Time to move on from DRIPS

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Thomas Dearman

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May 22, 2021, 1:27:20 AM5/22/21
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Hi All,

I started Dripping in 2008 and the time has come to move on and open a brokerage account. I have own shares in 15 different Canadian Drip companies under both Computershare and AST. How do I go about moving the shares out of there?

Thanks

GLSmyth

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May 22, 2021, 9:30:52 AM5/22/21
to Dividend Investing for Canadian Investors
Before selecting a broker, find out if there is a charge for transfer.  I was going to transfer my traditional DRiPs to my broker but found out that the broker has a fee for transferring into my account.  Strange.  That is why the DRiPs I currently have will remain where they are, and new purchases will go through my broker.

Cheers -

george

Matthew Kwong

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May 22, 2021, 9:50:34 AM5/22/21
to dripinvestingorg...@googlegroups.com
Going through the same process;
For computershare I have asked them to move into electronic or “book” holding which can be moved easily.  my broker charged about $100.
It is quite simple to move electronically the book records and there are no lost certificates. Turnaround time was about 1 week.  
Somehow the agents sent me certificates for Scotia bank, so now I have to send the certificate to them, and ask for them to be transfer into a book/electronic  holding. Only drawback is lost certificates, delay and a minor cost for shipping. 

For ast, the agent told me not every company can be transfer into book holding.  I am planning to move out Cibc and emera because they said they can transfer it to a book holding.

I also tried another method which was to request a riocan certificate from ast (when the drip ended) and then deposited into BMO InvestorLine. No fees for certificate, just a fee for tracked delivery from Canada post.  

Looking forward to hearing collective thoughts of the group.
Mkwong 



On May 22, 2021, at 9:30 AM, GLSmyth <george...@gmail.com> wrote:

Before selecting a broker, find out if there is a charge for transfer.  I was going to transfer my traditional DRiPs to my broker but found out that the broker has a fee for transferring into my account.  Strange.  That is why the DRiPs I currently have will remain where they are, and new purchases will go through my broker.
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GLSmyth

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May 22, 2021, 11:07:30 AM5/22/21
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Canadians have a more difficult time of it than we do in the U.S.  It looked to be more of a hassle to me than worth moving the shares.  As I am retired I will eventually look to get the dividends sent to me as cash, as opposed to reinvesting, and it doesn't really matter to me as to the source of the check.  Bookkeeping is simplified when everything is in one place, but that is what my spreadsheet is for. (g)

Cheers -

george

Thomas Dearman

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May 22, 2021, 8:20:53 PM5/22/21
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So with 15 different Drips can I take them to a broker tied to my bank (CIBC) and is there any cost to deposit them? I looked online at a few differemt ones and don't see anything posted about a cost to deposit a certificate??

Anyone done this before? Which broker did you use??

Matthew Kwong

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May 22, 2021, 8:34:35 PM5/22/21
to Thomas Dearman, Dividend Investing for Canadian Investors
No cost to deposit at BMO InvestorLine

> On May 22, 2021, at 8:20 PM, Thomas Dearman <thomasd...@gmail.com> wrote:
>

Enrich Living

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May 23, 2021, 8:08:37 PM5/23/21
to Dividend Investing for Canadian Investors
You'll need to submit a written request/letter to terminate the DRIP plan, which will sell the fractional shares (TA will issue a small cheque for this). Ask to also withdraw the remaining whole shares from the DRIP plan, either to a certificate or Book/DRS format (if available - some companies do not have this option).

Ordering certificates vs Book/DRS? Nowadays, probably book/DRS is the better option. Certificates take longer to issue from the TA, have physical value and will need to be re-ordered if lost.

CIBC is free for certificate deposits. If the shares are in book/DRS format they can also do them for free but in my experience will take a few days longer than certificates to show up in the brokerage account. They will need the DRS statement.

Commission-free trades: Wealthsimple is free for book/DRS format only, but they cannot do certificate deposits. If not in a rush, an option is to deposit existing certificates with the transfer agent to 'convert' them to DRS/book, or transfer them to someone else to get rid of them. Then terminate the DRIP plan, withdraw all whole shares as DRS/book format, then transfer to Wealthsimple.

