Best for Beginners
Wealthsimple
Commission-free trading, fractional DRIP, and the simplest onboarding make Wealthsimple the easiest entry point for new income investors.
Canadian Brokers Guide
Compare Canadian brokers for DRIP, fees, and account coverage
See which platforms support RDSP, how each broker handles DRIP, what trading fees still matter, and where income investors may face hidden tradeoffs before moving an account.
Transparency Notice
Prospyr is pursuing affiliate relationships with Wealthsimple and Questrade, but approval is still pending as of April 21, 2026. This page is editorial first: brokers are included whether or not an affiliate relationship exists, and any affiliate CTA shown below is clearly labeled as a placeholder until approval is live.
Broker Details
Everything you need to know about each platform
Click any broker to see account types, DRIP mechanics, fees, and our income investor take.
Wealthsimple
Online-first / Commission-free
DRIP ✓No RDSPAffiliate
Wealthsimple
Online-first / Commission-free
DRIP ✓No RDSPAffiliate
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPNo
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeFractional
DRIP Notes
Open market purchase - fractional shares supported. Account-wide toggle. No commission.
Stock Trade Fee$0
ETF Purchase Fee$0
Min. Balance$0
Income Investor Note
Fractional DRIP means no cash leftover. Account-wide toggle - can't turn on/off per holding.
Prospyr may earn a commission if you open an account through this link.
Questrade
Online-first / Commission-free
DRIP ✓No RDSPAffiliate
Questrade
Online-first / Commission-free
DRIP ✓No RDSPAffiliate
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPNo
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
Free DRIP on eligible Canadian and US stocks and ETFs. Whole shares only.
Stock Trade Fee$0
ETF Purchase Fee$0
Min. Balance$0
Income Investor Note
DRIP available on most Canadian dividend stocks and ETFs. No RDSP - use a bank brokerage if RDSP is needed.
Prospyr may earn a commission if you open an account through this link.
Qtrade Direct Investing
Online-first / Commission-free
DRIP ✓No RDSP
Qtrade Direct Investing
Online-first / Commission-free
DRIP ✓No RDSP
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPNo
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
Free DRIP on eligible Canadian and US stocks and ETFs.
Stock Trade Fee$0
ETF Purchase Fee$0
Min. Balance$0
Income Investor Note
No RDSP. Strong platform for dividend investors who want research alongside their income strategy.
No affiliate relationship — listed for your reference only.
National Bank Direct Brokerage
Bank-owned / Commission-free
DRIP ✓RDSP ✓
National Bank Direct Brokerage
Bank-owned / Commission-free
DRIP ✓RDSP ✓
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPYes
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
DRIP available on eligible holdings.
Stock Trade Fee$0
ETF Purchase Fee$0
Min. Balance$0
Income Investor Note
Strong value: bank-level account coverage at discount brokerage pricing. Platform quality is lower than Qtrade or Questrade.
No affiliate relationship — listed for your reference only.
TD Direct Investing
Bank-owned
DRIP ✓RDSP ✓
TD Direct Investing
Bank-owned
DRIP ✓RDSP ✓
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPYes
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeFractional
DRIP Notes
One of the most robust DRIP programs in Canada. Full share and fractional DRIP on eligible securities. Free enrollment.
Stock Trade Fee$9.99 ($7.00 active traders 150+/quarter)
ETF Purchase Fee$9.99
Min. Balance$0
Income Investor Note
If DRIP quality matters most to you, TD's program is among the best. High per-trade fees offset by strong DRIP mechanics.
No affiliate relationship — listed for your reference only.
RBC Direct Investing
Bank-owned
DRIP ✓RDSP ✓
RBC Direct Investing
Bank-owned
DRIP ✓RDSP ✓
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPYes
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
DRIP available but limited to eligible securities. Favours RBC-branded ETFs - many third-party ETFs (Vanguard, iShares, BMO) are not DRIP-eligible.
Stock Trade Fee$9.95 ($6.95 active traders 150+/quarter)
ETF Purchase Fee$9.95
Min. Balance$0 ($25/quarter maintenance fee - waived with $15K+ or 3 trades/quarter)
Income Investor Note
Important caveat: RBC's DRIP list is selective. Many popular ETFs (Vanguard, BMO, iShares) are not DRIP-eligible. Verify your specific holdings before choosing.
No affiliate relationship — listed for your reference only.
BMO InvestorLine
Bank-owned
DRIP ✓RDSP ✓
BMO InvestorLine
Bank-owned
DRIP ✓RDSP ✓
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPYes
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
DRIP available on eligible holdings. Some free ETF purchases available.
