Best robo-advisors in Canada for 2025

Of course, for cost savings, you can’t beat doing it yourself. You can open a brokerage account, and assemble your own portfolio of exchange-traded funds (ETFs), stocks, bonds and/or guaranteed investment certificates (GICs). Conversely, you can pay a wealth manager or investment advisor to do it for you. Taking the latter approach, there are direct and embedded management fees that will almost certainly exceed 1% (and possibly 2%) of the value of your investments every year. For some Canadian investors, that’s kinda pricey.

But with robo-advisors, you can get some of the benefits of DIY and the ability to tailor to your risk and goals. While still on the affordable end of the spectrum—think costs of 0.5% to 1% of assets under management per year, all-in—robo-advisors build a diversified portfolio, usually composed of ETFs. It will be tailored to your needs and they can respond to issues as they arise, albeit with less hands-on support than a full service advisor. 

The good news: You don’t need to know much about investing when using a robo. Your returns may never beat the benchmark, but they’ll probably be competitive with the alternatives due to lower fees. And even if you do know a thing or two about investing, a robo can save you a lot of time tinkering with your investments. Just set it and forget it.

This is the value proposition Canada’s robo-advisors have established in their decade or so of existence: automation-assisted portfolio management for a reasonable price. But as you’ll find in this best robo-advisors guide, they’re not all the same. Some have dozens of portfolio options, others just a handful. Some assign you a real-life advisor while others offer phone or chat support. They all have different fees and ways of charging. 

Most importantly, they’ve shown a pretty wide dispersion in the performance of their investment portfolios.

With this, the 2025 edition of MoneySense’s best robo-advisors in Canada, we’ve sifted through all the options available to Canadian investors in the hope of helping you find the best provider for your situation.

The best robo-advisors in Canada are…

Drum roll please.

Gold — Best overall robo-advisor: Justwealth

Rival robos have improved their offerings and relative performance over the past year, but not quite enough to unseat Justwealth in the top spot for 2025. It boasts the widest selection of portfolios, a flesh-and-blood advisor to help sort out the options, reasonable fees and consistent top-tier returns. If it lags in any area, it is friendliness to new investors starting out; it has the highest minimum account size at $5,000 (no minimum on RESPs and FHSAs) and a potentially bewildering number of choices. 

Read more below on Justwealth’s range of investment offerings.

Silver — Best overall robo-advisor: Questwealth Portfolios

Questwealth Portfolios, the robo-investing arm of online brokerage Questrade, combines the lowest fees among Canadian robo-advisors for most kinds and sizes of accounts (see details below) with a very competitive service offering and investment returns. It’s also expected to unveil a new, streamlined user experience this spring that it promises will make setting up, monitoring and making changes to your account a breeze.

Read more below on Questwealth’s fees—and how they’re so low.

Bronze — Best overall robo-advisor: Wealthsimple

Wealthsimple takes the ribbon for most improved player over the past year. For a long time the performance of the company’s portfolios noticeably lagged its peers, but in 2024 it upped its game. It also introduced access to private assets, such as private equity and private credit investing, for clients with at least $50,000 in liquid assets who want to diversify beyond stocks and bonds. Clients with more than $100,000 invested have access to free financial planning and tax advice in addition to help setting up and rebalancing their portfolio. Plus it has a rewards program for larger account holders with services like Uber, Strava and Headspace.

Read more below on Wealthsimple’s range of assets.

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Compare the best robo-advisors in Canada

Below you is our best robo-advisors comparison chart, pulling data from the balanced portfolios for each robo. All data is As of Dec. 31, 2024 and is annualized. To view all the data in the table, including the yearly returns of the balanced portfolios, slide the columns right or left using your fingers or mouse. You can filter or rearrange the rankings by using the search tool or clicking on column headings. You can also download the data to your device in Excel, CSV and PDF formats.

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The best robo-advisors for Canadians

While our top robo-advisors list includes three solid winners, we have more options for you. We recognize that Canadian investors have different needs, goals, experience levels, portfolio values and so on. So, which robo makes the most sense for you and your money?

