VFV vs VOO for Canadians

Updated October 10, 2026 · StockSignalCheck

VFV and VOO are both Vanguard funds that track the S&P 500. VFV trades on the TSX in Canadian dollars; VOO trades in New York in US dollars. Which costs a Canadian less depends on two things: which account you hold it in, and how you convert your dollars.

Figures were checked in October 2026 and change over time, so treat them as approximate and check the provider's own page before investing. This page compares features; it isn't a recommendation to buy any fund or use any broker.

Side by side

	VFV	VOO
Listed on	TSX (Toronto)	NYSE Arca (New York)
Currency you pay in	Canadian dollars	US dollars
Annual fee	About 0.09% MER	About 0.03%
US withholding tax in an RRSP	15% lost inside the fund	None (treaty exemption)
US withholding tax in a TFSA	15% lost	15% lost
Currency conversion needed	No	Yes

The cost that matters most: converting dollars

To buy VOO you need US dollars. Many Canadian brokers charge about 1.5% to convert, built into the exchange rate. On $10,000 that's about $150 up front, and you may pay it again when you convert back.

VOO's lower fee saves about 0.06% a year, or roughly $6 a year per $10,000. At that rate, a 1.5% conversion cost takes about 25 years to earn back. So if you'd convert at a normal brokerage rate, VFV usually costs less.

The picture changes if you can convert cheaply, for example with Norbert's Gambit or at a broker with a very low currency fee. See our broker fee comparison.

Withholding tax: the RRSP difference

The S&P 500 yields a little over 1% a year in dividends. The US keeps 15% of dividends paid to foreigners, which costs about 0.15–0.2% a year.

In an RRSP, a US-listed ETF like VOO is exempt under the Canada–US tax treaty, so you keep the full dividend. VFV is a Canadian fund, so the treaty exemption doesn't reach the dividends it receives and the 15% is lost inside the fund.
In a TFSA or FHSA, the 15% is lost either way, so the RRSP advantage doesn't apply.
In a non-registered account, you can usually claim a foreign tax credit for withholding on US-listed ETFs.

More detail is in US dividend withholding tax for Canadians.

Putting it together

TFSA, small or regular purchases: VFV is usually simpler and cheaper, because there's no conversion cost and no withholding advantage for VOO.
RRSP, large amounts, cheap conversion: VOO can come out ahead over time, thanks to its lower fee and no withholding tax.
If you already hold US dollars, for example from US dividends or a USD account, VOO avoids conversion entirely.

Two other things to know about US-listed ETFs: large holdings of US securities can bring US estate tax rules into play (most Canadians are protected by the treaty, but it's worth checking if your US holdings are large), and some brokers charge for a USD account inside a TFSA or RRSP.

Bottom line

For most Canadians investing modest amounts, the convenience and lack of conversion cost make VFV the simpler choice. VOO tends to make sense for larger RRSP balances when you can convert cheaply. Either way, the fund choice matters far less than investing regularly and leaving it alone.

See the S&P 500's current trend on our SPY page or compare VFV, XUS and ZSP.

Keep learning

Norbert's Gambit, step by stepConvert CAD to USD for a few dollars instead of a percentage fee.US dividend withholding tax for CanadiansWhy US dividends arrive 15% short, and which accounts avoid it.VFV vs XUS vs ZSPThree S&P 500 ETFs on the TSX, and the tiny differences between them.Broker fees compared: Wealthsimple, Questrade, IBKR, moomooCommissions, currency fees and USD accounts at four popular Canadian brokers.

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This guide is for education only. It isn't personalized financial, investment or tax advice, and nothing here is a recommendation to buy or sell any security. Investing involves risk, including the possible loss of your money.