Best TFSA Accounts for US Stocks

Best TFSA Account for US Stocks: Ranking at a Glance

All 13 brokers we score offer a TFSA. The table ranks them by our US-stocks score, with ties ordered by the unrounded score, then the name. The last column shows the commission on a 40-share US stock order at each broker’s published price as of October 22, 2026.

Section 5 prices a full year of trades at every broker, and the calculator there works out your own pattern.

Master Comparison Table: 13 TFSAs for US Stocks

Search or sort the table to compare the TFSA details that change what US investing costs. “Not stated” means the broker’s own pages do not say; “not published” means no figure was given when we checked on October 22, 2026. The two yearly cost columns are our scoring patterns for a TFSA with $20,000: active (two Canadian and one US trade a month) and buy-and-hold (one Canadian trade a month), each a 40-share order, plus any yearly account fee.

The yearly cost columns count commissions and yearly account fees only. The fee to hold US dollars in a TFSA is shown separately: it applies only if you add a USD account, and it is reflected in the US sub-score rather than the cost sub-score.

The 13 TFSA Brokers for US Stocks Ranked

Each card covers what US stocks cost inside that broker’s TFSA: the score and the sub-scores behind it, the commissions in our two trading patterns, whether the TFSA can hold US dollars and at what price, and the TFSA fees and features that matter. Only brokers with a full WealthScale review get a review button.

1. How We Ranked the Best TFSA Account for US Stocks

Every broker offers a TFSA. All 13 online brokers we score offer a TFSA, so none drops out of this list. They are ranked by our US-stocks score, which weights US investing 40%, cost 25%, account types 10%, platform 10%, safety 10% and cash and margin rates 5%. The full rubric is in our broker rating methodology.

What the US sub-score rewards. It adds two parts, worth up to 5 points: US dollars in registered accounts (3 points with no fee, 1.5 with a fee, 0.75 if not stated) and the US commission (2 at $0, 1.5 at $2 or less, 0 above). A broker earns the registered-account points when its registered accounts can hold US dollars, so Scotia iTRADE scores 3 for its US-dollar RRSP and RRIF even though a US-dollar TFSA is not stated. The cost sub-score uses yearly commissions and account fees for two trading patterns, shown in section 5.

Why the order differs from our general TFSA list. Our list of the best TFSA accounts in Canada ranks the same 13 brokers by the overall score, where Questrade leads at 4.3 / 5 and US investing carries 15%. Here US investing carries 40%, so brokers with no-fee US dollars in registered accounts and $0 US trades, such as Desjardins and National Bank, move up, and Interactive Brokers, which does not state US dollars in registered accounts and charges at least US$1 a US trade, moves down.

What the score cannot change. US withholding on dividends is set by the Canada-US tax treaty, not by the broker, so it is the same 15% at every broker on this list. The score measures what the broker controls: whether its registered accounts can hold US dollars and at what fee, what it charges on US trades, and its other costs and features.

Ties and independence. When scores round to the same figure, the higher unrounded score ranks first, then the name. Desjardins and Questrade tie exactly at 4.575, so Desjardins comes first by name; Wealthsimple (4.05) ranks before moomoo (3.955); and BMO and Interactive Brokers tie exactly at 3.625, so BMO comes first by name. No provider pays for its position; our advertiser disclosure and editorial standards explain how we work. Every figure was checked on October 22, 2026.

2. The 15% US Withholding Tax in a TFSA

The rule. The Canada-US tax treaty caps US tax on dividends paid to a Canadian resident at 15% under Article X(2)(b), once your broker has a valid Form W-8BEN on file. The broker withholds the tax before the dividend reaches your TFSA, so a US$100 dividend arrives as US$85.

Why a TFSA pays it. The treaty’s Article XXI(2) exempts dividends earned by arrangements operated exclusively to provide pension or retirement benefits. RRSPs, RRIFs, LIRAs and LIFs qualify. A TFSA does not: it is a general savings account, not a retirement plan, so the 15% is withheld. The same applies to an FHSA and an RESP.

Why it is a permanent cost. In a non-registered account you can claim a foreign tax credit for US tax paid, up to the Canadian tax on that income. Inside a TFSA, Canada does not tax the dividend at all, so there is no Canadian tax to claim the credit against. The 15% is lost for good, every year you hold the investment.

