Best Brokerage Promotions in Canada: 2024 Bonuses & Deals

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If you’re looking to sign up to a brokerage or online investing platform, it’s worth knowing the best brokerage promotions in Canada right now.

Depending on your preferred investment platform, the trading fees, commissions, management fees, and management expense ratios (MERs) can impact your overall returns.

But by investing in a discount brokerage with promotions, you can offset a significant portion of the fees and maximize your returns.

In this article, I present the current best brokerage promotions in Canada ranging from self-directed brokerages to robo-advisors.

Overview of the Best Brokerage Promotions in Canada

Below is an overview of the best self-directed brokerage promotions and robo-advisor promotions in Canada.

Brokerage/ Robo-advisorPromotionsValue
Wealthsimple Trade2 free stocks or $50 cash bonusUp to $4,500
Questrade Self-directed Investing5 free trades, $150 account transfer rebate and $99 waiver on Passiv Elite Member subscription$300
BMO InvestorLine adviceDirect$200-$3500 cashback$3,500
RBC Direct Investing100 commission-free ETFs and stocks trading$995
Scotia iTRADE $100 or 50 free trades$100+
Wealthsimple Invest$25 bonus and $150 trade rebate Up to $175
Questwealth PortfoliosManagement fee waived on the first $10,000 investment and $150 transfer rebate$150+
Justwealth$50 – $500Up to $500
RBC InvestEase0.5% off management feeN/A

Best Self-directed Brokerage Promotions 

Self-directed brokerage promotions are tailored to DIY investors who take the full responsibility of investing in their hands. 

If you’re a DIY investor, the following are the current best self-directed brokerage promotions to choose from. 

1. Wealthsimple Trade Promotions

  • Offer: 2 free stocks or $50 cash bonus
  • Value: Up to CAD$4500
  • Expiry date: N/A

Wealthsimple Trade is one of the top contenders among Canadian self-directed brokerages due to its commission-free offer on stocks and ETF trading.

Currently, the brokerage offers Wallet Bliss readers 2 free stocks upon opening a non-registered personal account with this link.

To claim this offer, all you need is to fund your new account within 30 days of approval and trade a minimum of $150.

The value of the 2 free stock bonuses ranges from $5 to $4500 – but most people receives stocks valued below $50. So alternatively, you can sign up using this link to take advantage of their cash bonus promotion that pays you $50 cash after trading at least $150.

With no commissions, you can trade the free stocks and claim their full returns. 

Learn more:

2. Questrade Self-directed Investing Promotions

  • Offer: 5 free trades, $150 account transfer rebate and $99 waiver on Passiv Elite Member subscription
  • Value: $300
  • Expiry date: N/A

Questrade Self-directed Investing is a low-cost brokerage that welcomes new users with competitive promotions.

When you sign-up on the brokerage using this link or our promo code “WALLETBLISS“, you will get $50 back after funding your account with the minimum investment balance of $1,000.

Besides the $50 trade rebate, you can also get $150 back when you transfer your account to the brokerage from other financial institutions. 

Finally, when you sign-up for the Passiv Elite Member plan and link your Questrade account to it, the $99 annual fee will be waived for you. 

Passiv gives you the opportunity to consolidate and manage all your brokerage accounts in one place while enjoying premium features for free. 

In addition, there’s a Questrade refer-a-friend promotion that gives you $50 per person you refer to Questrade with your referral code. In turn, depending on the amount your referral deposit within their initial 90 days of registration, they will get between a $50 to $250 bonus.

Related Posts:

3. BMO InvestorLine Special Offer

  • Offer: $200-$3500 cashback
  • Value: $3,500
  • Expiry date: March 4, 2024

The BMO InvestorLine adviceDirect is a discount online brokerage that gives complete control of your investment with customized professional recommendations. 

When you open an eligible account on this brokerage using the promo code ADCASH by January 9, 2024, you will get between $200 to $3500 cash back depending on your investment amount. The eligible accounts are as follow:

  • Cash
  • Margin
  • Sole Proprietorship
  • Corporate
  • RRSP (including spousal RRSP)
  • RRIF (including spousal RRIF)
  • TFSA

To claim the cashback, you need to invest the minimum balance of $10,000 by March 31, 2024, and hold it up to August 31, 2024.

