Interactive Brokers Canada Review 2026

1. Interactive Brokers Canada Review: Our Verdict

The short version. Interactive Brokers Canada scores 4.2 / 5 and ranks third of the 13 online brokers we score, behind Questrade and Desjardins Online Brokerage (Disnat) at 4.3 / 5. Wealthsimple also shows 4.2 / 5 but sits just behind before rounding (4.225 against IBKR’s 4.232). IBKR wins by being cheap where other brokers are expensive: margin and idle cash. It is the only broker we score that earns the full 5.0 on both cash and margin and platform.

Where it earns its score. IBKR’s cost score is 4.7 of 5. Our active profile costs $36.00 a year in commissions at IBKR against $0.00 at Questrade and Wealthsimple, because each 40-share order pays the CAD 1.00 or USD 1.00 minimum, and no annual account fee is charged. Its 3.675% CAD margin rate and 1.675% cash rate earn every available point on the cash and margin factor. Fractional shares, DRIP, options, an advanced desktop platform and a mobile app give it full marks on platform.

Where it loses points. IBKR scores 4.0 of 5 on account types because RESP and LIRA or LIF accounts are not described on the pages we checked. It scores 2.25 of 5 on US investing because it charges per-share commissions on US trades and does not state whether registered accounts can hold US dollars.

The trade-off with $0-commission brokers. Per-share pricing means a buy-and-hold investor pays something on every trade. Twelve Canadian purchases of 40 shares a year cost $12.00 at IBKR and $0.00 at Questrade or Wealthsimple. That gap is small, and IBKR can win it back on interest: in an eligible account, CAD 25,000 of idle cash earns $201.00 a year on the CAD 12,000 above the threshold, while Questrade’s cash earns effectively 0%.

Who should pick it. IBKR fits investors who borrow on margin, who keep more than CAD 13,000 in cash at the broker, or who trade options and want low margin rates beside them. Families who need an RESP, and anyone with locked-in pension money, will need a second broker. See where it sits on our best online brokers in Canada ranking.

2. IBKR Canada Fees and Commissions

Two pricing plans. IBKR Canada fees come in a fixed plan and a tiered plan. Fixed pricing charges one rate per share with a minimum and a maximum per order. Tiered pricing charges a lower rate per share but adds exchange and regulatory fees on top. Our cost figures use fixed pricing.

What an order costs. Under fixed pricing, any Canadian order of up to 100 shares pays the CAD 1.00 minimum, and any US order of up to 200 shares pays the USD 1.00 minimum. Above that, the per-share rate takes over: 500 Canadian shares cost CAD 5.00 and 1,000 US shares cost USD 5.00. The maximum protects low-priced shares: 10,000 Canadian shares at $0.10, a $1,000 order, would cost CAD 100.00 at the per-share rate but are capped at 0.5%, or CAD 5.00.

Other fees. No inactivity fee is listed and IBKR states it has no account minimums. You get two free withdrawals each calendar month; after that, each withdrawal costs CAD 2.00 by EFT or CAD 12.00 by wire. Fractional trades follow the whole-share commission schedule, and DRIP purchases pay standard commissions.

What four investors pay. We priced four yearly patterns at fixed pricing, counting commissions plus account fees. Every trade is a $2,000 order of 40 shares. Buy-and-hold makes one Canadian purchase a month. Active makes two Canadian trades and one US trade a month. US-focused makes one US trade a month. Options makes four US equity options trades a month of two contracts each. Account fees are $0.00 because IBKR lists no annual or inactivity fee.

The pattern. At IBKR every stock profile pays the per-order minimum, so the yearly cost tracks the number of orders: 12 orders cost $12.00 and 36 orders cost $36.00. Our investment fee calculator adds up commissions, account fees and fund costs for your own pattern.

3. US Investing and USD Accounts at IBKR

US commissions. Under fixed pricing, IBKR charges USD 0.005 a share on US stocks and ETFs, with a USD 1.00 minimum and a maximum of 1% of trade value, as of October 22, 2026. Tiered pricing charges USD 0.0035 a share with a USD 0.35 minimum, plus exchange and regulatory fees. A 40-share US order pays the USD 1.00 minimum, and 1,000 US shares cost (1,000 x USD 0.005 = USD 5.00). Fractional trades in US stocks follow the same schedule.

