Updated Feb 10, 2025

If you’re looking for suggestions on choosing a Canada-friendly US brokerage for your US accounts, please see this article.

As is often the case with crossborder financial issues, the Canadian side of things is more straightforward. 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, it would be great to find a brokerage that provides 1099s (for US tax returns) in addition to the T5s (for Canadian tax returns). For RRSPs, this isn’t an issue.

Crossborder-friendly Canadian Brokerages

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 Canada-friendly US brokerage, 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.

Crossborder Questions for Canadian Brokerages

1. 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.

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

Answer we’re looking for: Yes.

As of this writing, Wealthsimple 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. Questrade only offers commission-free buying.

3. 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.

4. 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