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Wanna buy $1500 of a TSX security today but Wealthsimple has no free cash. (I have spare $ in bank). advice?

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  • Aug 23rd, 2021 8:54 pm
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Aug 22, 2021
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Wanna buy $1500 of a TSX security today but Wealthsimple has no free cash. (I have spare $ in bank). advice?

What should I do?

I’d like to buy $1500 worth of one tsx-listed security today (Monday , Aug 23). On Wealthsimple, I have both a TFSA account and a personal (taxable) account.

My TFSA has the following ETFs (but also contains non-ETFs that I will not be selling for now, and so is excluded in the list below):
HXT (Horizons S&P/TSX 60 Index ETF) -- more than $1.5K
VA (Vanguard FTSE Developed Asia Pacific All Cap Index ETF) -- about $350 worth
VE (Vanguard FTSE Developed Europe All Cap Index ETF) -- about $350 worth
VCN (Vanguard FTSE Canada All Cap Index ETF) -- about $350 worth
VFV -- more than $1.5K
XUU Blackrock iShares Core S&P US Total Market Index ETF -- more than $1.5K

My personal/taxable Wealthsimple has:
HXT -- more than $1,500
VCN -- about $600 worth
VFV -- more than $1,500
XUU -- more than $1,500

What should I do? If I were prudent, I should have transferred $1,500 about seven days ago from a bank account to my Wealthsimple personal/taxable account. I say “seven days” to account for the time it takes to move money as well as Wealthsimple’s hold period. (My TFSA is maxed out for the year.)

But because I’m not prudent, I have to make a tough decision. I have BMO checquing and savings accounts with some spare $1500 in cash. I could open a BMO self-directed investincg account and i suppose i could make the trade happen by today (monday), but there’s a $10 fee for every trade. As a Wealthsimple customer, I hate trading fees.

Or maybe I go to National Bank to open up a National Bank Direct Brokerage account. Starting today (Monday Aug 23), there’s no fees to trade with NBDB.
1 reply
Sr. Member
Aug 22, 2021
717 posts
227 upvotes
Ontario
squeakyj wrote: What should I do?

I’d like to buy $1500 worth of one tsx-listed security today (Monday , Aug 23). On Wealthsimple, I have both a TFSA account and a personal (taxable) account.

My TFSA has the following ETFs (but also contains non-ETFs that I will not be selling for now, and so is excluded in the list below):
HXT (Horizons S&P/TSX 60 Index ETF) -- more than $1.5K
VA (Vanguard FTSE Developed Asia Pacific All Cap Index ETF) -- about $350 worth
VE (Vanguard FTSE Developed Europe All Cap Index ETF) -- about $350 worth
VCN (Vanguard FTSE Canada All Cap Index ETF) -- about $350 worth
VFV -- more than $1.5K
XUU Blackrock iShares Core S&P US Total Market Index ETF -- more than $1.5K

My personal/taxable Wealthsimple has:
HXT -- more than $1,500
VCN -- about $600 worth
VFV -- more than $1,500
XUU -- more than $1,500

What should I do? If I were prudent, I should have transferred $1,500 about seven days ago from a bank account to my Wealthsimple personal/taxable account. I say “seven days” to account for the time it takes to move money as well as Wealthsimple’s hold period. (My TFSA is maxed out for the year.)

But because I’m not prudent, I have to make a tough decision. I have BMO checquing and savings accounts with some spare $1500 in cash. I could open a BMO self-directed investincg account and i suppose i could make the trade happen by today (monday), but there’s a $10 fee for every trade. As a Wealthsimple customer, I hate trading fees.

Or maybe I go to National Bank to open up a National Bank Direct Brokerage account. Starting today (Monday Aug 23), there’s no fees to trade with NBDB.
Dang no more fees for national bank? What was the fee before? Hopefully other banks follow!

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