Best robo-advisor in Canada for lowest fees — Questwealth 

Questwealth distinguishes itself by having the lowest fees among Canadian robo-advisors, while still offering competitive service and returns. Annual portfolio management fees are just a quarter of one per cent for accounts between $250 and $100,000. (While there’s no minimum account size, funds are only invested once you hit that $250 mark.) For amounts over $100,000, the fee is just 0.2%. And since Questwealth uses major index ETFs from iShares, BMO and Global X, you can expect all-in fees to add up to less than 0.5% of the value of your portfolio per year. Last fall the firm doubled down on its status as the thrifty investor’s choice by offering a special promotion: no fees at all on amounts added between September 1 and December 31, 2024 through the end of 2025. So, you can see Questwealth is pretty invested in offering very low fees.

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Best robo-advisors for range of assets — CI Direct & Wealthsimple

Two firms claim this title. Last year Wealthsimple joined CI Direct in offering private-asset portfolios in addition to those holding ETFs invested in stocks and bonds. Wealthsimple requires a minimum investment of $10,000 and $50,000 in financial assets—not necessarily with the firm. (You’re required to hold financial assets of at least $50,000 in various accounts and $10,000 invested with Wealthsimple.) 

There’s a whole movement toward allocating at least some of your nest egg to the alternative asset class to increase diversification and reduce risk, but it’s worth keeping in mind these portfolios come with substantially higher fees and thus stray from robo-investing’s original mission of providing low-fee services.

Note: if you decide to go the more conventional ETF route with CI Direct, accounts worth less than $50,000 now get invested in a single CI Global Asset Management asset allocation ETF. Only above that threshold are you allocated a portfolio of ETFs as with other providers.

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Best robo-advisor for ESG investors — Qtrade Guided Portfolios

Most robos charge a higher fee on responsible investing accounts than mainstream ETF accounts. Qtrade doesn’t. It puts responsible investing (RI) clients into mutual funds managed by its sister firm NEI Investments, which happens to be one of the most experienced environmental, social and governance (ESG) specialists in Canada. Its returns, especially over longer periods, tend to be very close to those of broad-market portfolios. MERs for its funds are higher than typical ETFs, though—between 0.72% and 0.96%.

Note on Qtrade’s stated returns in the comparison table: we used the Growth & Income Portfolio, which allocates 65% to equities and 35% to fixed income, because it was the most comparable to competitors’ products. Qtrade’s Balanced ETF portfolio aims for a 50/50 allocation.

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Best robo-advisors for beginner investors — BMO Smartfolio & RBC InvestEase

Two of Canada’s Big Six banks, RBC and BMO, have their own robo-advisor services. Both hew very closely to the original vision for automated portfolio management. They offer a simple selection of portfolio types, all sticking to index stock and bond ETFs. RBC has a responsible investing option; BMO does not. BMO uses its own ETFs almost exclusively, and RBC uses iShares (with which it has a formal partnership). Fortunately, these represent two of the largest and lowest-cost ETF providers in Canada. Another advantage of bank-owned robos is you get access to a wealth of authoritative investor education material and market commentary through the client portals. BMO Smartfolio and RBC InvestEase make a lot of sense for existing customers of the banks; transferring money is a one-step process. 

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Best robo-advisor for experienced investors — Justwealth

Fee-conscious investors choose robo-advisors for one of two reasons, or both. The first is that they want someone else to manage their wealth because they don’t understand investing. The second is they want someone to manage their wealth because they don’t have the time to devote to it. Justwealth appeals most to the second group. It offers more than 80 portfolios to choose from. And while that service also comes with a personal advisor, people who have a good idea of what they want and need are the ones best suited to take advantage of its many offerings. A new one over the past year is a target-date registered savings plan (RRSP) portfolio that gradually becomes more conservative as you approach retirement. That way it’s not not up to you to worry about your evolving risk tolerance.