How to read the table. The return lost each year is the yield times 15%: a 2% yield loses 0.30 percentage points (2% x 15%). The 10-year column holds the holding’s value and yield flat, so it is the yearly figure times 10 (US$150 x 10 = US$1,500); with growth and reinvested dividends the loss would be larger. A holding that pays no dividend loses nothing to withholding, whatever its growth.

Use the calculator below to see the US tax kept from your own dividends in a TFSA and in other account types, with and without a W-8BEN.

Our guide to US stocks in a TFSA walks through the same rule with more examples, and our TFSA guide covers the account itself.

3. W-8BEN, the 30% Rate and Other Withholding Traps

The W-8BEN halves the tax. Form W-8BEN tells the US payer, through your broker as withholding agent, that you are a foreign beneficial owner entitled to the treaty rate. Without it, US-source dividends paid to a foreign person are withheld at 30%. In the table above, that doubles the loss on a 2% yield from US$150 to US$300 a year on US$50,000.

When to file. If your broker did not ask for the form when you opened an account that can trade US securities, file it before your first US dividend. It is a broker form, not a tax-return form, and you file it with the broker, not with the Canada Revenue Agency.

Check your first dividend. Your activity statement usually shows the gross dividend and the tax withheld on separate lines. In a TFSA, the withholding should be 15% of the gross amount. If it is 30%, the broker does not have a valid W-8BEN on file for you.

The same cost in an FHSA and RESP. A first home savings account and an RESP are not retirement arrangements either, so US dividends paid into them also lose 15% with no way to recover it. If you hold US stocks in several registered accounts, only the retirement accounts (an RRSP, RRIF, LIRA or LIF) let US-listed holdings avoid the tax.

Canadian-listed funds that hold US shares. When a Canadian-listed fund owns US shares, the fund is the shareholder, and any US tax on those dividends is taken before the fund pays you. Holding that fund in a TFSA does not recover it, and switching to a Canadian-listed fund does not avoid US withholding; it only moves it inside the fund. This is a general rule about structure, not a view on any fund.

What the TFSA still shelters. Capital gains on US holdings, and the 85% of each dividend that the United States does not keep, grow free of Canadian tax inside the TFSA, and withdrawals are not taxed in Canada. The withholding is a drag on income, not on growth.

4. USD TFSA Account Options and Costs

A USD TFSA account lets the TFSA hold US dollars alongside Canadian dollars, so US purchases, dividends and sale proceeds can be kept in US dollars. This table lists what each broker states for its TFSA as of October 22, 2026.

Five no-fee choices. Questrade, National Bank, Desjardins, moomoo and TD Easy Trade state a US-dollar TFSA with no fee. Of these, Questrade, National Bank and Desjardins also charge $0 commission on online US trades. moomoo charges US$0.0099 a share with a US$1.99 minimum. TD Easy Trade gives 100 trades a year at no commission, then US$9.99 for US trades.

Paid choices. Wealthsimple’s $10 a month on Core is $120 a year before sales tax. Qtrade’s US$15 a quarter is US$60 a year per account. Section 7 sets out both fees by tier.

Not stated is not no. Interactive Brokers, BMO, Webull, Scotia iTRADE and CIBC may offer US dollars in a TFSA; their pages simply do not say. Please ask before you open the account, because the answer decides whether the TFSA can hold US dollars at all. For a closer look at one paid option, see our Wealthsimple USD accounts review.

5. Yearly Commissions and Account Fees for a US-Stock TFSA

Two scoring patterns and one US pattern. Our cost sub-score prices two patterns for a TFSA with $20,000 at published prices: an active investor making two Canadian and one US trade a month, and a buy-and-hold investor making one Canadian trade a month. Each trade is a $2,000 order of 40 shares, and any yearly account fee is added. The sub-score is 5 minus the average of the two costs divided by $80. A third column prices one US trade a month, a common pattern for a TFSA used for US stocks.

Six brokers cost $0.00. Wealthsimple, Questrade, Qtrade, National Bank, Desjardins and BMO charge $0 on Canadian and US stock trades and no yearly account fee in these patterns, so every pattern costs $0.00. Webull also charges $0 commissions, but its $0.70 monthly administration fee makes every pattern $8.40 a year ($0.70 x 12).

