PWL Capital is a privately owned wealth management firm that manages more than $1 billion in client assets. PWL provides discretionary portfolio management services with integrated financial planning from offices in Toronto, Ottawa, Waterloo and Montreal.

Portfolio Management and brokerage services are offered by PWL Capital Inc, which is regulated by Investment Industry Regulatory Organization of Canada (IIROC), and is a member of the Canadian Investor Protection Fund (CIPF). Financial planning and insurance products are offered by PWL Advisors Inc., and is regulated in Ontario by Financial Services Commission of Ontario (FSCO) and in Quebec by the Autorité des marchés financiers (AMF). PWL Advisors Inc. is not a member of CIPF.


What PWL Capital can do for you

Premium Ongoing Service

Our clients benefit from semi-annual performance reporting, regular meetings, financial planning, and systematic rebalancing.

Unbiased Financial Advice

We are paid directly by our clients, so our advice is never influenced by commissions or incentives from financial products.

Science-based Portfolio Management

We focus on what we can control: selecting an asset mix, managing risk, minimizing fees and taxes, and encouraging discipline.

Learn more about the PWL difference

Want to learn more?

Investors have the right to demand value for the fees they pay. Download our brochure to learn more about the portfolio management and financial planning services offered by PWL Capital’s Toronto team.

What to learn more?

Rate of Return Calculator

How well did your portfolio do last year? Calculating your rate of return isn’t easy if you’re making contributions and withdrawals. Download this free, easy-to-use calculator to measure the performance of your investments after adjusting for cash flows.

Rate of Return Calculator

What our clients are saying ?

PWL Capital has handled my finances for about 10 years. My confidence level is high as I start into a time of life when significant transitions are made. I rest assured that PWL and its staff are on top of my financial affairs and work within a conservative, reliable and standards-driven organization. 

Jill Willington, CGA

We both felt very comfortable with the planning process and the obvious skills of Shannon and Justin. We feel confident about working together in the future with all members of the team.

Jan Nicholls and Paul Sobanski

Shannon and Justin are a rare find in the industry. Before switching I was being charged up to 2.5% in hidden fees. PWL took the time to set me up with a plan that openly states their fees and clearly articulated the nature of the investments. It’s refreshing to meet a team so up-to-date with the latest technology. I can't recommend this team's services enough.

Mark Dunkley

We have received outstanding guidance and support from Justin and Shannon. We especially value the math-based rationale and emphasis on asset location and tax implications. And then there is the highly responsive and accommodating style—including custom performance reports—reasonable fees, and willingness to go above and beyond.

Arman Mirchandani

We decided to sign on with Justin and Shannon at PWL Capital for several reasons: the passive investment model, good interpersonal skills, transparency with regards to fees, and adherence to the fiduciary standard. I would have no hesitation to recommend this team.

Dr. Rashid Rajah (MD) and Julie Rajah

PWL has provided me with the peace of mind that comes from knowing my investments aren't exposed to unnecessary risks. They've always made a point of promptly answering any questions I've had and processing all my instructions in an expeditious manner, which has led to a very positive working relationship.

Richard Z

Justin, Shannon and PWL Capital have demonstrated a confident professionalism and realistic understanding of my financial situation and expected requirements. They have given me the sense of security and trust that I am looking for: I feel that I am in good hands.

Randy Kenney

Justin and Shannon offer a level of personal service and expertise that I have not found from any other advisor. The ability to have nearly all of my financial needs met in one place is invaluable and, even more importantly, I appreciate knowing that I will always receive a prompt response to my questions.

Dan and Michelle Scholes

Most Recent Blog Posts

Norbert’s Gambit at CIBC Investor’s Edge

By Justin Bender · April 25, 2017 - 0 comments

CIBC Investor’s Edge is the latest brokerage to offer US dollar RRSP accounts. This is good news for cost-conscious ETF investors, as it allows them to save even more money each year by holding US-listed foreign equity ETFs in their RRSP accounts. Opting for this ETF structure in an RRSP account can generally save investors about 0.30% per year in product fees and foreign withholding taxe...

Read complete post

Norbert’s Gambit at TD Direct Investing

By Justin Bender · March 6, 2017 - 4 comments

US-listed ETFS are the most tax-efficient way to invest in foreign equities within your RRSP account.  The funds also tend to have lower annual fees than Canadian-listed ETFs.  However, they must be bought and sold in US dollars, and if you have to exchange your Canadian dollars for greenbacks, it can be extremely costly.  Many discount brokerages charge about 1.5% – or a w...

Read complete post

Norbert’s Gambit at BMO InvestorLine

By Justin Bender · February 7, 2017 - 6 comments

US-listed ETFS are the most tax-efficient way to invest in foreign equities within your RRSP account. The funds also tend to have lower annual fees than Canadian-listed ETFs. However, they must be bought and sold in US dollars, and if you have to exchange your Canadian dollars for greenbacks, it can be extremely costly. Many discount brokerages charge about 1.5% – or a whopping $150 on a ...

Read complete post

How to Build an ETF Portfolio at Questrade

By Justin Bender · January 24, 2017 - 14 comments

Investing in ETFs through a big bank discount brokerage is one of the cheapest ways to build a diversified portfolio – that is, until you factor in the cost of their trading commissions.  If your accounts and monthly contributions are modest in size, you may want to consider going with Questrade instead, a discount brokerage that offers commission-free ETF purchases..embed-container ...

Read complete post

Meet the Toronto Team

Contact us


8 Wellington Street East, 3rd Floor, Toronto, ON M5E 1C5