Questrade is a discount online brokerage tool that not only offers Canadian traders the ability to embark on DIY investing journeys, but also offers a more laid-back robo advisor option through Questwealth. Whichever option you choose, you can opt to open a Tax-Free Savings Account (TFSA), which lets you grow your money without worrying about taxes.
So if you're looking to contribute to your TFSA, Questrade will let you trade several types of investment products in your account, including GICs, stocks, ETFs, mutual funds, options, bonds, and more. And it's all for much lower fees than you'll find at your bank – including free-to-buy ETFs.
Questrade TFSA features
Want to see what kind of investment products you can get in your Questrade TFSA? Here's an overview.
Why You Want It
Exclusive: Get $50 off commission fees + ETFs are always free to buy.
Special Features
- Low cost investing
- ETFs are free to buy
Eligibility
- Canadian citizen
Provinces
ALL
Features
Self-directed TFSA Platform
Questrade
Self-directed Base Fee
N/A
TFSA GICs List
N/A
Self-directed Available?
TFSA GICs Available?
TFSA Mutual Funds?
TFSA Portfolios?
TFSA Savings Account?
Min TFSA Savings Account Interest Rate
N/A
Max TFSA Savings Account Interest Rate
N/A
Promotion
N/A
Promotion End Date
See Issuer for Details
Average Mutual Fund MER
See Issuer for Details
Investment Portfolios Fees
See Issuer for Details
Questrade TFSA product rating: 3.7 stars
Questrade offers a low-cost way to take advantage of the tax savings available in your TFSA. Whether you want to sit back and watch your money grow with a robo advisor, or trade a wide variety of investment products within your TFSA – you have the option with Questrade.
The only major thing Questrade doesn't offer is a regular savings account that you might find at a bank. But since the company is more focused on investing than being a bank, it makes sense.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of Questrade TFSA
Overall, Questrade is a low cost option that still gives you plenty of options when it comes to opening a TFSA.
Pros
Your money grows tax free
Of course, since you're opening a TFSA – you can expect that your investments have all the appropriate tax saving benefits. How it works is the money you put in the account is taxed already, and it won't accrue any taxes as it grows within your account. Once you go to withdraw your money, you won't need to pay taxes on it again.
ETFs and stocks are low cost
If your investments of choice include the popular ETFs or stocks – you have that option with your Questrade TFSA account. The fee for trading stocks is 1 cent each, with a minimum fee of $4.95 and a maximum of $9.95. ETFs are the same price to sell, but they're free to buy (which is very nice).
Get guaranteed and tax-free return with a TFSA GIC
You can also keep Guaranteed Investment Certificates (GICs) in your TFSA, which are a popular option for some. There are several types of GICs, but most of them have a set term during which you earn a set amount of interest. Once the term matures, you can cash out your GIC and the interest you made.
Mutual funds available
If you like to invest in mutual funds, you'll be able to do so within your Questrade TFSA. This is a way for investors to pool their money and invest in larger portions of the market – all overseen by an account manager.
Let the pros do the work with Questwealth portfolios
If you'd rather be out of the equation as much as possible, then setting up a Questwealth portfolio is another option you can take. All you have to do is fund your account, and the account managers will invest your money in various ETFs according to their algorithm (which is adjusted to your personal risk tolerance).
Get $50 off commission fees OR $10,000 managed free for a year
If you use our link to open your account with Questrade, you'll be given 1 of 2 benefits. If you open your self-directed Questrade account, you'll get $50 off of commission fees. If you opt for the laid-back Questwealth option, your first $10,000 will be managed for free for the first year.
The cons of Questrade TFSA
But as a discount broker, you won't get quite as much flexibility as a big bank TFSA.
Cons
No savings account available
Questrade does not currently have a registered savings account you can open – but that isn't entirely unexpected, seeing as it's not a bank.
