Best Robo-Advisors in Canada (2026) – Fees, Accounts and Top Picks

Robo-advisors made index investing simple and cheap for many Canadians. They automate portfolio construction, tax-smart placement and rebalancing using ETFs, removing the need to pick individual stocks or to hire an expensive human financial planner.

This guide compares the main and best robo-advisors in Canada, explains how they differ from human advisors and self-directed investing, and highlights newer bank and financial-institution offerings that mimic robo strategies.

What Is a Robo-Advisor?

A robo-advisor is software that builds and maintains a diversified ETF portfolio for you based on your goals, time horizon and risk tolerance. There are no literal robots. It is an automated process designed by portfolio managers and implemented with code. Robo-advisors typically:

• Collect your goals and risk profile via a questionnaire
• Assign a portfolio (mix of ETFs across asset classes)
• Rebalance automatically and reinvest dividends
• Charge an annual management fee plus the ETFs’ MERs

Compared with traditional mutual funds or human advisors, robo solutions are usually far cheaper and simpler. Many robo portfolios can be opened in TFSA, RRSP, RESP and non-registered accounts.

Robo-advisor vs Human Advisor vs Self-directed

Robo-Advisor Pros

• Low fees vs typical financial advisors and many mutual funds
• Automatic rebalancing and dividend reinvestment
• Tax efficient strategies with no trading commission fees
• Discipline as algorithms don’t trade based on emotions
• Simple onboarding and mobile or web access

Robo-Advisor Cons

• Less customization than a dedicated human advisor
• You can’t overweight an industry or add single stocks
• Some platforms use proprietary ETF lists you can’t change
• Small extra management fee vs fully self-directed ETF ownership

How Robo Fees Work (What to Watch For)

There are two fees when it comes to robo-advisors:

1. Management Fee: The fee charged by the robo-advisor portfolio provider
2. Fund’s Expense Ratio (MER): The fee charged by the invested ETF

Additionally check other factors such as minimum investments and FX fees. Fee schedules change and providers offer seasonal promotions and referral bonuses.

Updated Comparison of Major Canadian Robo-Advisor

All below providers offer Non-Registered, RRSP, RESP, and TFSA accounts. Hence, under “Offered Accounts” I will only put the exceptions. Note RBC InvetEdge doesn’t support RESP.

BMO SmartFolio Robo-Advisor

1. Approach: A hybrid Passive-Active approach involving human advisors if necessary
2. Minimum Balance: $1000
3. Offered Accounts: Registered (TFSA, RRSP, RESP, RRIF), Non-Registered (Individual, Joint)
4. Fees: 0.40% to 0.70% plus ETFs MER fees (0.20% to 0.35%)
   • First $100,000: 0.70%
   • Next $150,000: 0.60%
   • Next $250,000: 0.50%
   • Over $500,000: 0.40%
5. Foreign Exchange Fee: 1.5%
6. Portfolios: Capital preservation, Income, Balanced, Long term growth, Equity growth
7. Protection: CIPF coverage up to $1M
8. SRI (Socially Responsible Investing): No
9. Signing up: BMO SmartFolio

CI Direct Investing (WealthBar) Robo-Advisor

1. Approach: A hybrid Passive-Active approach involving human advisors if necessary
2. Minimum Balance: $100
3. Offered Accounts: Offered Accounts: Registered (TFSA, RRSP, RESP, LIF, LIRA, RRIF, RDSP), Non-Registered (Individual, Joint), and Corporate
4. Fees: 0.35% to 0.60% plus ETFs MER fees (0.16% to 0.26%)
   • Under $150,000: 0.60%
   • $150,000 to $500,000: 0.40%
   • Over $500,000: 0.35%
5. Foreign Exchange Fee: None
6. Portfolios:
   • ETF Portfolios: Aggressive, Growth, Balanced, Conservative, Safety
   • Private Investment Portfolios: Balanced, Fixed Income, Global Equity, North American Equity, International Equity, Real Assets, Small Cap Equity
7. Protection: CIPF coverage up to $1M
8. SRI (Socially Responsible Investing): Yes
9. Signing up: CI Direct Investing site

