# Help with math - TD Waterhouse, US RRSP



## Kaitlyn (May 13, 2011)

As I've recently learned TD Waterhouse basically cannot handle US funds in RRSP

So if I want to buy a US dividend-paying stock in my RRSP I am going to get hit with:
- Conversion to buy stock
- Conversion on every dividend
IF I drip the stock (just rebuy with dividend.. no official discount or otherwise...)
- Conversion to cad on dividend
- Conversion back to USD on buy

Can anyone help me figure out just how much money I'll be losing as a result? I really like the idea of keeping everything in one place but I'm wondering if it's worth it to open up a questrade RRSP JUST for USD and drip some US stocks there...


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## Potato (Apr 3, 2009)

You'd lose about 1.5% each way. So if you had a $10,000 Canadian and bought a US stock yielding 3%, you'd end up holding stock spinning out $295.50/year USD in dividends, which would turn into $291 CAD in your account [assuming the underlying exchange rate is at par]. I'm not sure if a DRIP would go round-trip or not (probably not since TDW has wash trading in RRSP accounts). So in this example, you'd be losing out on about $9/year for $10k invested, plus the initial one-time hit (which can be mitigated via gambits or the DRL/DRL.U trade), and possibly just the initial hit if DRIPs manage to slip by the currency conversion fees.


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## Kaitlyn (May 13, 2011)

Potato said:


> You'd lose about 1.5% each way. So if you had a $10,000 Canadian and bought a US stock yielding 3%, you'd end up holding stock spinning out $295.50/year USD in dividends, which would turn into $291 CAD in your account [assuming the underlying exchange rate is at par]. I'm not sure if a DRIP would go round-trip or not (probably not since TDW has wash trading in RRSP accounts). So in this example, you'd be losing out on about $9/year for $10k invested, plus the initial one-time hit (which can be mitigated via gambits or the DRL/DRL.U trade), and possibly just the initial hit if DRIPs manage to slip by the currency conversion fees.


Hmm I'm not sure I completely follow..

- Where did you get $295.95 instead of $300 (3% of 10,000...)
- I guess you are figuring $9/year = $300 @ 3% - $9 due to "par exchange + TDW's commission"? Unfortunately the exchange rate is unlikely to stay at par


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## GoldStone (Mar 6, 2011)

Kaitlyn said:


> As I've recently learned TD Waterhouse basically cannot handle US funds in RRSP
> 
> So if I want to buy a US dividend-paying stock in my RRSP I am going to get hit with:
> - Conversion to buy stock


You can easily avoid this first hit:

1. Call TDWH customer service and ask them to enable "automatic wash trading" in the RRSP account. If you've never heard of it, Google is your friend:

http://www.google.ca/search?q=TD+Waterhouse+wash+trading

2. Once automatic wash trading is enabled, use Norbert's Gambit to avoid forex hit. It's very easy to execute in TDWH RRSP.

http://www.canadiancapitalist.com/easy-norbert-gambit-in-td-waterhouse-rrsp-accounts/



Kaitlyn said:


> - Conversion on every dividend
> IF I drip the stock (just rebuy with dividend.. no official discount or otherwise...)
> - Conversion to cad on dividend
> - Conversion back to USD on buy


Currently there is no way to avoid forex hits on the US dividends. To soften the blow, I don't drip US stocks/ETFs in the RRSP account. Thus I get dinged only once: when TDWH converts USD dividends to CAD cash.


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## Kaitlyn (May 13, 2011)

GoldStone said:


> Currently there is no way to avoid forex hits on the US dividends. To soften the blow, I don't drip US stocks/ETFs in the RRSP account. Thus I get dinged only once: when TDWH converts USD dividends to CAD cash.


If I follow you correctly, is this essentially your process:
1) Put CAD into RRSP
2) Buy interlisted stock on TSX
3) Call (you have to, right?) to have it moved to the US ticker (how long does this take?)
4) Sell on the US exchange for US funds - goes into TD US$ money market as per wash
5) Buy the US$ stock you originally wanted to buy - I assume on the buy screen you can select the US money market just like you select any of your accounts...? Or how does this work?
5) IF and when stock sells a dividend, it gets converted back to CAD and put into cash
6) You repeat step 1


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## GoldStone (Mar 6, 2011)

1) Yes
2) Yes
3) You don't have to call. You can sell it on the US exchange right away.
4) Yes. For the wash to work without a call, you have to be enrolled in the automatic wash trading. If you are not enrolled, you can still wash the trade after the fact (requires a call).
5a) Yes, except you don't have to do anything special on the buy screen. Automatic wash trading takes care of selling US MMF and settling the trade.
5b) Yes
6) Not necessarily. I make the decision on how to reinvest CAD cash each and every time I get US dividends. It doesn't have to go back in the US stocks/ETFs.


