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5 Best Robo-Advisors in Canada 2026: Fees From 0.25% — Full Comparison

Updated

Robo-advisors are the best solution for Canadians who want professional portfolio management without paying the 2%+ fees charged by traditional advisors. You answer a risk questionnaire, deposit money, and the platform builds, rebalances, and manages a diversified ETF portfolio automatically. Wealthsimple Invest is the most popular (best app, no minimum, SRI option), while Questwealth charges almost half the fee at 0.25%. The all-in cost of 0.45–0.70% is a fraction of what mutual fund investors pay — and over 20 years on $100,000, that fee difference translates to $20,000–40,000 more in your account. If you are still learning the DIY side of the same decision, start with our ETFs and index funds hub.

What is a Robo-Advisor?

The basic tradeoff is convenience versus cost. We break that down in robo-advisor vs ETF portfolio.

How It Works

Step Details
1. Answer questions Risk tolerance, goals, timeline
2. Get portfolio Assigned based on your profile
3. Deposit money One-time and/or recurring
4. Automatic management Rebalancing, dividends reinvested

Who Should Use One

Good For Not Ideal For
Hands-off investors Active traders
Beginners Very large portfolios
Small to mid accounts Want specific stocks
Busy people Fee-sensitive DIY

Best Robo-Advisors Compared

Quick Comparison

Robo-Advisor Fee Minimum Best For
Wealthsimple Invest 0.50%/0.40% $0 Most people
Questwealth 0.25% $1,000 Lowest fees
CI Direct Investing 0.35% $0 SRI options
BMO SmartFolio 0.70%/0.40% $1,000 BMO customers
RBC InvestEase 0.50% $100 RBC customers

Wealthsimple Invest

Overview

Feature Details
Management fee 0.50% (under $100K)
0.40% ($100K+)
Minimum $0
Accounts TFSA, RRSP, FHSA, RESP, Non-reg
App rating ★★★★★

Features

Feature Included
Automatic rebalancing Yes
Tax-loss harvesting Yes (at higher tiers)
Dividend reinvesting Yes
Round-ups Yes
SRI portfolio Yes

Pros & Cons

Pros Cons
No minimum Higher fee than Questwealth
Best mobile app 0.50% adds up on large accounts
Many features
SRI options

Best for: Beginners, anyone wanting best user experience.

Questwealth Portfolios

Overview

Feature Details
Management fee 0.25%
Minimum $1,000
Accounts TFSA, RRSP, RESP, Non-reg
Parent company Questrade

Features

Feature Included
Automatic rebalancing Yes
Tax-loss harvesting No
Dividend reinvesting Yes
Portfolios 5 risk levels
SRI portfolio Yes

Pros & Cons

Pros Cons
Lowest fee $1,000 minimum
Good portfolios App not as polished
Questrade ecosystem Fewer features

Best for: Fee-conscious investors with $1,000+.

CI Direct Investing

Overview

Feature Details
Management fee 0.35%-0.60%
Minimum $0
Accounts TFSA, RRSP, RESP, Non-reg
Formerly WealthBar

Features

Feature Included
Automatic rebalancing Yes
Human advisors Yes
Tax-loss harvesting Yes
Financial planning Yes

Best for: Want some human advice with robo convenience.

BMO SmartFolio

Overview

Feature Details
Management fee 0.70% (under $100K)
0.40% ($100K+)
Minimum $1,000
Accounts TFSA, RRSP, RESP, Non-reg

Pros & Cons

Pros Cons
BMO integration Higher fees
Big bank backing Less competitive
Easy for BMO customers

Best for: BMO customers wanting to stay with BMO.

RBC InvestEase

Overview

Feature Details
Management fee 0.50%
Minimum $100
Accounts TFSA, RRSP, Non-reg
Uses iShares ETFs

Best for: RBC customers, low $100 minimum.

Fee Comparison Deep Dive

For a balance-by-balance cost table, see our full robo-advisor fees comparison.

All-In Cost (Management + ETF Fees)

Robo-Advisor Mgmt Fee ETF Fee Total
Questwealth 0.25% ~0.20% ~0.45%
CI Direct 0.35% ~0.20% ~0.55%
Wealthsimple 0.50% ~0.20% ~0.70%
BMO SmartFolio 0.70% ~0.20% ~0.90%

Impact on $100,000 Over 20 Years

Total Fee Ending Balance
0.45% ~$318,000
0.55% ~$310,000
0.70% ~$297,000
0.90% ~$280,000

At 7% return before fees

Robo-Advisor vs DIY

The honest answer is that a disciplined DIY investor buying XEQT or VEQT will always pay less than a robo-advisor. But “disciplined” is doing a lot of work in that sentence. A robo-advisor removes the temptation to panic-sell during market drops, ensures you’re rebalanced automatically, and handles tax-loss harvesting. If the 0.25–0.50% management fee keeps you invested during a 30% market crash that you’d otherwise have sold through, the robo-advisor paid for itself many times over. If you want the simplest DIY alternative, compare these platforms with our best all-in-one ETFs in Canada.

Cost Comparison

Approach Annual Cost on $50K
DIY (ETFs) ~$100 (0.20% MER)
Questwealth ~$225 (0.45% total)
Wealthsimple ~$350 (0.70% total)
Financial advisor ~$1,000+ (2%+)

When Robo Makes Sense

Choose Robo If Choose DIY If
Want hands-off Willing to learn
Value convenience Want lowest fees
New to investing Larger portfolio
Busy lifestyle Enjoy managing

Portfolio Types

Standard Portfolios

Risk Level Stocks Bonds
Conservative 20-40% 60-80%
Balanced 50-60% 40-50%
Growth 70-80% 20-30%
Aggressive 90-100% 0-10%

Socially Responsible (SRI)

Provider SRI Option
Wealthsimple Yes
Questwealth Yes
CI Direct Yes

Getting Started

Typical Process

Step Time
Sign up online 10 minutes
Answer risk questionnaire 5 minutes
Verify identity 1-3 days
Fund account Instant or 1-2 days
Portfolio invested Immediately

What You’ll Need

Requirement Details
SIN Required
Bank account For funding
ID Government-issued
Risk tolerance Determine via questionnaire

Account Types Available

Comparison

Account WS Invest Questwealth CI Direct
TFSA ✓ ✓ ✓
RRSP ✓ ✓ ✓
FHSA ✓ ✓ ✓
RESP ✓ ✓ ✓
Non-registered ✓ ✓ ✓
Corporate ✓

Switching Robo-Advisors

How to Transfer

Step Action
1 Open new robo account
2 Request transfer
3 New robo handles paperwork
4 Wait 2-4 weeks
5 Old account closed

Transfer Fees

From Fee
Most robo-advisors $50-150
Many will reimburse If transferring to them

Our Recommendations

By Situation

Your Situation Best Choice
Beginner, any amount Wealthsimple Invest
Want lowest fees Questwealth
Want some human advice CI Direct
BMO customer BMO SmartFolio
RBC customer RBC InvestEase
Large portfolio ($200K+) Consider DIY

The Bottom Line

Wealthsimple Invest for the best experience, Questwealth for the lowest fees, CI Direct if you want occasional human advice. Any of these are dramatically better than the 2%+ mutual fund portfolios most Canadians still hold at their bank. Once your portfolio grows past $200K, consider switching to DIY ETF investing to save even more.