Account Types Self-Directed Investing Questrade

Questrade buying Us Stocks in TFSA cad funds

I know I have to convert my funds to USD before purchasing stock through my margin account, but does it make a difference with my TFSA?
Barring the use of Norberts gambit, does it make sense to convert CAD to USA before buying us stock (through TFSA) or should I just buy with CAD funds and let Questrade auto convert? Thanks
submitted by throwayleonard to PersonalFinanceCanada [link] [comments]

Switching institutions and investment strategies

I'm looking to get a little more tuned into investing. For the past several years I've been doing the Canadian Couch Potato strategy of e-series index funds with TD in both my RRSP and TFSA. Each of those accounts has about $30k in it, and I also have a LIRA with about $20k that is invested the same way. I recently moved my TFSA to Tangerine and put it in a savings account (partly to take advantage of a high-interest offer they had, but mostly because I'm planning on purchasing a detached home in the very near future and wanted to keep that money in cash). I already used $25k of my RRSP a few years ago for part of the downpayment on my current home, so the $30k I have in there now is really only going to be used for retirement. I also plan on making larger contributions to the RRSP going forward once I buy my next home (I've been skimping on my annual contributions recently to save for my next downpayment). Basically, that RRSP is going to get bigger (well...hopefully) and I will probably not be withdrawing that money for 30+ years until I retire, so I have a high tolerance for risk with that account. The TFSA is going to be emptied for the new house, but I'll probably build it back up slowly with low-moderate risk e-series index fund or ETF.
Lately I've been thinking of taking the RRSP out of TD and moving it to Questrade to dabble in ETFs and stocks. I know stocks aren't very highly recommended here, so maybe I'm just being naive. I was thinking of doing something like keeping half the RRSP (~$15k) in a high growth ETF like XGRO, and then the other half (~$15k) in US stocks that I can play around with...mostly for fun, but I'd be lying if I said I didn't have a couple friends who did pretty well with Tesla and other similar stocks recently and their enthusiasm about it is a bit infectious. As I contribute to the RRSP, I'll probably aim to keep that mix of half going to the ETF and half to stocks. I plan to keep all the stocks within my RRSP to avoid the withholding tax on US dividends, and also use Norbert's Gambit to avoid the forex fee on that initial conversion of $15k CAD to USD.
Additional context: I'm 31, married (dual income), make about $120k myself (I'm only investing my own money), no debt apart from mortgage, no kids (but could happen in the next couple years).
Am I crazy to do this? Should I just stick to index funds and / or ETFs? Maybe I'm being overzealous with the amount I want to potentially gamble away with stocks?
submitted by Superunknown_88 to PersonalFinanceCanada [link] [comments]

QT Fail

UPDATE: Told WS what happened and they're going reimburse the forex fees. Thought that was a great gesture!
Just wanted to share my experience with Questrade.
Decided to move my Canadian stocks from my TFSA to WS trade. Started a transfer through WS which said could take up to 5 weeks. Wanted to transfer my USD to my bank account to avoid WS forex fees. Requested a fund transfer to my bank and was assured by two agents that the funds would arrive in 3 business days.
But of course they transferred the USD cash to WS, after I specifically stated for them not too. Funny thing I was I was going to reopen the TFSA and transfer the cash back in anyways. I currently have the rest of my portfolio with QT.
I’ve had so many issues with this broker it’s ridiculous. From trying to deny me free trade promo credits to their ineptitude in handling my transfer in requests. Their front end platform is great but they are destitute when it comes to service and support.
In the meantime I’ll be looking elsewhere to take my investments. The aggravation, time and effort spent dealing with them has been frustrating beyond comprehension. Seems to be all too common as others on this forum have had similar experiences...
submitted by Scrollin49 to CanadianInvestor [link] [comments]

Question about Questrade account types

Sorry if this is a stupid question as I'm still relatively new to investing. I'm using Wealthsimple for my TSX/Canadian stocks, and am in the process of joining Questrade for my U.S/International stocks. I have a question though regarding signing up - It asks to choose "Margin", "TFSA", "RSP", or "Forex". Do you have any recommendation on which one to choose? For Wealthsimple, I have a Personal and TFSA already. I already have an RSP at another bank, and 2 TFSAs. So not sure if there's a risk with signing up for another one? Also is 'Margin' similar to WS's "Personal" account?
submitted by thaman05 to PersonalFinanceCanada [link] [comments]

Ready to invest first time. Please correct my plan/strategy.

