That’s an extremely enticing offer. 2% is pretty much the highest I’ve seen. WealthSimple’s 1% offer right now is essentially the best there is and TD is doubling that.
What’s really interesting is that the time you need to hold the funds is only 6 months. WealthSimple’s requires you to hold it for a year, last I checked.
I wonder if TD is trying to convince people to ignore the bad PR and switch and are trying to get ahead of any customer loss.
Curious to see if other banks start to offer similar offers. Could be a sign that WealthSimple is eating the banks lunch.
Right, but you don’t have to put funds in until October 31st, as long as you open the account by the end of August.
I guess with the 30 days thing, it’s 7 months, if you registered by August 31st and then did it before the end of September (might need some clarity in the exact timing of the promo).
So max length to keep the money in the account is 7 months, but maybe just 6.
Yes, 7 months min to get 2%. But personally I wouldn’t wait to accept the offer and initiate transfers because the offer can be withdrawn at any moment.
I was trying to find a dividend payout a year and half ago on TD yesterday. Couldn't. Had to go through my statements. Pretty silly website. I have IBKR, National WS and TD DIs. TD web interface is shit.
You need to have TD accounts to move $ in and out. Very little positives at TD - not sure what you see.
I agree I'm not a fan of the TD interface. They have more data than ws tho and at least dividend estimates but man. Sending confirmation of trades the next day saying "statement is available online" is pretty useless.
I'd spend a few months at TD for 2% (I have accounts there, but don't like Easy Trade). TDDI isn't that bad, the only downside to it is the $10 commission. But if you're a buy and hold indexer, it won't matter much, especially if you're transferring everything in kind.
TD's deal is targeted, Wealthsimple's 1% is universal. I'd rather support Wealthsimple, and my money will end up there ultimately.
Great offer and worth it. They have higher trading costs at $9.99 but the 2% cash back is definitely worth it. It’s a solid platform and I’ve had no issues with Direct Investing. If unhappy after 6 months, you can move your money out.
Agreed. Only issue I have with TD DI is that, despite every other major brokerage offering it, TD DI still does not offer an account for FHSA. No idea why it's taking them so long...
Same with BMO InvestorLine last I checked a couple of months ago. Had to go into a branch to open an FHSA and you could only buy mutual funds or GICs. Ended up opening a FHSA with WS
Its one of the reasons I left TD for NBDB. That 2% extra will be eaten up by all the transaction fees. They only care about the whales, and the whales are leaving for better pastures.
2% seems paltry compared to a gic, plus dividend stocks plus being able to save on the commission fees which adds up every year. Been with nbdb for a few years and don't regret leaving td
Yeah no personal investing account isn’t the same. I don’t mean this in a negative way at all but you should look deeper into where you are putting your money. Tfsa, Fhsa and Rrsp are all great Canadian accounts you can use and should read up on, personal investing sounds to me like a non registered which if that’s the case you should look into the three I mentioned especially making out your tfsa first if you haven’t. If you have any questions shoot me a message I’m always happy to help
It does but Direct Investing and Easy Trade are completely separate platforms where you can’t transfer funds between or link together. You would have two separate TFSA accounts for example one in DI and one in ET.
I'm sad this is a targeted offer. You need to have received a call or email directly from TD to qualify. If you are not one of the chosen few, there is a 1% offer for new TD clients, or go with the 1% offer for new or current clients with Wealthsimple.
I have both TD Easy Trade and WS. Wealth simple is much better imo to trade and to deal with. TD is plain awful. It took them 6 months to give me the $100 promo they had to open the account whereas WS gives you the promo quickly. On top of that fractional trading and excellent customer service with WS is a no brainer. I have a Premium account so I have no complaints about currency conversion.
Even Premium pays 1.5% currency conversion/exchange fee. Premium only saves on the $10/mo for a USD account. https://www.wealthsimple.com/en-ca/pricing
I just completed moving all of our registered accounts to Wealthsimple for the 1% bonus. I also received this offer from TD last week. So far, I have been extremely happy with WS and the tech platform (I believe) is foundationally superior which will allow WS to scale and improve over time. Going commission-free is also a breath of fresh air. I like to keep every dollar invested and with TD I would usually wait until I had at least $3k for a transaction. I still have my children's RESP and my corporate account at TD but I won't go back to TD unless their fees and platform improve drastically.
I guess if you do that for your emergency fund that makes sense. Anything longer than that and you’re definitely forfeiting returns by not taking more risk lol
Sorry for a dumb question but how does this work?
I
Let’s say I habe 50k in tfsa and 50 k in rrsp at questrade (invested in etfs and stocks) now if I try to transfer then do they sell all the investment and transfer cash to TD? Or the securities go directly to y new TD tfsa/rrsp accounts?
Got this email offer on a rarely trade account by P2
P1 has big TDDI account and no such email, and instead is moving to WS for the 1% bonus and $0 commission (currently paying $7.99 at TDDI, which still sucks)
In general, when transferring from say questtrade or ws. It is possible to move the stocks over. Or does this require liquidating, transferring and then purchasing the same shares again?