Bill Martin

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May 24, 2021, 7:01:30 PM5/24/21
to dripinvestingorg...@googlegroups.com

Hi the question I have is that if you own a stock in which you have a certificate and also have a share as a book entry at AST.  I guess it would be better to send the share and an accompanying letter to the transfer agent requesting that they add the certificate to my book entry and this would be done free of charge?  I totally agree not having to worry about losing a certificate.  In passing, both the certificate and book share show on my account presently.

 

From: 'Enrich Living' via Dividend Investing for Canadian Investors [mailto:dripinvestingorg...@googlegroups.com]
Sent: May 23, 2021 8:09 PM
To: Dividend Investing for Canadian Investors
Subject: Re: Time to move on from DRIPS

 

You'll need to submit a written request/letter to terminate the DRIP plan, which will sell the fractional shares (TA will issue a small cheque for this). Ask to also withdraw the remaining whole shares from the DRIP plan, either to a certificate or Book/DRS format (if available - some companies do not have this option).

 

Ordering certificates vs Book/DRS? Nowadays, probably book/DRS is the better option. Certificates take longer to issue from the TA, have physical value and will need to be re-ordered if lost.

 

CIBC is free for certificate deposits. If the shares are in book/DRS format they can also do them for free but in my experience will take a few days longer than certificates to show up in the brokerage account. They will need the DRS statement.

Commission-free trades: Wealthsimple is free for book/DRS format only, but they cannot do certificate deposits. If not in a rush, an option is to deposit existing certificates with the transfer agent to 'convert' them to DRS/book, or transfer them to someone else to get rid of them. Then terminate the DRIP plan, withdraw all whole shares as DRS/book format, then transfer to Wealthsimple.

On Saturday, 22 May 2021 at 17:20:53 UTC-7 thomasd...@gmail.com wrote:

So with 15 different Drips can I take them to a broker tied to my bank (CIBC) and is there any cost to deposit them? I looked online at a few differemt ones and don't see anything posted about a cost to deposit a certificate??

 

Anyone done this before? Which broker did you use??

On Saturday, 22 May 2021 at 09:50:34 UTC-4 drk...@gmail.com wrote:

Going through the same process;

For computershare I have asked them to move into electronic or “book” holding which can be moved easily.  my broker charged about $100.

It is quite simple to move electronically the book records and there are no lost certificates. Turnaround time was about 1 week.  

Somehow the agents sent me certificates for Scotia bank, so now I have to send the certificate to them, and ask for them to be transfer into a book/electronic  holding. Only drawback is lost certificates, delay and a minor cost for shipping. 

 

For ast, the agent told me not every company can be transfer into book holding.  I am planning to move out Cibc and emera because they said they can transfer it to a book holding.

 

I also tried another method which was to request a riocan certificate from ast (when the drip ended) and then deposited into BMO InvestorLine. No fees for certificate, just a fee for tracked delivery from Canada post.  

 

Looking forward to hearing collective thoughts of the group.

Mkwong 

 

 

 

On May 22, 2021, at 9:30 AM, GLSmyth <george...@gmail.com> wrote:

Before selecting a broker, find out if there is a charge for transfer.  I was going to transfer my traditional DRiPs to my broker but found out that the broker has a fee for transferring into my account  Strange.  That is why the DRiPs I currently have will remain where they are, and new purchases will go through my broker.

 

Cheers -

 

george

On Saturday, May 22, 2021 at 1:27:20 AM UTC-4 thomasd...@gmail.com wrote:

Hi All,

 

I started Dripping in 2008 and the time has come to move on and open a brokerage account. I have own shares in 15 different Canadian Drip companies under both Computershare and AST. How do I go about moving the shares out of there?

 

Thanks

 

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Enrich Living

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May 25, 2021, 8:18:25 PM5/25/21
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If you already have a share in book entry then that means that company supports DRS/book and you should be able to convert it from certificate to DRS/book for free. There is a distinction between DRIP shares and DRS/book shares though. Both DRIP and DRS/book are non-physical, but DRIP shares are in the DRIP and DRS/book are outside the DRIP. Some companies just have certificates and DRIP shares, but not DRS/book shares.

If you're in a major city with an AST office you may be able to walk it in. Otherwise, mail. If it's just a one-share cert I wouldn't bother sending it insured/tracked but that's just me.

Thomas Dearman

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Aug 3, 2021, 11:15:41 PM8/3/21
to Dividend Investing for Canadian Investors
Is there a template to send to the transfer agents requesting the shares to be put in either DRS or Certificate form and to cancel the Drip?

Thanks

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