Canadian wanting to invest in US stocksI live in Canada, so although Im very interested in your stocks I have no way of investing in the companys you recommend. How can I participate in your stock suggestions?
This is a discussion topic or guest posting submitted by a Stock Gumshoe reader. The content has not been edited or reviewed by Stock Gumshoe, and any opinions expressed are those of the author alone.
Hello I also am Canadian and almost all the stocks which are held in a RRSP are US ,I do have Canadian and some international I buy them myself online thru TD direct investing which I set up accounts at the branch very easily they transferred the money from an old rrsp I “inherited” due to divorce as I could not remain in the unions plan it had been in all very easy although I’m not so great at choosing so far lol anyone offering kind helpful ideas I would greatly appreciate them and a big thanks to Travis he makes things feel a little less scary
Pretty straight forward. First set up an account with an online brokerage. If you want to research Canadian online brokerages, just google Globe and Mail annual survey on online brokers to give you some comparisons. I use BMOInvestorline. Then set up separate accounts for RRSP, TFSA, LIRA (if you have some locked-in RRSPS) and CASH- Non Registered. If you have a bunch of RRSPs and TFSA accounts with various institutions, the main question is to decide if you want to keep those or cash and transfer the funds into your selfdirected online accounts. Once you have evolved your plan and these accounts have funds, you are ready to trade. Though I’m Canadian, I hold 90% of my investments in US funds as I mostly own stocks traded on US exchanges, including ADR (American Depository Receipt) of International Stocks traded on US exchanges. Combine education/learning, so that you understand risk-reward and develop your own investment policy before you put money at risk.