GICs and bonds have high minimum investments of $5,000
If you want to invest in either GICs or bonds, you'll have to keep in mind the high minimum investments of $5,000 each.
Mutual funds are $9.95 a trade
Some banks allow you to buy mutual funds for free, so having to pay $9.95 for each trade is something to keep in mind with Questrade.
Questrade TFSA alternatives
Curious how the Questrade TFSA options stack up against others on the Canadian market?
 |  |  |  | |
|---|---|---|---|---|
| Account | Questrade TFSA | Scotiabank TFSA | BMO TFSA | TD TFSA |
| Genius Rating | ||||
| Why You Want It | Exclusive: Get $50 off commission fees + ETFs are always free to buy. | Grow your money tax free + Get plenty of flexibility for your investments. | Grow your money tax free + Get backed by the trusted reputation of a big bank. | Choose from several investment options + Trusted bank with expert help. |
Cashable
Non-Cashable
Savings
| Cashable
Non-Cashable
| Cashable
Non-Cashable
| ||
| Self-directed TFSA Platform | Questrade | Scotia iTrade | BMO InvestorLine | TD Direct Investing |
| Self-directed Base Fee | N/A | N/A | N/A | $9.99 |
| TFSA GICs List | N/A |
|
|
|
| Self-directed Available? | | | | |
| TFSA GICs Available? | | | | |
Show More | ||||
| Open an account See more Questrade products Compare | Open an account See more Scotiabank products Compare | Learn More See more BMO products Compare | Learn More See more TD products Compare |
FAQ
What's a TFSA?
A TFSA, or Tax Free Savings Account, is a registered account offered to all Canadian citizens over 18. How it works is you can invest post-tax dollars, up to a set amount per year, and it will grow in the account without accruing any taxes. Once you go to withdraw from your TFSA, you won't need to pay any taxes – unlike the closely-related RRSP.
What is Questrade?
Questrade is an online brokerage platform that also offers portfolio management services. You'll find a reputable company that offers low-cost products to Canadian consumers by cutting out the expensive overhead of brick-and-mortar locations.
What's Questwealth?
Questwealth is the portfolio management service available under Questrade. Essentially a robo advisor, all you have to do is fund your account and your account managers will invest your money for you – all based on a high-tech algorithm.
Can I open a TFSA with Questrade?
Yes, Questrade offers TFSA accounts with both their online brokerage and their robo advisor.
What TFSA investment options do I have with Questrade?
If you take the DIY investment route with Questrade, you can keep stocks, ETFs, options, FX, CFDs, mutual funds, bonds, GICs, international equities, IPOs, new issues, and precious metals in your TFSA account. You can also open a TFSA portfolio with Questwealth.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
Hot Money Deals This Month
- Get even more cash back with exclusive offers only available on the GeniusCash app
- Explore bigger GeniusCash offers that you won't find anywhere else.
- Connect your credit cards and unlock bonus cash.
- Explore customized recommendations to level up your rewards.
- Refer your friends and family to earn bonus levels and extra cash back.
- Take control of your money with a full-featured chequing account + $100 GeniusCash
- Get up to $500 in cash when you open a new account, complete specified actions, and open 2 registered investment accounts.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Scene+ points on every debit transaction.
- $100 GeniusCash on approval – ends Dec 31, 2025.*.
- Unlimited transactions + Free identity theft protection + $125 GeniusCash
- Unlimited transactions and Interac e-Transfers.
- Free identity theft protection and access to Coursera online learning.
- $125 GeniusCash on approval – ends Dec 31, 2025.*.
- A low cost online broker with a $2,000 bonus + $80 GeniusCash
- Get $150 when you open and fund your new accounts with at least $1,000.
- No minimum investment requirement.
- Plenty of trade-free ETFs to choose from.
- $80 GeniusCash on approval – ends Dec 31, 2025.*.
- Bonus: Get one of the lowest brokerage rates from an online broker from a Big 5 Bank →
