Robo-advisors automate your investing — building a diversified portfolio, rebalancing it, and optimizing for taxes. They charge a fraction of what traditional financial advisors cost. Here is how the top Canadian robo-advisors compare. If you are still deciding whether you want to manage the ETFs yourself, start with our ETFs and index funds hub.
If you already know the contenders, go deeper with the platform-specific reviews for Wealthsimple, Questwealth, CI Direct Investing, and Justwealth, then sanity-check the all-in numbers against our full robo-advisor fees comparison.
Best robo-advisors in Canada compared
| Robo-Advisor | Management Fee | Minimum Balance | ETF MER | Total All-In Cost | Account Types |
|---|---|---|---|---|---|
| Wealthsimple Invest | 0.40%–0.50% | $0 | ~0.20% | ~0.60%–0.70% | TFSA, RRSP, RESP, FHSA, Non-reg |
| Questwealth | 0.20%–0.25% | $1,000 | ~0.17% | ~0.37%–0.42% | TFSA, RRSP, RESP, Non-reg |
| CI Direct Investing | 0.35%–0.60% | $0 | ~0.20% | ~0.55%–0.80% | TFSA, RRSP, RESP, RRIF, Non-reg |
| BMO SmartFolio | 0.40%–0.70% | $1,000 | ~0.20% | ~0.60%–0.90% | TFSA, RRSP, RESP, RRIF, Non-reg |
| RBC InvestEase | 0.50% | $0 | ~0.24% | ~0.74% | TFSA, RRSP, RESP, RRIF, Non-reg |
How robo-advisors work
- You answer a questionnaire about your goals, time horizon, and risk tolerance
- The robo-advisor builds a portfolio of low-cost ETFs matching your profile
- You deposit money (one-time or recurring)
- The robo-advisor manages everything — rebalancing, dividend reinvestment, and tax optimization
- You pay a management fee (deducted from your account automatically)
Robo-advisor vs self-directed investing
| Feature | Robo-Advisor | Self-Directed (DIY) |
|---|---|---|
| Management fee | 0.25%–0.50% | $0 |
| ETF MER | ~0.20% | ~0.20% |
| Total cost on $100K | $400–$700/yr | ~$200/yr |
| Rebalancing | Automatic | You do it yourself |
| Tax-loss harvesting | Automatic (some) | Manual |
| Knowledge required | Minimal | Moderate |
| Time required | Setup only | Periodic maintenance |
The cost difference is $200–$500 per year on $100,000. For investors who value convenience and know they would not rebalance or invest consistently on their own, a robo-advisor is worth the fee. For hands-on investors, self-directed investing saves money. Our robo-advisor vs ETF portfolio guide focuses on that exact tradeoff.
Robo-advisor vs traditional mutual funds
| Feature | Robo-Advisor | Traditional Mutual Fund |
|---|---|---|
| Total cost | 0.40%–0.75% | 2.00%–2.50% |
| Annual cost on $100K | $400–$750 | $2,000–$2,500 |
| 20-year cost on $100K | ~$15,000 | ~$80,000+ |
| Portfolio | Diversified ETFs | Often concentrated |
| Rebalancing | Automatic | Depends on advisor |
| Transparency | Full holdings visible | Sometimes opaque |
Switching from mutual funds to a robo-advisor can save tens of thousands of dollars over your investing lifetime.
Which robo-advisor should you choose?
If your main concern is cost, compare the all-in charges in our robo-advisor fees comparison.
Wealthsimple Invest
Best for: Beginners, small balances, socially responsible investing
- No account minimum
- SRI portfolio option
- Halal investing portfolio available
- Clean, intuitive app
Questwealth
Best for: Cost-conscious investors with $1,000+
- Lowest management fees among major robo-advisors
- Aggressive, growth, balanced, income, and conservative portfolios
- SRI portfolio option
CI Direct Investing
Best for: Investors wanting human advisor access
- Access to financial advisors for higher balances
- Lower fees at higher account tiers
- Tax-loss harvesting included
BMO SmartFolio
Best for: Existing BMO customers
- Integrates with BMO banking
- Big bank security and brand recognition
- $1,000 minimum
Robo-advisor tax-loss harvesting in Canada
Some Canadian robo-advisors offer tax-loss harvesting — automatically selling a losing position and replacing it with a similar fund to realize the capital loss while maintaining market exposure. The loss can offset capital gains elsewhere in your portfolio.
| Robo-advisor | Tax-loss harvesting |
|---|---|
| Wealthsimple Invest | Yes (on non-registered accounts) |
| Questwealth | No |
| CI Direct Investing | Yes (on non-registered accounts) |
| BMO SmartFolio | No |
| RBC InvestEase | No |
Tax-loss harvesting only benefits non-registered accounts — inside a TFSA or RRSP, all gains are already sheltered. For Canadians whose investing is primarily in registered accounts, this feature has limited value.
Are robo-advisors safe in Canada?
Yes. Canadian robo-advisors are regulated by the Investment Industry Regulatory Organization of Canada (IIROC, now the Canadian Investment Regulatory Organization — CIRO) or by provincial securities commissions. Client assets are:
- Protected by CIPF (Canadian Investor Protection Fund) up to $1 million per account category if the firm becomes insolvent
- Held at separate custodian institutions — not commingled with the firm’s own funds
- Regulated under the same rules as full-service investment dealers
The key risk is investment risk (market declines) — not operational or custodial risk.
How to get started
- Choose a robo-advisor based on your needs and budget
- Open an account (TFSA is a good starting point for most)
- Complete the risk assessment questionnaire
- Fund your account and set up automatic deposits
- Let the robo-advisor handle the rest
For investors ready to manage their own portfolio, our couch potato portfolio guide shows you how to build a diversified ETF portfolio yourself, and how to buy ETFs in Canada covers the mechanics.