Where should I open an RRSP in Canada?

For investing: Wealthsimple Trade or Questrade for low/no fees. For hands-off: Wealthsimple Invest (robo-advisor). For simplicity with your bank: TD e-Series or Tangerine. Compare based on fees and investment options.

What is the best RRSP rate in Canada?

RRSP GICs offer 3.5-4.5% at online banks. For investing, returns depend on your investments—diversified ETF portfolios have historically averaged 6-8% long-term.

Can I have multiple RRSP accounts?

Yes. You can have RRSPs at multiple institutions. Your total contribution limit applies across all accounts. Many people have both an RRSP savings/GIC and an RRSP investment account.

Best RRSP Accounts Canada 2026 | Compare Options

Types of RRSP Accounts

Choose Based on Your Goals

RRSP Type	Best For	Fees
Brokerage	DIY investing	$0-10/trade
Robo-advisor	Hands-off investing	0.25-0.50%
Bank mutual funds	Convenience	1-2%+
Savings/GIC	Conservative	$0

Before opening multiple accounts, check your RRSP contribution room so you do not over-contribute across institutions.

Best RRSP Brokerages

For DIY Investors

Brokerage	Trade Fee	Account Fee	Best For
Wealthsimple Trade	$0	$0	Beginners
Questrade	$0 ETF buys	$0	Intermediate
TD Direct Investing	$9.99	$25/qtr*	TD customers
RBC Direct Investing	$9.99	$25/qtr*	RBC customers

*Usually waived with $15K-25K+ balance

Wealthsimple Trade RRSP

Feature	Details
Trading commission	$0
Account fee	$0
Minimum	$0
Fractional shares	Yes
Auto-deposit	Yes
Mobile app	Excellent

Best for: Commission-free investing, beginners, any account size.

Questrade RRSP

Feature	Details
ETF buys	$0
Stock trades	$4.95-$9.95
Account fee	$0
Minimum	$0
Features	Advanced tools

Best for: ETF investors who want more trading tools.

What to Buy in RRSP

Investment	Example
All-in-one ETF	VGRO, XGRO, XEQT
Bond ETFs	VAB, ZAG
Dividend ETFs	VDY, XDV

If you want a portfolio framework instead of picking funds manually, use our guide to ETFs and index funds for Canadian investors.

Best RRSP Robo-Advisors

Hands-Off Investing

Provider	Management Fee	Min	Features
Wealthsimple Invest	0.50% ($0-100K)	$0	Best app
	0.40% ($100K+)		Tax-loss harvesting
Questwealth	0.25%	$1,000	Lowest fee
CI Direct Investing	0.35%	$0	Good features

Wealthsimple Invest RRSP

Feature	Details
Fee	0.50% (or 0.40% $100K+)
Minimum	$0
Rebalancing	Automatic
Tax-loss harvesting	Yes
Round-ups	Yes

Best for: Completely hands-off, excellent app.

Questwealth RRSP

Feature	Details
Fee	0.25%
Minimum	$1,000
Rebalancing	Automatic
Lower fee	Better for larger accounts

Best for: Lower management fees.

Best RRSP Savings & GICs

For Conservative Investors

Provider	Savings Rate	1-Year GIC
EQ Bank	2.75%+	4.00%+
Oaken	3.25%+	4.25%+
Tangerine	Promo varies	3.50%+
Big banks	0.01-1%	2.50%+

When RRSP Savings/GICs Make Sense

Situation	Good Choice
Near retirement	Yes
Very risk averse	Yes
Long time horizon	No (invest instead)
Emergency backup	TFSA better

For most households, the better emergency-fund vehicle is still the TFSA because withdrawals do not permanently destroy contribution room.

Best Bank RRSP Options

TD e-Series RRSP

Feature	Details
MER	0.33-0.50%
Minimum	$100 initial
Type	Index mutual funds
Best for	Simple, low-cost

Best for: Bank customers who want index funds without a brokerage.

Tangerine RRSP

Feature	Details
MER	~1.07%
Minimum	$0
Type	Portfolio funds
Portfolios	Conservative to growth

Best for: Simple all-in-one, no decisions.

Fee Comparison

Impact Over 30 Years ($500/month at 7%)

Fee	Ending Balance	Lost to Fees
0.00% (impossible)	$610,000	$0
0.20% (ETFs)	$585,000	$25,000
0.50% (robo)	$550,000	$60,000
2.00% (mutual funds)	$415,000	$195,000

Lower fees = significantly more retirement money.

If you are still comparing platform types, the broader online brokers hub is a useful cross-check before opening an RRSP.

What’s Best for Your Situation

Decision Guide

Profile	Best RRSP
Beginner, any amount	Wealthsimple Invest or Trade
DIY investor	Questrade
Want lowest fees	Questrade + ETFs
Hands-off	Wealthsimple Invest
Conservative	GICs at EQ Bank
Bank loyalty	TD e-Series

RRSP vs Other Options

Should You Use RRSP?

Your Situation	RRSP Good?
Income under $50K	TFSA first
Income $50K-$100K	Both
Income $100K+	RRSP priority
Employer match	Always (free money)
Buying first home	RRSP for HBP

RRSP Contribution Basics

Limits

Factor	Amount
2026 maximum	~$31,560
Your limit	18% of previous year income
Unused room	Carries forward
Deadline	March 1 for previous year

Finding Your Room

Method	How
CRA My Account	Online
Notice of Assessment	From previous tax return
Call CRA	1-800-959-8281

Employer RRSP Matching

Always Maximize Match

If Employer Matches	Action
50% up to 4%	Contribute at least 4%
$1 for $1 up to 3%	Contribute at least 3%

Example: 50% match on 4% = instant 50% return (free money).

Home Buyers’ Plan

Using RRSP for First Home

Feature	Details
Maximum withdrawal	$60,000
Tax	None if repaid
Repayment period	15 years
Minimum annual	1/15 of amount

Opening an RRSP

What You Need

Requirement	Details
SIN	Required
Age	Under 71
Canadian resident	Yes
Contribution room	Check first

Typical Process

Step	Time
Open account online	15 minutes
Verify identity	1-3 days
Fund account	Instant or 1-2 days
Start investing	Immediately