US dollars in registered accounts. Whether a TFSA, RRSP or FHSA at IBKR can hold US dollars is not stated on the pages we checked, which is why IBKR scores 0.75 of 3 on that part of our US investing factor. If you plan to hold US shares in an RRSP or TFSA, please ask IBKR how its registered accounts handle US dollars before you transfer. Questrade, by contrast, states that its registered accounts hold US dollars at no extra cost.

How the US score works. Our US investing factor gives 3 points for US dollars in registered accounts with no fee (1.5 if a fee applies, 0.75 if not stated) and 2 points for a $0 US commission (1.5 at $2 or less, 0 above). IBKR gets 0.75 for registered USD and 1.5 for a USD 1.00 commission on a 40-share order: (0.75 + 1.5 = 2.25) of 5. On our US stocks list, which gives this factor a 40% weight, IBKR scores 3.6 / 5, level with BMO InvestorLine at 3.625 before rounding; ties are ordered by name, so IBKR is listed 8 of 13.

US dividend withholding. Under the Canada-US tax treaty, US dividends paid into an RRSP, RRIF, LIRA or LIF are exempt from US withholding once the account is documented. In a TFSA, FHSA, RESP or non-registered account, 15% is withheld with a Form W-8BEN on file, or 30% without one. In a non-registered account you can usually claim a foreign tax credit for the 15%; in a TFSA you cannot. Our guide to US stocks in a TFSA explains why, and our guide on how to buy US stocks in Canada covers the whole process.

Dividends and DRIP. IBKR ranks second of seven on our list of the best brokers for dividend investing, which ranks brokers that offer DRIP by overall score. Each DRIP purchase at IBKR pays the standard commission, while Questrade and Wealthsimple list no reinvestment fee.

4. Interactive Brokers TFSA, RRSP, FHSA and Other Accounts

What is offered. Interactive Brokers Canada offers individual accounts (cash, Reg T margin and portfolio margin), joint and trust accounts, the RRSP and spousal RRSP, the TFSA, the FHSA, and small-business and corporate accounts. It added the RRIF, announced in a release dated February 3, 2026. RESP, LIRA and LIF accounts are not described on the pages we checked.

The Interactive Brokers TFSA. IBKR’s TFSA ranks third of 13 on our list of brokers offering a TFSA, ranked by overall score, behind Questrade and Desjardins Online Brokerage (Disnat). It also ranks third for the RRSP (of 13), the FHSA (of 11) and the RRIF (of 10). The 2026 TFSA dollar limit is $7,000, the 2026 RRSP dollar limit is $33,810, and the FHSA gives $8,000 of room a year up to a $40,000 lifetime limit. See the best TFSA accounts, best RRSP accounts, best FHSA accounts and best RRIF accounts lists.

The missing accounts. If you need an RESP for your children, or have a LIRA from a former employer’s pension, you will need another broker for those. Questrade and Wealthsimple both offer the RESP and the LIRA; see our best RESP providers and best LIRA accounts lists.

Rules that do not change by broker. Contribution limits, over-contribution taxes and withdrawal rules are set by the CRA, not by IBKR. Read our guides to the TFSA, the RRSP and the FHSA before you contribute.

5. IBKR Platforms and Tools

Four ways to trade. IBKR names four platforms: Trader Workstation (TWS), its desktop trading platform; IBKR Desktop; IBKR Mobile; and the Client Portal, which you reach through the web portal login. Having an advanced desktop platform and a mobile app earns IBKR both of those platform points; Wealthsimple, for example, does not get the advanced-platform point.

Fractional shares. IBKR offers fractional trading in TSX and Cboe Canada stocks and ETFs (since August 1, 2023) and in US stocks. Fractional trades follow the whole-share commission schedule, so under fixed pricing each fractional order is subject to the same per-share rate, the same CAD 1.00 or USD 1.00 minimum and the same 0.5% or 1% maximum of trade value as a whole-share order.

