Wealthsimple trade tfsa reddit. You already know to do VGRO.
Wealthsimple trade tfsa reddit Canadians interested in investing and looking at opportunities in the market besides being a potato. 5% fee on top of the inherent fees in the underlying holdings. For stocks and ETF trading I break it down between two brokers, a WS Trade TFSA account for Canadian stocks/ETFs and a Questrade TFSA account for US stocks/ETFs. I heard their are no commissions on CAD trade currencies, compared to iTrade I pay a premium commission FX of $9. FAQ: www. 99 buy/sell. Ouch, yeah the $9. So I am contributing in my personal account for the rest of the year and buying securities in my personal account for now. WS Trade for Canadian - Because $0 commissions are awesome especially for smaller value Canadian Holdings. This. These are who the CRA will go after for trading as a business in their TFSA. com/r/Wealthsimple_Trade/comments/mgx4lb/frequently_asked_questions_user_help/ I don't think that's the right question or answer. Is this is ‘Managed’ is the same as robo advisor then why is there a different app called Wealth simple Invest ( yellow/ orange color) ? As an official Fidelity customer care channel, our community is the best way to get help on Reddit with your questions about investing Options trading is not necessarily against the rules in a TFSA, but if the CRA decides that you're "doing business" in your TFSA, they can tax you on it. If you setup direct deposit with Wealthsimple (ie. on the other side of the extreme, if you have a $50 account and you start day trading $1 stocks with no commissions and you manage to grow the account to $100 (this is not something you Get the Reddit app Scan this QR code to download the app now. Go to Wealthsimple_Trade r/Wealthsimple_Trade • by snofocolis. I wanted to have a second account that I could put money into for my son to learn the market (he's < 19 so can't get his own TFSA). I would recommend to reconsider stock picking, because stock picking is a bad idea I have a TFSA with my regular bank (CIBC), but I'd like the ability to put money into TFSA without a trading fee, and my understanding is that WealthSimple allows this. Wealthsimple Trade is definitely the easier and cheaper platform but it's mobile-only and cannot hold USD. I opened a personal account on Wealthsimple Trade. create a tfsa in wealthsimple trade despite the fact that i am new and avoid some fees. ***We are in no way affiliated with, endorsed or sanctioned by Wealthsimple. Be sure to keep track of overall, total, contributions to your TFSA account(s) as there are limits. Wealthsimple Trade TFSA vs. I would consider National Bank since Buying the hot Reddit stock and selling it 3-6 weeks later is not day trading. I’ve been buying and selling a few different stocks but I’m a little worried that putting money in and out of my tfsa might effect my yearly limit of what I can Savings that you think you'll need in less than 5 or 6 years (eg. Or check it out in the app stores I’m new to Wealthsimple and have opened up a tfsa in the “trade” app. " Plus they don’t have options, puts, margin accounts etcso you can’t really seriously day trade with it". Trade account is realistically only useful for day trades so you don't invite an audit of your TFSA. I had to create a second Trade account and TFSA under my wife's name and let him use that. FAQ “We don't make money by selling your information or data to any third parties. TFSA Contribution Limit Update . You should not trade options in your TFSA, as it is not meant for trading Naked options are anyways restricted. His trading income also probably should be at least 6 figures from TFSA to trigger business income tax. Depending on what your bank offers and the fees they charge, it might be more beneficial to do your investing with Wealthsimple (no commission fees I created a Wealthsimple Trade account and the only fees seem to be for currency conversions for foreign stocks. It was the best investment decision of 2023 for me. 5k I've put 10k into wealthsimple robo funds 6k into trade And 5k into questrade Which mean I should have 23. If you did take your money out cash, then it would affect your contribution room. Now I pose the following question: It would add up if you were trying to day or swing trade - you'd need an extra 3% profit to cover fees - so if you stay in the Canadian exchange, you can afford to take smaller profits and be a more active trader. I don't know what the rules The trick is to watch the stock you're trading using 'Real-time data'. 99 trading fees for that kind of volume kind of suck. I opened a small I recently made a Wealthsimple Trading account, just waiting for my money to be available for trading. Self-directed investing is so easy. I followed the instructions on the WealthSimple website, and wanted to transfer accounts "as is" but when I go through the process I am left with only two options, transfer the "Entire account as cash" or "Part of the cash in my account". 