The following are the range of cashback bonus you get from BMO rates on the brokerage calculated based on investment amounts.

Cashback rateInvestment amount
$200$10,000 – $29,999
$300$25,000 – $99,999
$500$100,000 – $249,999
$900$250,000 – $499,999
$1800$500,000 – $999,999

Learn more about BMO InvestorLine here.

4. RBC Direct Investing Promo Code

  • Offer: 100 commission-free ETFs and stocks trading
  • Value: $995
  • Expiry date: March 29, 2024

If you’re looking for a big bank-based online brokerage in Canada, you can’t make the wrong choice with the RBC Direct Investing brokerage.

With no minimum balance and transaction limit, the RBC Direct Investing brokerage offers real-time streaming quotes and access to expert educational resources on its Investing Academy.

When you open your first RBC Direct Investing account with the promo code ROL11, you can trade ETFs and stocks with no commission for up to two years. That saves you a $9.95 fee per trade.

Alhough you can trade stocks and ETFs with unlimited commission waivers on other online discount brokerages such as Wealthsimple Trade. The RBC Direct Investing brokerage is worth checking out if you’re less concerned about commissions.

Unfortunately, the RBC Direct Investing offer expired on March 29, 2024.

5. Scotia iTRADE Referral Offer

  • Offer: $100 or 50 free trades
  • Value: $100+
  • Expiry date: N/A

Scotia iTRADE is another big-bank-owned online brokerage that’s worth checking out. The brokerage is owned by Scotiabank and offers access to different investment and trading accounts, tools, and educational resources.

The self-directed platform has one of the most competitive referral programs that can also offset a significant portion of your trading costs. 

When you refer someone to the brokerage with your referral code, you and your referral will get a $100 cash bonus or access to 50 free trades.

To claim this bonus, your referral must deposit $10,000 in their account and hold it for a minimum of 60 days after signing up. 

Besides the referral program, Scotia iTrade also offers the following programs:

  • Scotiabank StartRight program: This program is tailored to Canadian newcomers. For a new Canadian newcomer that sign-up to Scotia iTRADE and invests a minimum of $1,000, they will get access to 10 free trades. 
  • Young investors offer: With this offer, young investors are not charged the Scotia iTRADE administration fee and low activity account administration fee up to the age of 26.

Update: Scotia iTRADE currently offers up to $4,000 cash bonus and $4.99 stock and ETF commission pricing for those that sign-up for a new account with this code WC24 or enroll their existing account by March 1, 2024. Click here to learn more

Best Robo-advisor Promotions

If a self-directed brokerage is not for you, a robo-advisor could be worthwhile.

With a robo advisor, your only task is funding your account as everything will be handled on your behalf.  However, this comes with management fees and MERs that are not available on self-directed brokerages.

As a result, taking advantage of robo-advisor promotions will help you enjoy hands-off investing at even lower costs. Below are some of the current best robo-advisor promotions in Canada to choose from.

1. Wealthsimple Invest Promotions

  • Offer: $25 bonus and $150 transfer rebate 
  • Value: Up to $175
  • Expiry date: N/A

Wealthsimple Invest is an automated investing service or robo-advisor offered by Wealthsimple. With no inactivity fee and minimum balance, Wealthsimple Invest could be your best robo-advisor in Canada.

As a new user, you will get a $25 cash bonus when sign-up to Wealthsimple Invest with this link and make your first $500 deposit on your Wealthsimple Trade account. 

When you transfer your account to Wealthsimple Invest from another financial institution, the transfer fee of up to $150 will be returned to you per account.

Learn more:

2. Questwealth Portfolios Promotions

  • Offer: First $10,000 investment managed free and $150 transfer rebate
  • Value: $150+
  • Expiry date: N/A

If you’re looking for the best robo-advisor with low management fees and MERs, Questwealth is one of the top options you will encounter.

