Step-By-Step Guide on How to Invest your TFSA with 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
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?
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...
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?
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:
TFSA at Meridian CU
RRSP at Scotiabank
RRSP at Tangerine
Regular Savings at TD Bank (Got this only to view my mortgage account online)
Please help me understand the following:
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.
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.)
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?
Is Norbert's Gambit possible to do with Scotiabank?
Say I select Questrade, what is the most efficient (time/cost) process to move forward? Is the below correct?
Transfer TFSA from Meridian to TD.
Do Norbert's Gambit to convert to USD
Transfer USD TFSA to Questrade.
Transfer RRSP to TD
Do Norbert's Gambit to covert to USD
Transfer USD RRSP to Questrade.
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?
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.
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.
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!
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?
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.
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:
National Bank: $75 per trade + $0.06 per share (confirmed works)
TD: Fee dependent on amount traded. Up to $5K is $187, $80K would be $520 per trade (confirmed works)
CIBC: $250 minimum, based on trade amount. $50K would be about $350 to buy and $350 to sell (confirmed works)
Scotia iTrade: $250 CAD per trade CAD, unlimited shares & order size (should work)
BMO Investorline: Fee-based on total trade amount. $50K would be $325 to buy $225 to sell, $50-$60K would be $350 to buy $240 to sell (should work)
Not available, or not available in RRSP/TFSA:
Interactive Brokers, can trade it, but not in RRSP/TFSA
HSBC (has access to almost every exchange other than Stockholm)
FAQ's Are you sure it's legal? I'm quite sure it's illegal.
I used National Bank Direct Brokerage. The fee's came out to $75 per trade + $0.06 per share. For example, the commission for a trade I did for 885 shares of COINXBT was $75 + $53.10 for a total of $128.10. Canadian funds were used to make the purchase and there were no forex fees for converting to Swedish Kroner (SEK)
How do I make a trade once I'm ready?
Call your brokerage and say you want to place a trade on the Stockholm stock exchange. You may be forwarded to a person that specializes in that, and eventually to a broker that deals with placing order on international exchanges. Tell them the symbol to trade is COINXBT and the name of the ETN is "Bitcoin Tracker One".
How do I calculate the number of shares to trade to max out my TFSA?
The price of COINXBT is in SEK. In my case using NB I took my balance minus anticipated fees divided by the current price to see how many shares I could buy. For example: For a $10,000 TFSA, current COINXBT price = $554.77SEK (84.27CAD), would be 117 shares at a cost of $9859.59 + $82.02 commission for a total of $9941.61CAD
Market or Limit order?
The first time I placed an order for COINXBT I tried to place a limit order a little below the market price. Over the next week the price of bitcoin ran up a lot and didn't come down. I ended up buying a lot higher. Since then I've been placing limit orders slightly above the current price or just market orders so that they go through right away. I've had no issues doing it either way.
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?
XBT Provider has said they will monitor forks for 3-months and then decide what action to take. In the case of Bitcoin Cash, they sold the forked coins and distributed it as a dividend to anyone that held ETN shares on the fork date.
What about other cryptocurrencies?
An ethereum ETN was recently launched: COINETH that also trades on the Stockholm exchange. https://www.bloomberg.com/quote/COINETH:SS Other than that, I am not aware of any other eligible crypto securities that can be held in a RRSP/TFSA
How is the price of COINXBT determined?
It's based on the average price of the top 3 exchanges
Why not just buy GBTC?
GBTC is traded on the OTC exchange in the US and is not RRSP/TFSA eligible
Why can't I place a trade online myself?
For now, there are no crypto ETF's on North American exchanges. They have been in the works for years in the US, but no approvals yet. Evolve funds recently said they plan to launch a Canadian Bitcoin ETF. Trading COINXBT is a bit of a hassle, but you're getting in ahead of everyone else that are not willing to put in the time/effort. Once the Canadian/US ETF launches, it will probably be worth it to sell COINXBT and switch to the North American one which should be easy to trade online just like other ETF's.
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!
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 😊
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? :-)
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
Currently, 130K in three accounts (HISA with TD, a TFSA with PC Financial, and a newly opened Questrade TFSA account).
