David's trading journal binary options edge28 comments
Etrade brokerage business account
I have never invested in the stock market before, and I am thinking about signing up for an account with Questrade. I'm Canadian and I would like to invest in the U. That being said, should I sign up with a U. They have a Canadian website optionsXpress. So if I am primarily trading in U. I'm not sure if my Canadian funds have to be exchanged for U.
And depending on which broker I go with Canadian or U. Is it better tax wise capital gains tax for me to open with a Canadian or U. Any help on this matter would really help me out. If you are a beginner make sure that you have a good phone help service. Consider such things before you choose your online broker, and others: Any online broker will pass your order in the second if is a market order, but do they care to give you a lower price when you give a limit order?
I always give my orders for more than one day, "all or nothing": I sometimes miss, but most of the time I get it in the same day, and often at least part of it at a lower price than my limit But be very carefull with their "home recommendations": Thanks for you reply garilou.
I was wondering since you are with an online Canadian brokerage do you get withheld tax on your U. And if so do you get Canadian tax credits on that withheld gains tax? Or because you are with a Canadian broker you are not withheld tax on your U.
Capital gains made in Canada, even on US stocks, are declared in your Canadian tax return, because they are not incomes coming from the US, or foreign income as opposed to real income coming from the US.
Every month I receive offers to buy my "properties"! I bought them from my mom who had received them from her father. I guess this will stay in the family for generations: The sell is converted at the official year average from the CCB published at the end of the year.
And then they are simply compiled together with the Canadian stocks capital gains or losses if you have also traded on Canadian stocks. Does this answer your question? I think I forgot to mention: TD Waterhouse charges 9.
Under that, the commissions are higher: Lots of discount brokers do the same, but some offer a very low commission even with smaller total capital.
But do they offer all the reports that you get for free on TD? Even the Royal Bank where my husband used to trade did not offer them: A for the technical part, they have Recognia, which send daily alerts. Gees you could think I'm promoting them, whereas I still oft complain to them. Well, not that often Good luck, and if you don't mind, I would like to know eventually which broker you have chosen.
Hi Louise, Thanks very much for all of the helpful information. It is much more clear to me now how taxes work on stock sales. I am glad to hear that I can declare my gains in my tax return and not have to worry about a large percentage being withheld on my gains. When I became interested in trading, I began searching the net for the best online brokerage, whether it was a U.
When I was searching I became skeptical of the really low commission brokerages because I was worried how safe my money was with them. I found several good discount online brokerages, even U. S , and Questrade Canadian are the few that have caught my eye and I am interested in.
From articles and forums I have read, it seems like a lot of Canadians use Questrade as their online discount broker. I don't know if this really makes a difference when depicting which companies are "better", but with public brokerages it is nice to know where they stand financially, especially when they are holding your money.
I will also look at TD Waterhouse to see if they are right for my purposes. My experience from searching for the "best" online brokerage is that their is no one best brokerage that encompasses every investor's needs and each of them offer different pros and different cons.
I appreciate all of your help, and I will let you know which brokerage I choose. Hopefully I will decide within the next few days cause I am excited to start trading and I know it takes a while to open and fund a new account.