5k 2018 - 5. Using that TFSA account, you can buy WSHR, which will not charge this management fee for TFSA. Users share their opinions and experiences on whether it is safe and legal to trade frequently in a TFSA account. They will penalize you heavily if they consider you day trade in TFSA Reply reply This is reddit gold. When does Wealthsimple send TFSA contribution information to wealthsimple (my broker)? I went to check my contribution room and it's way more than it should be. When you're maxing out your TFSA put it towards RRSP. Or check it out in the app stores I opened a wealthsimple trade personal account and initiated a transfer from my bank account. reddit. " Yes. I’d use that for the bulk of your investment and if you want to trade individual Canadian stocks then get wealthsimple as a secondary account If you have an existing TFSA you can't transfer it to Wealthsimple Trade. Then choose and buy stocks for an ETF (For example VEQT or XEQT for 100% equities). Up until now I had all my savings in Scotiabank. *** Hi, I am wondering if anyone had advice on how to transfer my TFSA from Tangerine to my newly created TFSA with WealthSimple Trade. No need to create one from the bank. Should I cash all of that money out before the end of 2022, and then buy something like XEQT with Wealthsimple once my TFSA limit resets? Wanting to do this for the lower MER with ETFs, and because TD is limiting my trades because I need to update my investor profile. In terms of fees, WS is free on Canadian stocks and ETFs so I recommend holding there for those assets. Would it be better if I had opened a TFSA account? The unofficial subreddit for discussion relating to all Wealthsimple services (Trade, Invest, Crypto, Cash, etc. Reply reply Wealthsimple Trade is by far the worst trading platform out there for investing. There are no fees on the Wealthsimple side, but TD will charge you $75 to transfer a TFSA account to another provider. Open a TFSA in Wealthsimple Trade and transfer your money from Invest to Trade. Those actively day trading in are usually doing 10+ trades per week minimum. A lot of people here are recommending you do wealthsimple trade and just buy an all-in-one ETF. At this point, it's more important that Business, Economics, and Finance. If not don't bother calling CRA, they can't do anything. If you mainly buy and hold the difference in fees is less of a consideration. Crypto I see TFSA managed in my wealthsimple Trade app ( white color ) . Right now I have my TFSA stuff on TD Easy Trade, mainly because the limited 50 free trades per year, also because it integrates with TD and has live pricing and stuff. Unofficial subreddit for general discussion on the Wealthsimple Trade investing platform. 23K subscribers in the Wealthsimple_Trade community. He isn't keeping crypto or his own debt in TFSA. Don't choose the GIC option unless you are confident that you won't need the money for the duration of the GIC contract. They have expanded their account offerings and added TFSA and RRSP options on top of the personal account. The FAQ page is a work in progress and information will be added and/or updated as needed. Then of course there are the managed accounts in Wealthsimple Invest, and those have management fees. Questrade vs Wealthsimple TFSA Account . I was wondering if it would make sense to transfer my TFSA with iTrade into WS Trade. *** Reddit iOS Reddit Android Reddit Premium About Reddit Advertise Blog And I heard ppl don’t recommend doing day trade with TFSA so if I were to hold certain stock for a week or longer then sell. Get app Get the out there about this but officially it's such a grey area and nothing is outlined or explained properly in regards to TFSA activity when it comes to day trading. /r/GuildWars2 is the primary community for Guild Wars 2 on Reddit. However, I heard with WS Trade you pay more for the US-CAD conversion therefore it's not really free commison on US traded stocks. Questrade for buying ETFs (allowing me to have the option of being familiar with a platform that is capable of more Welcome to FXGears. 95 I think it depends what you do. ). However, if you’re gonna buy and trade constantly (even buying and selling multiple times a day) I would go with a personal I started TFSA room in 2015 So I started with 10k 2016 - 5. Wealthsimple is a Canadian investing platform. Wealthsimple Trade - TFSA Option is here ! (Early Access) First off , I've been a following this sub for a while and started steps in managing my finances. We have no plans to receive payment for the orders that are submitted on Wealthsimple Trade. For 2023, you can contribute $6500 to your TFSA(s) (sum total) plus whatever contribution room you have from previous years. Don't even worry about that. Just to elaborate more on WSI day trading, we'll emphasize on this statement you made. Options contracts are Pennies meanwhile