04-22-2015, 11:17 AM
The devil is in the details. I had a DRIP plan for my BNS investment - and amongst other things that that are frustrating with the DRIP plan (everytime I want to make a move, it took weeks to mail in the cheque and buy more shares....which is ridiculous in these times), the point that drove me to get rid of it was the fact that I could tax-shelter my investments, esp when I had plenty of room in my RRSP and TFSA accounts.
Even when I had decided to move "in kind", it wasnt easy. There are a lot of fees to consider, including my broker that would charge something close to $250 for depositing a share that is in certificate form. Eventually, consider all the problems, I decided to just sell my DRIP plans shares (which only had minimal capital gains) and moved the cash to my TFSA account.
So, to sum up - moving "in kind" seems like a simple step, but I recommend looking into details - both on the trasnfer agent's side and your broker's side on how hard and complicated it is.
Even when I had decided to move "in kind", it wasnt easy. There are a lot of fees to consider, including my broker that would charge something close to $250 for depositing a share that is in certificate form. Eventually, consider all the problems, I decided to just sell my DRIP plans shares (which only had minimal capital gains) and moved the cash to my TFSA account.
So, to sum up - moving "in kind" seems like a simple step, but I recommend looking into details - both on the trasnfer agent's side and your broker's side on how hard and complicated it is.