Dividend reinvestment. IBKR’s DRIP reinvests cash dividends from US- and Canada-listed common and preferred stocks for clients of IB Canada. Standard commissions apply to each reinvestment, unlike Questrade and Wealthsimple, which list no reinvestment fee. To reinvest into fractions, your account needs fractional trading permissions.

Account structures for active traders. Individual accounts come as cash, Reg T margin or portfolio margin. A cash account cannot borrow. A margin account lets you borrow against your holdings and is needed to sell short or write most options strategies. Portfolio margin sets the loan limit by the overall risk of the portfolio rather than position by position. Margin accounts can magnify losses as well as gains, so please make sure you understand the margin call rules before you borrow.

What we did not score. Our platform factor counts features, not screen design or speed, and we do not describe tools we could not confirm on IBKR’s own pages. IBKR ranks second of 10 on our best investing apps list, which uses the beginners weighting.

6. IBKR Research and Education

What we could confirm. Research reports, screeners, news feeds and market data subscriptions were not part of the figures we checked on IBKR’s pages, so we do not list them or their prices. Our score does not weigh research tools, because their value depends on how you invest.

Questions to ask before you fund. If live quotes matter to you, ask whether real-time Canadian and US data is included with your account or billed as a subscription. If you rely on analyst research, ask which providers are included and which cost extra. Write the answers down with the date.

Learning the basics first. IBKR gives you a great deal of control, including Reg T and portfolio margin accounts that new investors seldom need. A plan matters more than a platform. Our guide to how to invest in Canada covers choosing accounts, an asset mix and a contribution plan, and our investing for beginners hub links every learning guide on WealthScale.

Learning the cost rules. The biggest savings at IBKR come from understanding three rules on this page: the per-share minimum, the CAD 13,000 cash threshold and the two free withdrawals a month. Investors who batch small orders and withdrawals, and who keep idle cash above the threshold or out of the account, get the most from IBKR’s pricing.

7. IBKR Options, Margin and Advanced Trading

Options pricing. IBKR charges no base fee on options. US options cost USD 0.65 per contract when the premium is USD 0.10 or more, less on cheaper contracts, with a USD 1.00 minimum per order. Canadian options cost CAD 1.25 per contract with a CAD 1.50 minimum per order. Exchange and clearing fees are extra. These are tiered rates for up to 10,000 contracts a month.

How that ranks. Our options profile, four US equity options trades a month of two contracts each, costs $62.40 a year at IBKR (48 x 2 x USD 0.65). That is more than Questrade and Wealthsimple, which charge $0 per contract on US equity options. IBKR still ranks first of 13 on our best options trading platforms list at 4.6 / 5, because that list also weighs platform and cash and margin, where IBKR scores the full 5.0 on each.

Margin rates. IBKR Pro margin is priced at a benchmark rate plus 1.5% on the first tier. As of October 22, 2026, the rates are below. IBKR’s rate table is undated, so check the current rate before you borrow.

What that costs. Borrowing $10,000 for a full year at 3.675% costs $367.50 in simple interest. The same loan costs $385.00 at moomoo’s 3.85%, $495.00 at Wealthsimple Core’s 4.95%, $745.00 at Webull’s 7.45% and $870.00 at Questrade’s 8.70%. IBKR ranks first of 10 on our lowest margin rates in Canada list.

Use the margin interest calculator below to see what a loan of your size costs at IBKR and every broker that publishes a margin rate.

8. IBKR Cash Interest

The rates. IBKR pays interest on uninvested cash. Canadian-dollar balances above CAD 13,000 earn 1.675%, which is the benchmark minus 0.5%. US-dollar balances above USD 10,000 earn 3.380%. The full rates apply to accounts with a net asset value above USD 100,000; smaller accounts receive a lower rate.

What it pays. In an account worth more than USD 100,000, CAD 50,000 of idle cash earns interest on the CAD 37,000 above the threshold: (CAD 37,000 x 1.675% = CAD 619.75) a year if the rate holds. USD 30,000 of cash earns (USD 20,000 x 3.380% = USD 676.00). CAD 10,000 of cash, below the threshold, earns nothing.