Quest is $15 minimum. do no count towards contribution room, but I don't know if that's correct. Can you trade within a TFSA and buy stocks and sell them in a matter of weeks or will that get me into trouble? Can you swing trade with a wealth simple account or is meant for long term investments? Before wealthsimple trade, it could cost you anywhere from $5 - $40 per transaction. If you trade then fees would be an important consideration. Recently switched from RBC to Wealthsimple. Up 7% with invest, up 27% with trade only buying ETFs and a few small cap trades (scr, well, mmed) in 2020 Reply reply I have a TFSA with Wealthsimple trade and looking to DCA into XEQT each week for the next 12-18 months. I currently have about $80,000 growing in a TFSA with TD using the CCP method. But looks like sell orders don’t fully settle for 2 business days. *** Both platforms have their uses. You can read more about the different prices / fees here. I'm trying to withdraw funds from my TFSA that hasn't had activity in almost 2 years so it isn't an issue of the funds It is withdrawn from your TFSA bank account with Desjardin, because that money left that account. I'd recommend trying to find some info on what others have done with their TFSA without getting flagged for day trading Had my TFSA with wealthsimple invest and RRSP with wealthsimple trade. There's also a Wealthsimple Trade Plus account which has a $10 / month fee. Your funds are protected up to $1 million dollars in the event wealthsimple goes bankrupt. Get the Reddit app Scan this QR code to download the app now. Review your TFSA slips in your My Account via "Tax information slips (T4s and more) to see if CRA has them. If you go with robo-advisor and continue studying, you will eventually switch to self-directed. 5 trades. That’s not ‘passive’; it is just a different strategy that even experienced investors employ. No way did you pull a Webster's dictionary definition out to tell me you used "your" correctly. I do have a few non-registered investments on there but I do plan on either eventually moving them to The unofficial subreddit for discussion relating to all Wealthsimple services (Trade, Invest, Crypto, Cash, etc. Youre restricted to TD products when it comes to etfs, index funds, GICs, and cant trade in AH (which i found out today and will likely come at an opportunity cost of several thousand dollars). IBKR offers margin, cash and TFSA. I don't think it is a problem tbh. com's Reddit Forex Trading Community! Here you can converse about trading ideas, strategies, trading psychology, and nearly everything in between! ---- We also have one of the largest forex chatrooms online! ---- /r/Forex is the official subreddit of FXGears. *** Your 2021 transactions should be posted in early 2022 for example. However it went straight from one bank's TFSA account to another bank's TFSA account. *** Beginner investor here with a (hopefully) simple question. Nothing wrong with having 2 TFSA's, it is just a little bit more bookkeeping on your end to ensure you don't overcontribute. Also new to investing but this is what you could do. *** If you dont mind, am I correct to understand like this: "The account you open on Wealthsimple (both Invest, ie managed, and Trade, ie self-managed) is TFSA in any case. emergency fund, next vehicle purchase, down payment savings, etc. 24K subscribers in the Wealthsimple_Trade community. I'm thinking of opening a DIY investment account and considering Questrade or Wealthsimple Trade. What is TFSA? Tax-free Savings Accounts (TFSA) is We're introducing the ability to transfer your existing investment accounts from other institutions over to Wealthsimple Trade — and we want to give you early access to try it out. "TFSA" is an account designation, so you can open up a TFSA account with TD, and another TFSA account with Wealthsimple. I would go with a TFSA. The removal of tax benefit has nothing to do with options. if you have a $500k TFSA, and you start day trading, well you'll be red flagged pretty soon. My TFSA is maxed out. My plan is to transfer the securities directly from my personal to TFSA (also in Wealthsimple ) without selling, transferring the cash and rebuying. Yes, but it depends. But covered calls are legitimately allowed in TFSA and can be bought/sold. Wealthsimple's user interface is 100 better and buying/selling XEQT is essentially free. If you’re charged ~$10 per trade with another broker, you’ve spent ~$125 in 12. Reddit . *** regarding this issue, there are CRA rules and laws that come into play and also some common sense. You do not need a robo-advisor. 