Message Boards

Beginners Corner
Moderator is drppingsoprano

Date: 1/23/2018 12:52:25 PM
Frequently Asked Questions
Author: aB Country Flag
Subject: 19487/19533 - rrsp
<= Previous              Post Response              Post New              Next =>
Message:

arnodivale on 1/23/2018 9:51:57 AM

can i invest my rrsps into drips (are there dividend paying stocks which are rrsp eligible) thank you

regards
arno

aB on 1/23/2018 11:52:25 AM

The transfer agents do not allow RRSP accounts, so no.
Discount brokers can invest in stocks and have RRSP accounts, so partial yes.
Discount brokers synthetically drip, meaning you have to have enough dividends to buy one share (so no fractional shares). [So not easy to 'start'].

Then there is Shareowner [ https://www.shareowner.com/index.html ] I am not a client, and I have no experience with them. No idea of fees or account management fees. They seem to be able to hold RRSP account with a full DRIP with fractional shares.

Wayneman on 1/23/2018 11:57:16 AM

No! Transfer agents that handle DRIP/SPP accounts do NOT have RRSPs so you can't have a true DRIP in a RRSP.

Yes! However, if you have a RRSP account with a discount broker, then you may be able to do a synthetic DRIP within the RRSP account.

You would have to have an account that allows synthetic DRIPs. You would have to have shares in a company that has a DRIP. You would need to own enough shares where the dividend is high enough to buy a new share, as they do not buy fractions.
 
<= Previous              Post Response              Post New              Next =>

Support DIRC - Buy Amazon
Books purchased through the links in the Books section help support this website.
Even if you do not buy the linked book, any purchase where you originally got to Amazon.com through the link is beneficial.
Your support is appreciated.

Author Profile
  Number of Messages Past Six Months: 2
  Location: Toronto
  Fav. Companies: AEM BCE BMO BNS CM ENB FAP FM FTS HR-UN IAG IMO LB MFC NA REI-UN SLF SU T TRP, JNJ
  Inv. Style: Pokemon style.
 
(Number in parenthesis is unread messages)
   DRiPs for U.S. Investors (21944)      DRiPs for Canadian Investors (39086)      U.S. Money and Tax Matters (4889)      Canadian Money and Tax Matters (9255)   
   Stock Talk (19923)      Overlooked Stocks (3212)      MoneyPaper Specials (2623)      Share Exchange (35073)   
   Brokerage, T.A., & Bank Accounts (3384)      Bugs and Recommendations (3133)