How it compares. Many brokers we score pay nothing or publish no rate. Questrade’s published formula gives 0% at today’s prime rate, Qtrade pays 0% on Canadian cash up to $2,000,000, and Wealthsimple does not state a rate for cash in its trading accounts. IBKR is the only broker in our scores that earns the full 2.5 points for cash interest.

The catch for smaller accounts. The thresholds mean a small account earns little or nothing on cash: only Canadian-dollar cash above CAD 13,000 earns interest, and one year’s TFSA dollar limit for 2026 is $7,000, well below that. For small balances, a high-interest savings account may pay more on money you are not ready to invest. Our savings hub compares the options.

9. Is Interactive Brokers Canada Safe? Safety and Regulation

Regulation. Interactive Brokers Canada Inc. states that it is a member of the Canadian Investment Regulatory Organization (CIRO), which oversees investment dealers in Canada. Its site also says it is a member of the Canadian Investor Protection Fund, and CIPF’s current member list includes Interactive Brokers Canada Inc. Because both memberships are stated by the broker, IBKR scores 4.0 of 5 on our safety factor.

CIPF coverage. CIPF protects client property, meaning cash and securities, that is missing when a member firm becomes insolvent. Coverage is set by account group at each member firm.

What is not covered. CIPF does not cover a fall in the value of your investments, unsuitable advice, the failure of a company whose shares you own, or crypto assets. Margin losses are market losses: if a position bought on margin falls and the broker sells to cover the loan, CIPF does not replace the money.

Ownership. Our rubric adds a point for brokers owned by a bank or a financial cooperative group. IBKR is not bank-owned, so it does not get that point, and it ties with Wealthsimple, moomoo, Webull and Qtrade at 4.0. Our guide to CIPF vs CDIC explains how investment protection and deposit insurance differ, and our page on CIPF and CDIC coverage at Wealthsimple shows the rules at one rival.

10. Opening an IBKR Account and Transfers

Opening. IBKR states there are no account minimums, so you can open and fund an account with any amount. Like any Canadian broker, it needs your photo ID and social insurance number, because investment income is reported to the CRA. Choose cash or margin at the start; a TFSA, RRSP or FHSA is a separate account.

Transfers in. IBKR’s transfer-in rebate policy is not published on the pages we checked, and we found no Canadian sign-up offer. If your current broker charges $150 to transfer out, assume you pay it. Ask for a direct transfer: a TFSA moved directly between institutions does not affect your contribution room, while withdrawing and re-depositing it yourself counts as a new contribution and can cause an over-contribution. Our guide on how to transfer an investment account covers the forms.

Transfers out. The fee for moving a Canadian account out of IBKR through the usual Canadian transfer system (ATON) is not published on the pages we checked. Transfers through the US system (ACATS) are free, and northbound or southbound transfers between Canada and the US cost USD 10 per security (ISIN). Moving five holdings that way costs (5 x USD 10 = USD 50).

Withdrawals. Plan cash withdrawals so you use no more than the two free ones each month. A third EFT withdrawal in a month costs CAD 2.00, and any wire after the free two costs CAD 12.00.

11. IBKR Customer Support

What this review covers. Support hours and contact channels for Canadian clients are not part of the figures we checked for this review, so we do not list them. We print only support details we can confirm in our research, and we will add them when we can.

Questions worth asking early. Three answers shape your costs at IBKR and are not on the pages we checked: whether your registered accounts can hold US dollars, what it charges to transfer an account out through ATON, and whether it rebates the fee your current broker charges. Ask all three before you move money, and keep the replies.

Have these ready. Your account number, the account type (TFSA, RRSP, FHSA, RRIF or non-registered), the name of the institution you are moving from and a recent statement. For US shares, confirm that a Form W-8BEN is on file for your TFSA and non-registered accounts, because US dividends can be withheld at 30% instead of the 15% treaty rate without it.

Keep a record. Note the date, who you dealt with and what was agreed, and save chats and emails. A dated record makes a stalled transfer or a disputed fee much easier to resolve.

