Personal Finance

What to do with Computershare account?

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  • Mar 4th, 2019 8:31 am
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Newbie
Dec 13, 2014
55 posts
23 upvotes
Thornhill, ON

What to do with Computershare account?

I was a Telus employee and had joined the Employee Share plan program. I don't know how it works and I'm not even interested in knowing how it works. I just want to know what I should do with it.

The account total is about CAD 875, includes Employee Shares (CAD 625) and Employer (CAD 225). This includes DIVIDENDs ($6.5 in 2018 and $10 in 2019). (not exact amounts)

Should I leave it as it is? Or should I transfer it to my TSFA tangerine account? Also, if I want to transfer, I just need to "sell the shares"? Again, don't bother explaining how it works. I'd rather remain as an uneducated idiot on this topic.
14 replies
Deal Addict
Apr 19, 2017
1108 posts
936 upvotes
1. Leave it there and grow with dividends
or
2. You dont have to sell.
Move it to nonregistered account and pay tax on gains then you can move it to TFSA and grow tax free.

When it comes to money, dont be uneducated.
Last edited by sandeep8g on Feb 28th, 2019 5:07 pm, edited 1 time in total.
Deal Addict
Jan 28, 2007
2321 posts
1676 upvotes
SW Ontario
Tretinoin wrote: I was a Telus employee and had joined the Employee Share plan program. I don't know how it works and I'm not even interested in knowing how it works. I just want to know what I should do with it.

The account total is about CAD 875, includes Employee Shares (CAD 625) and Employer (CAD 225). This includes DIVIDENDs ($6.5 in 2018 and $10 in 2019). (not exact amounts)

Should I leave it as it is? Or should I transfer it to my TSFA tangerine account? Also, if I want to transfer, I just need to "sell the shares"? Again, don't bother explaining how it works. I'd rather remain as an uneducated idiot on this topic.
Check with Tangerine if they will accept stock certificates in your name (not street name) first, and if they do, you can request the DRIP to be discontinued and a stock certificate issued for all full shares. The transfer agent will send you a check for the partial shares that remain.
There will be some paperwork to fill out and mail to the bank to deposit the stock certificate "in kind", which means you don't have to sell them, they just essentially trade your share certificate held in your name, for shares out held by the bank in your account in their name (aka street name).

I've been using transfer agents for years, and actually, have moved Telus shares I own to TD myself recently.
I'd rather be outdoors camping, kayaking, and mountain biking ...
Deal Fanatic
Jun 24, 2015
8520 posts
2941 upvotes
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transfer it to a stock broker and manage it yourself. use a TFSA if you wish
Supermarket worker at Fortino's
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Deal Expert
Feb 29, 2008
30106 posts
5547 upvotes
Montreal
I did this recently for some old AST and CST accounts. There are significant costs associated with trying to transfer or sell these securities through a discount broker. I used RBC and it too a long time, had to scrounge for paperwork, and pay transaction fees.
Deal Addict
Apr 18, 2013
4313 posts
2738 upvotes
Canada
mr_raider wrote: I did this recently for some old AST and CST accounts. There are significant costs associated with trying to transfer or sell these securities through a discount broker. I used RBC and it too a long time, had to scrounge for paperwork, and pay transaction fees.
What fees? I'm in the process of transferring my BellMTS (BCE) shares from Answerline (AST) to TD Direct Investing and there are no fees. Answerline gave me a DRS statement to give to TD and they do an electronic transfer of the shares.
Deal Fanatic
Jun 24, 2015
8520 posts
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ya what fees? I inherited a few share certificates and was able to transfer them to td and rbc brokers, the shares showed up days later in your account, you can do what ever you want with them buy, sell, trade etc. it was super easy. more flexibility than computer share or cst or ast or other semi brokers
Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade
Newbie
Dec 12, 2006
82 posts
22 upvotes
OP, I would remove the shares from computer share. I had shares with them, and they basically had a fee of something like $20 / month if you are no longer purchasing shares through a company. So it makes sense to transfer them to a discount brokerage.

In my case, they couldn't transfer any partial shares so they paid out the partial amount and issued stock certificate for the remaining shares. It was an annoying process as most bank reps will not know how to accept the shares, but just keeping asking and escalating and they will provide the proper forms and help you fill them out to get them transferred.
Jr. Member
Jan 15, 2013
131 posts
198 upvotes
Kamloops
Transfer it to Questrade. They cover the costs.
Deal Fanatic
Jun 24, 2015
8520 posts
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most banks reps will not know how to accept the shares? i beg to differ. there is always a rep at the bank who knows how, and if they happen to be off that day or or on vacation, then anyone can do it for you, it's part of their training and mandate, they have the tools to open your brokerage account, and if they need help, both TD and RBC have a number the bank people call in and they walk them thru, i did this many times, its easy as pie, if the rep is absolutely that clueless, then just write a complaint to the manager, the manager needs to ensure their reps are trained and following protocol or they will get disciplined which i think is the right thing to do in this case.
Supermarket worker at Fortino's
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Drive an Escalade
Newbie
Sep 18, 2018
82 posts
24 upvotes
I also have an account for stock purchases but from a US company. I received a 142-S tax form (I am assuming for the dividends) do I need to file this with my Canadian taxes?
Deal Expert
Feb 29, 2008
30106 posts
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Montreal
GoodFellaz wrote: ya what fees? I inherited a few share certificates and was able to transfer them to td and rbc brokers, the shares showed up days later in your account, you can do what ever you want with them buy, sell, trade etc. it was super easy. more flexibility than computer share or cst or ast or other semi brokers
The fees came when I tried to sell them. RBC DI requires the transactions to be done by phone.

Mind you this was part of an estate settlement so they may have gouged me.
Deal Fanatic
Jun 24, 2015
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I also have RBC DI, I just went to the branch, and handed them the certificates, and filled in some paper work. THey did the rest, no fees and shares showed up 2 days later. Now mind you, the certificates have to be within your name, maybe that's why the fees? were the certificates in someone else's name? or held in trust?
Supermarket worker at Fortino's
I'm Not a Wise Guy but more of a Good Fella~!
Drive an Escalade
Deal Addict
Aug 15, 2009
3221 posts
2761 upvotes
Montreal
thetank85 wrote: Transfer it to Questrade. They cover the costs.
Under 1k. I doubt it.
Deal Expert
Feb 29, 2008
30106 posts
5547 upvotes
Montreal
GoodFellaz wrote: I also have RBC DI, I just went to the branch, and handed them the certificates, and filled in some paper work. THey did the rest, no fees and shares showed up 2 days later. Now mind you, the certificates have to be within your name, maybe that's why the fees? were the certificates in someone else's name? or held in trust?
There in an estate trust.

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