# Brokerage offering Fractional Shares



## Edgar (Mar 24, 2014)

So, Im looking at DRIPs, specifically in a TFSA that I could leave for years and years, which would require a synthetic DRIP. Im not going to lie, I am *entirely* clueless at this point. What I would like to know is if there is a brokerage that offers fractional shares. From my reading, it seems as though finding one would be like finding a needle in a haystack, but hopefully someone here can enlighten me as to whether one exists, and your experience with them, and if one doesnt exist, I will gladly take recommendations as to where I should go.

Thanks in advance!


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## OptsyEagle (Nov 29, 2009)

brokerages do not create shares they only buy and sell them for you. So the answer is no, they cannot offer fractional shares.


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## andrewf (Mar 1, 2010)

I think there are some new services in the US that offer fractional shares. It could be that eventually someone in Canada will offer the same service, at least for popular ETFs and stocks.


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## Toronto.gal (Jan 8, 2010)

- discount brokers offer synthetic DRIPs only [no fractional shares].
- transfer agents offer true DRIPs [fractional shares], however, they don't handle registered accounts.

Not all stocks qualify for DRIPPing, and rules are not the same with all brokers, so check with your broker before making your purchases.


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## GoldStone (Mar 6, 2011)

ShareOwner is the only place I know that offers fractional shares. But, they don't seem to offer TFSAs.

https://www.shareowner.com/index.html


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## Edgar (Mar 24, 2014)

GoldStone said:


> ShareOwner is the only place I know that offers fractional shares. But, they don't seem to offer TFSAs.
> 
> https://www.shareowner.com/index.html


any experience with them?


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## Longwinston (Oct 20, 2013)

The discount investing houses seem to offer fractional shares as standard from my understanding. Hopefully this will come north eventually.


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## GoldStone (Mar 6, 2011)

Edgar said:


> any experience with them?


No. They've been around for a long time and they never appealed to me.

Fractional shares? No thanks. The record keeping would be horrendous. I don't DRIP whole shares for the same reason.

Pay $40 to buy 20 shares? No thanks. I can pay $9.99 and buy an ETF.

You said: "I am entirely clueless at this point". Are you familiar with the couch potato strategy? If not, I strongly recommend that you look into it.

http://canadiancouchpotato.com/couch-potato-faq/


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## Toronto.gal (Jan 8, 2010)

^Synthetic DRIPs within registered accts. require no record keeping.


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## swoop_ds (Mar 2, 2010)

I think you're better off going through a transfer agent (non registered account). 

Check out www.dripprimer.ca and www.dripinvesting.org


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## Eclectic12 (Oct 20, 2010)

GoldStone said:


> ... Pay $40 to buy 20 shares?
> No thanks. I can pay $9.99 and buy an ETF.


Not quite ... the $40 is per trade and it's up to the customer to decide how many different companies they want to buy. So if they want to put a set amount per month into ten companies where they don't want an ETF, they are saving $60 a month compared to doing the same with a discount broker.




GoldStone said:


> ... Fractional shares?
> No thanks. The record keeping would be horrendous. I don't DRIP whole shares for the same reason.


The OP was talking about in a registered account so record keeping would be optional, for one's own purposes and at one's convenience.

If you are so against record keeping - I'm wondering why you are using ETFs which have more requirements for record keeping than almost all stock?


Cheers

*PS*

In these days of cheap computers & software tailored to the purpose (or spreadsheets for the matter), unless has a ton of different investments, it's really no worse than reconciling a bunch of credit card & bank statements.


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## GoldStone (Mar 6, 2011)

Eclectic12 said:


> Not quite ... the $40 is per trade and it's up to the customer to decide how many different companies they want to buy. So if they want to put a set amount per month into ten companies where they don't want an ETF, they are saving $60 a month compared to doing the same with a discount broker.


Yes, I understand that. Note, you are still paying *$40 per trade* to buy 10 or 20 companies. $9.99 buys me an ETF that includes hundreds or even thousands of companies. ShareOwner used to be a good deal 10-20 years ago, before the era of ETFs and $9.99 commissions.



Eclectic12 said:


> The OP was talking about in a registered account so record keeping would be optional, for one's own purposes and at one's convenience.


Fair enough. I use Quicken for record keeping. I have to manually enter every transaction, registered or non-registered.


