Personal Finance

Share Certificate Transfers - Online Broker without fees?

  • Last Updated:
  • Sep 18th, 2014 11:52 am
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[OP]
Sr. Member
Jan 13, 2007
891 posts
70 upvotes

Share Certificate Transfers - Online Broker without fees?

Hi all,

One of my companies pays out it's share based payments to us via Solium, and then allows you to chose what brokerage you want to transfer the shares to (via CUID, etc).

I have a Questrade account, but it looks like Questrade charges $300(!!! )to transfer in share certificates, electronic or otherwise.


What online brokerage has low fees and doesn't charge for certificate deposits like questrade does?
1 reply
Sr. Member
User avatar
Mar 25, 2012
785 posts
228 upvotes
Kelowna
Albertan wrote:
Sep 17th, 2014 6:05 pm
Hi all,

One of my companies pays out it's share based payments to us via Solium, and then allows you to chose what brokerage you want to transfer the shares to (via CUID, etc).

I have a Questrade account, but it looks like Questrade charges $300(!!! )to transfer in share certificates, electronic or otherwise.


What online brokerage has low fees and doesn't charge for certificate deposits like questrade does?
I think Scotia iTRADE lets you transfer in share certificates for free, but transfers out cost money. The problem with the Questrades and Virtual Brokers is they appear to be low fee on trading fees but hit you with ancillary fees. And, I was 90% going to open an account with Virtual Brokers then, because they use such an automated electronic process, there was a small hiccup, it took weeks to get a response and get the account opened. By then, I'd already cancelled my account opening and went with Scotia iTRADE.

If the company you're talking about is not publicly-traded on the TSX, then there may be fees anyway as it could be considered a Canadian Controlled Private Corporation (CCPC) and most brokers charge fees to hold those.

Cheers,
Doug

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