Wealthsimple vs Questwealth vs CI Direct vs BMO SmartFolio vs Nest Wealth — updated fees, minimums, tax-loss harvesting, SRI options, and who each is best for.
Canada's robo-advisor landscape has matured. Competition has compressed fees, Questwealth rebranded back to "Questrade Portfolios," and Wealthsimple has solidified its lead. Here's the current picture.
The key shift in 2026: all major robo-advisors now offer tax-loss harvesting on non-registered accounts, and socially responsible investing (SRI/ESG) portfolios have become standard rather than premium features. The main differentiators today are fee structure, account minimums, platform quality, and whether you want human advisor access.
Quick decision rule: New investor with under $50,000? Start with Wealthsimple — no minimum, best app. Cost-conscious with $1,000+ to start? Questrade Portfolios saves you ~0.20%/year. Want human CFP access at any balance? CI Direct Investing is your only real option in the robo space.
Canada's dominant robo-advisor and the obvious choice for most people starting out. No minimum, seamless app experience, and competitive fees. Portfolios span Conservative (40% equity), Balanced (60%), and Growth (80%), with options for socially responsible (SRI) and Halal investing. All major registered accounts supported: TFSA, RRSP, RESP, and non-registered.
Tax-loss harvesting is available on non-registered accounts. The 0.40% management fee is flat across all balances — accounts over $100,000 get access to a dedicated human advisor at no additional cost.
Best for: First-time investors, those who want automation without thinking about it, anyone who won't stay invested if they DIY.
The fee-conscious choice. At 0.40–0.45% all-in versus Wealthsimple's 0.60%, the annual saving on a $100,000 portfolio is roughly $150–200 per year. Over decades of compounding, this adds up significantly. Questrade Portfolios uses similar underlying ETFs to Wealthsimple, offers tax-loss harvesting, and supports TFSA, RRSP, RESP, and non-registered accounts.
Trade-off: the Questrade platform and app are noticeably less polished than Wealthsimple. Setup can be clunkier. But once configured, it runs as hands-off as any robo-advisor.
Best for: Cost-focused investors with $1,000+, existing Questrade users who want a managed component.
The robo-advisor with a human touch. CI Direct (formerly WealthBar) is the only Canadian robo-advisor that provides access to Certified Financial Planner (CFP) professionals at all account sizes — not just for high-net-worth clients. If you want someone to review your overall financial picture (debt management, RRSP room, estate planning considerations), not just manage your ETF portfolio, CI Direct is uniquely positioned.
Fees are higher than pure robo options, and the platform is less polished than Wealthsimple. Corporate accounts and RDSP are supported — unusual in the robo space.
Best for: Investors who want a financial plan, not just a managed portfolio; those with complex situations (self-employed, corporate accounts).
BMO SmartFolio uses BMO's own ETFs (slightly higher MER than Vanguard or iShares products) and is available to existing BMO clients. The main use case: you already bank with BMO, you want everything in one place, and you're willing to pay a premium for that consolidation. No tax-loss harvesting. Fewer portfolio options than independent robo-advisors. Solid but not competitive on value.
Best for: BMO clients who prioritize consolidation over cost; investors who are unlikely to switch regardless.
Nest Wealth uses a flat monthly subscription fee rather than a percentage of assets. For large accounts ($500,000+), this can work out to fees well below 0.20%/year. For small accounts, it's worse than percentage-based robo-advisors. The platform is primarily distributed through financial advisors and employer group plans rather than direct-to-consumer. Most retail investors will find Wealthsimple or Questrade Portfolios more accessible and better value at typical account sizes.
Best for: Very large accounts ($300,000+) where the flat fee beats percentage pricing; available through employer group plans.
| Platform | Total Cost | Minimum | Tax-Loss Harvesting | SRI Option | Human Advisor | Best For |
|---|---|---|---|---|---|---|
| Wealthsimple | ~0.60% | $0 | ✓ Yes | ✓ Yes | $100k+ | Beginners, app-first |
| Questrade Portfolios | ~0.40–0.45% | $1,000 | ✓ Yes | ✓ Yes | No | Cost-focused investors |
| CI Direct | ~0.55–0.80% | $1,000 | ✓ Yes | ✓ Yes | ✓ All balances | Want CFP guidance |
| BMO SmartFolio | ~0.65–0.90% | $1,000 | ✗ No | Limited | No | BMO banking clients |
| Nest Wealth | Flat fee | $0 | ✓ Yes | ✓ Yes | Yes | Large accounts $300k+ |
Tax-loss harvesting (TLH) sells losing positions to realize capital losses that offset capital gains elsewhere in your portfolio. In Canada, capital gains are 50% taxable for individuals — so realizing a $10,000 loss saves you roughly $2,500 in a 50% marginal tax bracket.
TLH only applies to non-registered (taxable) accounts. In your TFSA or RRSP, gains and losses have no tax consequence. If most of your investments are in registered accounts, TLH provides little benefit. If you have substantial non-registered holdings — common for high earners who have maxed their TFSA and RRSP — TLH can meaningfully improve after-tax returns.
All major Canadian robo-advisors now offer SRI or ESG portfolio options. Wealthsimple's SRI portfolios use iShares ESG ETFs with a slight fee premium (~0.05–0.10% higher MER). Questrade Portfolios offers a sustainable portfolio option. CI Direct integrates ESG screening across all portfolios at client request.
SRI robo-advisor portfolios have tracked conventional portfolios reasonably closely over the 2020–2025 period — ESG underperformed in 2022 (energy exclusions hurt during the energy price spike) but recovered in 2023–2025. Long-term performance divergence is unclear.
The comparison that matters: if you bought XEQT or VEQT through Questrade or Wealthsimple Trade, you'd pay ~0.20% annually. The cheapest robo-advisor (Questrade Portfolios) costs ~0.40–0.45% all-in. The cost of automation and rebalancing is about 0.20–0.25% per year.
On $50,000, that's $100–125 per year. On $200,000, it's $400–500 per year. Whether that's worth it depends entirely on whether you'd actually stay invested through market downturns if you were doing it yourself — most research suggests investors in actively-managed or hands-off structures do better behaviourally than DIY investors who panic-sell.
All fees are approximate and subject to change. Verify current rates on provider websites before investing. This is not financial advice. Registered accounts (TFSA, RRSP) have contribution limits set by CRA — check your contribution room before opening new accounts. Last updated March 2026.