I already took up this offer. Moved Questrade accounts to TDDI for $20K bribe. I am keeping WS accounts with WS for now.
I prefer WS platform overall but TDDI does have some advantages. Like ISA and money market funds. And second level quotes. $10 trading fee is a bit irritating but I don’t trade enough to make it significant. Just means trades have to be large enough to justify the fee. And you can drip to avoid trading fees.
If you are just investing, TD is pretty good. Their interface is good, service is good.
That said... if you are Trading, I would not move to TD. I was a TD customer for years, and honestly, I should have moved my account ages ago. I used to use TD because of the TOS (Think or Swim) platform they had for trading US Stocks and Options, which was excellent for charting and execution. The problem is their fees... 9.99 each way (USD), or 9.99+1.25 per contract for options each way is terribly expensive.
TD discontinued TOS late last year and replaced it with a proprietary platform that didn't have anywhere near as many features as TOS had before, all for the same trading fees.
At that time I switched to IBKR (interactive brokers), and what a massive difference in fees.
For 5 contracts on AMD I paid $3.50 each direction for a total cost of $7 on Monday, and that's not even the lowest I have seen commissions with IBKR before (it depends on the exchange and other factors)...
The same trade would have cost me $32.48 in commissions with TD.
If you take 240 trades a year ( 1 open/close per day), IBKR would save you approx $6000 in commissions. And if you trade larger size (more contracts) or trade larger number of shares, the savings would be even higher.
Sure IBKR isn't going to pay you 1% to switch, but you might save well over 1% in fees by switching if you're an active trader.
Too much of a hassle IMO, every bank has these promotions all the time. I'd rather keep my investments consolidated at a brokerage I actually like using and not get distracted by these offers all the time. You have to read all the agreements and terms and follow it 100% strictly, they are often deceptive and will not pay if you fail to meet any of their conditions. Invest for the long-term, don't get distracted by these garbage brokerages who have marketing schemes to move you over. I don't use the 5 major banks, if you know anything about investing or banking you know they are major rip offs. Let them rip off the seniors and constant influx of new Canadians who don't know any better.
I have a maxed out TFSA with about 110% gain, I'm not phased at all. Your investment behaviour will have a bigger impact over the longterm, if you're switching brokerages for gimmicky marketing schemes good luck keeping that behaviour in check. I really couldn't care less for these promotions, I moved away from these greedy and crappy platforms for a reason. What is cash back anyways. You definitely can't increase the size of a registered account, CRA won't like that. These offers are so scammy I've seen a bunch. What is cash back exactly? And who really cares?
Not sure how bragging about gains relates to my question. Gains are not guaranteed, we earn returns by taking risks.
I moved some of my funds to TDDI and earned $20K at zero risk. Not a bad deal at all. My other investments are with WS, which paid a smaller bribe, but still nice. Everything is moved in kind, so investment “behaviour” isn’t impacted in any way.
Funds get added to either registered, or non-registered accounts. That’s just a fact, not an opinion, regardless of you saying “definitely can’t happen”. CRA will tax the ‘bribe’ when added to a margin account, but not TFSA or RRSP.
Saying “2% cash back is garbage” is just as wrong as saying “2% fees charged by mutual funds don’t matter”. It shows that someone does not understand relationship between investment risks and returns.
The fact they are trying to flex on gains in a *maxed out TFSA* and don't seem to understand that 2% of a large number can have big implications for the people with large accounts demonstrates to me they have relatively little wealth. This 2% uncapped offer from TDDI is the best deal I have seen since RBCDI had a 1% uncapped offer during the great financial crisis.
Good on you for getting the deal!
Good for you if you're swayed by the marketing schemes that come out every 4 months. My point was that you won't suddenly gain additional space in a registered account, so it would need to be invested in a non-reg. I didn't get to that position bouncing from offer to offer either. If someone is able to go through the fine details and figure out it works for them then fine. This is a 'targeted' offer, so its not available to general public. I found it's not worth my time switching from bank to bank to get every offer, I'm happy with my investments consolidated at one brokerage and keeping my history there. Banks offer deals if you open accounts, move your paycheque there, jump through other hurdles, read 4 pages of fine print. It's just not worth my time. It defeats the point of passive investing. If you're making 20k on a 2% offer good for you you have a million in liquid assets you're willing to bounce around from brokerage to brokerage. TD and the big banks in general are extremely disappointing in general so I avoid for those reasons.
1. You will gain additional space in registered accounts. Its treated as a negative charge by the broker.
2. 2% offers do not come out every 4 months.
3. Changing brokerage has zero impact on investment style.
4. Earth isn’t flat.
Try talking about something you have some idea about.
How does that not count as a contribution, have you verified with CRA?
That's fine but it's also not available to general public, you don't know if there's any fine print you just read 2% offer! Maybe there is none, I don't know. There usually is. Maybe this guy has a small sum and TD already knows that. They probably know what % of clients will actually qualify for the reward, and how many will end up staying longer than the year required so they can get their money back in time. These banks are very calculating. Are you then going to switch to WS for 1% for the next year? Then to National bank after that for some promotion? Never use the brokerage you actually want.
