Wealthsimple Invest, Questwealth Portfolios, CI Direct Investing, BMO SmartFolio, Nest Wealth — fees, minimums, TFSA/RRSP support, and who wins in 2026.
A robo-advisor invests your money in a diversified portfolio of low-cost ETFs — automatically, based on your risk tolerance. You fill out a questionnaire, pick a risk level, and the platform handles the rest.
Robo-advisors sit between doing it yourself (buying ETFs manually) and hiring a human financial advisor. They're cheaper than most mutual funds sold at banks, more hands-off than DIY investing, and more accessible than a full-service advisor. For most Canadians who want to invest without thinking about it, they're an excellent option.
In Canada, robo-advisors are regulated by provincial securities regulators and IIROC (now CIRO). Your accounts are covered by CIPF (Canadian Investor Protection Fund) up to $1 million per account category in the event of insolvency. All major Canadian robo-advisors support TFSA, RRSP, and non-registered accounts; most support RESP and RRIF as well.
Quick pick: New investor under $50,000? Start with Wealthsimple — no minimum, best app experience. Budget-focused with $1,000+? Questwealth saves ~0.20%/year. Need human CFP access at any balance? CI Direct Investing is the only robo that offers it.
All-in costs include both the management fee and underlying ETF MER.
| Platform | Mgmt Fee | ETF MER | All-In Cost | Minimum | Accounts | Tax-Loss Harvesting | Human Advisor |
|---|---|---|---|---|---|---|---|
| Wealthsimple Invest | 0.40% | ~0.20% | ~0.60% | $0 | TFSA, RRSP, RESP, Non-reg, RRIF | ✓ Yes | $100k+ |
| Questwealth Portfolios | 0.20–0.25% | ~0.20% | ~0.40–0.45% | $1,000 | TFSA, RRSP, RESP, Non-reg | ✓ Yes | No |
| CI Direct Investing | 0.35–0.60% | ~0.20% | ~0.55–0.80% | $1,000 | TFSA, RRSP, RESP, Non-reg, RRIF | ✓ Yes | Any balance |
| BMO SmartFolio | 0.40–0.70% | ~0.20% | ~0.60–0.90% | $1,000 | TFSA, RRSP, Non-reg, RRIF | ✗ No | No |
| Nest Wealth | $20–$80/mo flat | ~0.15% | Varies by balance | $0 | TFSA, RRSP, Non-reg, RRIF | ✓ Yes | CFP access |
Canada's dominant robo-advisor is the obvious starting point for most people. No account minimum, a polished mobile app, and flat 0.40% fee regardless of balance make it simple. Portfolios span Conservative to Growth, with dedicated Socially Responsible and Halal options. TFSA, RRSP, RESP, RRIF, and non-registered accounts all supported.
Accounts over $100,000 get access to a dedicated human advisor at no extra charge. Tax-loss harvesting runs automatically on non-registered accounts. Wealthsimple's biggest disadvantage: it's not the cheapest option if you have $10,000+ to invest.
Questwealth is the lowest all-in cost robo-advisor in Canada among full-service platforms. The 0.20% management fee on accounts over $100,000 (0.25% below that) combines with low-cost iShares ETFs for total costs well under 0.50%. The app is less polished than Wealthsimple but fully functional. Tax-loss harvesting is available; human advisor access is not.
Best for cost-conscious investors who don't need hand-holding but still want automation. The $1,000 minimum is a modest barrier for new investors.
CI Direct Investing (formerly WealthBar) is the only Canadian robo-advisor that includes access to a licensed CFP at any balance level. If you have complex financial planning questions — pension decisions, tax planning, divorce, inheritance — and you want automated investing but human guidance, CI Direct fills that gap.
The higher fee tier reflects the human access. Portfolios use CI's own ETFs plus third-party funds; performance has been competitive. ESG portfolio options are available.
BMO SmartFolio is the most prominent bank-backed robo-advisor in Canada. The brand recognition and regulatory stability of BMO provide comfort for conservative investors who prefer a Big Six bank. However, the fee structure is less competitive, there's no tax-loss harvesting, and no human advisor access beyond what BMO branches offer.
Best for: existing BMO customers who want everything under one roof and are willing to pay a slight premium for bank convenience.
Nest Wealth charges a flat monthly fee rather than a percentage, which makes it economically attractive for larger portfolios. At $80/month, the effective rate on a $500,000 portfolio is just 0.19% + ETF MER. For smaller accounts, the flat fee is proportionally more expensive than percentage-based competitors.
Nest Wealth includes CFP access and uses institutional-grade ETFs with very low MERs (~0.15%). It's a strong pick for high-net-worth investors who've maxed registered accounts and carry significant non-registered balances.
All major Canadian robo-advisors support TFSA and RRSP accounts. Here's what matters for each:
Contribution room warning: Over-contributing to a TFSA triggers a 1%/month penalty on the excess. Over-contributing to an RRSP by more than $2,000 also triggers penalties. Your robo-advisor won't stop you — CRA tracks contribution room. Always verify before contributing.
If you bought a single all-in-one ETF like XEQT or VEQT through Questrade or Wealthsimple Trade, you'd pay ~0.20% annually with zero management fee. The cheapest robo-advisor (Questwealth) costs ~0.40–0.45% all-in. The cost of full automation is roughly $200–250 per year on a $100,000 portfolio.
That said, the behavioural case for robo-advisors is real: investors in automated portfolios tend to stay invested during market downturns, while DIY investors more often panic-sell. If you'd sell in a crash, the robo-advisor's slightly higher fee may be worth the behavioural guardrail.
All fees are approximate and subject to change. Verify current rates on provider websites before investing. This is not financial advice. TFSA and RRSP contribution limits are set by CRA — verify your available room before opening new accounts. Last updated March 2026.