Secondary converted waves from receiver functions are highly sensitive to physical properties below the Earth's surface. When modeled properly, the waveforms of converted waves offer direct constraints on the impedance contrast, depth, and P‐to‐S velocity ratio pertaining to sedimentary, crustal and mantle interfaces. In this study we introduce a nonlinear waveform inversion algorithm that matches the first 5 s of receiver functions recorded in the Alberta Basin within the Western Canada Sedimentary Basin (WCSB). Our algorithm searches for the optimal thickness of the sedimentary cover and shear velocities of appropriately selected layers within and below it. Combining inversions with forward simulations, we determine the supracrustal stratigraphy from 80 regional broadband seismic stations in the WCSB. The inverted models show east tapering sedimentary layers with their thicknesses ranging from ∼6 km beneath the foothills of the Canadian Rocky Mountains to 3–4 km beneath the Alberta Basin. This finding is consistent with the sedimentary strata determined from regional well‐logging data. The sedimentary layer contains low velocity zones of variable thicknesses and amplitudes that, depending on the locations, may be caused by mechanisms involving deposition, composition or deformation history. Our shear velocity models near the top of the basement complement the existing sonic‐logs or single component seismic data and offer new constraints on the subsidence history of the WCSB. The resolved range of depths (0–14 km) effectively bridges the gap between the vertical scales of well logging (0–6 km) and those of traditional broadband analysis (>10 km) involving receiver functions and surface waves.