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Q: Hi 5i,
I have a question about currency as it relates to investments made to the TSX or US stock exchanges.
I am embarrassed to ask given this was likely a rookie move; posting publicly in case it helps others.
I have made investments via my TFSA, LIRA, RRSP and self directed investment account in some US equities (above).
What I perceive now to be a "problem" is that all purchases of US stocks (including those with dividends) were made out of my CA account of said RRSP, TFSA, LIRA etc. given I did not hold any USD$ in my investment accounts.
Yesterday there were a few questions around Norbert’s Gambit approach (which I am not familiar with) and I have since realized the error of my ways. Here are my questions - knowing you cannot personalize responses - but if it were YOU :
- 1) As a Canadian, should the purchase of any US equity always be purchased using US funds in said investment account? OR when available - should you purchase on the CA stock exchange?
- 2) What is the best way to transfer CAD from said investment account into the US corresponding account if one wants to be mindful of fees, exchange rates etc. (is that Norbert's approach?)
-3) What would you suggest I do for the US equities I currently own in CA accounts? Is there anything to do?
Please use any credits you see fit.
Thanks a Million.
I have a question about currency as it relates to investments made to the TSX or US stock exchanges.
I am embarrassed to ask given this was likely a rookie move; posting publicly in case it helps others.
I have made investments via my TFSA, LIRA, RRSP and self directed investment account in some US equities (above).
What I perceive now to be a "problem" is that all purchases of US stocks (including those with dividends) were made out of my CA account of said RRSP, TFSA, LIRA etc. given I did not hold any USD$ in my investment accounts.
Yesterday there were a few questions around Norbert’s Gambit approach (which I am not familiar with) and I have since realized the error of my ways. Here are my questions - knowing you cannot personalize responses - but if it were YOU :
- 1) As a Canadian, should the purchase of any US equity always be purchased using US funds in said investment account? OR when available - should you purchase on the CA stock exchange?
- 2) What is the best way to transfer CAD from said investment account into the US corresponding account if one wants to be mindful of fees, exchange rates etc. (is that Norbert's approach?)
-3) What would you suggest I do for the US equities I currently own in CA accounts? Is there anything to do?
Please use any credits you see fit.
Thanks a Million.