12. Interactive Brokers Canada Pros and Cons

The balance. For investors who borrow or hold cash, the pros outweigh the cons by a wide margin, and the published numbers show it: a $10,000 margin loan for a year costs $367.50 here against $870.00 at Questrade. For a small, simple buy-and-hold TFSA, IBKR’s advantages barely apply and a $0-commission broker such as Questrade costs slightly less: $0.00 a year against $12.00.

What would raise the score. Under our rubric, a stated policy of holding US dollars in registered accounts at no fee would add 2.25 points to the US investing factor. Adding RESP and locked-in accounts would add up to 1 point to the account types factor.

13. Interactive Brokers Canada Compared With Rivals

The three rivals. We compare IBKR with two $0-commission brokers, Questrade (first at 4.3 / 5) and Wealthsimple (fourth at 4.2 / 5), and with moomoo Canada, the other broker that charges per share. Fees are as of October 22, 2026 and scores as of October 23, 2026.

Costs for the four profiles. Using the four profiles from section 2, here is the yearly cost at each broker in commissions plus account fees. None of the four charges an annual account fee.

Reading the table. Questrade and Wealthsimple cost $0.00 in all four profiles. IBKR is next on stock trades: $12.00 a year for twelve Canadian purchases of 40 shares and $36.00 for the active profile. moomoo’s minimums are higher than IBKR’s: CA$1.49 and US$1.99 an order against CAD 1.00 and USD 1.00, so its active profile costs $59.64. On options, IBKR and moomoo tie at $62.40. See Questrade vs Interactive Brokers, Wealthsimple vs Interactive Brokers and our moomoo Canada review for the detail.

14. Who Interactive Brokers Canada Suits

Investors weighing IBKR for US stocks. A US order of up to 200 shares costs the USD 1.00 minimum, and 1,000 US shares cost USD 5.00. IBKR scores 3.6 / 5 and ranks 8 of 13 on our best brokers for US stocks list, because it charges per share and does not state whether its registered accounts hold US dollars. Desjardins Online Brokerage (Disnat) and Questrade lead that list at 4.6 / 5.

Margin borrowers and options traders. At 3.675%, IBKR’s CAD margin rate is the lowest of the 10 brokers that publish one. Options traders pay US$0.65 a contract but get the lowest margin rate, portfolio margin and a full desktop platform.

Larger accounts with cash. If your account is worth more than USD 100,000 and you keep more than CAD 13,000 in cash, IBKR pays 1.675% on the excess, while many brokers we score pay nothing or publish no rate.

Beginners who want low costs. IBKR ranks second of 13 on our best brokers for beginners list at 4.4 / 5, because it offers fractional shares, a mobile app, DRIP and no minimum. A beginner making one $2,000 purchase of 40 Canadian shares a month pays $12.00 a year.

Who should look elsewhere. Families who need an RESP, and anyone holding a LIRA or LIF, will need a second broker. Investors who want to pay $0 on every trade will pay less at Questrade or Wealthsimple. Options traders who never borrow pay $0 per contract at those two brokers. Our best commission-free brokers list ranks the $0-commission alternatives, and our broker reviews hub links every review.

What You Need and What You Get With IBKR

How to Open and Fund an IBKR Account

1. Decide which accounts you need. Map your goals to a TFSA, RRSP, FHSA, RRIF or non-registered account. If you also need an RESP or LIRA, plan a second broker for those. Our investment accounts hub compares every type.
2. Pick a pricing plan. Fixed pricing is simpler and includes the minimums shown on this page. Tiered pricing has lower per-share rates but adds exchange and regulatory fees.
3. Apply and choose the account structure. For non-registered money, choose cash, Reg T margin or portfolio margin. Only borrow if you understand margin calls.
4. Fund the account. Deposit from your bank or request a direct transfer. A direct TFSA transfer keeps your contribution room intact.
5. File Form W-8BEN. If you will hold US shares in a TFSA or non-registered account, file the form so US dividends are withheld at 15% rather than 30%.
6. Set up fractional trading and DRIP. Turn on fractional permissions if you want dividends to reinvest into fractions.
7. Review twice a year. Check your cash against the CAD 13,000 threshold, your margin balance and any rate changes.

10 Strategies to Keep IBKR Costs Low

Illustrative Example: A Year at IBKR for a US-Focused Investor

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.

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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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