Robo-advisors have made professional-quality portfolio management accessible to all Canadians, not just the wealthy. For a management fee of 0.40–0.75%, you get an automatically managed, diversified ETF portfolio with automatic rebalancing, tax optimization, and financial planning tools. This guide compares Canada's top robo-advisors for 2026 — fees, portfolio options, account types, and which is right for you.
A robo-advisor is an automated investment service that builds and manages a portfolio of ETFs on your behalf based on your risk tolerance and financial goals. Unlike a self-directed brokerage (where you pick and buy your own investments), a robo-advisor makes all the investment decisions for you — rebalancing when allocations drift, reinvesting distributions, and sometimes tax-loss harvesting.
The appeal: professional portfolio management at a fraction of the cost of a traditional financial advisor (who typically charges 1–2% MER plus their management fee). The trade-off: less control and customization than managing your own ETF portfolio.
| Factor | Details |
|---|---|
| Management fee | 0.50% (Basic, under $100k) / 0.40% (Black, $100k+) |
| Underlying ETF MER | ~0.20% |
| Total all-in cost | ~0.60–0.70% |
| Minimum investment | $1 |
| Account types | TFSA, RRSP, RESP, LIRA, non-registered, corporate |
| SRI option | Yes |
| Regulation | CIRO registered; CIPF member |
Wealthsimple Invest is Canada's largest robo-advisor by AUM ($20B+) and the most recognized brand. Its clean app interface, $1 minimum, and integration with Wealthsimple Trade and Wealthsimple Tax make it the natural choice for Canadians already in the Wealthsimple ecosystem.
| Factor | Details |
|---|---|
| Management fee | 0.35% (under $500k) / 0.25% ($500k+) |
| Underlying ETF MER | ~0.17–0.25% |
| Total all-in cost | ~0.52–0.60% |
| Minimum investment | $1,000 |
| Account types | TFSA, RRSP, RESP, non-registered, corporate |
| Unique feature | Sophisticated tax-loss harvesting |
CI Direct Investing (formerly Virtual Brokers) offers the lowest management fee among major Canadian robo-advisors. Their tax-loss harvesting is more sophisticated than Wealthsimple's, automatically harvesting losses across individual ETF positions. Worth considering for non-registered accounts with $100,000+.
| Factor | Details |
|---|---|
| Management fee | 0.25% (under $100k) / 0.20% ($100k+) |
| Underlying ETF MER | ~0.17–0.22% |
| Total all-in cost | ~0.37–0.47% |
| Minimum investment | $1,000 |
| Account types | TFSA, RRSP, RESP, non-registered, corporate |
| Unique feature | Lowest management fee among major Canadian robos |
Questwealth offers the lowest management fee in the Canadian robo-advisor market at 0.20–0.25%. Combined with the underlying ETF MER, the total all-in cost is approximately 0.37–0.47% — making it competitive even with some manually managed ETF portfolios on a total cost basis. Available through Questrade (where you can also self-direct).
| Factor | Details |
|---|---|
| Management fee | 0.40% (under $100k) / 0.35% ($100k+) / 0.20% ($500k+) |
| Underlying ETF MER | ~0.20% |
| Total all-in cost | ~0.60% |
| Minimum investment | $1,000 |
| Unique feature | Big bank brand; integrates with BMO banking |
BMO SmartFolio is the best-in-class option for Canadians who bank with BMO and want a robo-advisor that integrates seamlessly with their existing banking relationship. Fees are competitive at the bank level, though not the lowest in the market.
| Robo-Advisor | All-In Cost (under $100k) | All-In Cost ($100k+) | Minimum |
|---|---|---|---|
| Questwealth | ~0.42% | ~0.37% | $1,000 |
| CI Direct Investing | ~0.55% | ~0.52% | $1,000 |
| BMO SmartFolio | ~0.60% | ~0.55% | $1,000 |
| Wealthsimple Invest | ~0.70% | ~0.60% | $1 |
| RBC InvestEase | ~0.72% | ~0.62% | $100 |
| TD Goal Assist | ~0.70% | ~0.60% | $5,000 |
The key question: is the robo-advisor management fee worth it?
For non-registered accounts with significant assets, the quality of tax-loss harvesting matters. CI Direct Investing harvests losses across individual ETF positions automatically, potentially saving thousands in taxes annually. Wealthsimple Invest offers basic tax-loss harvesting but applies it less aggressively. For investors with $100,000+ in non-registered accounts, CI Direct's superior TLH capability is worth the slightly higher fee relative to Questwealth's lower management fee.
For ESG-focused Canadian investors, most major robo-advisors now offer SRI portfolios:
SRI portfolio performance has been broadly similar to standard portfolios over 5-year periods, with stronger performance during 2020–2021 (technology bull market) and somewhat weaker during 2022 energy surge.
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Get KOHO Free →Last updated: March 2026. For informational purposes only. Not financial advice.