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## Edgar (Mar 24, 2014)

Thanks for the advice from everybody. The more I think about it, I feel like fractional shares would be an important aspect to begin with to build a base since Im looking into the LT, which obviously would mean no TFSA at this point, however I would look into a registered account in the future. Is the record keeping really THAT horrendous for just a few DRIPs? I have a few DRIPs that Im watching and considering, but I will gladly take recommendations 

Also, I have looked at the couchpotato strategy before, but didnt look into it too deeply. Ill take a look back and see if it makes more sense for what I am trying to do.

Once again, thanks everyone for the help up to this point

Oh, also to the $40 for 20 shares comment, would a DRIP with SPP not negate that cost after my first purchase?


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## Toronto.gal (Jan 8, 2010)

Edgar said:


> 1. The more I think about it, I feel like fractional shares would be an *important aspect to begin with to build a base since Im looking into the LT..*.
> 2. record keeping really THAT horrendous for just a few DRIPs?


*1.* I agree. If you were not interested in very LT, then DRIPs would not make much sense.

*2.* No, and that is regardless of # of DRIPs. I handle my record-keeping each quarter when I receive transfer agent statements [ok., sometimes once per 2 quarters]. With brokerage, I mostly DRIP within registered accounts, though I do DRIP a handful of US stocks [+ ADRs where allowed] in non-reg. accts. as well.

You're not as 'entirely clueless' as you said you were, but just in case you haven't read Foster's 'The Lazy Investor', I recommend the book because you'll pretty much learn all you need to with respect to DRIPs.

As we say, no pain no gain.


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## My Own Advisor (Sep 24, 2012)

As previously mentioned, ,many discount brokers honour synthetic DRIPs for stocks (reinvest full shares). You can do this in registered accounts or non-registered.

Transfer agents offer true/ full DRIPs for stocks (reinvest fractional shares) but this is not a registered account. You'll have to manage your own activity cost base.

Some companies offer DRIPs, some don't, it's up to the company not the brokerage. Even still, some brokerages, even if the company offers a DRIP, do not allow you to reinvest shares. Having U.S. stocks in a BMO U.S. $$ RRSP account comes to mind....

So, I would always check with your brokerage before purchase to determine:

1. Does the company offer a DRIP? and
2. Do you honour the DRIP and thus allow me to DRIP the stock in "X" account?

Derek's book is good but I also wrote a series on my site and shared it with Dividend Ninja about DRIPs. It completely covers what I did, how I got started, and outlined how I slowly moved my full DRIPs to synthetic DRIPs over time. 

You can find Part 1 here:
http://www.myownadvisor.ca/drips/


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## Eclectic12 (Oct 20, 2010)

GoldStone said:


> Yes, I understand that.
> 
> Note, you are still paying *$40 per trade* to buy 10 or 20 companies. $9.99 buys me an ETF that includes hundreds or even thousands of companies. ShareOwner used to be a good deal 10-20 years ago, before the era of ETFs and $9.99 commissions.


Then why be so vague so that "$40 to buy 20 shares" can in the worst case be misinterpreted to mean $40 to buy 20 shares of a single stock?


I get that you clearly prefer a single ETF so it is not attractive for you.

My point is that for those who *want the individual stocks offered*, it has the potential to be better deal. 

For example, if one wants to implement Argo's five pack where one is buying on a monthly basis - that's 10% or a $120 a year saved in commissions.


Bottom line is that each investor should evaluate their factors including method as well as frequency and compare the costs.




GoldStone said:


> Fair enough. I use Quicken for record keeping. I have to manually enter every transaction, registered or non-registered.


When I didn't have a system to document the values as well as complete the bookkeeping in a reasonable amount of time, I also used to think it was tons of work. 

[ Try figuring out the RoC for a REIT that bought out twice so that the distribution breakdown is not on a web site anymore!]

After getting used to what's required, when information is available - I have changed my mind.


Cheers


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## Edgar (Mar 24, 2014)

My Own Advisor said:


> Derek's book is good but I also wrote a series on my site and shared it with Dividend Ninja about DRIPs. It completely covers what I did, how I got started, and outlined how I slowly moved my full DRIPs to synthetic DRIPs over time.
> 
> You can find Part 1 here:
> http://www.myownadvisor.ca/drips/


That was actually one of the first pieces I read when I discovered DRIPs 
And what you concluded with regarding starting with a True DRIP and moving to a Synthetic DRIP is where, at this point, I ideally see myself moving. I originally created this thread hoping to cheat the system by essentially having a True DRIP in a TFSA, but obviously that does not exist. With that said, Im glad I created this thread because I am, without a doubt, learning things that I wouldnt have otherwise known.

