Compare Brokerages

Use Sparx Trading's Online Brokerage Comparison Tool to find the right brokerage and account type for your DIY investing strategy.

Step 1: Account Type(s)

Select the account types you would like to compare between brokerages.

Click here to learn more about account types.

Step 2: Select Online Brokerages

Select up to three brokerages from the dropdown menus to begin comparing. Click section headers to hide/expand information.

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Here to Help!

What is a TFSA?

The Tax Free Savings Account (TFSA) was introduced in 2009 to offer Canadians a flexible savings tool. This account allows you to set money aside tax-free throughout your lifetime.

Pros

Flexible and no expiry
Tax-free growth and withdrawals
Doesn’t negatively impact other benefits, such as Old Age Security or Child Tax Benefit
Can carry over contribution room to the next year

Cons

Limited contribution room annually
Contributions are not tax-deductible

What is an RRSP?

The Registered Retirement Savings Plan (RRSP) was created in 1957 to provide tax breaks as a motivation tool to save money for retirement. This account allows you to put away some of your income to pay less income tax yearly.

Pros

Higher contribution limits than TFSA, which increase yearly
Saves you income tax, and might even lead to a tax refund
Ideal for high-income earners
Great to park US-based equities

Cons

Specific requirements after the age of 71
Could reduce old-age benefits
Taxed upon withdrawal

What is an RESP?

The Registered Education Savings Plan (RESP) allows parents or guardians to save for a child’s education.

Pros

Opportunity for Canadian Education Savings Grant for kids under 17
Interest payments, dividends, and capital gains are not taxed
Dedicated savings for the purpose of post-secondary education

Cons

Might divert contributions to other retirement planning options if one’s income isn’t high enough for both
Tax implications if the child does not attend post-secondary education

What is a Margin account?

Margin accounts are brokerage accounts that allow you to borrow money against the investments in your account. Basically, you pay a portion of the purchase price for a stock and have a portion paid by the broker (in effect, you are borrowing this amount from the broker). Any gains earned from this stock will repay the amount owed to the broker first, and the rest is for you!

Pros

Increase your buying power
Flexibility to build a portfolio
Increase account-growth opportunity

Cons

Increased risk of loss and possible stress
A losing trade could lead to a margin call, which means the broker requires you to add more money to the account or sell some of the assets in it

What is a Cash account?

These accounts are fairly straightforward: they require all transactions to be made with available cash, such as settling a trade by depositing cash. Compared to margin accounts where money is borrowed from a brokerage, these accounts require payment in full for the stocks you buy.

Pros

Straightforward to understand
Options for share/securities lending can offer a source of additional gains

Cons

Your ability to buy is dependent on the availability of your own cash
Gains are limited to the amount you’re able to invest