Best Robo-Advisors in Canada

WealthRocket to the rescue! We’ll answer some general questions about the semi-novel wealth management platform, such as what a robo-advisor is, how to choose the right one, and additional inquiries that can help you make the best decision for your future.

While still a relatively new service, there’s no shortage of reputable, trustworthy, and effective robo-advisor options available to Canadians.

Below, you’ll find a summary and review of the best robo-advisors for Canadians. Each section provides details for every provider, which will guide you in finding the right fit for your financial future.

1. Best Robo-Advisor for Canadians: Wealthsimple

Summary: You may have already heard of Wealthsimple. The Toronto-based wealth management firm is currently the largest and most well-reputable robo-advisor in Canada.

Wealthsimple debuted onto the fintech scene in 2014 exclusively as a Canadian robo-advisor and have evolved immensely since.

Today, Wealthsimple offers a variety of products, including:

• A managed robo-advisor service (Wealthsimple Invest)
• A commission-free self-directed brokerage (Wealthsimple Trade)
• A high-interest, no-fee chequing account (Wealthsimple chequing, formerly Wealthsimple Cash)
• A tax-filing service (Wealthsimple Tax, formerly SimpleTax)
• A cryptocurrency trading platform (Wealthsimple Crypto)

Wealthsimple* Invest, it’s robo-advising service and staple product, offers a wide variety of unique investing options for people seeking the hands-off investing experience.

Upon sign-up, Wealthsimple customers must fill out a brief questionnaire about their financial goals and risk tolerance. The wizard will ask questions concerning risk capacity and financial goals, determining the types of investments that go into the ETF.

Wealthsimple charges a tiered management fee of 0.50% for balances under $100,000 and 0.40% for balances of $100,000 or more, plus embedded ETF MERs that typically range from about 0.12% to 0.42%, depending on whether you choose a Core, Socially Responsible (SRI), or Halal portfolio.

The wealth management platform currently offers three tiers for investing: Core, Premium, and Generation (formerly Basic/Black/Generation), all of which come with a unique set of advantages and perks, including financial planning support and, at higher tiers, tax-loss harvesting on taxable accounts and additional benefits like enhanced support.

Additionally, Wealthsimple offers Roundup and Overflow, two settings that grant investors more opportunities to invest.

Roundup withdraws spare change from debit purchases, rounds them up to the nearest dollar, and invests. Overflow automatically withdraws excess funds for a customer’s chequing account at the investor’s discretion.

Wealthsimple also offers Socially Responsible Investing (SRI), which grants investors the opportunity to fund sustainable companies. They also provide Halal Investing, which invests in options that coincide with Islamic practices.

A minimum investment of $1 is required to open a Wealthsimple Invest account.

Wealthsimple at a glance:

• Accounts: Non-registered; TFSA, RRSP, RRIF, RESP, FHSA, LIRA, corporate, joint
• Fees (management): Tiered (0.40% – 0.50%)
• MER: Typically ~0.12% – 0.42%, depending on portfolio type
• Minimum investment: $1
• Mobile app: Yes
• Online interface: Yes
• Portfolio rebalancing: Automatic
• Extras: SRI and Halal portfolios, tax-loss harvesting for higher tiers in taxable accounts

2. Best Robo-Advisor Fees: Questrade Portfolios

Summary: Questwealth Portfolios is the robo-advising product provided by Questrade, Canada’s largest independent online brokerage, operating since 1999.

A Toronto-based, digital wealth management firm, Questwealth Portfolios offers Canada’s most competitive fees, proven to be popular with Canadian investors.

Annual fees are among Canada’s lowest, with 0.25% for balances of $1,000 to $99,999 and 0.20% for investment balances over $100,000 costs.

ETF MERs are also among the lowest, generally ranging from about 0.17% to 0.22% for standard portfolios, with socially responsible portfolios somewhat higher (often up to ~0.35%).

Account options with Questwealth Portfolios are fruitful, offering various registered and non-registered accounts such as TFSAs, RRSPs, RESPs, RIFs, LIFs, and cash accounts, to name a few.

