Personal Finance

Where to go for self-directed TFSA & RRSP accounts?

  • Last Updated:
  • Apr 17th, 2018 1:21 pm
[OP]
Newbie
Sep 6, 2008
56 posts
16 upvotes

Where to go for self-directed TFSA & RRSP accounts?

My employer ( a publicly traded US corporation ) is going to give me shares as a bonus and I want to put those shares into a TFSA ( and the remainder after maxing out the TFSA into RRSPs ).

I have no plan of adding cash or buying mutual funds, so all I need is a place where I can "park" the shares until a future date when I decide to cash out.

Which financial institution has the lowest fees for "parking" US-traded stock in TFSA and RRSP accounts? With the condition that the institution must be able to receive stock transfers from Morgan Stanley (in the US).

Thank you!

H
4 replies
Member
Jun 10, 2013
464 posts
188 upvotes
Do your research though beforehand...you always want to know where your money is going...Those are just a starting point.
Member
Jan 4, 2017
323 posts
161 upvotes
Although I personally just use TD (they have a pretty nice platform IMO) - I've heard nothing but good things about Interactive Brokers from folks on the forum here, and Virtual Brokers from several friends, they both seem to be quite good. I don't know about them receiving from the US though, you might need to inquire with them about that. I also don't think it much matters with regards to the "I just want to park them here" part, that's really just up to you I think. You'll have to take into consideration any minimum balances / maintenance fees, most brokerages will have some sort of fee structure, usually with an option to waive fees after a certain amount or something like that (TD waives the quarterly maintenance fee if you have >$25k or set up automatic deposits).
Deal Addict
User avatar
Sep 19, 2013
1890 posts
602 upvotes
Winnipeg
Hobotrader wrote:
Apr 16th, 2018 8:31 pm
Questrade for Canada IMHO
But you can look at all the options here:
http://www.moneysense.ca/canadas-best-o ... ison-tool/
If the value is $5K+, then I will recommend Questrade as well. Note that Questrade has inactivity fee if the value is less than $5K. If it less than $5K, then all you need to do is 1 transaction per quarter to avoid the inactivity fee.
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