Despite its low fees, Questwealth also helps you save costs by managing your first $10,0000 investment for free. This eliminates the 0.25% management fee charged on such investment amounts.

To claim this offer, all you need is to sign-up on Questwealth using the promo code “WALLETBLISS” or this link

In addition, you will get a $150 transfer rebate when you transfer your existing investment account to Questwealth Portfolios. 

Learn more: Questwealth Portfolios Review

3. Justwealth Promotions

  • Offer: $50 – $500
  • Value: Up to $500
  • Expiry date: N/A

If you are looking to trade through a Registered Education Savings Plan (RESP), you can count on Justwealth and get customized financial and counselling services along the way. 

While this robo-advisor offers different registered and non-registered accounts, it favours RESP accounts in terms of low management fees and minimum balance.

When you sign-up on Justwealth using our promo code “WALLET-BLISS” or this referral link, you will get between $50 to $500 cashback depending on your investment amount.

Below is a highlight of the eligible cashback on Justwealth that is calculated based on the investment amount.

CashbackInvestment amount
$50$5,000 to $24,999
$100$25,000 to $49,999
$225$50,000 to $99,999
$500$100,000 above

Learn more: Justwealth Promo Code & Promotion Review 

4. RBC InvestEase Special Offer

  • Offer: 0.5% off management fee 
  • Value: N/A
  • Expiry date: May 31, 2024

RBC InvestEase is the last but not the best robo advisor on my list that also offers promotions to new users. 

Based on the RBC InvestEase’s low management fee (0.5%), low MER (0.11% – 0.23%) and low minimum investment amount ($100), I rated it as the overall best big banks’ robo-advisors in Canada.

When you sign-up on RBC InvestEase with the promo code SA112 by May 31, 2024, you will have the 0.5% management fee waived throughout your first year. 

Which Brokerage Promotion is Perfect for You? 

From the above review, it is obvious that the best brokerage promotions in Canada differ in terms of rate and value. 

Generally, you want to choose a brokerage promotion with competitive offers without hidden or underlying costs. 

Since the above promotions are split between self-directed brokerages and robo-advisors, you need to first have a self-evaluation of your needs before making a choice.

If you’re going for a self-directed brokerage promotion, consider the following factors when making a decision: 

  • Supported accounts: Choose a brokerage that supports your preferred investment and trading accounts.
  • Tools: Consider research, trading and portfolio management tools that will make things easier for you as a self-directed investor: 
  • Professional support: Some brokerages don’t offer professional support while others do. Depending on your investment experience, professional support could make a difference.
  • Trading fees and commissions: It’s a cost-effective decision to choose a brokerage with low or no trading fees and commissions, such as Wealthsimple Trade.
  • Trading platform: Go for a brokerage with a flexible trading platform that’s accessible through different devices. 

On the other hand, consider the following factors when narrowing your selection of the best robo-advisor promotions in Canada.

  • Portfolios: Choose a robo advisor with a diversified low-cost portfolio that suits your investment objective and risk tolerance.
  • Management fee and MER: A robo-advisor with a low management fee and MER will save you money on the long run – irrespective of how much the initial promo value is. 
  • Investment strategy: Some robo-advisors manage your portfolio actively while others passively. Choose the one that suits your favourite investment strategy. 

Finally, Whether you’re going with a self-directed brokerage or a robo-advisor, it’s also important to consider the minimum investment balance requirement.

Final Thoughts

Self-directed brokerage or robo-advisor promotions could be the motivation you need to start or keep investing in Canada.

From investment fee reduction to cash bonuses, a brokerage promotion can help you start reaping the dividends of your investment instantly.

But as you can see from the above discussion, the promotion rates and values vary considerably between different investment platforms.

Whether you’re going for a self-directed brokerage or a robo-advisor promotion, hopefully, you can now make an informed decision about the perfect promotion for you.

Kindly let me know in the comment section about the promotions you’re going with or if you have any questions. 

Simon is a CPA by day and a Personal Finance Blogger by night. With over a decade experience in financial services, he's passionate about personal finance, investing and helping people take control of their financial life.

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