Compare The Best Robo Advisors in Canada – Rank-It.ca (2024)

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 startedis easier than ever.With diverse portfolio typesincluding Halal-compliant, socially responsible, beginner-friendly, and large sums of moneyportfolio options, thereis 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-rebalancingon an as-needed basis, and all accounts also have access to ahuman 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.

Pros

• $0 minimum investment needed.
• Auto-deposit and auto-rebalancing.
• Diverse portfolio types.

Cons

• Limited finance tools.
• Account management fees are slightly higher.

Questrade is anotherwell-knownvirtual brokerthat 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 updepending on yourneeds 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 asRRSPs, 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 areworth their reputation.

Pros

• Strong web and mobile app.
• Best Brokerage awards.
• Unlimited free EFT’s purchase.

Cons

• Not the cheapestdepending on your preferences.

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

RBC InvestEaseis right in between RBC’s full-service lineupfor mutual funds andself-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.

Pros

• Low fees.
• Reliability of being owned by RBC.
• Comprehensive ETFchoices.
• Freewithdrawals.

Cons

• Account transfers cost $125.

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

If you use TD’s app and trade in only TD’sETF’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 stocklisted 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 yourportfolio,it comes with aguided experience helping you create yourperfect investments.

You determine and choose yourinvestment goal and risk tolerancewhen 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.

Pros

• Noaccount balance minimums.
• No maintenance or inactivity fees.

Cons

• Mobile app only.

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 retirementand just deal witheasy-to-understandaccounts and portfolios, Vanguard can’t be beat.Their specialty isretirement, highlighting age range, asset class,account type, or use calculators to choose what you like best, so if you’re looking to specificallywork 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 andwhich mutual funds you want to work with. Portfolio’s auto-balance and you can easily access your accounts onlinewith Vanguards simple and laid out website.

Pros

• Large mutual fund options.
• Commission-free stock.
• Low cost.
• Easy for beginners.

Cons

• Basic trading; not ideal for day traders.

With zero minimumdeposit needed, Virtual Wealth is easy and simple for everyuser whether you’re new orexperienced 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 Wealthuseslow-costETF’s andmutual fundsto make up your portfolio, and while most MER’s are between 0.72% – 0.92%, Virtual Wealthhas 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 towardslong-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 theireasy-to-followwebsite, 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.

Pros

• No minimumdeposit.
• Service fees are based on your personal account.

Cons

• Service fees can bepricier.

Tangerine is one of Canada’s best banks, offering lowfees 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 andnumber crunching.

They have relatively low MER’s but compared to TD they are a bit higher. That said, they’re still very affordable andtheir 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.

Pros

• No minimum deposit.
• Backed by Tangerine.
• Great customer support.

Cons

• Higher MER’s than TD.
• Limited options for growth.

Nestwealthwas one of the first robo advisors available within Canada.

You can open a variety of accounts withNestwealthfromTFSAs 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 doneall online for processing.Funding your account can be done directly from your bank, a cash deposit through Bill Pay, ortransferringfunds through another brokerage account.

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

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

Nestwealthuses asubscription-basedmodel 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.

Pros

• Professional financial advice included.
• Lower fees.
• Investment protection.

Cons

• MER fees can be high for certain asset classes.
• Can be slower to transfer accounts to theirs.

Another great robo advisor option available through a major bank, BMO’sSmartFoliohelps 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 andeverything 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.

Pros

• BMO customers can sync portfolios with existing BMO accounts.
• No withdrawal fees.

Cons

• Higher fees.
• No socially responsible options currently.
• No tax-loss harvesting currently.

CIBC’sinvestment 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 accountif you wish to learn more and do more with your investments.

Pros

• Competitive trading fees.
• Free research tools and reports.
• Student and active trader discounts.

Cons

• $100 annual account feefor accounts below $10k or $25k if you’re using an unregistered account.
• Mobile app and website feel a bit outdated.

Justwealthis a known robo advisor companyfounded in 2015, bringing Canadians closer toa 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 betweenfour 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.

Pros

• Over 70 different portfolio varieties.
• USD and RESP portfolios available.
• Each account has a registered manager available for assistance.

Cons

• Minimum deposit is $5,000 except for student, recent graduate, or RESP accounts.
• $5 minimum monthly fee for accounts under $10,000

Formerly known asWealthbar, 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 adviceis 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 andgroup TFSAs and RRSPs.CIDirect’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.

Pros

• Fantastic for Canadian expats.
• Great service and no hidden fees.
• Promos often such as $10,000 managed for free.

Cons

• Higher fees.
• High MER for private portfolios.