How to Invest Globally from Canada: Best Brokers and Tax Guide (2026)

• TFSA: tax-free savings account. Annual contribution room: $7,000 (2024). Gains and income are tax-free. Best for most investors. Can hold US and global ETFs.
• RRSP: Registered Retirement Savings Plan. Tax deduction on contributions. Grows tax-free. Taxed on withdrawal. Best for high earners expecting lower income in retirement.
• TFSA with US stocks: dividends are still subject to 15% US withholding (US-Canada treaty). This cannot be reclaimed inside a TFSA.
• RRSP with US stocks: under the US-Canada tax treaty, dividends in RRSP are exempt from US withholding tax. RRSP is the better account for US dividend-paying stocks.

• Interactive Brokers Canada: IIROC-regulated. Lowest FX cost. Norbert's Gambit is the cheapest CAD-to-USD conversion method (effectively 0% FX via IBKR). Best for active investors.
• Questrade: popular Canadian broker. FX fee ~1.5% on USD trades. ETF purchases are commission-free. Good for passive investors.
• Wealthsimple Trade: commission-free but 1.5% FX fee on non-CAD trades. Simple app.
• TD Direct Investing / BMO InvestorLine: bank-backed, higher fees (1–2% FX). Familiar but expensive.

Norbert's Gambit is a CAD-to-USD conversion technique using dual-listed ETFs (like DLR and DLR.U) to avoid the 1–1.5% FX fee that most Canadian brokers charge. At IBKR, you can simply use their FX conversion at 0.2 bps — making Norbert's Gambit unnecessary.