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So, how are your investments doing?

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pratickm
Member since: Feb 04

Posts: 2831
Location: Toronto
Post ID: #PID

Posted on: 07-11-09 12:33:24

Quote:
Originally posted by dimple2001
patrickm - I did notice the USD provision in a RSP on questrade. Maybe, I have a poor understanding. But, how is the contribution room managed when trading in US currency?

Prevailing rate on the date of contribution.
Once the money is in your account, the fluctuations in exchange rate do not matter.

Quote:
And how does fluctuations in rates affect the cdn equivalent of the contribution room?

Nope, just on the date of contribution.
If you are making regular contributions in USD, then it can be a pain to keep track of the exchange rates.
If you are depositing USD, do it lump sum.
The saving on exchange rate conversion fees can be significant if you frequently trade USD denominated stocks within an RSP.

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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."

-- Rhett Butler in "Gone with the Wind"

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 16-11-09 14:13:39

Quote:
Originally posted by pratickm

Quote:
Originally posted by dimple2001
patrickm - I did notice the USD provision in a RSP on questrade. Maybe, I have a poor understanding. But, how is the contribution room managed when trading in US currency?
Prevailing rate on the date of contribution.
Once the money is in your account, the fluctuations in exchange rate do not matter.

Quote:
And how does fluctuations in rates affect the cdn equivalent of the contribution room?
Nope, just on the date of contribution.
If you are making regular contributions in USD, then it can be a pain to keep track of the exchange rates.
If you are depositing USD, do it lump sum.
The saving on exchange rate conversion fees can be significant if you frequently trade USD denominated stocks within an RSP.

Thanks patrickm.

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Dimple2001

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 23-11-09 16:01:50

Quote:
Originally posted by desi-friend

Quote:
Originally posted by dimple2001

.........
1. Has anyone used or is anyone using questrade for stock trading? If so, any feedback on your experiences?
............

Thanks.

Yes Dimple, I am with Questrade for 11/2 years now and so far so good, never had any problems.

More questions on Questrade....

When I opened an account, the system by default opened a margin account and provided 3 times the buying power than what I deposited in cash. When I traded, the buying power $ are being debited but not the cash balance, although, I am not exceeding the amount I deposited. In other words, the cash balance is intact showing up as "Equity $".

My understanding is I am not in any way undermargined; however, will they be charging interest on "loan" since they seem to be debiting off the "buying power $"?

Thanks.

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Dimple2001

pratickm
Member since: Feb 04

Posts: 2831
Location: Toronto
Post ID: #PID

Posted on: 23-11-09 17:05:58

You should ask them...however, in the meantime, to minimize any interest charges, you can use the cash to pay off the margin on a daily basis.
And if there are interest charges, those should be deductible on your tax returns.

desi-friend
Member since: Jun 08

Posts: 237
Location: Toronto
Post ID: #PID

Posted on: 23-11-09 19:20:03

It seems that you did the transaction today. You will see the deduction on the next day. As long as you don't exceed your account balance there won't be any interest charge.

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 23-11-09 20:39:19

Thanks patrickm and desifriend. I'll wait until tomorrow to check the status as desifriend suggests. I did try to call, but was on hold until I lost my patience

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Dimple2001

dimple2001
Member since: Apr 04

Posts: 2873
Location: Western Hemisphere
Post ID: #PID

Posted on: 24-11-09 12:59:36

Now my questrade account shows numbers I can understand
Cash balances have been reconciled.

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Dimple2001

Contributors: dimple2001(26) pratickm(15) desi-friend(4) amit kalia(3) investpro(3) JRF(3) Smiley(3) hchheda(1) captainbeam(1) Happy(1) newton(1)

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So, how are your investments doing?

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