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Many Canadian investment firms won’t take you on unless you bring C$250,000 to the table, and the ones that accept smaller accounts tend to push high-fee mutual funds. Robo advisors cost a fraction of a human financial planner and give smaller investors access to the kind of portfolio management that used to be reserved for private wealth clients.
Robo advisors use algorithms and your stated goals to build a portfolio of low-cost ETFs, so the day-to-day work happens without you touching it. Each platform builds a personalized mix based on your budget and risk tolerance, and most Canadian robos support TFSA, RRSP, RESP, LIRA, and (since 2023) FHSA accounts. Several also include access to human financial planners by phone or video.
We’ll start with a side-by-side comparison of the best robo advisors in Canada and then go deeper on each of our top picks:
| Wealthsimple | Justwealth | CI Direct Investing | Nest Wealth | |
|---|---|---|---|---|
| Minimum Investment | C$0 | C$5,000 | C$1,000 | C$0 |
| Fees | 0.40 – 0.50% | 0.40 – 0.50% | 0.35 – 0.60% | $20 – 150/month |
| Socially Responsible Investing | Yes | Yes | Yes | No |
| Tax-loss Harvesting | Yes | Yes | Yes | No |
| Promotion | $10,000 managed free | Up to $500 cash | $10,000 managed free | 3 Months Free |
| Our Rating | 9.4/10 | 8.9/10 | 8.4/10 | 7.6/10 |
| Visit Site | Visit Now | Visit Now | Visit Now | Visit Now |
Canada’s Best Robo Advisors: The List
Below, we’ll cover the best robo advisors in Canada for your money. We look at management fees, account minimums, whether they offer socially responsible portfolios, tax-loss harvesting, and personal finance tools, and the range of portfolio options – so you can match the platform to the way you want to invest. For deeper write-ups, see our individual reviews of Wealthsimple, Justwealth, CI Direct Investing, and Nest Wealth.
Wealthsimple
- Minimum: $1 CAD
- Fee: 0.40% - 0.50%
- $10,000 managed free
- Access to human advisors
Wealthsimple is the largest robo-advisor in Canada, with over CAD 8.4 billion of assets under management (AUM). It is also the definitive robo-advisor for Canadian investors, especially those new to the investing world.
Wealthsimple will build a customized and diversified portfolio of low-fee ETF portfolios after opening an account and answering a few questions regarding your financial goals. It's fully automated, and all investors will benefit from premium features such as automatic rebalancing, automated dividend reinvestment, and efficient tax strategies.
Wealthsimple offers two types of investment services:
- Wealthsimple Basic offers no minimum deposit, and the fees are 0.50% for accounts up to $100,000. The first $5,000 is managed for free.
- Wealthsimple Black is best for high net-worth investors, with a $100,000 minimum balance and a reduced 0.40% fee. Black also gives investors access to health and estate planning.
- Wealthsimple Generation accounts for even bigger investors with $500,000+ to invest. Generation customers get all the Black features, in-depth financial planning, a team of advisors, individualized portfolios, and more.
Wealthsimple invests in lost-cost ETFs to help you grow your investments and prepare you for the future. This isn't a get-rich-quick scheme.
The tools that Wealthsimple offers are perfect for investors with long-term goals, and the Wealthsimple Black and Generation help plan for the future.
Who is Wealthsimple Best For?
We believe Wealthsimple is the best robo advisor Canada has to offer. If you don't have a specific reason to go with another robo advisor listed here, we suggest signing up with Wealthsimple.
- Competitive 0.40%-0.50% Fee
- Lots of Account Features & Options
- Reduced Fees for Higher Balances
- Very low C$1 Minimum Deposit
- Socially-Responsible Investing
- Limited personal finance tools
- Lack of flexibility for hands-on investors
Justwealth
- Minimum: $5,000 CAD
- Fee: 0.40% - 0.50%
- Up to $500 Bonus with Our Link
- Dedicated Personal Portfolio Manager
Justwealth's mission is to provide exceptional service to investors who unknowingly pay high fees and get limited customer service.
There is a minimum balance of $5,000 to open an account with Justwealth, with the exception of a Registered Educational Savings Plan (RESP), which you can open with no minimum balance and start saving for your children’s college education. Justwealth offers a range of other account types and 70+ unique portfolios designed to grow your wealth, generate passive income, or reach long-term goals.
Justwealth’s fees are straightforward, and you won’t need to worry about the hidden fees most mutual funds charge. Justwealth charges a 0.50% management fee for the first $500,000 and 0.40% for accounts over $500,000.
If you want an overview of your current portfolio, Justwealth offers a free review service. Their investment professionals provide an unbiased opinion of your investment portfolio. Justwealth will send a custom report that gives you an overview of your investments, hidden fees, diversification, and account structure.
Justwealth also offers personal financial planning services at no extra charge, which sets them apart from other robo-advisors. This service is complimentary and available to all Justwealth members upon request.
Justwealth offers all necessities and is a great overall choice for Canadian investors. The highlight of Justwealth is personalization. They offer over 40 different ETFs, and investors have access to a team of experts to help customize their portfolios and monitor their performance over time. The minimum account balance of $5,000 may be out of reach for some investors. You can also invest USD, which most robo-advisors charge an extra fee.
