How to Buy Stocks & ETFs in Canada
Everything you need to know before buying your first stock or ETF — choosing the right account, opening it, funding it, and placing your first trade. Built with the ezRizq philosophy: build strong foundations, then grow wealth slowly but surely.
Buying your first stock or ETF usually takes less than 15 minutes once your account is open. The hard part isn’t clicking Buy — it’s choosing the right account and platform first. If you haven’t already, start with our Simple & Practical Guide to Start Investing to make sure your foundations (budget, emergency fund, goals) are in place before investing.
Choose the Right Investing Account
Before you buy your first stock, decide which account you’ll invest through. For most Canadians, it comes down to three personal accounts — each suited to a different goal. Parents saving for a child’s education should also consider the RESP below.
As covered in our Simple & Practical Investing Guide — if your employer offers a matching contribution to a workplace pension or group RRSP, that is generally the best place to start before opening any of the accounts below. It’s free money, and you should always capture it first.
First Home Savings Account
Best for first-time home buyers. Combines an RRSP-style tax deduction with TFSA-style tax-free growth and withdrawal.
- Contributions reduce your taxable income
- Investments grow completely tax-free
- Withdraw tax-free when buying your first qualifying home
⚠️ Already a homeowner? You may not be eligible. Check CRA eligibility rules →
Tax-Free Savings Account
Despite the name, a TFSA is really an investment account. ETFs, stocks, and other eligible investments grow completely tax-free inside it.
- No tax on capital gains or dividends — ever
- No tax when you withdraw
- Withdrawals reduce your room for that calendar year, but the full amount is restored every January 1
- Flexible — works for short or long-term goals
*Plus unused carry-forward from prior years. Always confirm your exact room on CRA My Account before contributing.
Registered Retirement Savings Plan
Best for higher earners. Contributions reduce your taxable income today; withdrawals are taxed as income when you take them in retirement.
- Rule of thumb: income now > expected retirement income → RRSP often wins
- Expect income to grow a lot in coming years? TFSA first is often better
- Unused room carries forward indefinitely
- Withdrawals are taxed as income — unless used through the Home Buyers’ Plan or the Lifelong Learning Plan
- Pensions and other retirement income change the math — everyone’s situation differs
Always confirm your exact room on your Notice of Assessment or CRA My Account before contributing.
For parents Registered Education Savings Plan (RESP)
Save for a child’s post-secondary education with tax-deferred growth. The federal government tops up your contributions through the Canada Education Savings Grant (CESG) — 20% on the first $2,500 you contribute per year, up to $500 per child annually and $7,200 over the child’s lifetime.
- Government CESG grant adds up to $500/year per child (free money)
- Lower-income families may also qualify for the Canada Learning Bond — up to $2,000 with no contributions required
- Growth is tax-deferred; when withdrawn for education it’s taxed in the student’s hands — usually at a very low rate
- Choose your own investments including halal ETFs and stocks
- CESG is available until the end of the calendar year the child turns 17 — start early to maximize it
- CESG room carries forward, but you can only catch up one extra year at a time (max $1,000 grant per year)
- Unused CESG contributions room cannot be transferred to another RESP; coordinate with grandparents or relatives contributing to the same child
| Your situation | Best account |
|---|---|
| Buying your first home | ✅ FHSA |
| FHSA maxed or not eligible | ✅ TFSA (for most people) |
| High income, want a tax deduction today | ✅ RRSP |
| Saving for a child’s education | ✅ RESP |
| TFSA & RRSP contributions maxed | Non-registered investment account |
Not sure how much TFSA or RRSP room you have? Your available room depends on your personal income history and contribution history — check CRA directly for the most accurate figures.
Choose an Online Brokerage
Opening an account usually takes 10–15 minutes online. You’ll need:
- Government-issued ID
- Social Insurance Number (SIN)
- A bank account to link for funding
- Your current address
ezRizq-recommended platforms
Selected for being beginner-friendly, low-cost, and widely used across Canada — including by halal-conscious investors who self-select their own Shariah-compliant holdings.
Questrade
Best for halal investors with under ~$100,000 CAD who want flexibility and advanced features.