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## Kaitlyn (May 13, 2011)

Is there any negative to the wash trading? Trying to understand why it just wouldn't be enabled by default...

So when I buy a $US stock, just select my RRSP account and it'll know to take it out of US Money Market?

If I wanted to just put it directly into US$ money market without the norbert gambit, what money market fund would I buy for this? Can I then take it out that exact same day without any form of a penalty (i.e. my eFunds have to stay for 90 days...)


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## Spudd (Oct 11, 2011)

I think it's not enabled by default because if you're not aware it exists, you'll pay the FX fees on every transaction. It's to TD's favor not to make it the default. Also, it's slightly more difficult to understand what's going on with it - so they might get lots of questions if they just make it the default.

If you put it into US$ money market directly, you'll pay the initial FX fee to do that. Depending on the amount of money you want to change to US$ this might be cheaper than the gambit or it might not be. There's no minimum hold time on the US$ money market.


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## GoldStone (Mar 6, 2011)

Kaitlyn said:


> Is there any negative to the wash trading?


The last time I checked, wash trading wasn't fully automated on the back end. When you buy/sell US stock, someone in their back office has to enter the offsetting trade to sell/buy US money market fund. I once caught a mistake where the offsetting trade wasn't entered correctly (the amount wasn't right at all). A phone call fixed that. Obviously, this semi-automated solution isn't as good as fully blown RRSP US trading offered by RBCDI or Questrade.



Kaitlyn said:


> Trying to understand why it just wouldn't be enabled by default...


Agree with Spudd. Forex fees generate revenue for TDWH. Why would they voluntarily forgo it?



Kaitlyn said:


> So when I buy a $US stock, just select my RRSP account and it'll know to take it out of US Money Market?


Yes. WebBroker shows the offsetting money market trade on the settlement day (T+3) or the day before... don't remember when exactly.



Kaitlyn said:


> If I wanted to just put it directly into US$ money market without the norbert gambit, what money market fund would I buy for this?


TD US Money Market. Fund code: TDB166. If you buy it directly, you will pay the forex fee (as noted by Spudd). You might as well buy the US stock directly. The forex penalty is the same.

However: if you have US dollars available in the US non-registered trading account, you can buy TDB166 there. You can then contribute US MMF "in-kind" to the RRSP account. That's another way to avoid forex penalty in the RRSP.


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## humble_pie (Jun 7, 2009)

the tdw rrsp "automatic wash" nomenclature does seem a bit farfetched. The fact is that it happens without fault in clients' accounts, but there's nothing automated about it.

in tdw registered accounts, all "wash" operations are done manually, sometimes at night but usually the next day with backdating, by senior td representatives.

until fairly recently, tdw clients were DIY washing trades in rrsp themselves. I suspect clients were making too many mistakes. Not because clients were careless. Rather because the situation - translating rapidly from one currency to another as market prices shift - is daunting.

eventually the sheer time lost in discussing rrsp conversions with clients & correcting mistakes caused the big green to throw up its hands & say THWT We'll Do It Ourselves.

and, like the little red hen, they do. Every night a practiced team of real live human beings works up all the USD transactions in rrsp for all clients registered for so-called automatic washing.

i would imagine the reason laundry cannot be made the default option is minister-of-finance regulations. Brokers are not allowed to engineer rrsp products past strict guidelines, without a client's specific authorization.

from time to time, i have fairly complicated laundry in rrsp that must be automatically washed with a minimum of 5-7 different transactions, all carried out on the same day & within 30 minutes. To make the laundry even fussier, one or 2 transactions will be options settling with their MMF end products on different days.

i keep a rough count of what the big green is supposed to end up with after all settlements occur. So far, they have never made a mistake.

right now, word has it tdw is working on a high priority basis on a dual CAD/US rrsp that will be far more user-friendly than the present arrangement, whose principal drawback is the charging of FX fees on US dividends in rrsp.