Justwealth Robo-Advisor

1. Approach: A hybrid Passive-Active approach involving human advisors if necessary
2. Minimum Balance: $5000 – Except no minimum for RESP
3. Offered Accounts: Registered (TFSA, RRSP, RESP, RRIF, LIF, LIRA, FHSA), Non-Registered (Individual, Joint), and Corporate
4. Fees: Minimum $2.99 – $4.99 & 0.40% to 0.50% plus ETFs MER fees 0.20%
   • Minimum $4.99 Monthly (Except FHSA,RESP) – Minimum FHSA, RESP $2.99 Monthly
   • First $500,000: 0.50%
   • Over $500,000: 0.40%
5. Foreign Exchange Fee: None
6. Portfolios: More than 80 portfolios including more than 40 ETFs
7. Unique Target Date RESP portfolio which changes the risk based on child’s age
8. Protection: CIPF coverage up to $1M
9. SRI (Socially Responsible Investing): Yes
10. Signing up: Justwealth

ModernAdvisor Robo-Advisor

1. Approach: A hybrid Passive-Active approach involving human advisors if necessary
2. Minimum Balance: $1000
3. Offered Accounts: Registered (TFSA, RRSP, RESP, RRIF, LIRA), Non-Registered (Individual, Joint), Corporate
4. Fees: Minimum $2.5 monthly to 0.50% plus ETFs MER average 0.34%
   • Minimum $2.5 monthly for the first 2 accounts, $5 per additional account
   • First $250,000: 0.50%
   • Next $750,000: 0.40%
   • Next $4 Million: 0.30%
   • Over $5 Million: 0.20%
5. Foreign Exchange Fee: None
6. Portfolios: Core & SRI each with 10 Risk Levels based on differet ETFs allocations
7. Protection: CPIF coverage up to $1M
8. SRI (Socially Responsible Investing): Yes
9. Signing up: Modern Advisor

Nest Wealth Robo-Advisor

1. Approach: A combination of ETF selections involving human advisors
2. Minimum Balance: $1000
3. Offered Accounts: Registered (TFSA, LIF, RRSP, RESP, RRIF, LIRA), Non-Registered (Individual, Joint), Group RRSP, and Corporate
4. Fees: 0.35% (Min $5 – Max $150) Monthly plus ETFs MER 0.13% and Transaction Fees
5. Foreign Exchange Fee: Custodian charges FX fee
6. Portfolios: Combination of 7 ETFs – VSB, ZAG, XRB, XIC, XSP, IEFA, VNQ
7. Protection: CPIF coverage up to $1M
8. SRI (Socially Responsible Investing): No
9. Signing up: Nest Wealth

Questrade Questwealth Robo-Advisor

1. Approach: An active approach management involving human advisors
2. Minimum Balance: $1000
3. Offered Accounts: Registered (RRSP, TFSA, RESP, LIRA, LIF, RRIF), Non-Registered (Individual, Joint)
4. Fees: 0.20 to 0.25% plus ETFs MER average 0.19%
   • Under $100,000: 0.25%
   • Over $100,000: 0.20%
5. Foreign Exchange Fee: None
6. Portfolios: Conservative, Income, Balanced, Growth, Aggressive
7. Protection: CPIF coverage up to $1M
8. SRI (Socially Responsible Investing): Yes
9. Signing up: Questwealth

RBC InvestEase Robo-Advisor

1. Approach: A hybrid Passive-Active approach involving human advisors if necessary
2. Minimum Balance: None
3. Offered Accounts: Registered (RRSP, TFSA, FHSA), Non-Registered (Individual)
4. Fees: Flat 0.50% plus MER. Standard Portfolio 0.11-0.14%, SRI Portfolio 0.18-0.23%
5. Foreign Exchange Fee: None
6. Portfolios: Standard & Responsible each chosen from ETFs
7. Protection: CPIF coverage up to $1M
8. SRI (Socially Responsible Investing): Yes
9. Signing up: RBC InvestEase

Wealthsimple Robo-Advisor

Read my detailed review of Wealthsimple Invest (Wealthsimple Robo Advisor).