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Best robo-advisor for collaborative management— Nest Wealth

When 2024’s robo-advisor guide came out, Nest Wealth had just been acquired by Italian fintech company Objectway. A year later, we can report that the company’s offering is still substantially the same, only with an enhanced “digital ecosystem” to support it. Nest Wealth works harder than other robos to integrate its service with financial advisors and wealth management partners including National Bank, Raymond James and Manulife Securities. So if you’re souring on mutual funds but still click with your advisor and want to keep the relationship going, it offers a way to work together.

Note to young investors starting out: Nest Wealth has no account size minimum, but your funds will not be invested in any of its ETF portfolios until it reaches $1,000.

Best robo-advisor for active investors — Modern Advisor

Most users associate robo investment management with passive investing using index ETFs. But if you still think you can beat the market—or dodge the worst it has to dish out—using investments chosen by a manager, Modern Advisor gives you options. It has a suite of portfolios made up of funds actively managed by BCV Asset Management, as well as a Harmony portfolio class that employs a blend of active and passive strategies. It also has core indexed, socially responsible and high interest savings portfolios. The BCV portfolios come with a management fee surcharge of 0.5% per year, but otherwise these active funds are not much more expensive than their passive counterparts, with average MERs around 0.2%.

How to choose a robo-advisor that best suits your investing needs

Over the past 10 years, the list of Canadian robo-advisors has solidified into the handful you’ll find on our list above. Most have, since their launch, been acquired by larger financial institutions, while a couple remain independent firms. If your bank has its own robo-advisor, it may make sense to keep your money there. For example, transferring funds will be frictionless. If you’d prefer your provider to pick from the widest possible range of ETFs, you might be better off with an independent. However, there are other factors worth considering in your choice of robo-advisor.

Fees

While most providers are in the same ballpark when it comes to the costs of their services, each will have its own fee schedule that may favour customers with a certain size of account. Keep in mind your account may grow over time, depending on your age, stage and time horizon. Also check whether the management expense ratios (MERs) of the funds the provider uses are competitive. For ETF-based portfolios, the combined portfolio management fee and average MER should come in well under 1% of assets under management per year.

Ease of use

Different providers promise different levels of personalized service, from chatbots up to designated representatives. If you’re happy interacting primarily with the web portal or smartphone app, make sure the user interface is to your liking.

Account types

Make sure the robo-advisor you’re considering has the kinds of accounts you intend to set up. Not all providers offer the full range of registered accounts, including the first home savings account (FHSA) introduced in 2023, or socially responsible investing (SRI) options. Some have a wide selection of account types. Wealthsimple even offers Halal investing portfolios that comply with Islamic principles.

Performance

Returns can vary quite a bit across providers and portfolio types. As always, past performance is no guarantee of future performance, but still compare the past returns for the firm you’re considering working with and its competitors (using like-for-like portfolio types). Some providers publish their various portfolio returns online. If the one you’re considering doesn’t, request performance data. We have provided a comparison of similar balanced portfolios in the table above.

As the robo-advisor industry has matured, some providers have stuck with the original template of low-cost, diversified portfolio offerings, usually populated with index ETFs, while others have ventured into actively managed ETFs, non-ETF investments (mutual funds, private investment pools) and exotic asset classes (cryptocurrency, commodities) in the hope of differentiating themselves. (Critics would say in the hope of earning higher fees for themselves and the corporate partners they work with.) We trust the information provided here will help you identify the best robo-advisor for your needs.

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Got questions about using a robo-advisor? We have answers

Using a robo-advisor in Canada is easy enough, but you may have questions. If we haven’t answered your question, post it in the comments below.

Who should use a robo-advisor? 

First, you have to be reasonably comfortable with technology. While some robo providers offer designated human portfolio managers you can contact to ask questions, it’s never going to be as high-touch an experience as dealing with a live investment advisor. 