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## Kaitlyn (May 13, 2011)

humble_pie said:


> right now, word has it tdw is working on a high priority basis on a dual CAD/US rrsp that will be far more user-friendly than the present arrangement, whose principal drawback is the charging of FX fees on US dividends in rrsp.


I sure hope so! I am learning quickly they same WAY behind in this!


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## humble_pie (Jun 7, 2009)

but is the big green really "behind." Every other broker based on the ISM system has the same difficulty/impossibility in building a USD rrsp platform. Yet for some reason the big green takes all the flak.

ISM is the legacy mainframe, leased from IBM, used by at least half the brokerage houses in canada. What most people don't realize is how powerful & how robust - what a workhorse - this system is. Nothing is ever lost. It's not something that can be lightly or frivolously replaced.

by contrast i have had a holding disappear totally from an account at an online broker based on ADP, which is the rival mainframe. One security i owned just vanished one fine day. The broker was very nice about it when i asked & the holding was restored within hours. However, i found myself wondering what would have happened if i had never inquired.

this division between ISM & ADP lies behind which online brokers can easily build USD rrsp platforms & which cannot. The same division probably lies behind which onliners can easily gambit currencies & which cannot.


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## GoldStone (Mar 6, 2011)

humble_pie said:


> right now, word has it tdw is working on a high priority basis on a dual CAD/US rrsp that will be far more user-friendly than the present arrangement


I hope this dual CAD/USD RRSP does NOT end up looking like their current non-registered setup, with two distinct sub-accounts for CAD and USD. To execute a gambit, you have to call and beg for a journal. How user-friendly is that?

The work-around is to set up margin account with shorting privileges (in which case you end up having *four* sub-accounts... talk about user-friendly).


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## humble_pie (Jun 7, 2009)

even via short accounts a client still has to phone for the journal that will complete the gambit loop


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## GoldStone (Mar 6, 2011)

Yes, but that call is not time sensitive.

In any case, short selling is not allowed in RRSPs. I sure hope their new RRSP arrangement will be more user-friendly than their current non-reg one.


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## humble_pie (Jun 7, 2009)

you must be speaking theoretically.

actually, the big green doesn't allow currency gambitting via short accounts. They don't want these true short manoeuvres on their overnight short reports.

the first time a client phones to offset a gambit carried out via a short sale, the representative will allow it, but he will explain the procedure should not be repeated & he will flag client's account.

if client keeps the practice up the story will get worse.

i for one sometimes wonder why unhappy folks at tdw don't simply walk their accounts somewhere else ...


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## GoldStone (Mar 6, 2011)

Not entirely theoretically. I executed the shorting version of the gambit a couple of times a few years back. And yes, I recall I got a stern lecture the second time around.

I'm quite happy with the present RRSP arrangement. Gambitting in the RRSP is easy peasy. I can buy/sell instantly without journalling - no problem there.

"Automatic" wash trades work well too - from my (client's) perspective. I'm aware they require a lot of manual labour on their end. It's their problem not mine.

You mentioned they are working on a "new and improved" dual currency RRSPs. I'm concerned what that new product will look like. If it looks anything like their present non-registered arrangement, I will consider it as one step forward (no penalty on US dividends), one step back (extra hoops to jump through to execute a gambit).


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## Potato (Apr 3, 2009)

Kaitlyn said:


> Hmm I'm not sure I completely follow..
> 
> - Where did you get $295.95 instead of $300 (3% of 10,000...)
> - I guess you are figuring $9/year = $300 @ 3% - $9 due to "par exchange + TDW's commission"? Unfortunately the exchange rate is unlikely to stay at par


I also applied the exchange rate hit to the initial purchase: if you had $10k you could buy $10k of a Canadian dividend payer and get the full $300, but if you bought on the US the initial exchange would bite, meaning you'd only get $9850 of stock, which if it was also paying 3% would give you $295.5 US. Since the initial exchange would apply equally no matter where you go (whether gambitted or not), it may have been a little unfair to have applied it, which reduces the effective cost of sticking with TD by about half.


