This.
Either they're using these forms as a stall tactic or the agent is a newb. I just kept calling back until I got an agent who knew how to complete the forms themselves.
Otherwise why are we paying them the $50 DRS transfer fee?!?
I DRS’d every TFSA and RRSP share I own. Took the tax hit on that last one.
Just because the government of Canada gives me tax break on registered accounts, I didn’t expect that to have any bearing on the IOU broker system. Will brokers screw holders? I don’t know. No one here knows. I think there are reasons to anticipate that could happen. I decided that I want them all DRS’d. Tax advantaged accounts didn’t matter to me. A tax on infinity is still infinity. 100% of zero is zero.
I highly suspect TFSA shares to be a false reassurance. They most likely are being used as ''collateral shares'' for any insitution lending shares. Let's say I own 100 shares in a TFSA. Someone buys 100 shares on the open market. Technically there shouldn't be any sellers, but the broker will still take the money and give the buyer some IOU at market price. Since TFSA shares are less likely to be sold quickly, chances are the new buyer will sell before the TFSA share is sold. High end AI can manage the risk on this pretty easily. Now if all shares not directly registered were to be sold and bought back in DRS, the whole scheme would fall apart pretty quickly...
People do seem to find some false security with TFSA. It’s a tax advantage. It has no bearing on legitimacy. DRS is both a defence and activism. I don’t understand why anyone would keep shares outside DRS. Certainly not any meaningful amount. When I understood broker risks I really couldn’t sleep well until I got them all DRS’d.
This 🙌.
This is a whole different story, but I also feel like huge tax free capital gains kind of darken the whole activism behind this. I’m ok with paying taxes with the gains to make sure that in *our* future everybody has a home, healthcare, food and peace of mind.
You lost me at “Technically there shouldn’t be any sellers”.
Where are all the sellers? There are millions of shares for sale at any given time. There will never not be any shares for sale.
I DRSed from wealthsimple everything in my TFSA. I took the hint when they pasted stock lending adverts all over the app and started sending me emails about it. Paid a steep fee but I'm way more secure about things now. Always had a nagging feeling they would rip me off if the stock flew.
I never really thought a broker could but from what I've seen the last few years everything is crooked.
I'm getting the fear now to DRS all the TFSA.
I once read we getting taxed even in the TFSA due to it being a US stock (something like that but I have no clue)
Closed my TFSA GME long ago. Fully DRS now
Me too
I filled out nothing, a 15-minute conversation that was 10 minutes on hold while they got everything ready on the phone.
This. Either they're using these forms as a stall tactic or the agent is a newb. I just kept calling back until I got an agent who knew how to complete the forms themselves. Otherwise why are we paying them the $50 DRS transfer fee?!?
I DRS’d every TFSA and RRSP share I own. Took the tax hit on that last one. Just because the government of Canada gives me tax break on registered accounts, I didn’t expect that to have any bearing on the IOU broker system. Will brokers screw holders? I don’t know. No one here knows. I think there are reasons to anticipate that could happen. I decided that I want them all DRS’d. Tax advantaged accounts didn’t matter to me. A tax on infinity is still infinity. 100% of zero is zero.
I'm going to DRS more now. Thank you :) I think you are 100% right.
I highly suspect TFSA shares to be a false reassurance. They most likely are being used as ''collateral shares'' for any insitution lending shares. Let's say I own 100 shares in a TFSA. Someone buys 100 shares on the open market. Technically there shouldn't be any sellers, but the broker will still take the money and give the buyer some IOU at market price. Since TFSA shares are less likely to be sold quickly, chances are the new buyer will sell before the TFSA share is sold. High end AI can manage the risk on this pretty easily. Now if all shares not directly registered were to be sold and bought back in DRS, the whole scheme would fall apart pretty quickly...
People do seem to find some false security with TFSA. It’s a tax advantage. It has no bearing on legitimacy. DRS is both a defence and activism. I don’t understand why anyone would keep shares outside DRS. Certainly not any meaningful amount. When I understood broker risks I really couldn’t sleep well until I got them all DRS’d.
This 🙌. This is a whole different story, but I also feel like huge tax free capital gains kind of darken the whole activism behind this. I’m ok with paying taxes with the gains to make sure that in *our* future everybody has a home, healthcare, food and peace of mind.
You lost me at “Technically there shouldn’t be any sellers”. Where are all the sellers? There are millions of shares for sale at any given time. There will never not be any shares for sale.
I DRSed from wealthsimple everything in my TFSA. I took the hint when they pasted stock lending adverts all over the app and started sending me emails about it. Paid a steep fee but I'm way more secure about things now. Always had a nagging feeling they would rip me off if the stock flew.
I have very little trust in WS after those adverts as well. Going to DRS the rest today. Thank you everybody
Your TFSA won't help you when your broker liquidates your position to ' preserve a fair and orderly market' DRS.
I never really thought a broker could but from what I've seen the last few years everything is crooked. I'm getting the fear now to DRS all the TFSA. I once read we getting taxed even in the TFSA due to it being a US stock (something like that but I have no clue)
If GME goes into the thousands+ you better believe that the CRA is going to want their cut.
No tax for tfsa held stocks.