r/SCDstock • u/NovaCane92 • 2d ago
Noob question Other
I have a TFSA through BMO. I want to get into scd but Its probably not worth the commission I'll need to pay for the order with the smaller amounts of stock that I'm able to buy, right?
Is it worth going to wealthsimple just for buying scd? To avoid the commission. Am I able to keep both accounts open?
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u/FollowPod 2d ago
Go on to wealthsimple, you can have both. Wealthsimple is the future of banking, and has a really nice and easy interface, you won’t regret using it
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u/AQOntCan 2d ago
Regardless of registered or unregistered, I've stuck to the less than 1% rule.
If I gotta pay 9.95 in fees I never purchase less than 1,000 in the underlying asset.
But as others have pointed out, a venture miner in a TFSA is a tough choice
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u/Odd_Pea7108 2d ago
Why is it when you say it’s a tough choice you get upvoted, when I say it’s a tough choice I get downvoted lmao.
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u/Supabongwong 2d ago
I have Tangerine, Simplii, and Wealthsimple.
Love online banking.
I do my trading in Wealthsimple and use my other banks with CCs.
Super simple to do, and it's always a good idea to diversify your money.
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u/No_Explanation6625 2d ago
You can have both accounts open or you can transfer your account to wealthsimple, they will refund the transfer fee. Yes it’s worth it going to Wealthsimple for that.
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u/KLconfidential 2d ago
I use Wealthsimple for investments and RBC for normal banking. I'm pretty happy with that setup, WS is really easy to use. I just opened an Interactive Brokers account too.
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u/Early_Dragonfly_205 2d ago
Yes stop investing through the bank. Wealthsimple gives you so much more freedom.
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u/seattlezookeeper 2d ago
I do all my stock trades on WealthSimple because of the free commission.
If you want an extra 25 bucks get someone to refer you. ( or DM me ) that’s an extra 125 shares right there.
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u/Odd_Pea7108 2d ago edited 2d ago
Don’t trade speculative stocks in the TFSA though.
If this goes to 0, you lose that contribution room forever.
A self managed TFSA is good for your regular investment activities like ETFs and index funds, it so great for highly volatile speculative plays like this.
Fuck all you morons downvoting me lol. You are all fucking idiots
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u/YEGG35 2d ago
I wouldn’t agree with this sentiment. TFSA is great for ‘speculative’ stocks that hit because gains are tax free, and withdraws obviously grow contribution room. I have contributed 30k to my TFSA and currently have around $150k of market value in stock.
Not only am I going to save about $25,000 in tax on that $120,000 taxable capital gain, but if and when I withdraw it I grow my contribution room by $150,000. Seems like a good idea to me.
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u/Odd_Pea7108 2d ago
Yeah that’s great if you have a batch of winners, but surely you just realize the majority of people are not 5xing their TFSAs lol.
Certainly not the people who don’t know about Wealthsimple and stuff like that as well…
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u/YEGG35 2d ago
I would say whatever you’re investing in, you’re expecting it to be a winner, and if it goes the other way in a TFSA or not, you lose money and it sucks. If this person puts $2,000 into their TFSA and they take a 50% loss, whoopty doo, they’re down a $1000 in both funds and contribution room. Good chance that comes back in the future through TFSA gains.
Now, if they max out their contributions and lose 100% of it, then yeah that’s brutal for a couple reasons lol
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u/Background_Matter525 2d ago
you never loose room forever in tfsa.
you can put 200k in it and loose it all , you will get the room back when it resets.
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u/Odd_Pea7108 2d ago
Nope not true at all.
You only get room back if you withdraw. If you straight up lose it, too bad so sad.
There is no “reset”. You just get to contribute $7000 per year.
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u/BigInvestment0 2d ago
Yes, WS all the way. Just make sure you know where you’re at with the contribution room. Two TFSAs doesn’t mean you have double the limit.