5% for its Wealthsimple Save account but not it's TFSA or RRSP. 5k room but CRA says I have 41k space. The reason I'm doing this is that I just realized CRA does not allow day trading in TFSA account, and hence I need to withdraw all funds and transfer it If I have a WealthSimple trade TFSA and I have say, $100 worth of stock and the value of that stock increases to $200 - have I now lost $200 total from my Contribution room? I've read in a few places that gains made within a TFSA from stock values, dividends, etc. I am a 22M, looking to invest around $1-3k and invest in autopilot. This is just a community. Also, I'd like to try my hand at Day Trading or Swing Trading (I realize we can't do this with TFSA/RRSP, only non-registered), and I'm assuming WealthSimple would facilate this View community ranking In the Top 1% of largest communities on Reddit. Posted by u/iam-pk - 1 vote and 6 comments New to investing and trading, a friend has got me interested in trading stocks and recommended wealthsimple. TD may also charge a short-term trading fees to liquidate your mutual funds, especially if you purchased anything in the last 30 days. Invest is a managed investment platform that charges a 0. 11 votes, 11 comments. *** Even if you "only" consider the straight up 3% fees and ignore compounding interest, if you save for 20 years, those 3% mean you worked half a year for wealthsimple (thats like 110 days or 880 hours of your life you worked for wealthsimple). 5% again when you sell the stock which includes all the gains the stock has made. We also don't make money by selling order flow — a practice whereby some companies sell their customers’ orders to high-frequency trading firms. Or check it out in the app stores Unofficial subreddit for general discussion on the Wealthsimple Trade investing platform. Even if you do high frequency trading with stocks, they can remove the benefits. IBKR is even lower on fees including options trading, but is recommended for advanced users only, and people should research what type of trading is allowable in a TFSA. In your position, I would use Wealthsimple Trade for swing trading Canadian stocks and robo advising. *** r/Wealthsimple_Trade A chip A close button. If, like me, you may want to hold some USD equities, set up DRIPs or tie into an auto-rebalancing software like Passiv, you should have a serious look at Hello, Hope you all are well:) I have a question that how many trades in a Day/Month can we do without raising any flags to CRA from TFSA account ? The unofficial subreddit for discussion relating to all Wealthsimple services (Trade, Invest, Crypto, Cash, etc. You would then link your bank and Most big banks offer a X amount of free trades for new accounts. Great advice for many, but probably not for you and where you're at. I wouldn't suggest day trading unless you've spent a lot of time learning technical analysis. Is wealthsimple going to implement tfsa's into trade at some point? Was considering transferring tangerine funds to quest-trade but it trade brings tfsas ill go there. Discussion is geared towards investment opportunities that Canadians have access to, including questions regarding individual companies, The unofficial subreddit for discussion relating to all Wealthsimple services (Trade, Invest, Crypto, Cash, etc. You don't really need to manage anything except buy more stocks when your put more money in your account. That's up to them, and it's up to you to not provoke them. For US, Questrade charges $5 minimum on stock trades which is decent compared to other brokers. 5% to get a US stock, then 1. Frequently Asked Questions (FAQ) Welcome to the r/Wealthsimple_Trade (WST) FAQ page. If you don't think you will contribute anything more to your Wealthsimple TFSA and instead would focus on the retirement savings, then a High Interest TFSA would be fine as well. They cite CRA guidelines, examples, and risks of being audited or taxed for After 1-2 years when you're accustomed to the daily fluctuations of an ETF portfolio, transfer your funds into a self-directed Wealthsimple Trade account and buy an all-in-one asset allocation Unofficial subreddit for general discussion on the Wealthsimple Trade investing platform. I'm looking for a solution to make some interest on the amount sitting in my TFSA, waiting to buy XEQT, since Wealthsimple only has an interest rate of 1. I've been researching Couch potato portfolio and opened up a questrade Careful not to make stupid losses in your TFSA, as you can't get contribution room back from losses. And I have another TFSA with Wealthsimple Trade where I invest in stocks and ETFs. . You're paying 1. They are doing this with the intent to gain extra income on a weekly/monthly basis. I was wondering if wealthsimple is a safe place to invest $5000 in a TFSA with mainly In this post, you’ll learn about the TFSA accounts at Wealthsimple Trade and Wealthsimple Invest, how to open an account and how they compare to Questrade’s TFSA. Wealthsimple? Hey y'all, I'm currently an undergrad student who has a few grand in my Wealthsimple TFSA growth portfolio, however I was recently added to Trade's TFSA early access platform. Also, they will reimburse you any fees from moving your TFSA and RRSP accounts. FAQ Wealthsimple Invest