Quote:
Originally Posted by dat_steve
Quick question for you guys:
Is there such thing as a USD TFSA direct trading account? (specifically with TD waterhouse)
backstory:
My understanding is that in order to trade a ticker under a US exchange, say GOOG, I would buy the shares with my current TFSA trading account which is in CDN. So i would therefore take an FX hit upon purchase as well as one upon selling.
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Call TD Waterhouse and they can set up this thing for you where every time you sell a stock in USD, rather than converting it back into CAD it will purchase US$ money market funds. When you decide to purchase more US stocks again you can then directly use the US$ money market funds. It's the best way to avoid converting currencies twice and still give you the flexibility.
Don't quote me on this but I believe this process is called "washing your trades"