Can I sue a financial advisor for unsuitable investment advice in Ontario?

Yes, if the advice was unsuitable for your circumstances and caused you a loss you wouldn't otherwise have suffered. Financial advisors are subject to "know your client" and suitability obligations under the regulatory framework governing their registration, and courts treat a serious departure from those obligations as evidence the advisor fell below the standard of a reasonably competent professional. A loss alone doesn't prove negligence - markets fall, and reasonable advice can still turn out badly. What matters is whether the specific investment or strategy matched your stated risk tolerance, time horizon, and financial situation at the time it was recommended.

You'll generally need your account-opening documents, correspondence, and often an expert in the investment industry to show what a suitable recommendation would have looked like and how your portfolio's performance compares. Before or alongside a lawsuit, many investors also file a complaint with the advisor's regulator or with the Ombudsman for Banking Services and Investments, which can recommend compensation in some cases without the cost of litigation. A civil claim remains available if that process doesn't resolve things, particularly for larger losses.