How to Buy Mutual Funds in Canada

There are four ways to buy a mutual fund in Canada. The fund can be identical; what changes is the cost, the advice, and who's accountable to you.

1. Your bank branch

Walk in, answer a risk questionnaire, buy the bank's funds. Pros: easy, automated contributions, one login with your chequing. Cons: you'll be offered that bank's (often Series A) funds only — typically the most expensive way to own the market.

2. A full-service advisor (CIRO dealer)

An advisor builds and maintains the plan. Pros: real planning, behavioural coaching, tax coordination. Cons: compensation via trailers (Series A) or fee-based billing (Series F + ~1%); quality varies enormously. Ask, in writing: "What do I pay in total, in dollars, and what do I get for it?"

3. A discount broker (DIY)

Questrade, TD Direct, RBC DI, Wealthsimple… Buy Series D/F funds or ETFs yourself. Pros: cheapest access, full control, every fund family. Cons: you're the manager — including during crashes. Note: trailing commissions to discount brokers are banned, so Series A funds are largely gone from these shelves.

4. A robo-advisor

Automated ETF portfolios matched to a questionnaire, ~0.4–0.7% all-in. Pros: disciplined, cheap-ish, zero effort. Cons: little human nuance; you may outgrow it.

Before you buy anything

1. Read the Fund Facts — risk rating, MER, performance.
2. Know the series you're buying and why.
3. Choose the account first (TFSA/RRSP/FHSA beat taxable for most goals).
4. Set up automatic contributions — the single highest-impact habit in investing.

Unsure what you already own? Enter it in the tracker and ask the Genie to explain it.

Frequently asked questions