Canadian Brokerage Fee Calculator
Stop guessing. Calculate your exact annual trading costs across the major Canadian platforms.
Choosing the right brokerage is one of the most mathematically consequential decisions an investor makes. The difference between paying $9.99 per trade at a big bank and $0 at a discount brokerage can amount to tens of thousands of dollars in lost compounded returns over a decade.
However, the calculation is rarely as simple as looking at the headline commission rate. You must factor in your trading frequency, whether you are buying stocks or ETFs, and crucially, whether you are trading US equities and incurring foreign exchange (FX) fees.
We built this interactive calculator to demystify the fee structures of Canada's top brokerages: Wealthsimple, Questrade, Interactive Brokers (IBKR), and the standard Big Bank pricing model (like TD Direct Investing). To understand the full context behind these numbers, read our master guide on the Best Canadian Brokerages for 2026.
Estimate Your Annual Costs
How to Interpret the Results
The results generated by the calculator will likely highlight several key themes about the Canadian brokerage landscape:
The True Cost of US Trading
If you entered even a single monthly USD trade, you likely saw the Wealthsimple (Basic) and Big Bank costs skyrocket. This is the devastating impact of the 1.5% foreign exchange markup. If you are converting CAD to USD frequently, you are paying a massive hidden fee.
This is why we highly recommend using Interactive Brokers (IBKR) if you actively trade US equities. They offer spot-rate currency conversions (a flat fee of roughly $2 USD) rather than a percentage markup. You can read our full Interactive Brokers Canada Review to see why they are the best brokerage for USD trading.
Alternatively, many investors use Questrade and utilize a strategy called Norbert's Gambit to bypass the 1.5% fee. We assume the standard 1.5% fee in the calculator above for Questrade, but if you master Norbert's Gambit, Questrade's USD costs drop significantly. Compare them directly in our Questrade vs IBKR analysis.
The Power of Free ETF Purchases
If you entered zero stock trades and high numbers for CAD ETF purchases, Wealthsimple and Questrade will be the clear winners.
Wealthsimple charges absolutely nothing to buy or sell Canadian ETFs, making it arguably the best brokerage for beginners practicing dollar-cost averaging. Questrade offers free ETF purchases (though selling incurs a $4.95 commission). The big banks, conversely, will charge you $9.99 every single time you buy an ETF. For a bi-weekly contributor, this is mathematical suicide. Read our deep dive into Wealthsimple vs Questrade to see which low-cost model suits you.
When Do the Big Banks Make Sense?
If the math is so clearly against them, why do millions of Canadians still use platforms like TD Direct Investing or RBC Direct Investing?
The answer lies in scale and convenience. If you have a $500,000 portfolio and execute only four trades a year in $20,000 blocks, the $9.99 commission represents 0.05% of the trade—it is essentially rounding error. At that level, the seamless integration with your daily chequing account and access to premium institutional research (like Morningstar reports) becomes more valuable than saving forty dollars a year in commissions.
We break down this exact dynamic in our TD Direct Investing vs Discount Brokers guide, exploring when paying the premium is actually justified.
Finally, if you want the security of a big bank without the commissions, National Bank Direct Brokerage is currently the only major bank offering zero-commission trading on stocks and ETFs, though they still charge standard FX markups unless you use Norbert's Gambit.