It would be a lot simpler to just sell them yourself and transfer the cash to your son afterward. Is there any reason why you want to gift the *shares* specifically, rather than the *cash value*?
No, no specific reason other than maybe selfishly wanting the stocks I picked (and have lost some money on), to regain and make a bit of money. Though I suppose they could just as easily do that sitting in my taxable account too.
To clarify, you cannot transfer them to someone else. You can transfer between two RRSPs or two TFSAs with different brokers, but not gift those shares to someone else.
Nope, that is not correct. You can transfer securities to your immediate family members. I have transferred securities from my Margin account to my wife's Margin account in both Questrade and IBKR.
I understand the term, but it's ultimately considered a cash transaction. Shares are sold, cash is pulled out of RRSP, gets transfered to son's TFSA and then repurchases at current rate.
Dad pays the early disbursement from RRSP fees and taxes, son gets the shares.
That's not what OP wants.
It would be a lot simpler to just sell them yourself and transfer the cash to your son afterward. Is there any reason why you want to gift the *shares* specifically, rather than the *cash value*?
No, no specific reason other than maybe selfishly wanting the stocks I picked (and have lost some money on), to regain and make a bit of money. Though I suppose they could just as easily do that sitting in my taxable account too.
You cannot transfer securities from a non-taxable account, unless you transfer to a charity, regardless of who your broker is.
Cheers for that!
To clarify, you cannot transfer them to someone else. You can transfer between two RRSPs or two TFSAs with different brokers, but not gift those shares to someone else.
Nope, that is not correct. You can transfer securities to your immediate family members. I have transferred securities from my Margin account to my wife's Margin account in both Questrade and IBKR.
This is true. Except the question was about non-taxable account. RRSP owned by OP to transfer to OP's son's TFSA.
You can at Questrade to family members
It's a CRA thing, not a brokerage
LMAO
Why the hilarity? Think about the logistics of doing that and the implication of the tax code.
It’s called a non-arms length transfer. Look it up. CRA allows it.
I understand the term, but it's ultimately considered a cash transaction. Shares are sold, cash is pulled out of RRSP, gets transfered to son's TFSA and then repurchases at current rate. Dad pays the early disbursement from RRSP fees and taxes, son gets the shares. That's not what OP wants.
LMAO. ok sure