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## humble_pie (Jun 7, 2009)

Potato said:


> I also applied the exchange rate hit to the initial purchase ... Since the initial exchange would apply equally no matter where you go (whether gambitted or not)



gambitting would remove the retail component of any FX fee. There are actually 2 FX fees embedded within any single FX quote that brokers & banks supply.

the base FX is the wholesale exchange rate posted by the network of global money centre banks. These rates change every minute. They constitute the bank of canada's various rates throughout the day. No person can avoid or sidestep these rates. 

the 2nd component of an FX rate is the one that can be sidestepped by gambitting. This is the fee that various banks, brokers & foreign exchange firms charge ordinary clients in return for the service of exchanging their money.

arbitrageurs keep interlisted canadian stocks picked to the bone. That is, related prices for a liquid stock, usually on nyse/toronto, at every moment reflect nothing but the wholesale exchange rate. Small retail gambitters like ourselves are, in effect, riding on the coattails of the arbs.

there's actually no reason to call the manoeuvre "gambitting" imho. It's nothing more than old-fashioned arbitrage. It's been practiced for hundreds of years. The first western gambitter/arb may have been marco polo, when he reached the court of the great khan in asia during the 13th century & asked for silk & spices. The emperor was ecstatic, because for the first time he knew he could go long silkworms in china & short silkworms in venice ...


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## cardhu (May 26, 2009)

Kaitlyn said:


> As I've recently learned TD Waterhouse basically cannot handle US funds in RRSP


Kaitlyn, you’re quite right that TDW lags behind some of its competitors in allowing US$ RRSPs, but with the wash-trades mechanism in place, its OK ... still quite a bit more cumbersome than a real US$ RRSP, but better than it used to be. A true US$ RRSP, where there is no need to have offsetting transactions, would be better still. 



> _So if I want to buy a US dividend-paying stock in my RRSP I am going to get hit with:
> - Conversion on every dividend_


Yes, unless you participate in DRIP. Dividend payments cannot be swept into US$MMF in the same way that proceeds of a sale can. 



> _IF I drip the stock ...
> - Conversion to cad on dividend
> - Conversion back to USD on buy_


NO … you’d only pay the forex fee on conversion of the left-over amount … for example, if you receive a dividend of US$150, of which $140 is used to purchase additional shares through the broker DRIP, then you’ll only get dinged for the forex fee on the remaining $10. 



Kaitlyn said:


> Trying to understand why it just wouldn't be enabled by default...
> 
> 
> Spudd said:
> ...


These are cynical views, and are not the real reasons ... after all, TDW has been automatically washing forex rates on all RRSP accounts, with no need to enroll, for a long time, well before the introduction of their current setup ... obviously, if their intention had been to be sneaky, they wouldn’t have done that. No, the reason that wash-trading isn’t the default setup is that it involves securities transactions. In a discount brokerage, the broker customarily does NOT have trading authority to place and execute orders in their client’s accounts, without consulting the client. This is the default position, and in my opinion, its a good default. Then if individual clients want to grant the broker some limited trading authority (effectively a limited power of attorney), it must be a proactive decision by that individual client (ie. voluntary enrollment). 



GoldStone said:


> To soften the blow, I don't drip US stocks/ETFs in the RRSP account.


Actually, you’re hardening the blow … paying forex fee on the full dividend amount, rather than just the remainder.


Unfortunately, foreign exchange remains a mystery to a great many investors ... for example, there is a misconception circulating that there are actually 2 FX fees embedded within any single FX quote that brokers or banks supply ... this is nonsense ... there is only one fee, and that fee can be avoided by any of the variations of Norbert’s gambit.


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## Kaitlyn (May 13, 2011)

cardhu - thanks for the additional information.

So I bought 200 KO. If I'm not mistaken, a dividend will give me $50 - enough to cover the purchase of 1 stock.

Do I call TDW and ask to enable DRIPing?
Would I get dinged the $9.99 comission for 1 share?
I'm GUESSING I can't DRIP stocks X,Y,Z but take full dividends from A,B,C?


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## Spudd (Oct 11, 2011)

No commission on DRIP. You can pick and choose which ones you DRIP, or you can just enable DRIP on the whole account. It's up to you.


