How to Buy Tesla Stock in Canada



Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Buy Tesla Stock in Canada

Are you considering buying Tesla stock in Canada but don’t know where to start? You’re not alone! Many Canadians opt for DIY stock trading instead of having a broker manage their investments for a fee.

This has largely been facilitated by the rise of online investment platforms like Questrade and Wealthsimple.

This article gives a rundown of how to start trading Tesla stocks. We’ve included everything from an overview of Tesla to traditional and online trading options.

Tesla Overview

Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems in the United States, China, Netherlands, Norway, and internationally. The company operates in two segments, Automotive; and Energy Generation and Storage.

The Automotive segment offers sedans and sport utility vehicles. It also provides electric powertrain components and systems; and services for electric vehicles through its company-owned service locations, Tesla mobile service technicians, and the sale of used vehicles. This segment markets and sells its products through a network of company-owned stores and galleries and through its Website.

The Energy Generation and Storage segment offers energy storage products, such as rechargeable lithium-ion battery systems for use in homes, industrial, commercial facilities, and utility grids; and designs, manufactures, installs, maintains, leases, and sells solar energy generation and energy storage products to residential and commercial customers.

It also provides vehicle insurance services, as well as renewable energy. The company was formerly known as Tesla Motors, Inc. and changed its name to Tesla, Inc. in February 2017. Tesla, Inc. was founded in 2003 and is headquartered in Palo Alto, California.

Tesla Stock Performance

Tesla shares (TSLA.US) are listed on the NASDAQ, and all prices are listed in US Dollars. The share price closed on the market NASDAQ at $804.82 on February 10, 2021.

On February 8, 2021, the world’s richest person Elon Musk, also the Chief Executive Officer (CEO) of Tesla, revealed that Tesla invested US$1.5 billion in Bitcoin. This triggered a massive buying spree in the cryptocurrency, and Tesla plans to accept Bitcoin as a form of payment for its products soon.

In May 2019, the company’s market capitalization was US$45bn, and analysts were skeptical about the business’s future. As of the close of business on February 10, 2021, Tesla’s market cap is US$772.51bn, and the Tesla stock P/E Ratio is 1,263.22.

Within 12 months spanning through 2020, Tesla celebrated several milestones: its stock skyrocketed above US$2,000 per share, undergoing a five-to-one split, and it was accepted into the S&P 500 Index.

Tesla stock started in the year 2020, trading at around US$430 per share. In March 2020, it plunged to US$361 as the Covid-19 pandemic struck the market. However, on March 18, 2020, the company’s shares were already changing hands at S$427.64 on March 19, 2020, and it was gaining strong upside momentum.

Based on the Tesla stock analysis, the share price reached US$1,795 on July 13, 2020, indicating a hike of over 300 percent from the start of 2020. The price then retraced to US$1,500 but shortly after surged higher, driven by the company’s outstanding Q2 financial report.

On July 23, 2020, the stock opened the trading day at US$1,678.95 per share. At this point, the company had a market cap of almost US$300bn, making it the world’s most valuable car manufacturer.

The Tesla stock was split, making the stock more accessible for new investors, and the stock split was warmly welcomed by the market, with shares gaining 13 percent right after the news on the upcoming event was reported. On August 31, 2020, the five-for-one stock split went into effect, lowering Tesla’s sky-high share price of US$2,230 to US$446.

After a drop to US$330 per share in early September 2020, the stock has mainly been in the uptrend ever since, trading around US$625 per share on December 10 and giving the company a market cap of more than US$594bn. A few days earlier, on December 7, 2020, its market value hit US$608bn for the first time.

The performance of Tesla stock is quite attractive and compelling hence the interest of several investors in Tesla shares.

Steps to Buy Tesla Stock in Canada

An investor may wonder how to own some Tesla stock. It’s relatively easy to buy Tesla stock or any other that’s publicly traded. The process requires the following steps:

Step 1: Study and Research Tesla Stock

Purchasing Tesla stock or shorting Tesla Stock is simply investing in individual stocks. Picking individual stocks is similar to playing the lottery or a gamble. The research and study will aid the investor in getting background information about Tesla, assessing the stock’s performance, and ultimately preferring or rejecting the Tesla stock acquisition.

Step 2: Develop a Plan and Strategy

Investors need to develop a financial plan and strategy to profit from the opportunity presented by Tesla stock. The investor needs to Identify his or her personal financial goals and lay the foundation for investing vis-à-vis the funds available for investment and the information available on Tesla stock.

If the investor sees the possibility of TESLA sustaining its mind-blowing trajectory for the long haul, the investor can develop his or her plan and strategy to buy the stock in anticipation of share value appreciation in the future.

However, an investor doubting the ability of TESLA to continue its mind-blowing trajectory for the long haul can also short Tesla stock in anticipation of a sustainable fall in Tesla’s share price overtime to earn a profit.

Step 3: Choose an Investment Broker

Canadians can choose to invest through an online broker, stockbroker, financial advisor, or Robo-advisor.

