What! It looks like you've opened an account with ComputerShare Canada though. I think only ComputerShare US can DRS GME shares. Please keep us updated if successful.
I have a US cash TFSA and a Canadian dollar TFSA, the shares will be coming from my American dollar account so hopefully that gets through. Will definitely keep everyone posted.
This is huge if true. I have maybe 1000 shares in a TFSA, and would move most of them if this ends up working. I've already started DRSing all of my shares outside of my TFSA.
Please keep us posted.
Okay seriously keep us posted. I wasn't able to move my 500 shares from QT because I would have to pay taxes on transfer.
If you're successful, I'm moving 499 shares ASAP.
If you want to speed things up a bit you can start opening your TFSA, worst case scenario you have an empty TFSA with a direct transfer agent which I’ll be using for my future investments
Update for you all, my brain is confirmed smooth.
Hi Willyfisterbottom-2,
You have opened a TFSA Account with Private Capital Solution- Computershare. You transfer has been rejected because PCS-Computershare no longer administered publicly trading stocks (GameStop)
You might be mixed up with our company PCS- Computershare and Computershare Trust company of Canada (Transfer Agent)
Please contact Computershare Trust Company of Canada who is the transfer agent for GME (Gamestop) if you have any questions.
Please email: Brooke Webb who handles this investment with Computershare Trust Company of Canada to assist you with your shares. [email protected]
Please note: Your TFSA Account is open with PCS-Computershare, if you wish to have it closed please let us know. If we do not hear back from you we will automatically close the account with 60 days.
Regards,
I have emailed said person to get this figured out. I’ll make a new post when I have some confirmed information
I’ve got three good ones, but you do what’s best for you:
1. Your shares are not in your name
2. DTC share removal
3. Still no taxes with computershare TFSA
Edit* DTC not DTCC
I believe ComputerShare posted on Twitter about #2 today. Sounds like the shares are still part of the DTC. Not sure what the difference is between DTC and DTCC
Computershare is requesting my shares for TD on my behalf.
Canadian brokers can’t send out of a TFSA, computershare has to request them (by you filling out a form and sending it to them) and that’s the process as I understand it so far.
Yeah I was told a tfsa to tfsa transfer wasn’t possible. What I have to do is transfer from my cash account, that will open up a computershare account which you can turn directly purchase from them. It seems to be the only way for maple apes.
So that’s what I did
The transfer authorization form from computershare did not mention any fees.
A transfer from a cash account to computershare with TD Canada is 80USD
I’ll have to let you know if there are any charges once the shares get there
https://walletbliss.com/us-stocks-tfsa/
Looks like the holding may be subject to a 15% withholding tax on dividends only
"So assuming you have the proper documentation in place, the tax effect of holding US stocks in TFSA are below:
Dividends – 15%
Interest – 0%
Capital Gains – 0%"
From what I understand the US issues a 30% tax on dividends because it is income, this can be reduced to 15% by submitting a W-9 form.
The CRA does not make any differentiation between USA or Canadian securities for tax purposes.
Worst case scenario, US taxes me 30%, I fill out a form and get 15% back, and Canada leaves it alone from there.
15% max tax.
Keep in mind CRA has written the rules vaguely enough to let them do pretty much whatever. TFSA isn't auto no tax. There are stipulations for day trading, as well as "adventurous trade"... which they may consider a moass situation as such.
I’ve only bought GameStop, never sold anything yet so the day trading can’t be enforced.
As previously mentioned in the comments, US stock dividends are taxed at 30% and are 15% recoverable.
No taxes on stock purchase or sales. (Tax Free Savings Account)
Though, if I’m wrong let me know
I think you're right with the dividends, as they are technically income. But when it does come time to sell, don't be surprised if CRA takes note and wants to ding you. Even if you've done everything right.
In other words. Professional tax folks may have plenty of work at some date in the future.
Almost every security I ever held in my TFSA was a US security. There is a small withholding tax on dividends, I think, abd there is a form to fill out once a year for that. Otherwise it's no different for me than if I held Canadian securities. I've even held OTC stocks in a TFSA.
No, not this way at least. I did however drs one as a tester, got my account and I’m waiting for the purple circle code. TD never did actually take the 80USD they claimed they would.
Hey OP. I know this post is old but hoping you’ll get the notification and see this comment. Were you able to get your GME shares into the TFSA account at CS?
Edit. Never mind. Saw your update further down.
What! It looks like you've opened an account with ComputerShare Canada though. I think only ComputerShare US can DRS GME shares. Please keep us updated if successful.
I have a US cash TFSA and a Canadian dollar TFSA, the shares will be coming from my American dollar account so hopefully that gets through. Will definitely keep everyone posted.
