Brokerage promotions in Canada

The bank-owned brokers pay cash back on assets you bring in. TD Direct Investing and RBC Direct Investing both pay 3% on registered accounts such as TFSAs, RRSPs and FHSAs and 1% on non-registered cash and margin accounts, up to C$15,000 per client, with a C$2,500 minimum. Qtrade pays by tier instead: 5% on net new deposits from C$1,000 to C$10,000, then a fixed amount that rises from C$550 to C$5,000 for larger deposits. Wealthsimple matches 1% of transfers of C$25,000 or more, up to C$20,000. For smaller amounts, RBC also pays C$100 when you open a first GoSmart account, its app-based account for RBC banking clients, and contribute C$2,000.

None of these pays quickly. TD and RBC pay half by the end of 2027 and half by the end of 2028. Qtrade pays in March 2028. Wealthsimple spreads its match over 24 monthly payments into a Wealthsimple chequing account. Registration windows are short too: the TD and RBC offers close to new sign-ups in late October and early November 2026, so check the dates on each card.

Every one of these offers has a holding period, and they are long. TD measures your transferred assets until November 30, 2028, and RBC needs your net transferred assets to stay at or above C$2,500 until the same date. Qtrade's net new deposits must stay until February 5, 2028. Wealthsimple lets you take out up to 20% of the money you transferred during its 730-day hold; beyond that, the remaining monthly payments shrink.

In each case it is withdrawals and transfers out that count against you, not market moves. A falling portfolio does not cut your reward, but moving money to another broker before the hold ends usually does. If you might need the money within two years, a percentage-of-transfer offer is a poor fit.

TD and RBC both state that for registered plans the cash reward is paid directly into the plan and is not considered a contribution. That matches CRA's guidance: its folio on registered plan advantages describes a cash back paid into an RRSP, RRIF or TFSA and says such a payment is not a premium, gift or contribution to the plan. Qtrade's terms do not address the point, so ask Qtrade before you rely on it.

Transfers need care. Move a TFSA, RRSP or FHSA directly between institutions rather than withdrawing and redepositing: CRA treats a direct transfer as tax-free, while a withdrawal followed by a new deposit counts as a fresh contribution and can push you over your limit. For 2026 the TFSA dollar limit is C$7,000 and the RRSP dollar limit is C$33,810, and an FHSA allows C$8,000 a year up to C$40,000 over your lifetime.

Your current institution will usually charge a fee to transfer an account out. Several of these offers cover it: TD reimburses up to C$150 per eligible transfer, for up to four transfers, on transfers of C$25,000 or more; Wealthsimple covers up to C$150 per account on transfers of C$25,000 or more; Qtrade credits up to C$150 per client on transfers of C$15,000 or more, with a copy of the fee statement. Keep the statement showing the fee, because every broker asks for it.

The 2025 federal budget announced a plan to prohibit investment and registered account transfer fees. We have not confirmed when, or whether, that rule takes effect, so assume you will be charged until your institution says otherwise.

CRA has not published guidance on cash back paid into a non-registered account, and the brokers' terms say any tax consequences are yours. Keep the payout records with your tax papers and ask an accountant if the amount is material.

Every investment dealer regulated by CIRO is a member of the Canadian Investor Protection Fund (CIPF). If a member firm fails and your property is missing, CIPF covers up to C$1 million for your general accounts combined (cash, margin, TFSA and FHSA), a separate C$1 million for registered retirement accounts such as RRSPs and RRIFs, and another C$1 million for RESPs. It does not cover market losses or crypto assets.