrade a fantastic choice for beginners. The costs can add up depending on your needs and options chosen but overall, the cost is worth every penny. They make it incredibly simple to buy and sell stocks, registered accounts have US dollars, they offer an app hub and API to easily connect to third-party apps such as Wealthica, and overall have the best usable apps and website for keeping track of your money. 

Paperless sign-up makes it easy to start trading within three days, and ETF’s are unlimited to buy for free as well. They support all types of accounts such as RRSPs, TFSA, Margins, RESP, etc. so that you’re never out of touch with what you’d prefer to use. 

Questrade was also the first Canadian brokerage allowing holding US dollars in registered accounts, back in 2010. They’ve been around since the beginning and are worth their reputation.

If you’re an RBC customer, you can’t go wrong with looking into RBC InvestEase. 

RBC InvestEase is right in between RBC’s full-service lineup for mutual funds and self-directed Direct Investing for DIY investors. It can ease your worries about safety knowing that it’s backed and accredited by a large bank, especially when you already bank with them.  

InvestEase is integrated with the RBC Mobile App and RBC Online Banking, so you can see all of your accounts and investments in one place. You can instantly transfer money from your accounts to your investments in a snap. 

The minimum investment is zero, though your money won’t be invested until your account reaches $100. Which is fantastic if you’re just dipping your toes in as it’s one of the cheapest minimum starts for investments across the board for robo advisors. Customer service is available for all accounts and they have accredited portfolio advisors from 8 am to 8 pm EST. 

TD’s mobile-app-based robo advisor is easy and simple to use. 

If you use TD’s app and trade in only TD’s ETF’s you would pay zero account fees and only pay for the MERs that in in the ETF’s themselves. You can buy and trade any stock listed on major North American stock exchanges along with TD ETF’s. 

There are no commission fees for TD ETF’s, although other stocks have a $9.99 commission fee otherwise. When you make your portfolio, it comes with a guided experience helping you create your perfect investments. 

You determine and choose your investment goal and risk tolerance when creating your account and using the app. Your own personalized TD One-Click ETF Portfolio, which is an all-in-one portfolio for most users. It auto-rebalances itself and stays aligned to a particular risk rating. 

Vanguard was one of the first to offer low-commission trading with user-friendly investment principles and terms. 

Best for anyone wanting to invest and save their money for retirement and just deal with easy-to-understand accounts and portfolios, Vanguard can’t be beat. Their specialty is retirement, highlighting age range, asset class, account type, or use calculators to choose what you like best, so if you’re looking to specifically work on that Vanguard is second to none. 

Standard accounts have a $0 zero minimum deposit, $2,000 for options/margins, $3,000 for only mutual funds, and $50,000 for Personal Advisor Services. Different account types available are taxable, custodial, joint accounts, IRA, 401K, and more. 

Transaction fees and other costs depend on what you’re wanting to do with your account and which mutual funds you want to work with. Portfolio’s auto-balance and you can easily access your accounts online with Vanguards simple and laid out website. 

With zero minimum deposit needed, Virtual Wealth is easy and simple for every user whether you’re new or experienced with investments. 

The annual payment rate is from 0.60% to 0.35% depending on your portfolio value. You can start with no minimum deposit, $0, but it will only start investing your money at $2,000. Virtual Wealth uses low-cost ETF’s and mutual funds to make up your portfolio, and while most MER’s are between 0.72% – 0.92%, Virtual Wealth has one of the lowest at around 0.15% – If you’re worried about management fees being high, Virtual Wealth might be your ticket.  

Depending on your goals and risk tolerance, there are a number of diversified portfolios to choose from whether it’s aiming towards long-term growth, a safety net, or money to just be put into risky stocks to play around with, you can do so. 

Usability wise they do have a mobile app alongside their easy-to-follow website, and most users have found it to be the most practical and user-friendly one compared to other robo advisors that do have mobile apps as well. 

Tangerine is one of Canada’s best banks, offering low fees and great customer support. 

In 2008 they branched out with their first robo advisor and have been adding to it since. With Tangerine, you can be assured of the safety of your funds since they’re an accredited bank, and investing is even easier if you’re already a Tangerine customer. 

Automatic rebalancing, no minimum deposit, and an automatic purchase plan available makes Tangerine one of the best robo advisors in Canada for creating passive income via stocks and trading without you having to do all of the heavy lifting and number crunching. 