Portfolios come with various risk tolerance options, including Conservative, Balanced, Income, Growth, and Aggressive, with Socially Responsible Investing (SRI) portfolios available.

A minimum deposit of $1,000 is required to open a Questrade Portfolios account.

Questwealth Portfolios at a glance

• Accounts: Non-registered; TFSA, RRSP, RRIF, RESP, FHSA, LIRA/LIF, corporate, joint
• Fees: (management): Tiered (0.20% – 0.25%)
• MER: Typically ~0.17% – 0.22% (higher for SRI portfolios, up to ~0.35%)
• Minimum investment: $1,000
• Mobile app: Yes (via Questrade)
• Online interface: Yes
• Portfolio rebalancing: Automatic, with tax-loss harvesting on taxable accounts

4. Best Robo-Advisor for Custom Porfolios: Justwealth

Summary: Justwealth has a strong reputation in Canada’s financial advising space. Since 2016, the Toronto-based investment firm has offered competitive rates and highly customized portfolios, including standout RESP solutions.

Justwealth’s tiered MER currently sits at 0.50% for accounts under $500,000 and 0.40% all balances over. There is a minimum management fee of $4.99 per month for all accounts, excluding RESP accounts, which comes with a minimum $2.50 fee per month.

The average underlying ETF MER is around 0.20% to 0.25%, keeping total all-in costs in a competitive range.

Canadian investors can take advantage of non-registered accounts and a wide range of registered accounts, including TFSAs, RRSPs (both traditional and spousal), RRIFs, RESPs, FHSAs, LIRAs, LIFs, and more.

Each account comes with personal portfolio management, monitored by a small, dedicated team of experts with a proven track record in Canadian finance. Justwealth is also known for its target-date RESPs, which automatically adjust risk as your child approaches post-secondary education.

A minimum investment of $5,000 is required to open a Justwealth account. This fee excludes RESPs, which do not have a minimum deposit requirement.

Justwealth at a glance

• Accounts: Non-registered; TFSA, RRSP/Spousal RRSP, RRIF, RESP, FHSA, LIRA, LIF, corporate, joint
• Fees (management): 0.50% under $500,000; 0.40% above $500,000; minimum monthly fees of $4.99 (most accounts) or $2.50 (RESP)
• MER: ~0.20%–0.25% on average
• Minimum investment: $5,000 (most accounts); $0 for RESPs/FHSAs
• Mobile app: No
• Online interface: Yes
• Portfolio rebalancing: Automatic

5. Best Robo-Advisor for High Balances: Nest Wealth

Summary: Nest Wealth is a Toronto-based digital wealth management platform founded in 2014.

As a robo-advisor, they are renowned for their transparency and fixed-pricing tiers, along with the personal touch that they add to custom portfolios.

Nest Wealth’s onboarding wizard guides investors through the sign-up process and builds a tailored ETF portfolio based on age, investment amount, and goals (for example, retirement or a home down payment).

Nest Wealth’s approach to pricing is different than its competition. The platform provides fixed-pricing at various tiers. It’s one of the only robo-advisors in Canada that offers monthly, flat-rate pricing.

Nest Wealth’s approach to pricing is different from many competitors. Rather than a pure percentage-of-assets fee, Nest Wealth Direct charges a fixed monthly subscription, with an effective management fee of 0.35% but capped between $5 and $150 per month, depending on portfolio size.

Typical fee brackets (Nest Wealth Direct) look roughly like:

• About $5/month for portfolios under $10,000
• $25/month for portfolios from $10,000 to under $25,000
• $50/month for portfolios from $25,000 to under $150,000
• $100/month for portfolios from $150,000 to under $325,000
• $150/month for portfolios of $325,000 and above

Underlying ETF MERs average roughly 0.13%.

Nest Wealth does not enforce a strict minimum balance, but you typically need at least around $1,000 before funds are fully invested in ETFs, and some reviewers note that customized ETF portfolios really start making sense once you reach higher balances (e.g., $20,000+).