What we plan to do next
We want to transfer the PC TFSA's contents and some of the TD HISA cash into the QT TFSA, maxing out her 36,500 contribution room, and start allocating funds a la CCP.
When we've maxed out her TFSA contribution room, we want to put the remaining money in an unregistered account, also with QT. She is not interested in RRSPs, as she does not think her income will ever surpass 40K (it's a really low-paying field).Question for PFC: is this smart? Would you do this differently?
Another question: Unregistered account with Questrade, so many options - is standard the way to go? We just want to be able to buy ETFs/rebalance as needed with money that we can't hold in a TFSA. How to do this?
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!
Welcome to /CanadianInvestor! This is the expanded version of the sidebar to further explain some of the features of these links >Resources - Standard websites used for investment products besides Mutual Funds
TMX Money - Used for stock ticker quotes. has news on the front page as well as index performances. contains top market movers by volume and currency/commodity prices. this website is good for looking up tickers and viewing their valuations, graphs, news, location of headquarters and the tickers home website.
Currency Exchange - This is the Canadian Forex website where we can check out performance of currency for day to day reference
Stockchase - Could give you good or bad reasons to buy a specific stock from an educated perspective. like anything on the internet, it cant be taken seriously but it might shine light on something you may have not known about
>DefinitionsFinance - Common Terms - This has every term you need to know about finance >Couch PotatoBeginner Fundamental Index Investing - the go to strategy for setting up a starting portfolio to gain the average market performance >DRIPDividend Reinvestment Explained - dripprimer.ca which explains dividend investing. whole shares are only able to be reinvested unless you are enrolled privately through a company agreement to have partial shares reinvested >Risk in StocksUnderstanding your risk - common question in market exposure is sometimes how exposed do you want to be and what is comfortable for your situation. your tolerance level. www.getsmarteraboutmoney.ca has other investment ideas for planning purposes >TFSA InfoCanada Revenue Agency - common Q/A on TFSA's answered which should provide the information you need on withdrawing and contribution limits >Foreign TaxWithholding Tax - US listed companies or investment products (etfs) are subject to withholding tax unless they are held in an RRSP. this explains foreign withholding tax and what it means for your investments. >SEDARLegal Financial Statements submitted mandatory by companies
Sunday, 8 October 2017. Questrade Forex Tfsa How do you invest with your TFSA with Questrade?. It’s actually very easy and this monstrosity of a post will hopefully explain the how and why, and the step-by-step on how to set up a lean mean TFSA investing machine portfolio. I promise I will explain how to set up a TFSA investing portfolio, but first, let’s delve into what exactly is a TFSA is and look at the background behind it. Maximum Leverage: 50:1: Phone: 1.888.783.7866: Regulations: IIROC, CIPF: Minimum Deposit: $1,000.00: Account base currency: CAD, USD: Trading platforms: QuestradeFX ... Questrade Forex Tfsa Questrade ist ein weiteres führendes Maklerunternehmen im Forex-Markt. Dieser Broker ist in Kanada basiert und es vorhat, der schnellste wachsende Broker in der Welt des Forex zu sein. Sie sind Forex Trading seit 2004. Questrade ist ein Mitglied der Investment Dealers Association von Kanada, der kanadische Investor Protection Fund, ist auch ein Teil der Toronto Stock ... Friday, 20 January 2017. Questrade Forex Tfsa Questrade forex tfsa. QuesFrav. 2 de janeiro de 2009 4:46 pm. QuesFrav. 2 de janeiro de 2009 6:47 pm. 2 de janeiro de 2009 6:51 da tarde. Licença de corretagem hipotecária 11157. 2 de janeiro de 2009 9:03 pm. Gillian economiza US $ 3.000 por ano por 10 anos em um CSEI. Ela decide iniciar uma pequena empresa e retirar US $ 40.000 de suas economias do CELI, isentas de impostos. Mais tarde ... TFSA, RRSP, Margin, and more. Choose the accounts that match your goals. Investment products Diversify your portfolio with stocks, ETFs, options, mutual funds and more. Trading platforms Discover our fast, free and easy-to-use platforms for mobile, desktop and web trading. Tools Make informed decisions with smart and powerful research, evaluation and monitoring tools. Benefits. See how your ...
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