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## humble_pie (Jun 7, 2009)

i would suggest that any tdw clients planning to enrol in DRIP plans for US dividends in registered accounts in order to avoid FX fees on such dividends discuss this step in detail with tdw representatives including resource persons or team managers.

in particular, ask the tdw representative whether the proposed US dividend DRIP wlll be a market dividend DRIP or a treasury dividend DRIP. If it is a market dividend DRIP, there will be an FX fee applied to the whole amount of the dividend.

many, perhaps most, US dripped dividends are payable in tdw accounts only as market DRIPS. They therefore trigger FX fees in tdw rrsp accounts. Unfortunately there is no master list of market drips, so the question can only be answered by a representative keying in the symbol for each stock.

not all tdw representatives are trained to the level of knowing the foregoing information. This is why an interested tdw client should discuss with senior managers & be prepared to doublecheck whether the anticipated dividends will be market or treasury.


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## mrPPincer (Nov 21, 2011)

HP, thanks! This is news to me.. are you sure FX fees are applied to a market DRIP with tdw?
Shouldn't autowash work the same with drips as when buying or selling stock in $US?

I will take your advice and check with tdw about my etfs and any future purchases I plan, but I'm fairly certain my rei.un <=> (edit- non-US div. drip dropped due to distraction of discussion) is a treasury drip, because I always get a price below the day's market value on my drips.


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## humble_pie (Jun 7, 2009)

my post above focused only on FX fees on US dividends in rrsps at td waterhouse.

(how did rei.un get in there each

dripped US divs are more likely to be market drips, so the belief that these will escape FX fees at tdw is wrong.

the confusion is compounded by the fact that tdw representatives are divided on this issue. No one at the big green is being ignorant or misleading; it's just that the procedures (of moving US dividends from issuing companies through networks of transfer agents & finally into individual tdw rrsp acconts) are sufficiently complicated as to cause confusion. So some tdw reps will tell clients yes there are FX fees on dripped US divs in rrsp while other reps will tell clients no there are no FX fees etc.

i'm planning to ask tdw managers to refresh staff on this issue of FX fees on dripped US dividends in registered accounts, so that all the representatives will offer an identical story. Which moreover will be the correct story.

in the meantime, i'm suggesting that each tdw client is on his own ! make sure your licensed rep digs deep enough to support whatever answer he gives you. This is an issue where investor cannot accept just a facile ottohh answer from some representative who is in a rush. Please do get him to doublecheck with his back office.


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## Kaitlyn (May 13, 2011)

humble_pie said:


> i would suggest that any tdw clients planning to enrol in DRIP plans for US dividends in registered accounts in order to avoid FX fees on such dividends discuss this step in detail with tdw representatives including resource persons or team managers.
> 
> in particular, ask the tdw representative whether the proposed US dividend DRIP wlll be a market dividend DRIP or a treasury dividend DRIP. If it is a market dividend DRIP, there will be an FX fee applied to the whole amount of the dividend.
> 
> ...


Just to confirm, you are saying that it is most likely that:

- Say I hold 200 KO
- Dividend comes around, paying about $50
- This would get converted w/ FX fee to CDN
- To DRIP, it then converts back to USD to buy 1 share + fx fee?


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## humble_pie (Jun 7, 2009)

morning Kaitlyn, here's what i've said:

- go over this issue with a fine tooth comb with a licensed representative at tdw.

- get him to check with a higher authority such as the back office.

- alert him to the question of whether your stock KO is or is not going to be a market drip.

- do not rely on anonymous internet posters such as the one above who has misled you.

at the moment, this issue of FX fees on dripped US dividends at the big green is clouded. . It's being clouded by the big green itself, since different representatives have opposing replies to the same question of FX-fees-on-dripped-US-divs-in-rrsp-yes-or-no.

as i said, i will be asking tdw managers to properly refresh all their staff with the facts. This will take at least a month, possibly longer, i would imagine. In the meantime, you are on your own, along with anyone else looking into the matter. You should take up your own case(s) directly with tdw. Courage !


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## GoldStone (Mar 6, 2011)

cardhu said:


> GoldStone said:
> 
> 
> > To soften the blow, I don't drip US stocks/ETFs in the RRSP account.
> ...


cardhu,

I called TDWH a few years back to find out how they handle US dividends. The representative I talked to didn't know. He escalated the call to a registered broker. The broker told me I would get hit with two forex fees. One fee to convert US dividends to CAD cash. Another fee to drip US stock. I asked if there was any way around it. The broker said no. He suggested that I should not DRIP US stocks in a registered account, to eliminate one of the two forex fees. That's what I've been doing.


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## GoldStone (Mar 6, 2011)

humble_pie,

Is market DRIP the same thing as synthetic DRIP?