They have relatively low MER’s but compared to TD they are a bit higher. That said, they’re still very affordable and their global diversification along with everything being automatic (with the ability for human advice when needed at no extra cost) makes it a great choice for starters, especially if you already bank with Tangerine. 

Nestwealth was one of the first robo advisors available within Canada. 

You can open a variety of accounts with Nestwealth from TFSAs and RRSPs to Trust Accounts and Cash Accounts. Signing up should only take 10 minutes if you have all of your information ready and is done all online for processing. Funding your account can be done directly from your bank, a cash deposit through Bill Pay, or transferring funds through another brokerage account. 

They build you a custom portfolio using 7 different ETF’s including from Vanguard and BMO, creating a personalized mix of investment/return numbers and your own personal risk tolerance. 

Automatic rebalancing, investor protection, and lower fees are all good points towards Nestwealth. They also offer professional assistance at any time should you need it and they’re available via email, calling, or even text. 

Nestwealth uses a subscription-based model for their fees, allowing you to pay a flat rate based on your account-size category as opposed to a percentage. Under $75,000 is $20 per month/ $240 annually, $75k-100k is $40 per month/$480 annually, and $150k and above is $80 per month/ $960 annually. 

Another great robo advisor option available through a major bank, BMO’s SmartFolio helps you invest and use your already existing BMO bank accounts to prioritize and manage all in one place. 

TFSA, RRSP, RESP, Joint, RRIF, and non-registered accounts can be created and used through SmartFolio, enabling multiple options regardless of what you’re looking for. The minimum investment is $1,000, so if you’re looking for a zero-start-up account, BMO may not be the right choice for you. 

The fees are higher than other robo advisors, as it is a bit of a mix. You have access to professional help and advice whenever you need it and everything is always actively managed by a team of dedicated advisors as well, on top of being backed by BMO. 

The first $1,000 to $100,000 you invest has a rate of 0.70%, $150,000 is 0.60%, next $250,000 is 0.50%, while anything above $500,000 has a fee of 0.40% as the lowest. There are no withdrawal fees except for RRSP de-registration fees if you happen to do so. 

CIBC’s investment packages are on the older end of the scale when it comes to how they handle their business. It is a lot more hands-on and DIY trading than other banks, especially being a Top 5 within Canada. If you’re wanting the ability to have a more hands-on approach to your investments and enjoy researching and using tools to learn, Investor’s Edge might be for you. 

Their standard trading fees aren’t the lowest, but they are on par with most. There is no professional management support here, however, so CIBC’s Investor’s Edge is best suited for active traders or anyone that already knows a decent amount about trading and investing. There are discounts available as well for active traders and students. 

Their website’s interface could use an update, but the functionality is good, and everything is in one place for access. There are free resources available for every type of account if you wish to learn more and do more with your investments. 

Justwealth is a known robo advisor company founded in 2015, bringing Canadians closer to a just fee service while investing. 

They offer an incredible array of variety for portfolio options, including comprehensive financial planning and counselling to ensure that whatever your goal is, they will help you reach it for the long term. 

RRSPs, Spousal RRSPs, TFSA, RRIF, RESP, Life income funds, non-registered taxable accounts, and locked-in retirement funds are available to be created. The online portfolio manager also allows you to use US dollars, so if you have any to invest with you can do so. 

The portfolios listed after you’ve filled out your initial assessment are split between four general categories – Starter portfolios, Growth, Income, and Preservation portfolios. 70 different low-cost ETF portfolios using 42 ETFs from 9 different providers allow you to have a very diversified portfolio that ensures no matter what your goal is, there will be an option that you agree with.

Formerly known as Wealthbar, CI Direct Investing is a wonderful choice for Canadian expats or anyone that’s looking to get into investing with robo advisors. 

The slightly higher costs are worth it for many investors as the expert advice is detailed and can be worth it. From day one of setting up your account and working with them, you always have an accredited financial advisor at your fingertips ready to help with anything you need. 

They offer multiple different account types from basic non-registered accounts to RESPs including Quebec, to trust funds and group TFSAs and RRSPs. CI Direct’s fees for each of these accounts start at 0.60% on your first $150,000 invested, 0.40% on $150,000-500k, and 0.35% on anything over $500k. 

If you’re an expat or travel quite often, living in other countries, CI Direct is the option for you. It however isn’t available in the US or certain other countries that don’t allow it such as Iran, Egypt, etc. That said, you can open an account with CI Direct if you aren’t a Canadian citizen, as you don’t need a Canadian-based address. The minimum for this route is $25,000 to start but if you have the money it can be well worth it.