- Self-directed investing
- Both CAD and USD accounts
- TFSA, RRSP, FHSA, RESP & non-registered accounts
- Custom indexing and other premium features available
Wealthsimple
Best for halal investors above ~$100,000 CAD, where Premium status unlocks fee-free USD accounts.
- Probably the simplest interface for beginners
- Commission-free stock and ETF trading
- CAD & USD accounts (USD accounts carry a $10/month fee unless you reach Premium status at $100k+)
- TFSA, RRSP and FHSA available, plus banking features
Other platforms worth exploring
Well-regarded brokerages in Canada. No referral arrangements here — listed for your reference only.
Interactive Brokers Canada
Popular with more experienced investors. Among the lowest trading fees available, broad access to global markets, and strong multi-currency support including USD accounts without monthly fees. Steeper learning curve than most beginner platforms.
Visit Interactive Brokers →Qtrade Direct Investing
Consistently ranked among the best in Canada for customer service and research tools. A solid middle-ground option between beginner ease and advanced features.
Visit Qtrade →Can I invest with my bank instead?
Absolutely — nearly every major Canadian bank offers self-directed investing. These platforms work well, but often carry higher trading fees or a steeper learning curve than newer online brokerages, so compare pricing before you open an account.
Fund Your Account
Once your account is approved:
- Link your bank account to your new brokerage account.
- Transfer money in — most platforms support electronic funds transfer (EFT).
- Wait for the funds to clear, then you’re ready to invest.
Buy Your First Investment
Once your money has landed:
- Search for the stock or ETF you want to buy.
- Enter the amount you’d like to invest.
- Review your order details carefully.
- Click Buy. Congratulations — you’re now an investor.
Opening an account is easy — choosing good investments is what actually matters. Make sure you understand diversification, risk, long-term investing, and asset allocation before you go further.
Frequently Asked Questions
Can I open more than one TFSA?
Yes. You can have multiple TFSAs at different financial institutions. Your total contributions across all of them must stay within your available contribution room — the limit is tied to you personally, not to any single account.
Can I have both Wealthsimple and Questrade?
Yes — many Canadians use more than one brokerage. Just track your contribution limits across all registered accounts combined, not per platform. Over-contributing to a TFSA or RRSP triggers a 1% monthly penalty tax on the excess.
Is there a minimum amount to start investing?
Many brokerages let you begin with as little as $1 to $100, depending on the investment. Wealthsimple supports fractional shares, so you can invest in higher-priced stocks with any dollar amount.
Should I wait until the market drops before investing?
Timing the market is extremely difficult — even for full-time professionals. The research consistently shows that time in the market matters far more than timing of the market.
A practical approach used by many long-term investors is dollar cost averaging (DCA) — investing a fixed amount at regular intervals (weekly, bi-weekly, or monthly) regardless of what the market is doing at that moment. When prices are higher, your fixed amount buys fewer units. When prices are lower, it buys more. Over time, this naturally averages out your cost per unit and removes the emotional pressure of trying to pick the perfect entry point.
For example: investing $500 every month is generally more effective for most people than waiting to deploy $6,000 all at once — and far better than not investing at all while waiting for a dip that may or may not arrive.
Can I have an RESP and contribute while family members do too?
Yes — multiple people (parents, grandparents, relatives) can contribute to an RESP for the same child. However, the $50,000 lifetime contribution limit applies per child across all plans combined. Make sure to coordinate with anyone else contributing to avoid over-contributions, which carry a 1% monthly penalty on the excess amount.
“The best day to start investing was yesterday. The second-best day is today.”
If you’ve paid off high-interest debt, built your emergency fund, and understand the basics — don’t let fear keep your money sitting idle. Open your account, invest consistently, and give it time to grow.
Affiliate disclosure: ezRizq earns a referral commission if you open an account through the Questrade or Wealthsimple links above. This doesn’t affect what you pay or your eligibility for either platform’s standard offers, and we only recommend platforms we would suggest regardless of commission.
Contribution figures on this page (FHSA, TFSA, RRSP, RESP) reflect 2026 CRA limits at the time of publishing and are subject to change. Always confirm your personal contribution room through CRA My Account before contributing. This page is educational content, not personalized financial, tax, or investment advice — consider speaking with a licensed advisor for guidance specific to your situation.