1. Approach: A passive approach without involving human advisors
2. Minimum Balance: None
3. Offered Accounts: Registered (RRSP, TFSA, RESP, LIRA, LIF, RRIF), Non-Registered (Individual, Joint), Corporate
4. Fees: 0 to 0.50% plus ETFs MER average 0.20%
5. Foreign Exchange Fee: None
6. Portfolios: Classic, Income, Direct Investing, Summit
7. Protection: CPIF coverage up to $1M
8. SRI (Socially Responsible Investing): Yes
9. Signing up: Wealthsimple Robo

Other Robo-Style or Automated Portfolio Products

• Tangerine Investment Portfolios: mutual-fund style managed portfolios and Core Portfolios that behave like simple automated portfolios (not a pure robo, but a managed multi-asset solution inside the bank). Check MERs carefully; they can be higher than ETF-based robos. TD Automated Investing: TD provides digital portfolio suggestions and automated portfolio solutions inside its investing ecosystem for a 0.30% annual fee.
• Scotia Smart Investor: Scotiabank’s digital advice and portfolio tools embedded into the bank’s Advice+ ecosystem; aims to combine automated recommendations and human adviser access. There is no extra fee to use the Advice+.
• National Bank NBI Portfolios: These portfolio solutions and managed offerings available under the National Bank Investments brand; positMith a 0.10-0.20% annual fee.

These bank offerings are not necessarily “pure” robo-advisors but deliver similar benefits such as automated portfolio allocations, rebalancing and a single-click way to invest across registered accounts. Always compare total fees and tax treatment.

Announcing the Robo-Advisor Winner

Questwealth is the robo-advisor winner and my first choice. Its fees are almost half of all other providers including Wealthsimple. The setup is easy and straightforward with many options for funding an account such as Online banking, Interac online, Pre-authorized deposits, Transfer account, Cheque, Money order, Stock certificate, and Wire transfer.

Additionally, Questrade offers sophisticated reporting including Investment summary, Investment return, Account activity, Statements, Trade confirmations, and Tax slips. Questrade Portfolios details can be found on Questwealth ETF Portfolios.

One more advantage of Questwealth is My Family Program which allows you to connect accounts of family members, friends, relatives, and neighbors to lower the fees from 0.25% to 0.20%.

However, one disadvantage of Questwealth is that the funds are also actively managed with financial managers replacing ETFs.

Below are some highlighted points comparing the two most popular Canadian robo-advisors. Questrade vs. Wealthsimple. You will see why I chose Questwealth over Wealthsimple as the winner.

1. Wealthsimple is purely algorithm (Passive) while Questrade is a combination of algorithms and financial experts (Hybrid Active-Passive).
2. Wealthsimple fees for robo are 0.4-0.5% while Questrade charges 0.2-0.25%.

Which One Is Better, Robo-Advisor or Self-Directed

Deciding between a robo-advisor or self-directed investment depends on some factors:

1. Do you have 2 hours a month to login to your portfolio and buy ETFs or Stocks directly?
2. Do you have enough Excel or Math knowledge to rebalance your portfolio?
3. Do you enjoy doing the work directly to put a sell or buy order in the market?
4. Do you want to avoid paying extra management fees and score a higher dividend yield?
5. Do you have enough discipline and financial knowledge to pick ETFs?

If you answered yes to most of these questions, give yourself some credit, you know more than you realize. If you know what Questrade does or can mimic their ETF Portfolios, and you know what an ETF is, avoid robo-advisors, and open a self-direct (invest) account and buy ETFs and stocks directly.

However, if you get emotional and click the sell button easily or can’t rebalance your portfolio properly, maybe it is best to go with Questwealth.

Do I Use any Robo-Advisor?

I only have my kids’ RESP in Questwealth. The main reasons are the lower fees and the QESI (Quebec Eucation Savings Intensive) coverage in Questrade. As the account grew over $100K already, I am considering moving it to a self-direct RESP account in Questrade.

Related: Best REIT ETFs in Canada for Optimized Growth and Income
Related: 5 Best Technology ETFs in Canada

A Successful Self-Directed Approach & Recommendation

If you decided to go through the self-direct route, I recommend reading Canadian Coach Potato Model Portfolio. In addition, there are many great options such as buying an All-in-One ETF.

Below is a table of such ETFs to start with:

Related: Best & Most Tax Efficient US & International ETFs Listed on TSX

As shown in above table, any investor can easily invest directly by purchasing one ETF (VEQT, XEQT, or ZEQT) without paying the extra robo-advisors management fees. These ETFs are designed to rebalance automatically.

To avoid trading fees, I recommend using Wealthsimple or Questrade which are Canada’s top free trading platforms and offers sleek application and recently web.

Thank you for reading. Hope you enjoyed the comparison. Leave me your thoughts about using robo-advisors or your experience.