Also, something Im trying to evaluate myself right now is how important is it that I wait until a stock drops for a DRIP. Obvioulsy for a shorter-term investment, it would be pretty important, but in the LT, is it better to start collecting dividends immediately (obviously reinvested), or would you recommend waiting for a stock to drop so I can buy more with my initial investment. This concern is primarily directed at banks, which I am hesitant on because they are all very close to their 52-week highs (for somewhat obvious reasons that wont let them get back to their lows very soon). My other concern with them is a lack of discounts, which, due to a lack of experience, I do not know the extent of how much this benefits me (though I know it is a definent benefit). The fact that they are largely stable and most offer SPP plans is a huge draw however.


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## Eclectic12 (Oct 20, 2010)

Edgar said:


> Thanks for the advice from everybody.


You are welcome ... just bear in mind that there are a lot of different methods/frequency etc. so make sure to check what's actually going to be done against costs and plan.




Edgar said:


> Is the record keeping really THAT horrendous for just a few DRIPs?
> I have a few DRIPs that Im watching and considering, but I will gladly take recommendations


If it is a taxable account, one has to calculate the ACB anyway for the buy transaction. When sold, the proceeds plus sell costs will be used on the tax forms on schedule 3, typically section 3 to report the capital gain or loss.

Then too, if the investment pays RoC as part of it's distributions, the investor has to reduce the ACB by the portion of RoC paid during the year. The distribution breakdown is usually published once a year, so I typically do this as a single transaction after the amounts are published. 

All of this has to be done DRIP or no DRIP ... so it doesn't count as "extra" work.


What the DRIP is adding is the same as if the investor were to buy more shares, which will change the ACB at different points in time. However, when I sit down to do any RoC adjustments, I simply run through the DRIP transactions at the same time. 

So if the investor has twenty investments, with five paying RoC in their distributions, ten pay DRIPs quarterly and five pay DRIPs monthly - that 5 RoC adjustment transactions, ten times four DRIP adjustment transactions and two times twelve DRIP adjustment transactions. If one has a spreadsheet setup or is using software built to track their investment - that's a total of sixty nine transactions.

With a spreadsheet setup to track to three or four decimal places as we are talking fractional shares - that's maybe half an hour to an hour a year, after one is used to the process. 

Bear in mind that this example is intentionally a high number of affected investments, where the RoC calculations have to be done yearly *anyway* in a taxable account.


If one does not like computers and simple math - then it will be horrendous. 
Otherwise, it is more a matter of understanding plus being prepared, IMO.




Edgar said:


> ... Also, I have looked at the couchpotato strategy ...
> Oh, also to the $40 for 20 shares comment, would a DRIP with SPP not negate that cost after my first purchase?


A key part of the coachpatato is that one is avoiding picking individual stocks while minimising costs from a commission standpoint (i.e. GoldStone's point about $10 to own hundreds of stocks) as well as paying the investment manager (or taking the time to select one's own stocks).

As for the DRIP with SPP - if there is a SPP, then my experience/understanding is that it is through the transfer agent, is a True DRIP and is an individual stock. In this case, there are usually restricted times of buying but there is usually no commission for any of the buy/sells. 

ShareOwner on the other hand, has no commission for DRIP but will charge the $40 for each buy. There is no SPP. So if you plan to buy in chunks, in frequently - then IMO, Shareowner makes no sense. It's really more for people wanting to spread their money across five or more stocks, with a fractional DRIP and frequent smaller purchases (ex. monthly).


Cheers

*PS*

Lest I mislead anyone ... in the respect of no SPP so that additional purchases have a commission - this is the same as a synthetic DRIP through one's Canadian broker. The difference with ShareOwner (at least the last I checked) is that a broker typically does not offer fractional DRIP shares where ShareOwner does.


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## andrewf (Mar 1, 2010)

There's better ways to save on comissions. Like with each contribution, put it towards the most underweight asset. This is better than DCAing. It's $5 (maybe $10) per contribution period, rather than $40.


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## Toronto.gal (Jan 8, 2010)

My Own Advisor said:


> *1.* some brokerages, even if the company offers a DRIP, do not allow you to reinvest shares.
> *2.* wrote a series on my site and shared it with Dividend Ninja about DRIPs. It completely covers what I did, how I got started, and outlined how I slowly moved my full DRIPs to synthetic DRIPs over time.
> http://www.myownadvisor.ca/drips/


*1.* The reverse is also true: some companies don't offer DRIPs, but some brokers will reinvest your dividends in said companies.

