Step-by-Step: How to Buy ETFs in Canada
Step 1: Choose a Brokerage
| Brokerage |
ETF Buy Fee |
ETF Sell Fee |
Best For |
| Wealthsimple |
$0 |
$0 |
Beginners, mobile-first |
| Questrade |
$0 |
$4.95-9.95 |
Low-cost buying |
| CIBC Investor’s Edge |
$6.95 |
$6.95 |
CIBC clients |
| TD Direct Investing |
$9.99 |
$9.99 |
TD clients |
| RBC Direct Investing |
$9.99 |
$9.99 |
RBC clients |
| BMO InvestorLine |
$9.95 |
$9.95 |
BMO clients |
Step 2: Open Your Account
Account types available:
| Account |
Tax Treatment |
Best For |
| TFSA |
Tax-free growth |
General investing |
| RRSP |
Tax-deferred |
Retirement, high earners |
| FHSA |
Tax-free for home purchase |
First-time home buyers |
| RESP |
Tax-deferred + grants |
Education savings |
| Non-registered |
Taxable |
After maxing registered accounts |
Step 3: Fund Your Account
- EFT transfer from your bank (1-3 business days, free)
- Bill payment (available at some brokerages)
- Wire transfer (same day, fee applies)
Step 4: Search for Your ETF
Enter the ticker symbol (e.g., XEQT, VEQT, VFV) in your brokerage’s search bar. Verify you’re buying the correct ETF on the TSX.
Step 5: Place Your Order
| Order Type |
Description |
When to Use |
| Market order |
Buy at current price immediately |
Most situations |
| Limit order |
Buy only at your price or better |
If you want price control |
| Stop-limit |
Triggers at a set price |
Advanced trading |
Step 6: Confirm and Monitor
Review order details, confirm the trade, and you’re done. ETFs settle in T+1 (one business day).
Common Beginner Mistakes
| Mistake |
How to Avoid |
| Buying mutual funds instead of ETFs |
Search by ETF ticker specifically |
| Paying high commissions |
Use Wealthsimple or Questrade |
| Currency conversion fees on US ETFs |
Use Norbert’s Gambit or buy CAD-listed |
| Not using registered accounts first |
Max TFSA → RRSP → FHSA before non-registered |
| Timing the market |
Invest regularly regardless of price |