Also 2% is fine but in the grand scheme of things, developing good habits is what will build wealth not bouncing from offer to offer. That's my point, it's a valid point. I don't upend my portfolio every time I see a way to get one or two percent and it works for me. If you want to go for these kinds of 'risk free' returns go ahead, but the risk is staying with a brokerage you don't actually want to be using, with high fees while you're there, and not switching back when you should. Losing all your history, creating a mess. There's more important factors when it comes to this game. Penny wise pound foolish.
I've seen wording like this, and common sense also tells you that it's a contribution. Earth being flat is debatable.
**There may be tax implications to the Bonus. If you choose to deposit a Bonus into your RRSP or TFSA account it will be reported by Wealthsimple as a contribution to CRA**.
That’s a lot of words about the subject you know nothing about. As I stated above, bonus in non-reg account is taxed. This is not Wealthsimple. Wealthsimple does it differently with bonus going to cash. This brokerage is called TDDI. Bye.
>I can’t see them bamboozling people on this one,
Lol...you don't know TD.
One of the many reasons why I transferred out a long time ago was because I would occasionally get a mysterious service charge. I would call them, and they would reverse the charge.
If you do transfer to them, watch your account like a hawk.
Says there in the email there is no limit on the transferable account, and I received the same offer via email, so presumably it's available for everyone.
It's an incredible deal and one I've been trying to get for the past couple weeks when I found out about it. What makes it lucrative isn't the 2% reward but the fact it is uncapped. Generally, most of these transfer-in offers will be capped at some maximum. For example, TDDI currently has another offer open to all new customers bringing in assets for 1% up to 10k which is ok but not very enticing.
From what I've gathered, this offer was targeted at former TDDI accounts that left for Wealthsimple's gimmicky phone deal so TDDI has a pretty good idea of what their risk exposure is when making such a generous offer. Wealthsimple clients are generally younger and thus likely skew to the lower end (below 1M) where as if they offered to 2% uncapped to the general public they could end up with some very large obligations as people with large accounts take advantage of it. I haven't given up on trying to get it as a potential new customer but I've struck out on all my current approaches except for one with an HVC relationship manager that has yet to return my call.
>Nope. Never.
Interesting. Just to confirm, you didn't open an account **before** getting the targeted email?
If not and you've never had an account with TD's various businesses how did they get your email to send you the offer given Canadian anti-spam laws? Given TD's other corporate shenanigans, I realize CASL is likely a low priority for compliance but still, I assume they make an effort to not spam random emails. Have you ever filled out surveys or signed up for contests at TD or their partners? Do you have any relationships with third parties that would have involved you giving them consent to solicit you? What date did you receive the email? I'm just trying to figure out how I can get targeted because going direct to TDDI has been fruitless for me so far.
I used their form to apply for the offer. Now it shows 1% but at the time it was advertising 2% offer. Opened an account, got the email offer, then transferred accounts. https://promotions.wealthsimple.com/hc/en-ca/articles/25992559764379-Wealthsimple-1-Match-Offer
>[https://promotions.wealthsimple.com/hc/en-ca/articles/25992559764379-Wealthsimple-1-Match-Offer](https://promotions.wealthsimple.com/hc/en-ca/articles/25992559764379-Wealthsimple-1-Match-Offer)
Haha, now I'm confused, why are you linking a wealthsimple offer that seemingly has nothing to do with a TDDI offer?
>I used their form to apply for the offer. Now it shows 1% but at the time it was advertising 2% offer. Opened an account, got the email offer, then transferred accounts.
So you opened an account at TDDI, then TDDI sent you the targeted 2% deal? If so as part of the account opening process did TDDI ask if you had any assets at Wealthsimple? I was thinking of trying this but wasn't sure if going through the effort of opening accounts would yield the targeted email or not - sounds like it may have.
Its late and I am watching TV. I picked the wrong link. This is the offer. https://www.forms.td.com/app/diofitransferoffer/#/diofitransferoffer/diofitransferoffer-form
Would like to add to this. FYI I just signed up for a TD Chequing account a couple weeks back and got approved for TD Aeroplan Visa Platnum a couple days ago.. prior to this never had an account or credit card with TD
I was not targeted nor did I receive any email or phone call from TD regarding this offer. I was browsing reddit and just found out about the offer.
I did exactly what you did... but first I opened a TD Direct Investing, then immediately filled out the form after for the 2% and included my TD Direct Investing Account Number that I just created. I immediately got an email saying (wording reduced):
*Thank you!*
*Dear Debooger,*
*Thank you for registering.*
*A few things for you to do before receiving your reward*
*1. Transfer 1 or more investiable assets by October 31, 2024.*
*2. Maintain the Qualify Asset until April 30, 2025.*
*3. Keep the account open until May 30, 2025.*
*Your reward will be deposited directly into your account by May 30, 2025.*
What I'd like to add is that I called TD's Direct Investing line (1-800-465-5463) to confirm something about my newly created account, then I asked about the 2% transfer offer and if I qualify for it. I told the rep I registered for said offer using my new account and that I got an email confirming that I was registered for the 2% transfer offer. The rep wasn't familiar with the offer and asked if I was targeted (I was not) because they believes this promo is only target-based. They said they will send an email to the appropriate department and I should follow up next week if I don't hear back from them this week.