Per-share and per-trade brokers. Interactive Brokers costs $36.00 in the active pattern (36 trades at its $1 minimum) and moomoo $59.64 (24 Canadian trades at $1.49 and 12 US trades at $1.99). At the bank-owned brokers that charge per trade, the active pattern costs $250.20 at CIBC ($6.95 x 36), $358.20 at RBC ($9.95 x 36) and $359.64 at TD and Scotia iTRADE ($9.99 x 36).

Fees to hold US dollars. Wealthsimple charges $10 a month plus tax for a USD account on its Core tier ($120 a year before tax) and includes it on Premium and Generation. Qtrade charges US$15 a quarter (US$60 a year) per account unless you have Investor Plus. The cost sub-score counts commissions and yearly account fees only; the USD account fee is reflected in the US sub-score instead, at 1.5 points rather than 3.

Enter how many Canadian and US trades you make a month, and the calculator shows the yearly commissions and account fees at every broker for that pattern.

Plan the contribution. The 2026 TFSA dollar limit is $7,000, and someone who has been 18 or older and resident in Canada every year since 2009 and never contributed has $109,000 of room. Contributing more than your room costs 1% a month on the excess. Our TFSA room calculator and the TFSA contribution limit by year show your room before you contribute.

6. US Dividends in a TFSA: Withholding and DRIPs

One cut, at source. When a US company pays a dividend into your TFSA, the United States takes 15% first, as long as a W-8BEN is on file, and the rest lands in the account. Without the form, it takes 30%. Canada adds no tax of its own inside the TFSA.

A worked figure. This example is hypothetical. A TFSA receives US$600 of US dividends in a year. With a W-8BEN on file, US$90 is withheld (US$600 x 15%), leaving US$510. Without the form, US$180 is withheld (US$600 x 30%), leaving US$420. The US$90 difference comes from paperwork alone.

DRIP in a TFSA. A dividend reinvestment plan buys more of the same security with each dividend. Questrade’s DRIP has no fee, National Bank reinvests on request in full shares at zero commission, TD Direct Investing reinvests in full shares by phone, Qtrade lets you enrol yourself, and Interactive Brokers charges its standard commission. Wealthsimple and RBC also offer a DRIP. moomoo offers none, and Desjardins, BMO, Webull, Scotia iTRADE and CIBC did not publish DRIP terms.

Withholding applies before the DRIP. The plan reinvests what is left after the United States has withheld its share, so a DRIP does not reduce the 15%. It only puts the remaining 85% back to work without a separate trade.

What to take from this. The withholding is the one cut no broker can remove in a TFSA. You control which US holdings sit there and whether their dividends are reinvested. Our best brokers for dividend investing ranking compares DRIP terms and scores across brokers.

7. Paid USD TFSA Fees at Wealthsimple and Qtrade

Wealthsimple on Core: $120 a year before tax. Adding a USD account to a Wealthsimple TFSA costs $10 a month plus tax on the Core tier. It is included on Premium, from $100,000 in assets, and on Generation, from $500,000. There is a 30-day trial, and cancelling does not bring a pro-rated refund.

How the fee affects the score. A fee for US dollars in registered accounts earns 1.5 of 3 points on that part of the US sub-score, against 3 for no fee. That is the main reason Wealthsimple (4.0 / 5) and Qtrade (3.9 / 5) rank below Desjardins, Questrade and National Bank on this page, even though all five charge $0 on US trades.

Qtrade: US$60 a year. Qtrade’s US-dollar TFSA costs US$15 a quarter unless you have Investor Plus, and the fee is charged per account, so a US-dollar RRSP and TFSA would each pay it. Compare it with Questrade, National Bank, Desjardins, moomoo and TD Easy Trade, which state no fee.

Do not pay for what you will not use. A USD account fee only applies if you add the USD account. If the TFSA will hold mainly Canadian investments, or your US dividend payers sit in an RRSP where the treaty exemption applies, you may not need it. Our comparison of Wealthsimple vs Questrade sets the two side by side.