If you sign up using our link, you also get a cash bonus of up to $500.
- Cash bonus of up to $500 with our link
- CAD & USD Accounts
- Free Portfolio Review Service
- Tax-Loss Harvesting Strategy
- Dedicated Personal Portfolio Manager
- $5,000 Minimum Investment is High-ish
- No Mobile App
CI Direct Investing
- Minimum: $1,000 CAD
- Fee: 0.35% - 0.60%
- $10,000 managed free
- Private Investment Opportunities
Established in 2013, WealthBar was one of the first robo-advisors in Canada, offering a unique automated investment service that combines automated investing with human financial advisors. In 2020, WealthBar changed its name to CI Direct Investing, continuing to be the only Canadian robo-advisor that provides access to private investment pools.
The hybrid system means you get access to a team of financial experts while taking advantage of the lower costs and less maintenance of robo-advising.
The minimum investment is C$1,000, and the annual management fees range from 0.35% to 0.60%. The fees are structured so that the more you have in your portfolio, the less you pay. This makes CI Direct Investing better for high net-worth investors.
- First C$150,000: 0.60% annually
- Next C$350,000: 0.40% annually
- Above C$500,000: 0.35% annually
CI Direct Investing manages your investment portfolio with a long-term, low-risk philosophy. This investment strategy means that your money is invested in a wide range of markets, and you will experience less volatility as the market moves up and down.
Who is CI Direct Investing best for?
CI Direct Investing has a higher minimum investment than some other robo-advisors, and the management fees are 0.60% APY for accounts under C$150,000. This makes CI Direct Investing better for high net-worth investors. You will also have access to a dedicated financial advisor, so if you want to be more involved in the process, CI Direct Investing offers everything you need.
If you open an account using our link, we have a special promotion with CI Direct Investing, and your first C$10,000 will be managed for free for a year!
- Access to Private Investments
- Impact Investing Portfolios
- Dedicated financial planner
- Low-cost ETF portfolios
- Higher fees than competitors
Nest Wealth
- Minimum: $0 CAD
- Fee: $5 - $150 CAD / month
- 3 Months Free
- Flat Fee Pricing Model
Nest Wealth is the first subscription-based investment firm in Canada. The service is easy to access and understand, even if you're new to investing.
After filling out a survey about your specific financial goals, Nest Wealth will build a custom portfolio of 7 asset classes made up of low-cost ETFs. Each ETF portfolio consists of different stocks and bonds, and your risk score will determine how your money is invested in each ETF.
Your portfolio is automatically rebalanced, and dividends are reinvested to maintain the optimal potential for growth. Nest Wealth also offers access to personal financial advice over the phone, by email, or in person if you're in the Toronto area.
Nest Wealth charges a flat monthly fee based on your account balance, which can be good or bad, depending on your balance:
- Under $10k: $5 per month
- $10k - $75k: $25 per month
- $75k - $150k: $50 per month
- $150k - $325k: $100 per month
- $325k+: $150 per month
In general, we're not a fan of flat fee-based pricing structures as it does not incentivize the company to perform well since they're getting the same amount no matter what. It's also confusing to know how much you're paying as a percentage.
For example, under this model, an investor with $9,500 invested would pay a 0.63% annual management fee, while someone with $10,000 invested would pay an extremely high 3.0% fee.
- Easy setup
- Access to financial advisors
- Good for beginners to understand
- Fixed fee pricing model is expensive for most investors
Other Robo Advisors for Canadians
Modern Advisor
Fee: 0.35-0.50%
What we love:
- Springboard free trial
- Access to financial experts
- Socially responsible (ESG) portfolio options
What could be better?
- C$1,500 minimum yearly contribution
Who is Modern Advisor best for?
Modern Advisor is a simple, low-cost option for Canadians who want a hands-off portfolio. Lower management fees mean more of your gains stay in the account. The Springboard free trial lets you invest with Modern Advisor’s money for 30 days and keep any profits – a low-risk way for cautious first-timers to see how the platform works before committing their own capital.
BMO SmartFolio
Fee: 0.40-0.70%
What we love:
- Tight integration with BMO online banking
- Backed by one of Canada’s Big Five banks
- Access to human portfolio managers
What could be better?
- Management fees run higher than most independent robo advisors
Who is BMO best for?
Most BMO SmartFolio clients already bank with BMO, and having investing and chequing under one login makes transfers painless. The 0.70% fee on accounts under C$100,000 is well above what independent Canadian robos charge, so the convenience comes at a cost. If you value the trust of a Big Five bank and want a human portfolio manager on call, SmartFolio is a reasonable trade-off.
Summary
Picking the best way to invest comes down to your own situation. We think the platforms above are the strongest robo advisors in Canada, each for its own reason.
Your budget, financial goals, and risk tolerance shape which robo advisor fits you. If you’re unsure and don’t have a specific reason to go elsewhere, opening an account with Wealthsimple is the safe default – the largest Canadian robo, with around 3 million clients, $0 minimum, and TFSA, RRSP, RESP, FHSA, and LIRA support.