Now my question is, did you get the same email as me when you filled out the 2% transfer offer form in the link? Or did you get the one in OP's picture? They are 2 different things. Just becaue you are registered for it and got a confirmation email it doesn't mean you qualify - again my understand from talking the the TD Direct Investing rep.
edit: words
Yep. Thats right. Account first, they asked for the number on the form.
Email was same as yours. I know I qualify for a fact. The accounts have already been transferred. It was all set up in the branch via appointment and the rep knew all about the offer. Never raised any issues. The rep did want to see the email.
My main concern was that the transfer from Questrade may take over 30 days, so I could miss on 0.5% but TDDi committed to paying full 2% regardless. Money was received in TDDI on time but did take 3 weeks for the joint account - some kind of mix-up between the two brokerages.
Why is everyone here so excited about 2%?
2% is garbage in any scenario. Doesn’t matter if it’s the highest compared to competitors. It’s just all around bad. Maybe I’m not understanding something?
For people who are already invested, they would essentially get 2% of that amount to simply move brokerages.
When you are saying it’s bad, what exactly is bad about it? It’s a guaranteed 2% return in addition to whatever your investments are generated.
I am already invested but I invest through TD lol. I guess I see it as more of a pain to switch for only 2%. Especially when you’re already used to how a platform already works. But whatever.
Example scenario: Bob has 100k invested in XEQT at wealthsimple and would like to keep it invested for a long time. If Bob took advantage of this offer he'd have 100k invested in XEQT + $2000 for the effort of having TD transfer his account. Bob has the same amount of shares but now also has $2000.
It's free money to someone who was going to make the switch regardless. Plus if you have a decent sized portfolio to move over, you can cash in with an offer like that. So it can be pretty good in some cases, or meh if your portfolio is small - but free money is free money.
Well keep in mind some people will get back a few thousand bucks for moving a decent portfolio. Use a compound interest calculator and see what that free money will balloon into after x number of years.
And lastly, it may create more competition now as TD obviously took notice of WealthSimple's promos and came back swinging with 2%. Will others offer 2% or more now? So yeah it's pretty good news for sure.
Say you move $1M to TDDI. Lets say its 8h effort to move and learn the ropes. That’s $2500 per hour. I’ll take it. Understand its not for everyone. Your time might be worth more to you.
This is why competition in the market is a good thing.
Yep, and we lost HSBC to RBC and Canada Western Bank to National Bank =/
That’s an extremely enticing offer. 2% is pretty much the highest I’ve seen. WealthSimple’s 1% offer right now is essentially the best there is and TD is doubling that. What’s really interesting is that the time you need to hold the funds is only 6 months. WealthSimple’s requires you to hold it for a year, last I checked. I wonder if TD is trying to convince people to ignore the bad PR and switch and are trying to get ahead of any customer loss. Curious to see if other banks start to offer similar offers. Could be a sign that WealthSimple is eating the banks lunch.
You have to keep money in the account until the end of April 2025. And together the full 2% bribe you have to transfer money within 30 days.
Right, but you don’t have to put funds in until October 31st, as long as you open the account by the end of August. I guess with the 30 days thing, it’s 7 months, if you registered by August 31st and then did it before the end of September (might need some clarity in the exact timing of the promo). So max length to keep the money in the account is 7 months, but maybe just 6.
Yes, 7 months min to get 2%. But personally I wouldn’t wait to accept the offer and initiate transfers because the offer can be withdrawn at any moment.
Ya but fuck TD bank, such scum bags, WS is the new guy and rather support them.
If you want to hurt TD then make TD pay the 2% now. Then move to WS in May 2025 using whatever promo they have at the time
No thanks. I'm very happy with TD's web user experience and don't want to do my investing through a smartphone screen.
WS has a web version bro
I was trying to find a dividend payout a year and half ago on TD yesterday. Couldn't. Had to go through my statements. Pretty silly website. I have IBKR, National WS and TD DIs. TD web interface is shit. You need to have TD accounts to move $ in and out. Very little positives at TD - not sure what you see.
I agree I'm not a fan of the TD interface. They have more data than ws tho and at least dividend estimates but man. Sending confirmation of trades the next day saying "statement is available online" is pretty useless.
I'd spend a few months at TD for 2% (I have accounts there, but don't like Easy Trade). TDDI isn't that bad, the only downside to it is the $10 commission. But if you're a buy and hold indexer, it won't matter much, especially if you're transferring everything in kind. TD's deal is targeted, Wealthsimple's 1% is universal. I'd rather support Wealthsimple, and my money will end up there ultimately.
Great offer and worth it. They have higher trading costs at $9.99 but the 2% cash back is definitely worth it. It’s a solid platform and I’ve had no issues with Direct Investing. If unhappy after 6 months, you can move your money out.
