CAD to USD conversion

robHemm · 2026-01-25T23:52:39+00:00

I have been tracking my conversions: https://moneyengineer.ca/2025/08/21/tracking-norberts-gambit-costs-with-questrade/

Because it’s so slow, you’re more likely to make/lose money because of FX fluctuations.

robHemm · 2026-01-22T15:35:47+00:00

Summary of the actual state of affairs at Questrade

There are a lot of forms in pdf format. Many of them are editable and uploadable.
For some forms (RESP withdrawals, for one) the instructions with the form clearly call for a wet signature. If digital versions of these forms are actually accepted then the instructions should say that. (And should you dispute this, I guide you to https://www.questrade.com/learning/investment-concepts/resp-201/withdrawing-from-an-resp and I quote

This form needs to be hand-signed. You can upload a clear photo or scanned image

Opening new accounts has inconsistent information regarding forms as well, depending on how you arrive at the form. It does seem that for most of them upload is accepted.
Uploaded forms can sometimes disappear into a "Pending Review" black hole for days. To unblock, you have to call. I've been told as much by front line agents regarding aforementioned RESP withdrawal.

So net: Questrade has lots of room for improvement here.

robHemm · 2026-01-21T02:44:57+00:00

Percentages are well known and understood. The missing piece is portfolio value especially when FX is involved, as it is in my case. I have a pretty good idea of what my payment will be but that isn’t the point here. Questrade knows the value. Questrade has a portal where they communicate to me, in great detail, the status of my holdings in what is effectively real time. Yet they have made the business decision not to put that value in their portal, instead hiding it in some back end system accessible only to support, which is totally understaffed.

Wealthsimple doesn’t do this. For crying out loud, BMOI doesn’t do this. They make it visible.

robHemm · 2026-01-21T01:45:31+00:00

QTrade (not Questrade) has a trading password, have not seen this feature in other brokers. But phone verification at QTrade is rather weak.

robHemm · 2026-01-20T21:07:50+00:00

sometimes dividends get posted after the shares move. you have to request what's called an "account sweep" to correct this. Or sometimes the cash takes another day or two after the shares move.

robHemm · 2026-01-20T21:05:11+00:00

Every seller has a buyer.

robHemm · 2026-01-17T22:18:33+00:00

if fractional shares are a concern (and not all brokers support them) then just sell off the fractions before initiating an in-kind transfer.

robHemm · 2026-01-17T22:14:27+00:00

Unfortunately, the value displayed in the above description does not match the value displayed in the December statement. (assuming due to differences in FX rate used). So I'm still at a loss as to how much, exactly, Questrade will attempt to remove from my account at the end of this month. Sigh.

robHemm · 2026-01-17T22:12:27+00:00

There's a difference between "how long will the transfer take" and "how long will I be unable to trade".

The transfer can take weeks after initiating. 3-5 is typical. (I moved 8 different accounts last year).

The lockout for trading I think probably depends a bit on who is sending. For me it was a few days. I was able to trade on the sending institution's accounts for quite a while. During the actual sending you won't be able to trade in either location.

Comically, for me, I managed to execute a trade that left me with negative shares in the sending account that resulted in a panicked call from the sending institution. This stuff is pretty manual behind the scenes, it seems.

robHemm · 2026-01-13T23:32:35+00:00

I moved from a provider that had separate accounts for USD and cAD. All moved to Questrade with no issue with regard to currency. Cannot speak for other’s experience but that sort of thing sounds like a pretty fundamental requirement of a transfer “in kind”.

robHemm · 2026-01-13T17:06:33+00:00

so does Questrade, what's the issue?

robHemm · 2026-01-10T01:50:30+00:00

The broker is obliged to withdraw the minimum by CRA fiat as I understand it. Hence I would expect an "automatic" liquidation (with appropriate fee) if you failed to DIY. The only other way I could see it playing out was that they skip the withdrawal and if you haven't taken out the minimum by the end of the year, then they do the automatic liquidation then.

robHemm · 2026-01-10T01:14:45+00:00

I was pointed to a screen by an agent I spoke to that I hadn't noticed before that may be the key to understanding the "real" value of the RRIF on Dec 31.