Nest Wealth at a glance

• Accounts: Non-registered; TFSA, RRSP, Spousal RRSP, RESP, RRIF, corporate, trust, joint
• Fees(management): Fixed monthly subscription (~0.35% effective rate), capped between $5 and $150/month
• MER: Average ~0.13%
• Minimum investment: No strict minimum, but a practical minimum of ~$1,000+ to be fully invested
• Mobile app: No
• Online interface: Yes
• Portfolio rebalancing: Automatic

6. Best Robo-Advisor for Online Interface: BMO Smartfolio

Summary: While Bank of Montreal (BMO) is Canada’s oldest operating major bank, the financial institution is hip to automated wealth management. In fact, in 2016, BMO SmartFolio became the first robo-advising platform offered by Canada’s “Big Five” banks.

BMO Smartfolio offers various non-registered and registered account options, including TFSAs, RRSPs, RRIFs, RESPs, and in many cases FHSAs through BMO’s broader registered product lineup.

Robo-advisors are known for automated investment management. BMO Smartfolio merges this principle with active input from BMO Nesbitt Burns portfolio managers and a sizable customer service team, offering support as needed.

BMO Smartfolio charges a tiered advisory fee based on household assets:

• First $100,000: 0.70%
• Next $150,000: 0.60%
• Next $250,000: 0.50%
• Above $500,000: 0.40%

On top of this, the underlying ETFs in your portfolio carry MERs that typically average 0.20% to 0.35%.

There is also a minimum deposit requirement of $1,000 to open a BMO SmartFolio account.

Because BMO is a full-service bank, Smartfolio can appeal to customers who like keeping all their banking and investing in one place.

BMO SmartFolio at a glance:

• Accounts: Non-registered; TFSA, RRSP, RRIF, RESP and other registered accounts
• Fees (management): Tiered (0.40% – 0.70%)
• MER: Typically ~0.20% – 0.35%
• Minimum investment: $1,000
• Mobile app: Yes (via BMO InvestorLine)
• Online interface: Yes
• Portfolio rebalancing: Automatic

7. Best Robo-Advisor from a Major Bank: RBC InvestEase

Summary: The Royal Bank of Canada (RBC) is another major financial institution that isn’t shy about automated investing platforms.

RBC InvestEase is RBC’s robo-advisor. It offers reliable and secure investing, with the lavish customer service and financial product options that make major banks so attractive to Canadian investors.

RBC InvestEase offers two types of ETF investing portfolios: Standard and Responsible.

Standard, their traditional ETF portfolio, comes with a MER of 0.11% to 0.23%. Responsible, the socially conscious ETF portfolio, comes with a MER rate of 0.18% to 0.30%. Both investment portfolios come with an additional yearly management fee of 0.5% charged by RBC InvestEase.

While RBC InvestEase’s all-in fees are higher than some pure-play robo competitors, it offers simple pricing, strong brand recognition, and access to RBC advisors for guidance.

RBC InvestEase requires a minimum of $1,000 to start investing.

RBC InvestEase at a glance

• Accounts: Non-registered; TFSA, RRSP, RRIF, RESP, FHSA
• Fees (management): 0.50% annually
• MER: Standard 0.11% – 0.23%; Responsible 0.18% – 0.30%
• Minimum investment: $1,000
• Mobile app: Yes (RBC app)
• Online interface: Yes
• Portfolio rebalancing: Automatic

8. Best Robo-Advisor for Flexible Rates: ModernAdvisor

Summary: ModernAdvisor is a smaller player in the robo-advising space but punches above its weight in flexibility and customer service. The Vancouver-based firm offers low-cost ETF portfolios with clear, tiered pricing.

MordernAdvisor operates both as a robo-advisor (ModernAdvisor Digital) and a financial advising firm (Modern Advisor Personal). The latter service comes with a dedicated personal advisor and other financial products, such as mortgages and loan options.

ModernAdvisor prides itself on putting simplicity and low-cost investing at the forefront of its business model.

ModernAdvisor keeps fees simple and competitive.

