Q: Regarding Dawn's problem with transferring/contributing USD to TFSA/RRSP accounts with TD:
TD won't transfer USD cash into registered accounts like TFSA or RRSP, but *it will* transfer US assets in-kind . Actually, as far as I remember, you can do it yourself.
So, all you need to do is to buy a money market fund. I used at the time TDB2915 recommended by TD Direct Investing staff (worth confirming if it's still the best to use for this transfer) because there are no fees when buying/selling TD funds.
So, buy as many units of the fund as needed in your USD margin account , and then after a day or two you can transfer online the fund units in-kind into your *CAD* TFSA/RRSP account. Here, I don't remember if you have to move the units into your *CAD* margin account or not first, in order to be able to do the transfer in-kind online by yourself. Anyway, once you have your fund units you can ask the TD staff to do it for you, if you prefer.
Once into the CAD registered account, you can transfer them into your USD TFSA/RRSP account and then sell them for cash. No buying or selling fees should apply.
Hope this helps. Best regards.
TD won't transfer USD cash into registered accounts like TFSA or RRSP, but *it will* transfer US assets in-kind . Actually, as far as I remember, you can do it yourself.
So, all you need to do is to buy a money market fund. I used at the time TDB2915 recommended by TD Direct Investing staff (worth confirming if it's still the best to use for this transfer) because there are no fees when buying/selling TD funds.
So, buy as many units of the fund as needed in your USD margin account , and then after a day or two you can transfer online the fund units in-kind into your *CAD* TFSA/RRSP account. Here, I don't remember if you have to move the units into your *CAD* margin account or not first, in order to be able to do the transfer in-kind online by yourself. Anyway, once you have your fund units you can ask the TD staff to do it for you, if you prefer.
Once into the CAD registered account, you can transfer them into your USD TFSA/RRSP account and then sell them for cash. No buying or selling fees should apply.
Hope this helps. Best regards.
5i Research Answer:
Thank you; we appreciate the 'feet on the street' feedback.