Second, you have to care about the fees you pay. Automation enables robo-advisors to manage investments for a fraction of the cost of commissioned or full-service investment advisors like mutual fund companies and wealth managers. So, robo users tend to be thrifty middle-income people who don’t have a vast fortune that might justify higher fees.

At the same time, robo clients may be people without the time, investment knowledge or inclination to manage their portfolio themselves. Do-it-yourself investing, which was made a lot easier with the advent of ETFs, will always be a little bit cheaper. But unlike DIYers, robo users really can “set it and forget it,” and sleep well knowing someone else (or some algorithm) is looking after their nest egg day in, day out.

How do robo-advisors work? 

First, you need an account. With pretty much every robo-advisor, the process of setting one up begins with an online questionnaire. This helps the robo to get to know your risk tolerance and what you will use the account for. You might have an interview or a text chat with a live representative. After that, the algorithms get to work, selecting a portfolio for you to invest in. If you like what you see, you transfer money into the account, and away you go. All the providers now offer an app, so you can access your account on your smartphone.

Generally, robo clients don’t have to worry about trading fees—any rebalancing or changes in the portfolio are covered by the portfolio management fee. This fee is in addition to the management expense ratio (MER) charged by the ETFs themselves. Between the robo’s fee and the ETFs’ fees, you shouldn’t end up paying more than 1% a year for the management of your investments—which compares favourably to the average 2% for mutual funds—unless you opt for a robo and account offering investments other than ETFs, which typically come with higher fees.

Now that all the nationwide robo-advisors have a five-year track record, we’ve added back-dated performance data in the table above, for comparison. As robos are meant to match the portfolio to the investor, it should be understood the comparisons do not reflect how all their customers’ investments performed, and as such, this is only a starting point in any discussion around relative performance. 

If you’re considering setting up an account with a robo-advisor, look on its website for performance data for the kind of portfolio you expect to set up. If it’s not posted, you can request it. You want to feel comfortable knowing that the robo has a history of capturing the kinds of returns it promises and the kinds of returns you need to achieve your goals. 

Should you use a robo-advisor?

It depends on how much you’re looking to invest, suggest some experts. Dale Roberts, a MoneySense contributor and the investing blogger behind cutthecrapinvesting.com, believes robo-advisors still provide some of the best investing solutions for a vast swath of Canadians who lack both the investment knowledge to manage their own portfolio and a nest egg large enough to make a fee-based advisor worthwhile. “You need real money (minimum of $500,000) to get real advice, and most Canadians don’t have real money,” he says flatly.

Asset-allocation ETFs, which offer a diversified portfolio in a single security, aren’t really competition, in his mind. Choosing which fund to buy amounts to self-directed investing, something few investors are in a position to do. Roberts says that most “need someone to hold their hand,” by choosing the asset mix and answering questions. Robos do that cost-effectively.

If you’re thinking about shifting your assets to a robo-advisor, note that doing so may trigger taxes or incur fees for divesting from your mutual funds and/or other assets.

If all you have are registered accounts, like an RRSP and a TFSA, go for the robo-advisor with the lowest fees for your account size, suggests Roberts. But if your situation is more complicated, and you have taxable non-registered investments, choose a provider that will handle the transfer in the most tax-efficient way possible. Justwealth, Wealthsimple and CI Direct Investing all offer financial planning services, he notes.

What is a robo-advisor?

When the word robo-advisor first entered the investing lexicon, it referred to a company that offered a robo-advisor tool and the platform itself. With many traditional financial institutions providing robo options today, the term refers to the technology involved. Now, essentially, a robo-advisor is a cloud-based technology platform that, in many cases, invests on behalf of a user. 

There are other ways to invest online, of course. For example, with discount brokerages, you put money into an account and then you have to divvy up those funds among securities on your own. Robo-advisors automatically split up the assets in your robo account (again, it could be an RRSP, an RESP, a TFSA or other account type) among various ETFs based on your risk tolerance and goals. (An ETF is a basket of securities that’s similar to a mutual fund but usually isn’t actively managed; often, it’s set up to track, or mimic, a specific market index, such as the S&P 500. ETFs are also different from mutual funds in that they can be traded on the market, like an individual stock or bond.)