*2.* I read it a few months ago and found it very informative. Pity that you did not write it when I needed it a few years ago, as it would have saved me some aggravation & time. Please keep it updated as I will refer to it when I'll eventually move them back to the broker! Thank U.


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## GoldStone (Mar 6, 2011)

Eclectic12 said:


> Then why be so vague so that "$40 to buy 20 shares" can in the worst case be misinterpreted to mean $40 to buy 20 shares of a single stock?


That was a poor wording on my part. I of course meant to say, $40 to buy shares in up to 20 different companies.

I still think it's a rip-off in this day and age.


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## GoldStone (Mar 6, 2011)

Let's take a step back.

Fractional shares are a solution to a problem. The problem is, the OP is a new investor with a small portfolio. He doesn't have enough $$$ to be properly diversified and DRIP whole shares. Fractional shares are a solution, but it's not the only solution. I encourage the OP to explore other solutions before committing to fractional shares.


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## My Own Advisor (Sep 24, 2012)

Toronto.gal said:


> *1.* The reverse is also true: some companies don't offer DRIPs, but some brokers will reinvest your dividends in said companies.
> 
> *2.* I read it a few months ago and found it very informative. Pity that you did not write it when I needed it a few years ago, as it would have saved me some aggravation & time. Please keep it updated as I will refer to it when I'll eventually move them back to the broker! Thank U.


Thanks. I will consolidate the articles at some point


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## Eclectic12 (Oct 20, 2010)

GoldStone said:


> That was a poor wording on my part. I of course meant to say, $40 to buy shares in up to 20 different companies.


No worries ... I've typed, posted and regretted a lack of clarity and/or precision at times. 




GoldStone said:


> ... I still think it's a rip-off in this day and age.


The math is clear so I don't get why you'd see this as a given for all situations. I should be so lucky to be saving 10% or better as a "rip-off".

Two other things ... the first is that as I understand it, ShareOwner gives a single statement where in a true DRIP, one would be getting in this Argo five pack with frequent buys situation, five different statements from the transfer agent (one for each stock). 

The second is that the numbers posted understate the real savings as it only includes the commissions where holding the five stocks directly means that there is nothing being sliced off to pay the ETF/MF company.


If you really want to argue it's a rip-off, the main way would be to suggest that for the five stocks, a true DRIP with SPP be used so that after the first share of each is registered, there is no commission to pay. Or that using the bank to buy something like TD eSeries funds without commissions outweighs buying the stock directly.




GoldStone said:


> ... The problem is, the OP is a new investor with a small portfolio. He doesn't have enough $$$ to be properly diversified and DRIP whole shares. Fractional shares are a solution, but it's not the only solution. I encourage the OP to explore other solutions before committing to fractional shares.


This suggested by the OP's reference to "building a base" but this may not be the case. 

I would expand your point about exploring solutions to include taking a step back to what the overall goal and strategy are. 


Cheers


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## Toronto.gal (Jan 8, 2010)

Eclectic12 said:


> *1.* it is more a matter of understanding plus being prepared, IMO.
> 
> *2.* for the DRIP with SPP - *if there is a SPP*, then my experience/understanding is that it is through the transfer agent, is a True DRIP and is an individual stock. In this case, there are usually restricted times of buying but there is usually no commission for any of the buy/sells.


*1.* Agree! 

Not for those that prefer convenience over value.

*2.* That's a very important point, that for a true DRIPper, there should not be an 'if', but a definite [free] SPP option, so as you mentioned, ShareOwner makes no sense whatsoever for someone that wishes to reinvest for years in same companies.

There is no debating that synthetic DRIPs are more convenient, however, on the issue of cost, there are also ways to set up true DRIPs inexpensively via exchange boards, as Cal has mentioned several times on the forum, so in the end, it's really a convenience vs. value debate. Dripinvesting.org has such exchanges for those that don't want to incur the initial charges with a broker.

As also mentioned upthread, true DRIPs allow additional purchases via SPP without commission fees [at least for now]. I have saved a considerable amount in just 4.5 years, even when I incurred the certificate cost of $50 per company + $6.95 commission fee for the initial purchases with the broker. 