Stock Trade Fee$9.95
ETF Purchase Fee$9.95 (select free ETFs available)
Min. Balance$0
Income Investor Note
Good choice for RDSP holders wanting bank-level security. Standard bank-level trading fees.
No affiliate relationship — listed for your reference only.
CIBC Investor's Edge
Bank-owned
DRIP ✓RDSP ✓
CIBC Investor's Edge
Bank-owned
DRIP ✓RDSP ✓
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPYes
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
DRIP available on eligible holdings.
Stock Trade Fee$6.95 ($4.95 active traders)
ETF Purchase Fee$6.95
Min. Balance$0
Income Investor Note
Best bank brokerage fee rate if commission-free brokers aren't right for you. Active trader rate of $4.95 is competitive.
No affiliate relationship — listed for your reference only.
Scotia iTRADE
Bank-owned
DRIP ✓RDSP ✓
Scotia iTRADE
Bank-owned
DRIP ✓RDSP ✓
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPYes
RESPYes
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
DRIP available. Select free ETF trades available.
Stock Trade Fee$9.99 ($4.99 active traders)
ETF Purchase Fee$9.99 (select free ETFs available)
Min. Balance$0
Income Investor Note
At $4.99 active trader rate, Scotia is the most competitive Big Five bank for frequent buyers. Standard rate of $9.99 is high for infrequent traders.
No affiliate relationship — listed for your reference only.
Desjardins Online Brokerage
Credit union-owned
DRIP ✓RDSP ✓
Desjardins Online Brokerage
Credit union-owned
DRIP ✓RDSP ✓
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPYes
RESPYes
FHSAVerify
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeSynthetic
DRIP Notes
DRIP available on eligible holdings via Disnat platform.
Stock Trade Fee$6.95
ETF Purchase Fee$6.95
Min. Balance$0
Income Investor Note
Verify FHSA availability at build time. Strong option for Quebec-based income investors.
No affiliate relationship — listed for your reference only.
Interactive Brokers Canada
Global / Professional
DRIP ✓No RDSP
Interactive Brokers Canada
Global / Professional
DRIP ✓No RDSP
Account Types
TFSAYes
RRSPYes
RRIFYes
RDSPNo
RESPNo
FHSAYes
MarginYes
DRIP & Fees
DRIP SupportSupported
DRIP TypeManual
DRIP Notes
DRIP requires manual setup. Not automated like Canadian discount brokers.
Stock Trade Fee~$0.01/share (min $1.00 CAD)
ETF Purchase Fee~$0.01/share (min $1.00 CAD)
Min. Balance$0
Income Investor Note
Not recommended for DRIP-focused income investors - DRIP is manual, not automatic. No RDSP or RESP.
No affiliate relationship — listed for your reference only.
Moka
Micro-investing / Robo
No DRIPNo RDSP
Moka
Micro-investing / Robo
No DRIPNo RDSP
Account Types
TFSAYes
RRSPYes
RRIFNo
RDSPNo
RESPNo
FHSANo
MarginNo
DRIP & Fees
DRIP SupportNot supported
DRIP TypeNone
DRIP Notes
No DRIP. Automated ETF portfolio only.
Stock Trade FeeN/A
ETF Purchase FeeN/A - automatic portfolio only
Min. Balance$0
Income Investor Note
Not suitable for income investing strategy. Included for completeness - if this is your current broker, consider graduating to Wealthsimple or Questrade.
No affiliate relationship — listed for your reference only.
Income Investor Picks
Four editorial picks for common income-investor priorities
These are editorial picks, not rankings. The right platform still depends on the account types, DRIP mechanics, and fee structure that matter most to you.
Best DRIP Program
TD Direct Investing
TD stands out for one of the strongest DRIP programs in Canada, including fractional reinvestment on eligible securities.
Best RDSP Setup
BMO InvestorLine
BMO has the longest RDSP track record among major brokerages and remains a practical choice for investors who need full account support.
Best Low-Fee Option
National Bank Direct Brokerage
NBDB combines bank-backed account coverage, including RDSP, with $0 commissions across stocks and ETFs.
Disclaimer
Prospyr provides educational content and planning tools for informational purposes only and does not provide personalized investment, tax, legal, or accounting advice. Broker features, pricing, account availability, and DRIP eligibility can change, so verify details directly with each institution before opening, transferring, or funding an account. Prospyr may earn a referral fee in the future from approved affiliate partners, but that does not determine which brokers are covered or how they are described on this page.