I have almost finished reading Millionaire Teacher, and am ready to invest. Will keep funds in for at least 10-15 years. I need to figure out my risk tolerance. I'm approaching age 40, thinking of keeping 35% bonds. At this point, I need to have my account on a brokerage ready ASAP as I learnt that it could take a few days to set up. For now, I am looking to purchase ETFs regularly. I'm looking at putting $100 per month. Hopefully cash flow will be disciplined enough to continue without breaks.
Currently, I have the following:

Please help me understand the following:
  1. How much cheaper is Norbert's Gambit than using a ForEx company to do a conversion from CAD to USD? I've never done either. I have done USD to CAD before, which basically takes 2-3 business days for the draft from the ForEx company to clear.
  2. I am considering either Questrade, TD Direct Investing or Scotia iTrade. Based on the reviews Questrade seems to be the best option. Which one would you recommended for a beginner like me? (Would be great feedback if you have used Questrade and TD/iTrade.)
  3. I mostly bank with Scotia. My investments will be 50K+ to start. Should I be considering iTrade over the other two for convenience? Or will the fees not make sense in my case?
  4. Is Norbert's Gambit possible to do with Scotiabank?
  5. Say I select Questrade, what is the most efficient (time/cost) process to move forward? Is the below correct?
    1. Transfer TFSA from Meridian to TD.
    2. Do Norbert's Gambit to convert to USD
    3. Transfer USD TFSA to Questrade.
    4. Transfer RRSP to TD
    5. Do Norbert's Gambit to covert to USD
    6. Transfer USD RRSP to Questrade.
  6. What steps above will incur least fees? I understand Questrade covers upto $150 transfer fee? But if I transfer my registered accounts to TD for Norbert's Gambit first, those fees won't be covered?
  7. Lastly, I'm not very knowledgable on RESPs. I understand gov't matches some part of the contribution? We have two kids, ages 10 and 8. No RESP yet. Can investments be made in RESPs? Any tips on this would be very much appreciated.
Thanks in advance!
submitted by LiveWithinYourMeans to PersonalFinanceCanada [link] [comments]

What type of account for general trading.

Hey guys, I know you cannot trade daily in a TFSA. What type of account should I be using? I see robinhood has a 'cash' account but i dont see one on questrade. Only registered accounts, margin, and forex. What is everyone using? I dont want to trade over and over again all day but im looking to do 3-4 trades per week or every other week.
submitted by asticx to Questrade [link] [comments]

Question about investing through a TFSA

Forgive me if this doesn't make sense, i'm still learning. I just opened a Questrade account and would like to start investing. My question is this: I already have a TFSA opened through a credit union. Do I have to transfer funds out of that TFSA and fund my questrade account? How does that whole thing work? I am trying to limit any and all fees before I actually pull the trigger. Thanks so much for your help!
submitted by JDarnz to PersonalFinanceCanada [link] [comments]

A little help with Questrade / Passiv

Hi All,
I recently signed up for Questrade and got the Passiv app. I moved over my RRSP from Wealthsimple as well as a small TFSA. I was making some amendments to get rid of the bonds and I was getting charged a $30 Foreign exchange fee. Fine, whatever I knew I'd have some fee's so I paid it and got my portfolio the way I liked it.
But then I realized I had a couple US stocks in my TFSA so switched them over to a Canadian variant to avoid Forex fees each time I buy stocks.
I went to do the same in my RRSP and when I went to make the switch Passiv is prompting me the Forex charge is going to be over $800. Any tips for how to avoid getting hit so hard on the foreign exchange?
submitted by Alzaraz to PersonalFinanceCanada [link] [comments]

Getting Into Investing Stocks

Hello everyone,

So I follow this forum, and have learned a fair bit about finance, overall happy with my growth, and progress. I am wanting to look into stocks, such as use of Questrade. I have a TFSA & RRSP with Wealthsimple I use, but I am interested in trading/buying myself. Unsure where to start or how though. I am able to contribute a small amount ($1000-$2500) to get started, so I get the feel of things, and build from there. I am a good saver, I bank with Coast Capital & Tangerine, and will have most of my goals completed in the next couple years, but I want to try to take some more risk, and invest further. Also curious on crypto & forex.. Any suggestions, which account(s) to open, ideas, explanations, input would be fantastic, maybe some books as well? Thank you.
submitted by Joshyboii55 to PersonalFinanceCanada [link] [comments]

How-to & FAQ for holding Bitcoin and Ethereum in an RRSP/TFSA

A few months ago I came across a way to hold crypto in my RRSP/TFSA and have been answering questions about how to do that in comments, DM's, and Skype consults. I figured it would be helpful to put together one big comprehensive FAQ. Cryptocurrency is treated as a commodity by the CRA and you must pay capital gains taxes on any profits if held outside a TFSA. If bitcoin goes to $1m as some are predicting, the Canadian government is going to be taxing a huge windfall in capital gains taxes.
BACKGROUND
Bitcoin & other crypto cannot be held directly in a RRSP/TFSA, and there are no eligible ETF's in North America yet. However, the ETN COINXBT which trades on the Stockholm Stock Exchange in Sweden (Nasdaq Stockholm) is eligible.
ABOUT COINXBT
COINXBT holds bitcoin directly and its price per share is based on a 0.005 multiple of the current bitcoin price.
For example, if the current price of bitcoin is $10000USD, a share of COINXBT will be worth $50USD (ie: $493 Swedish Kroner)
Company's website and full prospectus at: https://xbtprovider.com/
Price quote / chart: https://www.bloomberg.com/quote/COINXBT:SS
HOW-TO TRADE
Only some Canadian brokerages allow you to trade on eligible international exchanges in your TFSA. Some do not.
Typically placing trades on international exchanges online is not an option and must be made over the phone broker-assisted at a much higher cost than typical North American securities.
CANADIAN BROKERS
I've called pretty much every brokerage to inquire if international securities can be held in a TFSA and what the fee is to transact. You may want to call yourself to see if policies have changed, but here's a summary:
Not available, or not available in RRSP/TFSA:
FAQ's
Are you sure it's legal? I'm quite sure it's illegal.
Who is your broker? CAD account?
How do I make a trade once I'm ready?
How do I calculate the number of shares to trade to max out my TFSA?
Market or Limit order?
When can I trade? Is it only possible to make the trade while the Swedish market is open and the TSX are open at the same time? Or can you place the order at any time of day?
Which number did you use to contact the brokerages?
What happens when there is a fork?
What about other cryptocurrencies?
How is the price of COINXBT determined?
Why not just buy GBTC?
Why can't I place a trade online myself?
Feedback
If you've managed to get crypto into your RRSP/TFSA in any other ways than listed above please do leave a comment and I'll update the post. Thanks!
submitted by Bastiat to BitcoinCA [link] [comments]

