You will need to provide
your ShareOwner account number and the amount you wish to withdraw.
You can withdraw the available cash from
your ShareOwner Account by providing a signed, written request either through surface mail or fax, or by speaking with a Representative at 1-800-268-6881 or 416-595-9600 (Greater Toronto Area).
To transfer cash from one
ShareOwner account to another, you will need to send a signed, written request, either by surface mail or fax, indicating the amount of cash to transfer.
I'm also considering
a ShareOwner account using their model portfolio service.
Not exact matches
What about keeping all of these in a Canadian
ShareOwner type broker
account?
When you open an
account, you can select one of
ShareOwner's five model portfolios, or you can create your own from a list of almost 50 ETFs.
Another caveat:
ShareOwner, like most brokerages, does not allow investors to hold US cash in registered
accounts.
My thanks to reader Steve, who recently opened
account with
ShareOwner and gave me his impressions of its strengths and weaknesses, and to those who shared their own experiences in the comments section of the previous post.
ShareOwner Investments (formerly the Canadian
Shareowner's Association) is a dealer that allows investors to trade stocks and ETFs in both registered and taxable
accounts.
ShareOwner has no
account fee for their unregistered
account, but their annual RRSP fee is a whopping $ 79.
ShareOwner total fees for one year would be 3 * $ 9.95 * 12 = $ 358.20 for an open
account which is 8.5 % of the purchase price.
ShareOwner total fees for one year would be $ 40 (max) * 12 = $ 480.00 for an open
account, which is 11.4 % of the purchase price.
Securities in your
account are protected up to $ 1,000,000 CDN through the brokerages we use, which are Virtual Brokers, Division of BBS Securities Inc. and Canadian
ShareOwner Investments Inc..
The
ShareOwner structure is great for beginners, people with smaller
accounts, people who just want a «set it and forget it» style, and perfect for people doing quarterly / biannual / annual purchases etc... It's not for people who want the flexibility and control of a discount or full service broker.
If you're looking for investing ideas that will mesh well with an
account at this firm, consider
ShareOwner's own research products.
All types of
accounts are available from
ShareOwner, but mind the annual administration fees.
Investors making a Pooled trade provide
ShareOwner with online instructions: (1) to buy, with cash in their
account or with an electronic - funds transfer from a bank; (2) to sell, and to deposit the proceeds into their
account or to receive a cheque.
Once
ShareOwner receives your cheque, the funds will be posted to your
account within one business day.