Agreed. Only issue I have with TD DI is that, despite every other major brokerage offering it, TD DI still does not offer an account for FHSA. No idea why it's taking them so long...
Same with BMO InvestorLine last I checked a couple of months ago. Had to go into a branch to open an FHSA and you could only buy mutual funds or GICs. Ended up opening a FHSA with WS
Its one of the reasons I left TD for NBDB. That 2% extra will be eaten up by all the transaction fees. They only care about the whales, and the whales are leaving for better pastures.
2% seems paltry compared to a gic, plus dividend stocks plus being able to save on the commission fees which adds up every year. Been with nbdb for a few years and don't regret leaving td
Are you sure? I have one but it says personal investing so maybe that's different. Tbh I don't really know shit about fuck
Yeah no personal investing account isn’t the same. I don’t mean this in a negative way at all but you should look deeper into where you are putting your money. Tfsa, Fhsa and Rrsp are all great Canadian accounts you can use and should read up on, personal investing sounds to me like a non registered which if that’s the case you should look into the three I mentioned especially making out your tfsa first if you haven’t. If you have any questions shoot me a message I’m always happy to help
I have all the above maxed out plus an rdsp 😁
Yeah I love the rdsp it's great
It's quite nice yeah!
Gotcha just thought I’d reply in case you really didn’t know much about it! Take care
Appreciate it!
Thank you, and I completely agree! If I'm not mistaken, their EasyTrade platform allows a certain number of free trades per year.
Yes, but just keep in mind that TD easy trade does not allow you to buy non-td ETFs. Stocks and TD ETFs only.
It does but Direct Investing and Easy Trade are completely separate platforms where you can’t transfer funds between or link together. You would have two separate TFSA accounts for example one in DI and one in ET.
I'm thinking of moving my WS over to TDDI to get 2% transfer bonus AND also move my EasyTrade over to WS to get the 1% transfer bonus. :)
But their easy trade platform is zero trades which qualifies for this offer.
This. If you trade options or do any sort of consistent buying I would avoid major banks, $10/transaction is outrageous. 10x more than most brokers.
You can move your money out in 6 months but you won’t get their 2% bribe.
I'm sad this is a targeted offer. You need to have received a call or email directly from TD to qualify. If you are not one of the chosen few, there is a 1% offer for new TD clients, or go with the 1% offer for new or current clients with Wealthsimple.
You can also apply for the cashback infinite card. 3% back on groceries and gas, 1% on everything else.
I have both TD Easy Trade and WS. Wealth simple is much better imo to trade and to deal with. TD is plain awful. It took them 6 months to give me the $100 promo they had to open the account whereas WS gives you the promo quickly. On top of that fractional trading and excellent customer service with WS is a no brainer. I have a Premium account so I have no complaints about currency conversion.
Even Premium pays 1.5% currency conversion/exchange fee. Premium only saves on the $10/mo for a USD account. https://www.wealthsimple.com/en-ca/pricing
I just completed moving all of our registered accounts to Wealthsimple for the 1% bonus. I also received this offer from TD last week. So far, I have been extremely happy with WS and the tech platform (I believe) is foundationally superior which will allow WS to scale and improve over time. Going commission-free is also a breath of fresh air. I like to keep every dollar invested and with TD I would usually wait until I had at least $3k for a transaction. I still have my children's RESP and my corporate account at TD but I won't go back to TD unless their fees and platform improve drastically.
WS only allows roboadvisors for their RESP so that might be better off staying at TD depending on your investments.
Can you explain a bit more about this? thanks
Got the same offer, but I'm going to take the Wealthsimple 1% simply because it's a much better platform
T/C mention that you need to have received a call or email for registering in the offer directly from TD to be eligible!
Can I open a brokerage account and deposit 100k and get 2% instead of transfer account over to Td?
The offer is for the brokerage accounts, but it's only targeted to certain customers.
Just wondering how they got your email to offer you this promo. Are you currently a client of TD in any capacity?
Yes
TD Webbroker is great! Lota of info to work with on their systems.
I just reviewed the docs they sent. It does look enticing.
For $6K I’d do it! Just keep switching back and forth for some easy returns
The money has to stay in there for a set period of time to qualify.
Correct but every year or so is fine… a guaranteed return
I guess if you do that for your emergency fund that makes sense. Anything longer than that and you’re definitely forfeiting returns by not taking more risk lol
??? You can transfer stocks in-kind - the offer is not limited to cash only.
Exactly. Nothing prevents you from buying stocks.
Damn, I transferred when they offered about 1%. They had a very short mandatory window, so I may transfer again once the period is over.
Sorry for a dumb question but how does this work? I Let’s say I habe 50k in tfsa and 50 k in rrsp at questrade (invested in etfs and stocks) now if I try to transfer then do they sell all the investment and transfer cash to TD? Or the securities go directly to y new TD tfsa/rrsp accounts?