Everything has pros and cons, and OP should definitely be aware about all of these. For example, and as already mentioned, the biggest disadvantage with true DRIPs, is the fact that with the additional SPP, you have no control over the timing & pricing of the additional purchases, as stocks are purchased at a set time each month/few are purchased on a quarterly basis as well.


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## Edgar (Mar 24, 2014)

Eclectic12 said:


> This suggested by the OP's reference to "building a base" but this may not be the case.
> 
> I would expand your point about exploring solutions to include taking a step back to what the overall goal and strategy are.
> 
> ...


He is entirely correct. My disposable funds that I am looking to put into action are small (~$10,000), and that was part of the appeal of a DRIP in the first place. It claimed that only a small investment was needed to begin, and when my total shares increases beyond a certain point (albeit this is years down the road Im sure), I would then gladly move to a synthetic DRIP away from a traditional. Also, this is why I'm looking for a DRIP with SPP so I can make small 100-300 contributions on a semi-regular basis, and increase that amount when I have the means to do so (i.e. land a full-time job after my degree).


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## Eclectic12 (Oct 20, 2010)

Toronto.gal said:


> ... *2.* That's a very important point, that for a true DRIPper, there should not be an 'if', but a definite [free] SPP option, so as you mentioned, ShareOwner makes no sense whatsoever for someone that wishes to reinvest for years in same companies.


I've always seen the "+SPP" as a requirement as with limited flexibility in the pricing, IMO losing the ability to buy over and above the DRIP is adding too much to the risk.




Toronto.gal said:


> ... There is no debating that synthetic DRIPs are more convenient, however, on the issue of cost, there are also ways to set up true DRIPs inexpensively via exchange boards, as Cal has mentioned several times on the forum, so in the end, it's really a convenience vs. value debate ... As also mentioned upthread, true DRIPs allow additional purchases via SPP without commission fees [at least for now]. I have saved a considerable amount in just 4.5 years, ...


+1 ... though as soon as one wanders into the US market, it may change as my US stock employee true DRIP slices off fees in addition to the IRS 15% withholding tax for each dividend DRIPed. Just like there's lots more companies to choose from compared to the Canadian stock exchanges, there also seems to be more variations in DRIPs.




Toronto.gal said:


> ... Everything has pros and cons, and OP should definitely be aware about all of these ... you have no control over the timing & pricing of the additional purchases, as stocks are purchased at a set time each month/few are purchased on a quarterly basis as well.


Interesting ... the last round that I looked at DRIP + SPP, the buying was quarterly for better than 90%. :biggrin:




Edgar said:


> He is entirely correct.
> 
> My disposable funds that I am looking to put into action are small (~$10,000), and that was part of the appeal of a DRIP in the first place. It claimed that only a small investment was needed to begin, and when my total shares increases beyond a certain point (albeit this is years down the road Im sure), I would then gladly move to a synthetic DRIP away from a traditional.


Fair enough ... but it does go back to YMMV because back when I started, ~$10K was a fortune and would have been almost 40% of my annual earned income.




Edgar said:


> ,,, Also, this is why I'm looking for a DRIP with SPP so I can make small 100-300 contributions on a semi-regular basis, and increase that amount when I have the means to do so (i.e. land a full-time job after my degree).


With a low frequency of contributions and small amounts - then if I was starting out this way, I'd focus on either a true DRIP (because of the ability to get a share cheap on a message board plus no commissions plus fractional shares) or something like the eSeries that again has no commissions and with a basket of stocks, provides in a single package instant diversification (ex. you could cover both the Canada & US markets with two products, zero commissions).

This would also buy time to learn if you want to make changes when you've build up an economy of scale so that you can better control the buy/sell timing.


Cheers


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## Toronto.gal (Jan 8, 2010)

Eclectic12 said:


> the last round that I looked at DRIP + SPP, the *buying was quarterly for better than 90%*.


I guess it depended on what companies you were looking at, though I would not think that only about 10% offers the flexibility of monthly purchases.

Anyhow, from the large companies that I DRIP with TAs, only a couple are on the quarterly schedule. With others I can purchase shares on a monthly basis.

MFC is on a quarterly schedule:
https://www.canstockta.com/en/Inves...Issuer_List/IssuerDetail.jsp?companyCode=4658 

While MFC was cheap for several years, I did not miss any quarterly OCP, but considering the stock's price increase since last year, I just DRIP with dividends now, especially since I have reached my goal with respect to # of shares. If shares were to drop 50% again, however, I would then increase my goal. 

