How To Invest In Tesla Stock in Canada: Is TSLA A Buy Right Now?

How To Buy Tesla Stock Canada

Tesla Inc. (TSLA) is not just a company; it’s a symbol of innovation, disruption, and the future of transportation. Founded in 2003 by visionary entrepreneur Elon Musk, Tesla has emerged as a leading force in the electric vehicle (EV) industry, pioneering advancements in sustainable energy and automotive technology.

Investing in Tesla stock is more than just a financial decision; it’s a bet on the future of transportation, renewable energy, and technological innovation. Below, we’ll go over everything that you need to know about Tesla stock, including how to buy Tesla stock in Canada and TSLA’s future outlook for 2024 and beyond.

Key Highlights:

  • Tesla stock appears due for explosive growth after dropping -22.1% to start 2024
  • MACD is starting to curl, indicating a move to the upside in TSLA stock
  • ARKK projects TSLA stock will be worth $500 in 2026 and $2,000 in 2027

Can You Buy Tesla Stock In Canada?

Yes, you can buy Tesla stock in Canada. Tesla Inc. (TSLA) is listed on the NASDAQ stock exchange, which means Canadian investors can purchase Tesla shares through various investing apps that offer access to U.S. stock markets. The best Canadian investing apps provide the option for investors to buy and sell stocks listed on U.S. exchanges, including Tesla. That means that you can buy and hold Tesla stock in the same accounts where you own the best Canadian stocks.

How To Get $50 For Free To Invest In Tesla Stock In Canada

  1. Click here to sign up for a Questrade account
  2. Fill out the required documents with accurate personal information
  3. Add funds to your Questrade account
  4. Receive a $50 trade commission rebate to buy Tesla stock in Canada

How To Buy Tesla Stock In Canada

To buy Tesla stock in Canada, you will first need to open an investing account. Many stock trading apps in Canada offer access to U.S. markets, including Questrade, Wealthsimple, and more. Once you’ve logged in and added funds to your stock trading app, you can simply search for the Tesla stock symbol (TSLA) and determine the type of buy order that you would like to make. Once your order has been filled, you will receive shares of Tesla stock directly in your stock trading account.

Check out our step-by-step guide below to learn how to buy Tesla stock in Canada.

1. Open An Account

If you haven’t already, you’ll need to open an account with Questrade. This typically involves providing personal information, such as your name, address, Social Insurance Number (SIN), and employment details. You can choose the type of account you want to open, such as a TFSA, RRSP, margin account, etc.

Click here to get $50 in free trades for signing up today.

2. Fund Your Account

Once your account is open, you’ll need to fund it with Canadian dollars (CAD) to buy Tesla stock. You can transfer funds from your bank account to your Questrade account using instant deposit, Interac, wire transfer, or other funding methods.

3. Research Tesla Stock

Before making any investment, it’s essential to research the stock you’re interested in. Review Tesla’s financial performance, recent news, analyst reports, and any other relevant information that may impact its stock price. Questrade provides various research tools and resources to help you make informed investment decisions.

4. Place A Buy Order

Once you’ve done your research and decided to buy Tesla stock, log in to your Questrade account and navigate to the trading platform. Enter the ticker symbol for Tesla (TSLA) and specify the number of shares you want to purchase. Choose the type of order you want to place (market order, limit order, etc.) and review the order details before submitting it.

5. Monitor Your Investment

After placing your order, monitor your investment in Tesla stock regularly. You can track its performance using Questrade’s trading platform or mobile app, where you can view real-time stock quotes, charts, and account balances. Consider setting price alerts or stop-loss orders to manage your investment risk effectively.

What Is The Tesla Stock Price Right Now?

Tesla closed at $193.57 on Friday, February 9th, 2024. TSLA stock is down 6.63% over the past year and 22.1% year-to-date. However, it recently jumped above its 5-day moving average after gaining 3.01% over the past week.

Check out the live, updated Tesla price right now, along with some key points of interest at the 50-day and 200-day simple moving averages.



Tesla Stock Chart by rafftrades on TradingView.com

Tesla Stock’s 2024 Outlook

Tesla is considered one of the top blue-chip stocks but investors have had a rough start to 2024. TSLA stock is down 22.1% year-to-date, but the stock has shown some resiliency in recent weeks. Recently, we noted that Tesla has been bouncing off of key supply levels, making it an intriguing opportunity for value investors. With the MACD beginning to curl, Tesla appears to be primed for a move to the upside in the near future. Since January 30, 2023, the last four times this has happened has resulted in explosive gains of at least 30% or higher.

TSLA’s Long-Term Projections & Price Targets

Some stock market analysts are more bullish on Tesla than others. In fact, Cathie Wood has accumulated over 3.36 million shares of Tesla stock and the stock currently represents 8% of ARKK’s holdings.