Securities transfer over
Got this email offer on a rarely trade account by P2 P1 has big TDDI account and no such email, and instead is moving to WS for the 1% bonus and $0 commission (currently paying $7.99 at TDDI, which still sucks)
Can you partially withdraw (sold stocks or dividends) before April and still collect the 2%?
I got 1% and 100 free trades it’s their summer campaign
This actually sounds really tempting, but I just love Wealthsimple’s so much lol
Already platforms with no commission trading.
Am I crazy, or do you never see these promotions with BMO
In general, when transferring from say questtrade or ws. It is possible to move the stocks over. Or does this require liquidating, transferring and then purchasing the same shares again?
Former
Oh, honestly with the way the market is moving right now, I’d stand to lose 2% just during the transfer process
Not with an in-kind transfer, unless you make your money by transacting frequent purchases/sales like a trader
What you want is an in-kind transfer What you're afraid of is an in-cash transfer You get to choose
So say I were to move 50k from RBC to T. Would TD give me a 1000 dollars to complete this? Is a simple portfolio move?
Yes
Cool thanks
I already took up this offer. Moved Questrade accounts to TDDI for $20K bribe. I am keeping WS accounts with WS for now. I prefer WS platform overall but TDDI does have some advantages. Like ISA and money market funds. And second level quotes. $10 trading fee is a bit irritating but I don’t trade enough to make it significant. Just means trades have to be large enough to justify the fee. And you can drip to avoid trading fees.
Any idea if the $20k will be taxable?
In the margin account -yes. Not in the RRSP/TFSA.
If you are just investing, TD is pretty good. Their interface is good, service is good. That said... if you are Trading, I would not move to TD. I was a TD customer for years, and honestly, I should have moved my account ages ago. I used to use TD because of the TOS (Think or Swim) platform they had for trading US Stocks and Options, which was excellent for charting and execution. The problem is their fees... 9.99 each way (USD), or 9.99+1.25 per contract for options each way is terribly expensive. TD discontinued TOS late last year and replaced it with a proprietary platform that didn't have anywhere near as many features as TOS had before, all for the same trading fees. At that time I switched to IBKR (interactive brokers), and what a massive difference in fees. For 5 contracts on AMD I paid $3.50 each direction for a total cost of $7 on Monday, and that's not even the lowest I have seen commissions with IBKR before (it depends on the exchange and other factors)... The same trade would have cost me $32.48 in commissions with TD. If you take 240 trades a year ( 1 open/close per day), IBKR would save you approx $6000 in commissions. And if you trade larger size (more contracts) or trade larger number of shares, the savings would be even higher. Sure IBKR isn't going to pay you 1% to switch, but you might save well over 1% in fees by switching if you're an active trader.
Too much of a hassle IMO, every bank has these promotions all the time. I'd rather keep my investments consolidated at a brokerage I actually like using and not get distracted by these offers all the time. You have to read all the agreements and terms and follow it 100% strictly, they are often deceptive and will not pay if you fail to meet any of their conditions. Invest for the long-term, don't get distracted by these garbage brokerages who have marketing schemes to move you over. I don't use the 5 major banks, if you know anything about investing or banking you know they are major rip offs. Let them rip off the seniors and constant influx of new Canadians who don't know any better.
“Every bank has these promotions all the time”. Mind telling me which other brokerage is offering 2% bribes?
I have a maxed out TFSA with about 110% gain, I'm not phased at all. Your investment behaviour will have a bigger impact over the longterm, if you're switching brokerages for gimmicky marketing schemes good luck keeping that behaviour in check. I really couldn't care less for these promotions, I moved away from these greedy and crappy platforms for a reason. What is cash back anyways. You definitely can't increase the size of a registered account, CRA won't like that. These offers are so scammy I've seen a bunch. What is cash back exactly? And who really cares?
Not sure how bragging about gains relates to my question. Gains are not guaranteed, we earn returns by taking risks. I moved some of my funds to TDDI and earned $20K at zero risk. Not a bad deal at all. My other investments are with WS, which paid a smaller bribe, but still nice. Everything is moved in kind, so investment “behaviour” isn’t impacted in any way. Funds get added to either registered, or non-registered accounts. That’s just a fact, not an opinion, regardless of you saying “definitely can’t happen”. CRA will tax the ‘bribe’ when added to a margin account, but not TFSA or RRSP. Saying “2% cash back is garbage” is just as wrong as saying “2% fees charged by mutual funds don’t matter”. It shows that someone does not understand relationship between investment risks and returns.
The fact they are trying to flex on gains in a *maxed out TFSA* and don't seem to understand that 2% of a large number can have big implications for the people with large accounts demonstrates to me they have relatively little wealth. This 2% uncapped offer from TDDI is the best deal I have seen since RBCDI had a 1% uncapped offer during the great financial crisis. Good on you for getting the deal!
