Updated May, 2025

Finding a Canadian brokerage for US citizens is typically easier than finding a US brokerage that is willing to work with Canadian residents. Canadian brokerages are, as far as I have found, happy to do business with US citizens living in Canada. For a taxable (aka non-registered) account, we want to find a Canadian brokerage that provides 1099s (for US tax returns) in addition to the T5s (for Canadian tax returns). This isn’t a concern for RRSPs since they are recognized as tax-deferred on both sides of the border.

Best Canadian Brokerages for US Citizens

Here are the providers that I’d encourage you to consider. The first two (Wealthsimple and Questrade) are the ones that I have the most experience with, but the second two (Qtrade and National Bank Direct Brokerage) also have some promising features. All four of them issue 1099s.

1. Wealthsimple – Their Self-Directed Investing account offers commission-free buying and selling over 14,000 stocks and ETFs.
2. Questrade – Their Cash and Margin accounts offer commission-free trades for Canadian and US stocks and ETFs. They don’t appear to offer a Joint Cash account (just a Joint Margin).
3. Qtrade – Their Cash and Margin accounts offer commission-free buying and selling of 100+ ETFs, ~50 of which are US-listed.
4. National Bank Direct Brokerage – Their Cash and Margin accounts offer commission-free buying and selling of all US and Canadian stocks, ETFs and options. There is a $100 annual administration fee, but it is waived with balances greater than $20,000.

As with picking a US brokerage that works with Canadian residents, the fees and policies above are subject to change so I encourage you to reach out to potential brokerages before deciding. Below is a list of questions that may be useful in evaluating their fit for your situation.

US Citizen Questions for Canadian Brokerages

Do you allow US citizens to hold accounts with you?

Answer we’re looking for: Yes.

I’ve never encountered a brokerage in Canada that says no to this, but it’s worth asking.

Do you provide 1099s for non-registered (aka taxable) accounts?

Answer we’re looking for: Yes.

Getting a 1099 will make doing your US taxes easier. All four of the Canadian brokerages above did this when I last spoke with them.

Do you have commission-free trading for ETFs (and, if so, which ETFs)?

Answer we’re looking for: Yes.

As of this writing, Wealthsimple, Questrade and National Bank Direct Brokerage offer commission-free buying and selling of lots of stocks and ETFs. Qtrade also offers commission-free buying and selling, but of a much narrower range of ETFs.

Do you offer USD non-registered accounts?

Answer we’re looking for: Yes.

This is essential if you’re looking to shift your taxable (aka non-registered) account from a US brokerage to a Canadian one, which I generally recommend. By keeping your non-registered investments in US-listed ETFs, you’ll thus avoid PFIC filing requirements. As of this writing, all four of these brokerages offer this.

What are the fees associated with your accounts?

Answer we’re looking for: As low as possible.

• Wealthsimple’s pricing
• Questrade’s fees and commissions
• Qtrade’s fees and commissions
• National Bank Direct Brokerage’s fees and commissions

In Conclusion

US citizens have ample choices when it comes to choosing a Canadian brokerage. The key is to ensure that the fees are low and that you’ll get the tax slips that you need.