CIBC = monthly OCP schedule. 
https://www.canstockta.com/en/Inves...Issuer_List/IssuerDetail.jsp?companyCode=0801

Minimum OCP amounts btw, does not mean that you must send X amount monthly or quarterly, simply that you could not send a cheque for less than the minimum, though there are companies that only have a max. with no minimum.


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## Eclectic12 (Oct 20, 2010)

Toronto.gal said:


> I guess it depended on what companies you were looking at, though I would not think that only about 10% offers the flexibility of monthly purchases...


Canadian Money Save used to publish a list on a regular basis. I can recall that it was almost exclusively quarterly for a long time.

I'm not sure why there are so many "N/A" entries on this list I found but for what is defined, my quick count is 19 quarterly, 13 monthly and 1 weekly.
http://www.dripprimer.ca/canadiandriplist

Though closer inspection has one of the entries having no SPP but a SPP frequency of "quarterly" as well as a suspended entry for another quarterly.


Cheers


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## Edgar (Mar 24, 2014)

Eclectic12 said:


> Canadian Money Save used to publish a list on a regular basis. I can recall that it was almost exclusively quarterly for a long time.
> 
> I'm not sure why there are so many "N/A" entries on this list I found but for what is defined, my quick count is 19 quarterly, 13 monthly and 1 weekly.
> http://www.dripprimer.ca/canadiandriplist
> ...


Right now I am looking at this guy while I try to make my decision:
http://www.dividendgrowthinvestingandretirement.com/canadian-dividend-all-star-list/

Im not necessarily using his ranking, but rather the information beside each entity. I saw the dripprimer first but I feel like the one Im looking at gives a little more useful info


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## Eclectic12 (Oct 20, 2010)

The list itself can be whatever you find valuable ... in my case I was looking to see the schedule of when SPP buys could be made, so that list was better for my purposes.

Once you have a few choices, just make sure you confirm there is a SPP, the frequency and any info on boards where you can ask existing owners to sell you a share (much cheaper than buying through a broker then registering it). 


Cheers


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## Toronto.gal (Jan 8, 2010)

Eclectic12 said:


> 1. my quick count is 19 quarterly, 13 monthly and 1 weekly.
> 2. I can recall that it was almost exclusively quarterly for a long time.


*1.* With CST & Computershare, I started DRIPping 4 and eventually doubled that count, so just based on the schedule of those, I had thought the schedule may have been something like 70/30 monthly/quarterly respectively. Majority of my DRIPs are synthetic.

*2.* So there's been a definite change, which might continue in either way.


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## Cal (Jun 17, 2009)

Actually Goldstone, tracking fractional shares requires the same amount of time and effort that tracking whole shares requires.

I agree with you though that a newbie may very well be better off to start with some ETF's in a couch potato portfolio. And to the OP, yes some ETF's drip as well (whole shares though in your TFSA).


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## andrewf (Mar 1, 2010)

It's more just the PITA factor of updating ACB monthly or quarterly.


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## Eclectic12 (Oct 20, 2010)

Toronto.gal said:


> ... *2.* So there's been a definite change, which might continue in either way.


Definitely ... I suspect it may be influenced by the rise of ETFs and investments like the TD eSeries which allow no commission buying at any time through the bank arm, online.

When the competition was mainly full service brokers at $150+ a buy/sell, it's easy to figure quarterly through the transfer agent is plenty. With the choices now available at cheap prices, I can see why the companies might decide to shift to monthly.




andrewf said:


> It's more just the PITA factor of updating ACB monthly or quarterly.


As long as one makes sure one has captured the needed info - it is the investor's choice as to whether they update monthly/quarterly or decide to sit down once a year. 

I personally wouldn't leave it more than a year but as long as it works consistently for the individual investor - it's all good.


Cheers


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## raptor235 (Mar 16, 2011)

seems like TSFA is now an option with share owner -> https://www.investments.shareowner.com/commissions.html

Do you guys know if they do SPP?


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## Eclectic12 (Oct 20, 2010)

^^^^

Last I checked, it was not in the same way as a true DRIP sponsored by the company.

The fractional DRIP was free but the scheduled SPP cost a commission. If it was one stock at $40, it was expensive. If it was twenty stocks at $40, then it was cheaper. The SPP also had the advantage that where the company might have quarterly SPP, CSA for popular stocks offered the SPP every Thursday (i.e. more frequently).


Cheers


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