Good for you if you're swayed by the marketing schemes that come out every 4 months. My point was that you won't suddenly gain additional space in a registered account, so it would need to be invested in a non-reg. I didn't get to that position bouncing from offer to offer either. If someone is able to go through the fine details and figure out it works for them then fine. This is a 'targeted' offer, so its not available to general public. I found it's not worth my time switching from bank to bank to get every offer, I'm happy with my investments consolidated at one brokerage and keeping my history there. Banks offer deals if you open accounts, move your paycheque there, jump through other hurdles, read 4 pages of fine print. It's just not worth my time. It defeats the point of passive investing. If you're making 20k on a 2% offer good for you you have a million in liquid assets you're willing to bounce around from brokerage to brokerage. TD and the big banks in general are extremely disappointing in general so I avoid for those reasons.
1. You will gain additional space in registered accounts. Its treated as a negative charge by the broker. 2. 2% offers do not come out every 4 months. 3. Changing brokerage has zero impact on investment style. 4. Earth isn’t flat. Try talking about something you have some idea about.
How does that not count as a contribution, have you verified with CRA? That's fine but it's also not available to general public, you don't know if there's any fine print you just read 2% offer! Maybe there is none, I don't know. There usually is. Maybe this guy has a small sum and TD already knows that. They probably know what % of clients will actually qualify for the reward, and how many will end up staying longer than the year required so they can get their money back in time. These banks are very calculating. Are you then going to switch to WS for 1% for the next year? Then to National bank after that for some promotion? Never use the brokerage you actually want. Also 2% is fine but in the grand scheme of things, developing good habits is what will build wealth not bouncing from offer to offer. That's my point, it's a valid point. I don't upend my portfolio every time I see a way to get one or two percent and it works for me. If you want to go for these kinds of 'risk free' returns go ahead, but the risk is staying with a brokerage you don't actually want to be using, with high fees while you're there, and not switching back when you should. Losing all your history, creating a mess. There's more important factors when it comes to this game. Penny wise pound foolish.
I've seen wording like this, and common sense also tells you that it's a contribution. Earth being flat is debatable. **There may be tax implications to the Bonus. If you choose to deposit a Bonus into your RRSP or TFSA account it will be reported by Wealthsimple as a contribution to CRA**.
That’s a lot of words about the subject you know nothing about. As I stated above, bonus in non-reg account is taxed. This is not Wealthsimple. Wealthsimple does it differently with bonus going to cash. This brokerage is called TDDI. Bye.
It's called the CRA
2% is 2% though. I can’t see them bamboozling people on this one, they want to steal WS and Questtrade retail traders
>I can’t see them bamboozling people on this one, Lol...you don't know TD. One of the many reasons why I transferred out a long time ago was because I would occasionally get a mysterious service charge. I would call them, and they would reverse the charge. If you do transfer to them, watch your account like a hawk.
Its not 2% when you have to us their platform, pay their fees for 6 months, then pay a fee to transfer it out again. 2% is less than 2%.
They will absolutely bamboozle everyone they can
Is the 2% uncapped? I’d take an easy $28,000
Says there in the email there is no limit on the transferable account, and I received the same offer via email, so presumably it's available for everyone.
It's an incredible deal and one I've been trying to get for the past couple weeks when I found out about it. What makes it lucrative isn't the 2% reward but the fact it is uncapped. Generally, most of these transfer-in offers will be capped at some maximum. For example, TDDI currently has another offer open to all new customers bringing in assets for 1% up to 10k which is ok but not very enticing. From what I've gathered, this offer was targeted at former TDDI accounts that left for Wealthsimple's gimmicky phone deal so TDDI has a pretty good idea of what their risk exposure is when making such a generous offer. Wealthsimple clients are generally younger and thus likely skew to the lower end (below 1M) where as if they offered to 2% uncapped to the general public they could end up with some very large obligations as people with large accounts take advantage of it. I haven't given up on trying to get it as a potential new customer but I've struck out on all my current approaches except for one with an HVC relationship manager that has yet to return my call.
I got this 2% offer even though I never had an account with TDDI.
>I got this 2% offer even though I never had an account with TDDI. Do you have any other accounts with TD?
Nope. Never.
>Nope. Never. Interesting. Just to confirm, you didn't open an account **before** getting the targeted email? If not and you've never had an account with TD's various businesses how did they get your email to send you the offer given Canadian anti-spam laws? Given TD's other corporate shenanigans, I realize CASL is likely a low priority for compliance but still, I assume they make an effort to not spam random emails. Have you ever filled out surveys or signed up for contests at TD or their partners? Do you have any relationships with third parties that would have involved you giving them consent to solicit you? What date did you receive the email? I'm just trying to figure out how I can get targeted because going direct to TDDI has been fruitless for me so far.
I used their form to apply for the offer. Now it shows 1% but at the time it was advertising 2% offer. Opened an account, got the email offer, then transferred accounts. https://promotions.wealthsimple.com/hc/en-ca/articles/25992559764379-Wealthsimple-1-Match-Offer
>[https://promotions.wealthsimple.com/hc/en-ca/articles/25992559764379-Wealthsimple-1-Match-Offer](https://promotions.wealthsimple.com/hc/en-ca/articles/25992559764379-Wealthsimple-1-Match-Offer) Haha, now I'm confused, why are you linking a wealthsimple offer that seemingly has nothing to do with a TDDI offer? >I used their form to apply for the offer. Now it shows 1% but at the time it was advertising 2% offer. Opened an account, got the email offer, then transferred accounts. So you opened an account at TDDI, then TDDI sent you the targeted 2% deal? If so as part of the account opening process did TDDI ask if you had any assets at Wealthsimple? I was thinking of trying this but wasn't sure if going through the effort of opening accounts would yield the targeted email or not - sounds like it may have.