Need opinions.

I'm looking into making a TFSA account with Questrade and use the Self Directed Account.
I have a low amount of 1000$ to begin with. Adding 200$/month afterwards
I would like opinions on how I should spread out stocks/etf/cash/forex etc.
Which stocks to focus on.
Thanks in advance 😊
submitted by Mickxalix to stocks [link] [comments]

Personal Finance for Newcomers

We, a family of 3 with a small daughter, are landing in Canada as immigrant newcomers next month, bringing about 25K CAD with us. We also have about 60K CAD as assets in homeland that we are not immediately bringing with us. After some research, here is what we planned to do. I need suggestions from the generous redditors of this forum, if our plans are okay and if we are missing something.
Bank accounts
I'm appalled by the low interest rates for savings accounts and the tax on interest income. So we'll right away open two TFSAs along with our checking accounts, for me and my spouse and deposit 5K each. The idea is to invest these in ETFs or Stocks. I've shortlisted to open 1 account each in both Questrade and Virtual Traders.
Question: If we need 1 USD and 1 CAD TFSA, which amongst Questrade and VT would have what? Questrade allows journaling Norberts Gambit, so do we need both CAD and USD in the same broker to do a Norberts? We are planning to invest only in non-dividend paying USD stocks and ETFs in the USD TFSA.
For the regular checking accounts, we'll probably go with TD or Tangerine. TD Newcomer packages provides 6 months of no fee and also a credit card, and a USD account, so looks attractive. After 4-5 months, we can of course open a Tangerine too. BTW, does anyone know which bank offers nice benefits for newcomers? Also, which credit card is good for mainly grocery purchases and eating out? How many days does it take to get a credit card, once I have a SIN? We plan to have one checking account and two credit cards, is it possible?
RESP
It is possible for us to open a RESP immediately right? We'll be in SK, so I guess there is also a SK education grant. The plan is to open a RESP and deposit 2.5K immediately. Question - which SK institution offers online RESP contribution with no fee?
So that leaves us with 12.5K in Cash, of which 6K will go to the TD account towards checking minimum balance (5k) and the rest 6.5k is for taking a rental house and other expenses. I'm also bringing a forex card loaded with 1k which would also be used, but since it won't help us build a credit limit, we don't want to load more into it.
We want to buy a used car, say a month later, costing about 3K. Will I be able to use my credit card for that, considering we just got it a month ago? A secured one will help? If we can't use CC, then I've to bring more cash from home.
USD vs CAD
Do we need to bring a part of this 25K CAD in USD, say 5K USD to go into the USD TFSA? Or can we just bring CAD and avoid fx conversion charges/commissions doing Norberts Gambit after a TFSA CAD is opened in Questrade? We are a bit confused. To make matters worse, CAD is appreciating against greenback and I guess any USD holdings will lose some money in the near future?
Homeland Assets
I read that we've to maintain a record of fair market values of homeland properties and assets on the landing date, and this would be the adjusted cost base to calculates gains, on future sales. So, we will have this record.
Finally, as far personal finances are concerned, are we really missing something in this big move of ours? :-)
submitted by aspironet1 to PersonalFinanceCanada [link] [comments]

Finally getting it together: 130K to invest in CCP using Questrade, please critique

Hello again PFC, thanks to your sage advice, my spouse and i have been (slowly) getting our finances into decent shape. I wondering if you could weigh in on how she is planning on dealing with her cash?
This money is earmarked specifically for retirement. We have our other shorter-term plans/funds separated from this money. Those plans include a downpayment for a house (her and I), killing my student debt (me, thanks for your help with that PFC) and thinking about kiddos. This 130K is simply "retirement" in the distant future.
She's 29, has a fairly high risk tolerance, and is planning to go the route of the Assertive CCP:
What she has to work with
What we plan to do next
TL;DR 130K sitting in three accounts, spouse wants to move everything over to Questrade, how best to do this after we max out TFSA? Any insight is greatly appreciated! I can provide more information, if needed!
submitted by micr_can to PersonalFinanceCanada [link] [comments]

Sidebar Navigation (Expanded form)

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submitted by vekula to CanadianInvestor [link] [comments]

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