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Interactive Brokers for TFSA/RRSP


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Thinking of using IB for RRSP and TFSA (2 types of registered Canadian accounts) mainly because they have superior currency exchange fees compared to Questrade. Anybody have experience with them for registered Canadian accounts?

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Thread below covers the fees pretty thoroughly. Basically inactivity fee is $10 per account per month...so unless you generate more than 10 buck commission through trades you will pay this. Fee is waived though if you have more than 100k USD (which currently translates to 134.5K CAD) in the account.


In addition RRSP has quarterly fee of 12.50 on top of the inactivity fee. TFSA no additional fees.


RRSP and TFSA as rb stated only permit US/CAD stocks. And in order to buy US stocks you must convert into USD dollars. Normally IB allows you trade in any currency and automagically creates a loan in the currency you traded which hedges most of the currency risk. But this feature does not exist for TFSA or RRSP.




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