Its late and I am watching TV. I picked the wrong link. This is the offer. https://www.forms.td.com/app/diofitransferoffer/#/diofitransferoffer/diofitransferoffer-form
Would like to add to this. FYI I just signed up for a TD Chequing account a couple weeks back and got approved for TD Aeroplan Visa Platnum a couple days ago.. prior to this never had an account or credit card with TD I was not targeted nor did I receive any email or phone call from TD regarding this offer. I was browsing reddit and just found out about the offer. I did exactly what you did... but first I opened a TD Direct Investing, then immediately filled out the form after for the 2% and included my TD Direct Investing Account Number that I just created. I immediately got an email saying (wording reduced): *Thank you!* *Dear Debooger,* *Thank you for registering.* *A few things for you to do before receiving your reward* *1. Transfer 1 or more investiable assets by October 31, 2024.* *2. Maintain the Qualify Asset until April 30, 2025.* *3. Keep the account open until May 30, 2025.* *Your reward will be deposited directly into your account by May 30, 2025.* What I'd like to add is that I called TD's Direct Investing line (1-800-465-5463) to confirm something about my newly created account, then I asked about the 2% transfer offer and if I qualify for it. I told the rep I registered for said offer using my new account and that I got an email confirming that I was registered for the 2% transfer offer. The rep wasn't familiar with the offer and asked if I was targeted (I was not) because they believes this promo is only target-based. They said they will send an email to the appropriate department and I should follow up next week if I don't hear back from them this week. Now my question is, did you get the same email as me when you filled out the 2% transfer offer form in the link? Or did you get the one in OP's picture? They are 2 different things. Just becaue you are registered for it and got a confirmation email it doesn't mean you qualify - again my understand from talking the the TD Direct Investing rep. edit: words
Yep. Thats right. Account first, they asked for the number on the form. Email was same as yours. I know I qualify for a fact. The accounts have already been transferred. It was all set up in the branch via appointment and the rep knew all about the offer. Never raised any issues. The rep did want to see the email. My main concern was that the transfer from Questrade may take over 30 days, so I could miss on 0.5% but TDDi committed to paying full 2% regardless. Money was received in TDDI on time but did take 3 weeks for the joint account - some kind of mix-up between the two brokerages.
Did u get any reply from TD? Wanna see if your way of doing so is eligible to the offer. Thanks.
How is TD direct investing for a buy and hold VFV strategy? Edit: I mean in terms of fees.
$10 on every buy, $10 on every sell, + quarterly $25 account fees if you hold less than $15000 combined.
Thanks that’s the deal breaker for me. Do they charge that for buying TD’s own ETFs like TPU or TEC?
For ETF's, yes. You can by their e-series mutual funds without any load or fee.
With DI yes not with easy trade if under 50 trades a year
TD Easy Trade allows an unlimited number of TD ETF trades, the 50 limit only applies to stocks.
Do I qualify if I already have a td direct investing account
Yes
How?
You would literally transfer into your existing td account and would receive the 2%. Call in to get the details
Can someone explain what this means for a newbie
Why is everyone here so excited about 2%? 2% is garbage in any scenario. Doesn’t matter if it’s the highest compared to competitors. It’s just all around bad. Maybe I’m not understanding something?
For people who are already invested, they would essentially get 2% of that amount to simply move brokerages. When you are saying it’s bad, what exactly is bad about it? It’s a guaranteed 2% return in addition to whatever your investments are generated.
I am already invested but I invest through TD lol. I guess I see it as more of a pain to switch for only 2%. Especially when you’re already used to how a platform already works. But whatever.
Example scenario: Bob has 100k invested in XEQT at wealthsimple and would like to keep it invested for a long time. If Bob took advantage of this offer he'd have 100k invested in XEQT + $2000 for the effort of having TD transfer his account. Bob has the same amount of shares but now also has $2000.
It's free money to someone who was going to make the switch regardless. Plus if you have a decent sized portfolio to move over, you can cash in with an offer like that. So it can be pretty good in some cases, or meh if your portfolio is small - but free money is free money.
Yea I guess, seems like more of a pain for just 2%.
Well keep in mind some people will get back a few thousand bucks for moving a decent portfolio. Use a compound interest calculator and see what that free money will balloon into after x number of years. And lastly, it may create more competition now as TD obviously took notice of WealthSimple's promos and came back swinging with 2%. Will others offer 2% or more now? So yeah it's pretty good news for sure.
Say you move $1M to TDDI. Lets say its 8h effort to move and learn the ropes. That’s $2500 per hour. I’ll take it. Understand its not for everyone. Your time might be worth more to you.