It’s the ease of use that’s made robo-advisors so popular. Most work in a similar way: You fill out a questionnaire to determine your risk tolerance levels, then you connect your bank account to the software and enter the amount you want to invest. The robo-advisor will then put your money into its funds and continually rebalance your dollars to keep your asset mix where it should be.

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Who uses robo-advisors?

There used to be a perception that robo-advisors were for newbie investors or those without a lot of money, but that couldn’t be further from the truth now. An increasing number of high-net-worth investors—those who don’t want to pick securities on their own—are seeing the value in using this kind of digital investing platform. In fact, many robos are now catering to this investor set, with some offering more sophisticated tax-loss harvesting, as well as accounts for incorporated professionals. 

Whatever end of the income spectrum you’re on, it’s a lot more efficient to use a program that divvies up your money for you into the right buckets for your risk tolerance, and automatically rebalances when market values either climb too high or drop too low. 

Robo-advisors are also ideal for fee-conscious investors, which is just about everyone these days. While fees do vary, and it’s possible to invest more cheaply by buying an all-in-one ETF than by using a robo (though you’d have to do all the investing work yourself), costs are still well below the average mutual fund fee of about 2%. As ETF fees continue to fall, and with most robos using ETFs to build portfolios, robo-advisor costs could decline over time, as well.

There are some situations in which a robo-advisor may not be a fit. One is if you’re saving for short-term needs, where your money could be better served by sitting in a savings account or a guaranteed investment certificate (GIC). Some robos do offer non-market-based products, so in some cases it’s possible to keep all of your money with one firm, but most don’t offer anything other than investing. 

Also, a robo won’t be right for you if you have a complicated estate and might make use of insurance products, or if you want to invest in real estate or other specialized products and securities. And while some robos now offer security-trading capabilities, more sophisticated investors may still want to use brokerage firms that have analyst reports and better trading tools.

Ultimately, though, robo-advisors now cater to pretty much everyone, and there’s no good reason as to why you shouldn’t at least explore using one.

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Should you use a robo-advisor or a real-life advisor?

In some ways, the term robo-advisor is misleading. It is, for the most part, the financial companies that have found a way to simplify the investing process. A robo-advisor doesn’t provide in-depth financial advice, and it doesn’t take into account your big life events that might affect how and how much you should invest (e.g., buying a home, having children, retiring). Human advisors, on the other hand, can both invest funds on your behalf and help you figure out a personalized financial plan.

However, more companies are offering some hybrid of robo and human advice, where the software does the investing and the human provides the financial advice. We’ll likely see more of that in the future, as it appears to be what people want: A Capital One survey found that 69% of investors would like to use a digital-human hybrid to manage their money, while 74% say they want a financial advisor to help them get through turbulent markets.

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What are the pros and cons for using a robo-advisor?

Before you sign up for an account (or maybe you already have), know the benefits and the drawbacks.

Pros:

1. Charge low flat fees
2. Use easily liquid and easily tradable ETFs
3. Create a diversified portfolio based on one’s risk tolerance and time horizon
4. Rebalance automatically 
5. Allocate money to various ETFs automatically
6. Are tax-efficient 

Cons:

1. Might not allow investors to change the asset mix on their own
2. Typically use only ETFs; investors may want to add other securities to their portfolio 
3. Use specific ETFs; investors may prefer different brands the robo doesn’t offer 
4. May take longer to redeem assets than at a discount brokerage

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For robo-advisor Q&A, some files from Bryan Borzykowski.

Read more about investing:

• The best dividend stocks for Canadian investors
• Best online brokers in Canada
• Best ETFs in Canada
• The MoneySense ETF Screener Tool

About Michael McCullough

Michael is a financial writer and editor in Duncan, B.C. He’s a former managing editor of Canadian Business and editorial director of Canada Wide Media. He also writes for The Globe and Mail and BCBusiness.

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