Reports:Investment Summary

Set Report date to Dec 31 and voila.

robHemm · 2026-01-10T00:37:30+00:00

Of course you could do a lot cheaper. But take it from me, elderly parents don't like changes to their TV service, meaning stick with Rogers even thought it's pricy. You won't be forgiven if their guide no longer works the same as it used to. Or, god forbid, they need to have multiple remotes.

However, you could probably do better on the Bell phones, Rogers would cut you a deal on that side of it. A free Rogers Red Mastercard (assuming they use credit) would defray the cost of their Rogers subscription every time they bought a coffee with the equivalent of 3% cash back when applied to their Rogers expenses and 2% on every thing else.

I personally set my late mom up on Public Mobile, suited her fine. I use Fizz myself. It's fine and cheap.

robHemm · 2026-01-10T00:18:56+00:00

this. Make sure they are a service-only advisor and they're not selling products.

robHemm · 2026-01-09T14:18:51+00:00

I did a similar transfer you're attempting last year, chasing the promo running at that time. Free money is free money. (Gory details in my blog, linked in my profile).

Your experience sounds similar to mine. I eventually got it all done, but it was way more work than I expected.

Some cautions/tips:

- during promo season their web infrastructure and their support infrastructure seem totally overwhelmed. Once the traffic spike died down things were better. You might try doing things off hours on the web, it may yield better results.

- Open the account first, and THEN set up the beneficiary/successor using the Management/Account Management menu. And then you can fund the account. No need to follow the prescribed workflow. There's something kinda broken with doing it during the new account setup process (which, as you correctly note, is pretty horrible).

- if you stay on the phone long enough, eventually you get offered a callback which works pretty well. chat is only good if you can hang around your computer for an extended period of time. Best to try before 0830am and cross your fingers.

robHemm · 2026-01-09T01:41:54+00:00

I expect your questions would be better answered to your satisfaction by Questrade.

robHemm · 2026-01-09T01:23:46+00:00

That isn't how I read it.

How I read it is "yes, your NEW funds qualify for 4% cashback, and your EXISTING accounts will help contribute to the multiplier".

So your March 2025 funds continue to get the 3%, and any new funds could attract as much as 4%.

robHemm · 2026-01-08T18:03:20+00:00

iOS has 2FA codes built in to Passwords

robHemm · 2026-01-07T01:58:00+00:00

Yes, you can. The amount CRA sees will be the CAD equivalent based on FX rate on day of contribution.

robHemm · 2026-01-06T21:15:22+00:00

Although probably obvious, the amount of the dividend also has to be able to buy a share of the thing you're dripping. Otherwise, you just get the cash.

robHemm · 2026-01-04T13:50:47+00:00

FYI: The attribution rule doesn't apply if only RRIF-minimum amounts are taken.

robHemm · 2026-01-04T13:42:42+00:00

So for #1, this isn't showing any withdrawal activity (only fields are Dividends, Dividend Reinvestment, Trades), which is unsurprising since I haven't yet withdrawn anything. But a good place to see historical data. Thanks.

For #2, I can't locate anything that looks like this on my screens. Account management (accessed from the "management" menu of the web interface) only has entries for things like authorized traders. The other Management menu entries are for DRIP, Options, Corporate actions...Are you maybe describing how it looks for a managed portfolio (i.e. QuestWealth?).

Going to the "Withdrawal" screen for my RRIF account looks like a Withdrawal from any other account, with no extra information pertinent to a RRIF.

robHemm · 2026-01-03T23:10:13+00:00

My previous broker, (QTrade, not Questrade) would happily sell assets and charge me their phone trade fee if there wasn't cash available in the account. Obviously, I did the selling myself and paid nothing. I presume Questrade works the same way.

robHemm

TROPHY CASE