8. US Stocks in a TFSA in Canada: Rules That Still Apply

Who can contribute. You need to be a Canadian resident for tax purposes, 18 or older, with a valid social insurance number. Room starts building in the year you turn 18, or in the year you become a resident if you arrive later. A year in which you are a non-resident adds no new room, and contributions made while non-resident are taxed at 1% a month.

How much you can put in. The 2026 dollar limit is $7,000. Your room is this year’s limit, plus unused room from past years, plus anything you withdrew in earlier years, minus what you contribute this year. Withdrawals are added back to your room on January 1 of the next year, not right away. An excess contribution is taxed at 1% a month for as long as it stays in the account.

What you can hold. A TFSA can hold cash, GICs, most securities listed on a designated stock exchange (shares, warrants, options, ETF and REIT units), mutual and segregated funds, and certain bonds. Permitted investments are generally the same as in an RRSP. A non-qualified investment is taxed at 50% of its fair market value, so please check anything unusual, such as shares of a private company, with your broker first.

Options on US stocks. Brokers limit options in registered accounts. Wealthsimple, for example, allows long calls, long puts, cash-secured puts and covered calls in a TFSA, and keeps every other strategy for margin accounts. Check your broker’s rules before you plan an options strategy in a TFSA.

Frequent trading. The Canada Revenue Agency says that a TFSA holder who invests with the frequency and experience of a professional trader may have the account’s income taxed as business income. It gives no trade-count test. Active US trading inside a TFSA, at any broker, carries that risk.

Moving and closing. A direct transfer between institutions does not affect your room. Withdrawing and redepositing yourself counts as a new contribution, and the withdrawn amount comes back as room only on January 1 of the next year. Withdrawals are not taxed in Canada, whether the TFSA held Canadian or US investments. For the full rules, see our guide on TFSA withdrawal rules.

9. TFSA or RRSP for US Stocks?

The short version. For US-listed stocks that pay dividends, the RRSP has a treaty advantage the TFSA cannot match: no US withholding once the account is documented. For US holdings that pay little or nothing, the TFSA loses almost nothing to withholding and keeps its tax-free withdrawals. This is a general placement rule, not advice on any security.

Using both. If you have room in both accounts, one approach is to place US holdings that pay meaningful dividends in the RRSP, where the treaty exemption applies, and keep growth-oriented US holdings or Canadian holdings in the TFSA. The dollar value of the difference depends on yield: on US$50,000 at a 2% yield, the RRSP keeps US$150 a year that a TFSA would lose.

When the TFSA still wins. If you expect to need the money before retirement, have no RRSP room, or are in a low tax bracket now, the TFSA’s tax-free withdrawals may matter more than the 15% withholding. Our comparison of the TFSA vs RRSP covers the tax trade-off, and the best RRSP for US stocks ranks brokers for the RRSP side.

10. TFSA Fees and Transfers at Each Broker

Account fees. Most brokers on this list charge nothing to hold a TFSA. The exceptions: National Bank charges $100 a year per account root unless a waiver applies (such as $20,000 or more in eligible assets on May 31, or being 30 or younger); CIBC charges $100 a year when your total balance is $10,000 or less; TD Direct Investing charges $25 a quarter when household assets are under $15,000, with waivers; and Webull charges $0.70 a month per account. Desjardins and Scotia iTRADE waive their inactivity and low-activity fees for registered accounts.

Transfer-out fees. Leaving costs $150 at Questrade, National Bank, Qtrade, RBC, TD and Scotia iTRADE, and $150 in full or $50 in part at Webull. Desjardins charges $150 for a full transfer and $25 per security for a partial one. moomoo charges $75 in full or $50 in part per currency, plus tax. Wealthsimple charges $0. Interactive Brokers, BMO and CIBC do not publish the fee.

Rebates when you arrive. Questrade rebates up to $150 per account. RBC reimburses up to $200 on $15,000 or more. Wealthsimple covers the other firm’s fee, up to $150 per account, on transfers of $25,000 or more. Qtrade’s Fall Offer 2026 reimburses up to $150 per client on $15,000 or more. National Bank reimburses depending on the amount, without a published threshold.

