As I suspected, TD Waterhouse Canada is absorbing Ameritrade Canada accounts. I received the “Welcome Package” in the mail yesterday and instead of the $10.99 commissions for U.S. equities, I will start paying a minimum of $29 per trade. I only have two stocks in my Ameritrade account, so here are my options:
- I can sell the two stocks and withdraw the entire cash in my account. I really don’t want to do this as I am sitting on huge unrealized gains on one of the equities. Cost: Thousands in capital gains.
- I can fully transfer my account to Action Direct. Cost: $100.
- I can do a partial transfer of the two stocks. Cost: $50.
- I can keep the TD Waterhouse account, but I would rather consolidate all the accounts in one place.
Ironically, I have done just three trades in my Ameritrade account in more than two years and I have saved $60 compared to Action Direct. Now, I will be coughing up most of it to transfer the assets back!
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5 responses so far ↓
1 awardtour // Apr 6, 2006 at 1:16 pm
why are commissions so high in Canada? $29 really is ridiculous.
2 Canadian Capitalist // Apr 6, 2006 at 1:25 pm
I agree. The five big banks in Canada have discount brokerage arms and since they have a nice little oligopoly, they don’t feel the need to compete with each other. Hence the sad state of affairs.
E*Trade Canada does have $19.99 commissions.
3 Babak // Apr 6, 2006 at 10:36 pm
interactivebrokers.ca
4 Gang Li // Aug 16, 2008 at 11:53 pm
I am a investor of Ameritrade Canada. I moved from [Edited: old address] to a new address [Edited]. Now I have not received my account information from 2006. How can I get the information and change my new address.
Thank you for the helps.
5 Canadian Capitalist // Aug 17, 2008 at 10:35 pm
Gang Li: I assume you mean you had an investment account with Ameritrade Canada. As noted in this post, Ameritrade Canada was acquired by TD Bank and merged with the TD Waterhouse discount brokerage division. Call TD Waterhouse and they’ll be able to sort it out for you.
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