Last year, Wood’s ARK Investment Fund released some research into Tesla’s future outlook and revealed some interesting projections and future price targets.

According to ARK, the expected value of Tesla stock will reach $500 in 2026 and a whopping $2,000 in 2027. If true, investors can still capitalize on 900% in gains over the next three years.

The Monte Carlo model estimated that the bear thesis would still leave Tesla stock with significant growth and an estimated price target of $1,400 per share in three years.

Best Stock Trading Apps To Buy Tesla Stock In Canada

Several different Canadian stock trading apps offer access to U.S. stocks on the NASDAQ and other major exchanges. Each app has its own features, fees, and user experience, so the “best” option depends on your specific preferences and goals as an investor. Some stock trading apps offer low fees or commission-free trading while others offer better tools and rates for automated investing. Below, we’ll break down the best stock trading apps to buy Tesla stock, based on the experience of our personal experience with each platform.

1. Questrade

Questrade is a popular online investing app in Canada known for its low fees and robust trading tools. It offers commission-free ETF purchases and competitive pricing for stock trades. Questrade provides access to both Canadian and U.S. stock markets, allowing investors to trade Tesla and other U.S.-listed stocks. They offer a user-friendly mobile app along with a web-based platform for trading.

2. Wealthsimple

Wealthsimple is a commission-free trading app that has gained popularity for its simplicity and ease of use. While it offers fewer trading features compared to Questrade, it allows users to buy and sell stocks and ETFs on Canadian and U.S. exchanges without paying commissions. Wealthsimple Trade’s mobile app is particularly user-friendly, making it a good option for beginners or investors looking for a straightforward trading experience.

3. Qtrade

Qtrade Investor is an online brokerage platform that provides access to a wide range of investment products, including stocks, ETFs, mutual funds, and more. While it may have higher fees compared to Questrade and Wealthsimple Trade, Qtrade Investor offers a comprehensive trading platform with advanced research tools and educational resources. It allows investors to trade stocks on Canadian and U.S. exchanges, including Tesla.

Which Type of Investing Account Should I Buy Tesla Stock In Canada?

Canadians can buy Tesla stock in several different accounts, including a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), First Home Savings Account (FHSA), or non-registered account, like a Margin account. Below, we’ll go over the best investing accounts to buy Tesla in Canada.

TFSA

A TFSA is a popular investment account in Canada that allows individuals to grow their investments tax-free. Contributions to a TFSA are made with after-tax dollars, meaning you don’t receive a tax deduction when you contribute. However, any investment gains, including dividends, interest, and capital gains, earned within a TFSA are tax-free, and withdrawals can be made at any time without incurring taxes.

Why Buy TSLA Stock In Your TFSA Account?

Buying Tesla stock in your TFSA account could be the right decision for an investor looking to benefit from tax-free growth. Since TFSA stocks can grow tax-free, any capital gains realized from owning Tesla stock are not subject to any deductions.

RRSP

An RRSP is a tax-advantaged retirement account in Canada designed to help individuals save for retirement. Contributions to an RRSP are made with pre-tax dollars, meaning you can deduct your contributions from your taxable income, reducing your tax bill. However, withdrawals from RRSP stocks are taxed as income when withdrawn, typically during retirement when your income may be lower.

Why Buy RRSP Stock In Your TFSA Account?

Buying Tesla stock in your RRSP account might be the right decision for investors with a long-term outlook. Since an RRSP account is for retirement savings, Canadians don’t have to worry as much about short-term price action and volatility.

FHSA

A First Home Savings Account (FHSA) is a relatively new type of account introduced in Canada to help individuals save for a down payment on their first home. Contributions to an FHSA are made with after-tax dollars, and investment gains within the account grow tax-free. Withdrawals from an FHSA can be used towards the purchase of a qualifying first home, and any unused funds can be rolled over into an RRSP after a set period.

Why Buy FHSA Stock In Your FHSA Account?

Making Tesla one of your top FHSA stocks could be a smart investment. Since FHSA stocks can grow tax-free, any appreciation in Tesla’s stock price can go directly to saving for your first home. This allows Canadians to grow their wealth faster, putting them on track for home ownership.

Is Tesla Stock A Buy Right Now?

After enduring a downtrend to start the year, 2024 looks like it could be a promising year for Tesla investors. TSLA stock is starting to show signs of life after finding support at key levels. With the MACD starting to curl, the stock could be poised for an explosive move to the upside. Over the past year, there have been four other instances when the RSI bottomed below 30. Each time, Tesla stock provided huge gains for investors of 30% or higher. Given that risk assets are expected to be on the rise soon, Tesla stock could be an attractive investment opportunity for Canadians with a long-term investment horizon.