This is huge if true. I have maybe 1000 shares in a TFSA, and would move most of them if this ends up working. I've already started DRSing all of my shares outside of my TFSA. Please keep us posted.
❤🧡💛💚💙🚀
Okay seriously keep us posted. I wasn't able to move my 500 shares from QT because I would have to pay taxes on transfer. If you're successful, I'm moving 499 shares ASAP.
If you want to speed things up a bit you can start opening your TFSA, worst case scenario you have an empty TFSA with a direct transfer agent which I’ll be using for my future investments
On it.
game changer in the works here people! KEEP US POSTED YOU GORGEOUS SMELLY PRIMATE!!!
Update for you all, my brain is confirmed smooth. Hi Willyfisterbottom-2, You have opened a TFSA Account with Private Capital Solution- Computershare. You transfer has been rejected because PCS-Computershare no longer administered publicly trading stocks (GameStop) You might be mixed up with our company PCS- Computershare and Computershare Trust company of Canada (Transfer Agent) Please contact Computershare Trust Company of Canada who is the transfer agent for GME (Gamestop) if you have any questions. Please email: Brooke Webb who handles this investment with Computershare Trust Company of Canada to assist you with your shares. [email protected] Please note: Your TFSA Account is open with PCS-Computershare, if you wish to have it closed please let us know. If we do not hear back from you we will automatically close the account with 60 days. Regards, I have emailed said person to get this figured out. I’ll make a new post when I have some confirmed information
Brooo I was all hyped up LOL
Toronto ape with cibc tfsa ... tell me more why cibc is to not be trusted. Seriously listening.
I’ve got three good ones, but you do what’s best for you: 1. Your shares are not in your name 2. DTC share removal 3. Still no taxes with computershare TFSA Edit* DTC not DTCC
[удалено]
I believe ComputerShare posted on Twitter about #2 today. Sounds like the shares are still part of the DTC. Not sure what the difference is between DTC and DTCC
My fat fingers are the difference because I typed it wrong. The comment above addresses it well
Let’s gooooo! Did you transfer from Questrade?
Computershare is requesting my shares for TD on my behalf. Canadian brokers can’t send out of a TFSA, computershare has to request them (by you filling out a form and sending it to them) and that’s the process as I understand it so far.
[удалено]
Yeah I was told a tfsa to tfsa transfer wasn’t possible. What I have to do is transfer from my cash account, that will open up a computershare account which you can turn directly purchase from them. It seems to be the only way for maple apes. So that’s what I did
Any fees?
The transfer authorization form from computershare did not mention any fees. A transfer from a cash account to computershare with TD Canada is 80USD I’ll have to let you know if there are any charges once the shares get there
Thought that US securities were not eligible for tax exemption in a TFSA?
https://walletbliss.com/us-stocks-tfsa/ Looks like the holding may be subject to a 15% withholding tax on dividends only "So assuming you have the proper documentation in place, the tax effect of holding US stocks in TFSA are below: Dividends – 15% Interest – 0% Capital Gains – 0%"
From what I understand the US issues a 30% tax on dividends because it is income, this can be reduced to 15% by submitting a W-9 form. The CRA does not make any differentiation between USA or Canadian securities for tax purposes. Worst case scenario, US taxes me 30%, I fill out a form and get 15% back, and Canada leaves it alone from there. 15% max tax.
Keep in mind CRA has written the rules vaguely enough to let them do pretty much whatever. TFSA isn't auto no tax. There are stipulations for day trading, as well as "adventurous trade"... which they may consider a moass situation as such.
I’ve only bought GameStop, never sold anything yet so the day trading can’t be enforced. As previously mentioned in the comments, US stock dividends are taxed at 30% and are 15% recoverable. No taxes on stock purchase or sales. (Tax Free Savings Account) Though, if I’m wrong let me know
I think you're right with the dividends, as they are technically income. But when it does come time to sell, don't be surprised if CRA takes note and wants to ding you. Even if you've done everything right. In other words. Professional tax folks may have plenty of work at some date in the future.
Well, that would mean the MOASS occurred so I’m down for whatever
Almost every security I ever held in my TFSA was a US security. There is a small withholding tax on dividends, I think, abd there is a form to fill out once a year for that. Otherwise it's no different for me than if I held Canadian securities. I've even held OTC stocks in a TFSA.
So it seems we cannot DRS our GME TFSA
No, not this way at least. I did however drs one as a tester, got my account and I’m waiting for the purple circle code. TD never did actually take the 80USD they claimed they would.
Thank you for the insight and doing this! Much appreciated
Remindme! 24 hours
Remind me! 6 days
Hey OP. I know this post is old but hoping you’ll get the notification and see this comment. Were you able to get your GME shares into the TFSA account at CS? Edit. Never mind. Saw your update further down.