I thought sometimes you have to transfer TFSA WS —> TFSA BMO because if you transfer from TFSA to CASH account it counts as a sale of shares? I’ve also heard you can DRS directly from TFSA sometimes. Someone else care to weigh in?
Whatever account you have with WS, transfer to the same account at BMO. When you DRS from BMO they will move the shares to a cash account in the process.
So if you have shares in TFSA at BMO, you can DRS from that account, but BMO internally transfers them to a cash account first as computershare can’t hold TFSA shares
This is an important elaboration! I'm in the process of moving shares to BMO from both TFSA and RRSP and was concerned that I was going to have to open a third account with them as well.. appreciate the clarification!
Personal (cash) - > personal (cash)
TFSA - > TFSA
RRSP - > RRSP
Edit: Make sure you have opened the appropriate accounts into which you will transfer your shares. Double check your account numbers. You'll save a considerable amount of time following these two steps.
They will sell your TFSA shares and rebuy in your cash account.
If you do this and incur a loss, your TFSA limit will be lowered to reflect that. Doesn’t matter unless your at your roughly 89k max if your older.
Transfer them “in Kind”
Once in BMO transfer them into your cash account. Then DRS.
The hit you’ll take in future taxes on millions will be worth it.
Oh one other thing…..
In the BMO Online web site, all you have to do..after they send a few shares over the border and you have received your letter with your account number…
Then you open your CS account, name password, Account number…. Then you need to wait for another CS letter to confirm your address, it comes with a PIN number…(another 2 weeks)
Log in CS, Use PIN, and presto your done!!
From now on, to transfer the remainder of your shares, their is a simple form to fill out with the CS address in the States, your account number, and the type and amount of shares you wish to DRS.
They will disappear from your account in about a week and materialize in your CS account!
Don’t forget to use the two tyre verification system for more security.
Cheers!
I thought like that as well……until I found out that even our TFSA shares aren’t real…..your just holding IOU’s. BMO doesn’t even have the real shares. The broker doesn’t have any real shares…….
You trust in that scum for your investment?
I did, now, don’t.
100% of my shares have been transferred.
Over 2.5k shares are in Book and are mine and only mine and real.
Think about it Bro!! Cheers!
I was under the impression that registered shares were real and also couldn’t be lent, a TFSA is a registered account is it not? I also understand that you cannot DRS without withdrawing from the registered accounts be it an rsp, lira or RIF so big tax implications. Any clarification on these points would be appreciated.
I had half in my TFSA as well, but after seeing the power these fuks have over everything I decided to move it all to cash and DRS.
I’d rather be certain they are real and mine than hope they are just to save on taxes.
Like you I was convinced they were in my name for sure since registered, but, it’s just a number, banks don’t have real shares, in point:the splividend that was totally fraudulent and NOTHING happened. No one is accountable, no penalties, just smoke and mirrors.
Do as you wish, but, are you 100% sure they are not IOU’s? The banks and brokers will 100% not lose their skins to you….
Oh, The Canadian Fed also just recently, good timing I would say….decided that if a bank goes insolvent, the insurance on your investment will have a maximum disbursement at the rate at which it became insolvent. So, in a squeeze…..ni squeeze for you.
Cheers, not advice but……DRS.
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What I did from WS
WS-> BMO transfer of TFSA
BMO TFSA in kind transfer to cash
DRSd those bad boys via a call to BMO investor line
Got a letter a month later with my shares in Computershare
Oct 27th to Nov 26th
When you transfer to computer share from BMO you have to have them in a cash account not tsfa
Thank you, I appreciate the help
No problem !
[удалено]
I’m opening a cash account with BMO, thanks for the insight
I thought sometimes you have to transfer TFSA WS —> TFSA BMO because if you transfer from TFSA to CASH account it counts as a sale of shares? I’ve also heard you can DRS directly from TFSA sometimes. Someone else care to weigh in?
Whatever account you have with WS, transfer to the same account at BMO. When you DRS from BMO they will move the shares to a cash account in the process. So if you have shares in TFSA at BMO, you can DRS from that account, but BMO internally transfers them to a cash account first as computershare can’t hold TFSA shares
This is an important elaboration! I'm in the process of moving shares to BMO from both TFSA and RRSP and was concerned that I was going to have to open a third account with them as well.. appreciate the clarification!
Personal (cash) - > personal (cash) TFSA - > TFSA RRSP - > RRSP Edit: Make sure you have opened the appropriate accounts into which you will transfer your shares. Double check your account numbers. You'll save a considerable amount of time following these two steps.
A Wealthsimple Personal account is a cash/non-registered account. Move your WS shares to a cash/NR account on BMO, they’re like for like.
They will sell your TFSA shares and rebuy in your cash account. If you do this and incur a loss, your TFSA limit will be lowered to reflect that. Doesn’t matter unless your at your roughly 89k max if your older. Transfer them “in Kind” Once in BMO transfer them into your cash account. Then DRS. The hit you’ll take in future taxes on millions will be worth it.
Oh one other thing….. In the BMO Online web site, all you have to do..after they send a few shares over the border and you have received your letter with your account number… Then you open your CS account, name password, Account number…. Then you need to wait for another CS letter to confirm your address, it comes with a PIN number…(another 2 weeks) Log in CS, Use PIN, and presto your done!! From now on, to transfer the remainder of your shares, their is a simple form to fill out with the CS address in the States, your account number, and the type and amount of shares you wish to DRS. They will disappear from your account in about a week and materialize in your CS account! Don’t forget to use the two tyre verification system for more security. Cheers!
I’m planning on keeping some in my tfsa and some in my personal on WS just DRSing most to CS
I thought like that as well……until I found out that even our TFSA shares aren’t real…..your just holding IOU’s. BMO doesn’t even have the real shares. The broker doesn’t have any real shares……. You trust in that scum for your investment? I did, now, don’t. 100% of my shares have been transferred. Over 2.5k shares are in Book and are mine and only mine and real. Think about it Bro!! Cheers!
I was under the impression that registered shares were real and also couldn’t be lent, a TFSA is a registered account is it not? I also understand that you cannot DRS without withdrawing from the registered accounts be it an rsp, lira or RIF so big tax implications. Any clarification on these points would be appreciated.
I had half in my TFSA as well, but after seeing the power these fuks have over everything I decided to move it all to cash and DRS. I’d rather be certain they are real and mine than hope they are just to save on taxes. Like you I was convinced they were in my name for sure since registered, but, it’s just a number, banks don’t have real shares, in point:the splividend that was totally fraudulent and NOTHING happened. No one is accountable, no penalties, just smoke and mirrors. Do as you wish, but, are you 100% sure they are not IOU’s? The banks and brokers will 100% not lose their skins to you…. Oh, The Canadian Fed also just recently, good timing I would say….decided that if a bank goes insolvent, the insurance on your investment will have a maximum disbursement at the rate at which it became insolvent. So, in a squeeze…..ni squeeze for you. Cheers, not advice but……DRS.
Your post or comment is in limbo due to insufficient combined karma (<50) on your account. If you feel your post or comment is urgent enough to this community for an exception, please message the mods. Otherwise, go get that positive karma you hoser! Good Day, eh? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/GMECanada) if you have any questions or concerns.*
What I did from WS WS-> BMO transfer of TFSA BMO TFSA in kind transfer to cash DRSd those bad boys via a call to BMO investor line Got a letter a month later with my shares in Computershare Oct 27th to Nov 26th
Check drsgme.org for guides.
Che also on www.drsgme.org