Options trading is offered by most Canadian brokers, but what they charge per contract, what they charge when an option is exercised or assigned, and which strategies they approve differ a lot. This page compares the platforms on those points. The online broker comparison covers everything else about each broker.
Options fees by broker
From each broker’s pricing page as of September 2026. “Confirm” means the broker’s current options pricing was not verified for this page.
| Broker | Commission per trade | Per contract | Exercise / assignment |
|---|---|---|---|
| Wealthsimple | $0 | $0 (other trade fees can apply) | Confirm |
| Questrade | $0 | $0 per contract on all US equity options; CA$0.99 per contract on Canadian options | $24.95 to exercise; $0 assignment fee |
| Qtrade | $0 | $0.75 | $30 per assignment; exercise at the phone-order rate |
| BMO InvestorLine | $0 | $0.90 | No exercise or assignment fees |
| TD Direct Investing | $9.99 ($7.00 active) | $1.25 | Confirm |
| Scotia iTRADE | $9.99 ($4.99 active) | $1.25 | $65 plus the online equity commission |
| CIBC Investor’s Edge | $6.95 | $1.25 | Confirm |
| National Bank Direct Brokerage | $0 | $1.25 ($6.25 minimum) | $28.95 per assignment or automatic exercise |
| RBC Direct Investing | $9.95 ($6.95 active) | $1.25 | Confirm |
| Interactive Brokers | Confirm | Confirm | Confirm |
What a 10-contract trade costs
| Broker | Cost of opening 10 contracts |
|---|---|
| Wealthsimple | $0.00 |
| Qtrade | $7.50 |
| BMO InvestorLine | $9.00 |
| CIBC Investor’s Edge | $19.45 |
| TD Direct Investing (standard) | $22.49 |
| Scotia iTRADE (standard) | $22.49 |
Closing the position is a second trade with the same charges. If the option is exercised or assigned instead, the exercise or assignment fee applies, and at some brokers that is larger than the commission.
Approval levels
| Level (typical) | Strategies allowed | Margin account needed? |
|---|---|---|
| 1 | Buy calls and puts; write covered calls | No |
| 2 | Cash-secured puts, and spreads at some brokers | Depends on broker |
| 3 | Spreads and other multi-leg strategies | Usually |
| 4 | Uncovered (naked) calls and puts | Yes |
Level names and what each includes vary by broker; the broker assesses your experience, finances and objectives before approving a level.
Options in registered accounts
TFSAs, RRSPs and FHSAs cannot borrow on margin, so only strategies with fully covered risk are allowed: buying calls and puts, writing covered calls and, at some brokers, cash-secured puts. Uncovered writing needs a margin account, and many brokers also limit spreads to margin accounts. Frequent options trading inside a TFSA can also draw CRA attention if it looks like carrying on a business.
Choosing a platform for options
- Occasional options traders writing covered calls or buying the odd put are mostly paying per-contract and exercise fees, so the $0 and low per-contract brokers keep costs down.
- Active traders also need fast order entry, multi-leg orders, option chains with the Greeks, and real-time streaming data, which can be a paid add-on.
- Traders of Canadian-listed options should check that the broker offers Montréal Exchange options as well as US options.
Frequent traders should also read day trading in Canada on when the CRA treats trading gains as business income.
Sources
The figures and rules on this page come from these sources. How we check facts.