Management fees for Digital portfolios are:

• 0% for balances under $10,000
• 0.40% for $10,000–$150,000
• 0.35% for $150,000–$500,000
• 0.30% for over $500,000
• ETF MERs typically range from about 0.14% to 0.21%.

ModernAdvisor also offers Socially Responsible Investing (SRI) portfolios that follow ESG criteria, plus a free 30-day trial portfolio where you can “mock invest” with pretend money to see how the platform works before funding your account.

A minimum investment of $1,000 is usually required for fully managed portfolios.

ModernAdvisor provides on-demand customer service to all customers without appointment requirements.

ModernAdvisor at a glance

• Accounts: Non-registered; TFSA, RRSP, RRIF, RESP, FHSA, corporate, joint
• Fees (management): Tiered (0% – 0.40%, depending on balance)
• MER: Typically ~0.14% – 0.21%
• Minimum investment: $1,000 for managed portfolios
• Mobile app: No (web-based interface)
• Online interface: Yes
• Portfolio rebalancing: Automatic

A robo-advisor is a wealth management platform that directs investments using algorithms on behalf of its clients. Traditionally, there is little-to-no human monitoring of day-to-day trading decisions, hence its name.

Other investments, such as stock or mutual funds, require supervision by a financial advisor, meaning that they cost more in fees and commissions, which adds up over a lifetime of investing.

Since the first robo-advisor launched in 2010, these platforms have risen steadily in popularity. In Canada, robo-advisors now manage billions in assets and are offered by both independent fintechs and major banks.

Because robo-advisors are operating online and do not require constant monitoring, fees are lower, and prior investing knowledge isn’t required.

Robo-advisors deal primarily with Exchange-Traded Funds (ETFs), which are diversified baskets containing stocks, bonds, and other investments.

Financial advisors are professional advisors who manage an investment portfolio on behalf of a client or several clients.

Financial advisors actively monitor investments and make trading decisions on behalf of their customers to maximize potential returns and help clients stay on track with their goals.

Because a human — with a professional background in wealth management — monitors and controls your investments, financial advisors generally charge higher portfolio management fees. The human touch can be well worth the cost for some investors, especially those with complex needs.

Robo-advisors, by contrast, rely on algorithms to handle most of the heavy lifting: asset allocation, rebalancing, and sometimes tax-loss harvesting. While many robo platforms still have human advisors available for guidance, the day-to-day portfolio management is mostly automated, which keeps costs lower.

It might seem a little odd to put thousands of dollars into an account managed largely by algorithms, with limited or no physical branches. Rest assured, however, that reputable Canadian robo-advisors are subject to strict regulation and investor protection rules.

Robo-advisors manage funds using rules-based strategies that track market benchmarks, and most have professional financial experts on staff to oversee portfolios and support clients.

Many investment services are members of the Canadian Investor Protection Fund (CIPF) and are regulated by the Canadian Investment Regulatory Organization (CIRO) — the national self-regulatory organization formed from the merger of IIROC and the MFDA in 2023.

• CIPF protects eligible client assets up to $1,000,000 per account category in the event a member firm becomes insolvent. It does not protect you against normal market losses.
• CIRO oversees investment firms and marketplaces, enforcing rules and best practices for dealers and advisors across Canada.

You can typically find CIPF and CIRO membership logos in the footer of your robo-advisor’s website or in the legal disclosures.

Robo-advisors are an excellent means of wealth management for those who want to invest without constantly monitoring markets or making their own trading decisions.

They’re generally more affordable than mutual funds, and over the long term, globally diversified ETF portfolios have historically provided stronger growth than guaranteed products like GICs (while still carrying market risk).

Unlike many traditional financial advisors, robo-advisors charge lower management fees, and unlike picking individual stocks, they don’t require hours of research and decision-making before you invest.

Robo-advisors are a great gateway for new investors and a convenient solution for experienced investors who want a low-maintenance, diversified portfolio. It’s easier than ever to make your money work harder for you — whether you’re saving for a home, retirement, or any other long-term goal.