本文发表在 rolia.net 枫下论坛There are several ways to setup your account for stock trading. The following two may be among the most popular ones:
1. If you already have banking account in such banks as Royal Bank, TD, CIBC, Scotia, Montreal etc, you can call them or go to your home branch, asking them to open stock trading accounts. They will ask you some questions and fill out some forms. Usually the account will be ready within one week. They can setup accunts for both US and Canadian stock market trading, so you can do stock transctions in TSE, Nasdaq etc. You can transfer money from your savings or cheuqing account to your investment account and vs versa.
2. There are some online stock brokers such as E*Trade, they offer such service as well. Personlly I do not have such experience, but you can go to their web site for details.
As for the commission fee, it maybe different from bank to bank. For example, in Royal Bank, the minimuim commission for each transaction is CAD 29.95 or USD 29.95 - depends on which stock market you are trading. But in CIBC, the minimuim is 25.00 each - I believe this is the lowest in the Big Fives. However, you may pay even lower commission in those online brokers. If you are a very active trader, it maybe a good idea. But for those long-term investor, or people do not trade often, like myself, it does not really matter. I have my own trading account in the same bank, which I feel pretty convenient - in terms of money transfer, monthly statement etc.
At end of each year, usually in Jan or Feb, you will get a year report from the financial instituation. You have to figure out you capital gain or loss. This is needed when you do the TAX return. If you have capital gain, for sure you need to pay the money for tax. If you have capital loss, the govenment will not compensate you for the loss. However, your loss can be forwared to the next year and even further, such as to level of your capital gain, if any.更多精彩文章及讨论，请光临枫下论坛 rolia.net
1. If you already have banking account in such banks as Royal Bank, TD, CIBC, Scotia, Montreal etc, you can call them or go to your home branch, asking them to open stock trading accounts. They will ask you some questions and fill out some forms. Usually the account will be ready within one week. They can setup accunts for both US and Canadian stock market trading, so you can do stock transctions in TSE, Nasdaq etc. You can transfer money from your savings or cheuqing account to your investment account and vs versa.
2. There are some online stock brokers such as E*Trade, they offer such service as well. Personlly I do not have such experience, but you can go to their web site for details.
As for the commission fee, it maybe different from bank to bank. For example, in Royal Bank, the minimuim commission for each transaction is CAD 29.95 or USD 29.95 - depends on which stock market you are trading. But in CIBC, the minimuim is 25.00 each - I believe this is the lowest in the Big Fives. However, you may pay even lower commission in those online brokers. If you are a very active trader, it maybe a good idea. But for those long-term investor, or people do not trade often, like myself, it does not really matter. I have my own trading account in the same bank, which I feel pretty convenient - in terms of money transfer, monthly statement etc.
At end of each year, usually in Jan or Feb, you will get a year report from the financial instituation. You have to figure out you capital gain or loss. This is needed when you do the TAX return. If you have capital gain, for sure you need to pay the money for tax. If you have capital loss, the govenment will not compensate you for the loss. However, your loss can be forwared to the next year and even further, such as to level of your capital gain, if any.更多精彩文章及讨论，请光临枫下论坛 rolia.net