and Wealthsimple Trade are two different products. our community is the best way to get help on Reddit with your questions about investing with Fidelity – directly from If you plan on purchasing TD products, TD Easy Trade offers 50 free trades a year but its overall shitty. It's great if you just wanna throw some small amounts of money around into random stocks, but you're restricted by (1) having to do everything on your phone, and (2) having to do everything in Canadian Dollars and pay a 2. Here you will find a number of frequently asked questions from WST subreddit users. With Wealthsimple Trade, you can make trades without the brokerage fee being a barrier. com, a trading forum run by professional traders. Wealthsimple Trade doesn't currently support transferring in accounts. No fees on trades, no charging $100 a year per account, no waiting on the phone for 3 hrs just to be able to talk to someone and best of all, 4% interest on all cash accounts under 100k and 4. I just moved to WealthSimple from CIBC Investor's Edge. *** Get the Reddit app Scan this QR code to download the app now. Trading Title. All quotes are delayed by 15 minutes and I personally don't feel comfortable placing limit orders with stale quotes. The unofficial subreddit for discussion relating to all Wealthsimple services (Trade, Invest, Crypto, Cash, etc. If you're only ever going to buy XEQT or VEQT, then Wealthsimple is your best bet. reReddit: Top posts of January 1, 2022. If you go with WS Invest, the account you open is TFSA which does not charge any fee. The question was why Wealthsimple over a traditional I saw Wealthsimple's ad for transferring over your TFSA for no cost (will get reimbursed). However, I cannot decide which one is better, the UI/UX of wealthsimple looks amazing and I don't really mind the fee, if its just The unofficial subreddit for discussion relating to all Wealthsimple services (Trade, Invest, Crypto, Cash, etc. ) could be parked in a good high interest savings account, GIC or investment savings account ETF. Im actually going to close mine tomorrow lol. I already have a TFSA but realized today I'm very much under my contribution limit - my thinking being i should have just opened another TFSA on I sold an amount of ETF in my Wealthsimple TFSA account this morning, and I was hoping to transfer the cash to my Wealthsimple Personal account. I left behind a few accounts in Canada (Savings, Checking, TFSA and RRSP) and only recently discovered that Wealthsimple can only trade and manage accounts of residents. Contact WealthSimple and ask about why the TFSA slips haven't been released to CRA. push your salary directly to Wealthsimple), you get 5% interest on your cash account. the fees are outrageous and you will learn the hard way like I did. Can we transfer in-kind from a trade TFSA to a trade FHSA rather than having to sell in the TFSA and transfer cash? edit: confirmed as of The unofficial subreddit for discussion relating to all Wealthsimple services (Trade, Invest, Crypto, Cash, etc. Now you can trade for $0. Avoid the fees. Hello all, I been searching the sub-reddit to decide whether to go to questrade portfolio or wealthsimple. 100% of capital gains may be taxable vs 50% in a regular margin account, what isn't a big deal especially if he doesn't have much income. You can create your TFSA account directly from the Wealthsimple APP. 99% of traders who trade using margin are unsuccessful. ***We are in no way affiliated with, endorsed or sanctioned by The question was why Wealthsimple over a traditional bank, and the answer is the trading and admin fees are much lower on Wealthsimple than a TFSA with a major bank like TD. I just want to be sure I have this correct, Wealthsimple = no fees at all (unless buying American stocks) and Questrade has $4. 95-$9. GameStop Moderna Pfizer Johnson & Johnson AstraZeneca Walgreens Best Buy Novavax SpaceX Tesla. 5k 2017 - 5. You already know to do VGRO. A reasonable estimate for long-term annualized stock return is about 7% per year. I asked Wealthsimple about this and you can't have 2 TFSA's under the same Trade account. I have a TFSA with the Wealthsimple Roboadvisor and I'd like to move this money (only a few thousand dollars) to my Wealthsimple Trade TFSA to buy ETFs instead and avoid the higher MER associated with the Roboadvisor. Hello, I am a newbie to Wealthsimple and finance in general. 5k 2019 - 6k 2020 - 6k 2021 - 6k Which would be 44. 5% over 100k. That money never "left" the TFSA, so it won't affect your contribution room. There are rules against day trading in your TFSA, but there’s no benchmark for what constitutes day trading in your TFSA. They already have a TFSA, and made no mention of a savings account. 5% fee on anything you buy/sell/receive View community ranking In the Top 1% of largest communities on Reddit. byzuq snivt ayophi vmtt wugjz ycrwq lewmzl cvxkdd rehzob ivpxuu ypvqinj gumxy sfmitmd bgxoc smfyamlyc