Where to buy ZWB, ZWC, HDIV, ZEB and other Canadian covered-call ETFs. Comparing Canada's top low-fee brokerages for income investors.
Informational only. Not investment advice. We may earn a referral commission if you open an account through our links — at no cost to you.
If you're building a monthly income portfolio with covered-call ETFs like ZWB or ZWC, trading commissions can add up fast — especially if you're reinvesting distributions monthly. A $9.99 commission per trade on a $500 monthly purchase is a 2% drag before you've even started.
The good news: Canada now has several excellent low-fee and commission-free brokerage options that make regular ETF investing very cost-efficient. The right choice depends on how often you trade, what account types you need, and how much support you want.
Questrade is one of Canada's most popular brokerages for self-directed ETF investors. The key advantage: ETF purchases are free — you only pay a small commission when you sell. For buy-and-hold income investors reinvesting monthly distributions, this is a significant cost saving.
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Wealthsimple Trade offers completely commission-free trading on Canadian and US stocks and ETFs — both buys and sells. It's popular for its clean, simple interface and is a great option for investors who want a straightforward experience without worrying about trade costs.
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TD Direct Investing is a full-service brokerage with a well-established platform, excellent research tools, and strong customer support. It's a solid choice if you want the backing of a major Canadian bank and need more advanced features.
Visit TD's website directly to open an account.
RBC Direct Investing offers a reliable platform with solid integration into RBC banking. Good option if you already bank with RBC and want everything in one place, though trading commissions are higher than discount alternatives.
Visit RBC's website directly to open an account.
Where you hold your covered-call ETFs matters almost as much as which broker you choose. Here's a quick summary:
| Account | Tax Treatment | Best for ZWB/ZWC? |
|---|---|---|
| TFSA | All distributions and gains completely tax-free | ✅ Best choice — keep 100% of every monthly distribution |
| RRSP | Tax-deferred — no tax until withdrawal | ✅ Good — especially approaching retirement |
| Non-Registered | Distributions taxed annually as income | ⚠️ Less efficient — annual tax drag on distributions |
This is a simplified overview. Tax rules are complex. Consult a tax professional for advice specific to your situation.
Questrade (free ETF purchases) and Wealthsimple Trade (zero commissions) are the most popular low-cost options for buying ZWB and other Canadian covered-call ETFs in 2026.
Yes. ZWB can be held in a TFSA, RRSP, or non-registered account at any Canadian brokerage. A TFSA is generally the most tax-efficient option — all monthly distributions come out completely tax-free.
Yes — Questrade is one of the most recommended Canadian brokerages for ETF investors. Free ETF purchases make it cost-effective for regular buying, which suits income investors who reinvest monthly distributions.
Yes — Wealthsimple Trade's zero-commission model is hard to beat for straightforward ETF investing. It's particularly good for investors who want simplicity and low cost without needing advanced trading tools.
No. Both Questrade and Wealthsimple Trade have no minimum account balance requirements. You can start with as little as one unit of ZWB (~$20–$22 CAD as of 2026).