RBC Direct Investing, one of Canada’s largest online brokerages and among those with the highest fees, has introduced commission-free trades on 50 exchange-traded funds (ETFs) from partner iShares.
The move suggests the competitive pressure for low- and no-fee trading continues at all points along the digital brokerage spectrum. In February, Questrade adopted zero commissions on all stocks and ETFs, joining Wealthsimple Trade, National Bank Direct Brokerage, and Desjardins Online Brokerage in the commission-free club. Meanwhile, global mobile-focused trading platforms like Webull, Interactive Brokers and Moomoo have moved into the Canadian marketplace with low commission rates.
Rival bank-owned brokerages such as BMO InvestorLine and Scotia iTrade, as well as some independent trading platforms, have offered a selection of 0% commission ETFs for years. TD Direct Investing offers 50 free trades per year on all stocks and ETFs for clients using its Easy Trade phone app.
RBC Direct Investing clients can now buy and sell popular iShares funds at no charge, including iShares S&P/TSX 60 Index ETF (XIU), iShares Core Canadian Universe Bond Index ETF (XBB), and iShares Core Equity ETF Portfolio (XEQT). You can find the full list of zero-commission ETFs at RBC Direct Investing. All are from ETF giant iShares, a division of global asset manager BlackRock, Inc., with which RBC has had a distribution partnership since 2019.
Normally, RBC charges $9.95 for stock and ETF trades—near the top end of self-directed brokerage commissions in Canada—or $6.95 for clients who make 150 or more trades per quarter. It permits clients to pay commissions on stock and ineligible ETF trades with Avion Rewards points.
As of August 1, RBC is also eliminating its quarterly account maintenance fee, regardless of account size. Like other brokerages, it promises to offset up to $200 in third-party fees when you transfer your account from another brokerage.
If you’re considering a switch from your current brokerage or opening a stock trading account for the first time, check out MoneySense’s roundup of the best online brokers in Canada for 2025.
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