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## humble_pie (Jun 7, 2009)

i'll mention canadian dividends only, hope that's OK. 

i have only a rough understanding because at present i only drip one canadian dividend & it's in the tfsa.

but last time i looked into canadian drips, a few years ago, i was digging up info on crescent point CPG dripped dividends. 

my rough understanding is that there can be 3 types of canadian dripped dividends.

1) the true treasury drips, where investor holds at least one registered share & dividends are issued directly to his account by the company. In the past, discounts on these dividends can range up to 5%, but the percentages seem to be lowering past couple of years. In any case, exact percentage of any discount will be determined by each individual company.

2) so-called treasury drips stick-handled by brokers. These are quirky but interesting. These may be the synthetic treasury drips you are mentioning.

in this drip scenario, one broker acts as a clearing-house & collects all the dividends for all the enrolled brokers as true treasury drips. As per paragraph 1). This broker is therefore getting the full discount. For illustration purposes let us say the discount is 5%.

this broker then turns around & sells the dripped shares, but with less of a discount, to all the other brokers enrolled in the network. Suppose company ABC issues treasury drips with a 5% discount. Principal broker is allocated a bulk inventory of these dripped shares discounted at 5%.

all the other brokers in the network then buy the correct number of such shares for their clients at, say, a 4.25% discount. These brokers then allocate these shares into each enrolled clients' account at, say, a 3.5% discount.

so the individual investor ends up with "treasury" dripped shares at a 3.5% discount & is usually extremely happy.

when i looked into all this a few years ago, my stock was crescent point. The principal dealer-broker in the dripping network was Canaccord. All other canadian brokers were getting their allocation of dripped treasury shares from canaccord, not from crescent point.

the foregoing is what i believe a synthetic treasury drip may be ... for canadian stocks.

this practice is appealing in its own way. Everybody wins. The individual investor wins because he doesn't have to go to the bother of owning one share registered in his own name. We should never forget that the house is *always* going to make money out of every single little niche, trick & corner it can wiggle into.

3) then there are also market drips, where the broker receives the cash & goes into the market to buy shares which get classified as dividends.


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## mrPPincer (Nov 21, 2011)

humble_pie said:


> - do not rely on anonymous internet posters such as the one above who has misled you.


humble_pie although you are an anonymous poster, over the past several months I have come to taking great stock in your words and have found them so far to be quite informative and I've learned a great deal from you already. and am more and more considering attempting to emulate some of your strategies in the future.
To my knowledge none of the statements you that have made which I have read have been by any means misleading.
However, this being the internet (incidendtally, with almost all of us anonymous), I do not take everything I read as gospel.

Thus the question in my post above, after you pointed out that, quote: "many, perhaps most, US dripped dividends are payable in tdw accounts only as market DRIPS", where I asked if you were certain. (I may have missed the US part, thus the mention of an albeit a CDN stock which does seem to be a treasury drip because TDW does seem to honour the discount on the portion that is synthetically DRIPed)

You'll notice this was a serious question, in interrogative form, with a question mark and everything and I hope it was not in any way misleading to anyone.
(I'll assume your pointed remark was not aimed at me and that perhaps you'd missed my post)
If you are correct (and I feel it's safe to assume so) then I was under 2 apparent misconceptions, one, that US drips in a RSP with autowash (a TDWH term, not mine) were safe from FX fees, and 2 that most of their drips were in the form of a treasury drip.

Your input would certainly have helped clear things up in an earlier thread (ancient history now) where some of us had more or less established from a number of sources that TDWH honours the discount on drips as well as come to, I think, the general conclusion that they use treasury drips when they can and market drips when they can't.
http://canadianmoneyforum.com/showthread.php/10759-Questrade-TSFA-and-Dripping




humble_pie said:


> many, perhaps most, US dripped dividends are payable in tdw accounts only as market DRIPS. They therefore trigger FX fees in tdw rrsp accounts.


The information is most welcome now, and as I've said, I will look into whether it affects my US-based etfs (VNQ, VTI, VWO).
In hindsight I see Xoron also touched on FX fees being applied doubly on an RSP's US dividends (although his brokerage is CIBC), in an earlier thread started by Kaitlyn, 
http://canadianmoneyforum.com/showthread.php/12565-DRIP-ing-and-taxes!


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