Move US holdings in kind. Ask for an in-kind, direct TFSA transfer so your US shares move without being sold. A direct transfer does not affect your room. Check that the receiving TFSA can hold US dollars before you move US cash or US-listed holdings. Wealthsimple notes that fractional shares cannot be transferred to another institution, so whole shares move and fractions must be sold first. Our guide to transferring a TFSA or RRSP covers the forms.

11. How to Choose a TFSA for US Stocks

The best TFSA account for US stocks is the one that keeps withholding, commissions and account fees as small as your plan allows. These steps apply the tables above.

1. Decide what the TFSA will hold. If your US holdings pay meaningful dividends and you have RRSP room, consider holding them in the RRSP instead. The TFSA suits low-dividend US holdings best.
2. Check for a US-dollar TFSA. Start with brokers that state one with no fee: Questrade, National Bank, Desjardins, moomoo and TD Easy Trade.
3. Price your trades. Enter your Canadian and US trades a month in the broker cost calculator in section 5. Our active pattern runs from $0.00 at six brokers to $359.64 at TD and Scotia iTRADE.
4. Add any USD account fee. Wealthsimple charges $10 a month plus tax on Core and Qtrade US$15 a quarter without Investor Plus; the five brokers that state a no-fee US-dollar TFSA charge nothing extra.
5. Check account and transfer fees. Watch the small-balance fees at National Bank, CIBC and TD Direct Investing, and the transfer-out fee at the broker you are leaving.
6. File the W-8BEN. Without it, the United States keeps 30% of each dividend instead of 15%.

A quick read of the ranking. Desjardins and Questrade tie at the top, each with a no-fee US-dollar TFSA and $0 online US trades. National Bank offers the same at a big bank. Interactive Brokers has per-share pricing and full marks for platform and cash rates, but does not state US dollars in its TFSA. For a broader comparison, see Questrade vs Interactive Brokers and the best brokers for US stocks across all accounts.

12. Common Mistakes With US Stocks in a TFSA

Expecting the TFSA to shelter US dividends. It shelters them from Canadian tax only. The United States still keeps 15%, and there is no credit to claim.

Leaving the W-8BEN unfiled. Without it, 30% is withheld. On US$1,000 of dividends, that is US$300 instead of US$150.

Ignoring commissions on small US trades. At $9.99 a trade, 12 US purchases a year cost $119.88 ($9.99 x 12), about 1.7% of a $7,000 contribution. Seven brokers on this list charge $0 on US stock trades.

Forgetting the USD account fee. A $10-a-month USD account on Wealthsimple Core costs $120 a year before tax, and Qtrade’s costs US$60 a year without Investor Plus. Five brokers state a US-dollar TFSA with no fee.

Withdrawing and redepositing to switch brokers. That counts as a new contribution. If your room is used up, the redeposit is an over-contribution taxed at 1% a month until the withdrawn amount comes back as room on January 1. Use a direct transfer.

Trading like a professional. Very frequent trading in a TFSA can lead the Canada Revenue Agency to tax the account’s income as business income.

Putting the highest-dividend US holdings in the TFSA by default. If you have RRSP room, those holdings lose nothing to US withholding there. The TFSA is usually the better home for low-dividend holdings.

What You Need and What You Get

10 Strategies to Keep More of Your US Returns in a TFSA

Illustrative Example: A $7,000 TFSA Contribution Into US Stocks

Meet the Experts Behind WealthScale

Sharad Gondaliya, CPAWriter and tax reviewerCPA Ontario No. 61040184

Sharad is a CPA Ontario member (No. 61040184) and a Certified Public Accountant licensed in Washington and Montana, with more than 15 years in accounting and tax, a Diploma in Banking and Finance and a Certificate in Small Business Finance. He checks WealthScale content against primary sources. WealthScale is independent of his firm, Gondaliya CPA Professional Corporation, and provides general information only, not personal financial, investment, tax or legal advice.

• Chartered Professional Accountant, CPA Ontario
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Neha Gupta, CFAFinancial ReviewerCFA charterholder

Neha Gupta is a CFA charterholder based in Winnipeg who has worked in financial markets since December 2005. She has published more than 2,600 investment articles and is Head of Operations and Finance at Whiteland Real Estate. She reviews WealthScale’s investing pages for accuracy.

• CFA charter, CFA Institute (awarded 2023)
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