  • Online broker

The easiest and cheapest way to buy Tesla stocks is through an online discount broker. Accounts can be opened in the comfort of your home and in the shortest time, provided you have social security or social insurance number, a home address, and an employer’s address.

This option offers low or no minimum investment to open an investment account, and it is highly recommended for investors with relatively small funds to trade.

Questrade is also an online independent discount broker with low minimum investment requirements, commission, and trading fees that has been servicing Canadians since 1999. There is also Wealthsimple Trade which is the only online independent discount broker that is a commission-free stock trading platform while

  • Stockbroker

This option is more expensive for any investor because the stockbroker will be charging you for the professional input and service in trading Tesla stock for the investor.

  • Financial Advisor

You may also choose to execute the Tesla stock trade through a financial advisor at a flat fee per transaction or a small percentage of the portfolio value held for the investor.

A financial advisor can assess the risk involved, risk tolerance, and investment goals of the investor, then build and execute an investment plan for the investor. However, such an option may be a luxury for investors keen to trade on Tesla stocks because Tesla is an individual stock.

  • Robo-advisor

The investor can also alternatively engage a Robo-advisor, which decides how to invest the investor’s fund and allocate the assets based on his or her self-identified risk tolerance, financial goals, and time horizon. Wealthsimple is a popular Canadian Robo-advisor that can be engaged for that purpose.

Step 4: Budget Funds for Tesla Stock

It is advisable to avoid putting more than 5% of your total investment portfolio in individual stocks, but the investment amount is decided by the investor vis-à-vis the available funds and share loan options. Most stock trading platforms will require the investor to indicate desired investment amount and determine how many shares that amount will buy.

Step 5: Choose A Stock Investment Account

An investor can invest in Tesla stocks using registered or non-registered accounts. Notable investment accounts include:

  • Tax-Free Savings Account (TFSA)
  • Registered Retirement Savings Plan (RRSP)
  • Registered Education Savings Plan (RESP)

However, an investor can also choose to short Tesla stock using a Contract for Difference (CFD) Trading Account. This account enables investors to speculate on the rising or falling of prices of fast-moving financial markets, including shares. This account is particularly suitable for investors that want to short Tesla stock.

Step 6: Determine the Order Type to Buy Tesla Stock

There are three primary order types that online platforms provide for stock purchases:

  • Market order

If an investor chooses this type of order when the stock markets are open, it will execute the trade immediately or just as soon as the market opens next. The price you will pay will be right around the latest traded price for the stock, give or take a few cents per share.

  • Limit order

In a case whereby the investor prefers a limit order, the investor will be required to indicate the lowest price he or she will be willing to pay for Tesla shares, and just as soon as it crosses that threshold (provided it ever does), the investor’s purchase of Tesla stock will be automatically executed.

  • Stop order

When an investor wants to buy or sell Tesla stock but not at its current price, the investor can select a preferred price called a stop price. If an investor wants to sell the shares when it goes below a certain threshold, the investor will place what’s called a sell-stop order.

Moreover, if the investor wants to buy when the Tesla share falls below a certain price, the investor can also place a buy-stop order. Either scenario would automatically trigger a market order, or purchase, at that moment.

Step 7: Purchase Tesla Stock

Most stock trading platforms or brokers will immediately email the investor a confirmation of your purchase of Tesla upon purchase, irrespective of the order type.


Tesla is a publicly traded company, making its stock available to any investor interested in the stock. When an investor purchases Tesla stocks, the investor enjoys the privileges of a shareholder. However, the investor will need to open a brokerage account to trade.

You Might Like

Post Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Essential reads, delivered weekly

Join the Financial Literacy Train. Get the latest financial information delivered right to your inbox.


Deals and Offers

We’ve rounded up the Best life in Canada, with the best promotions, and the best sign-up bonuses, to help you maximize your benefits.

Helcim payments

Easy Payment Processing

Simplify payments with Helcim


Create Your Online Store

Selling online should be easy


Invesment Made Simple

Build your investment portfolio and save on fees.


Post Comments

Leave a Comment

Your email address will not be published. Required fields are marked *

Advertiser Disclosure

Canada Buzz is an advertising-supported blog. Some products and services that appear on this site are from companies from which Canadabuzz receives compensation. We may alter brand placements on our website to amplify our partners and their offers. Any time you click to our partner websites or register for a product or services through an affiliate link on our website, we may earn a commission at ZERO cost to you.

Canada Buzz is a purely informational blog. Opinions expressed on this blog are NOT endorsed by the reviewed brands. The information provided on this website does not constitute financial or professional advice. However, our team strives to bring you quality, unbiased information.



Avid researcher, freelance writer, and personal finance enthusiast passionate about financial education and literacy.

Latest Post

Kareena Maya

Personal Finance and Travel Rewards Expert Contributor



Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.

Kareena Maya is a freelance writer focused on the personal finance and travel spaces. He frequently writes about credit cards, banking, student loans, insurance, travel rewards and more. His work has been featured in publications such as Forbes Advisor, Bankrate, Credit Karma, Finance Buzz, The Ascent and Student Loan Planner.