Are canadian bank stock safe from Humpty Trumpty?

[HungSowel]

Yes, the CDN dividend tax credit has helped me save a lot of money in income tax. I also don't own any US securities whatsoever. I'm not a licensed financial advisor, and I've never understood converting cdn to US dollars etc I also know that the bank adds their fees to the currency exchange, as well. I'm just comfortable sticking with CDN dividend etfs, and cdn covered call etfs. I sort of use a hybrid approach. I also don't own any bonds whatsoever.

It's kind of liberating being in charge of your own portfolio. It makes me watch the stock market everyday, like a "hawk." The way I look at it, even if I make some investment mistakes (which I certainly have), at least I don't have to pay a financial advisor, any fees etc

You can use a currency broker like Knightsbridge or you can do Norbert's gambit to exchange USD/CAD cheaply.

In an RRSP account, US dividends paid to you do not get hit with a 15% withholding tax. For me, my RRSP is all US dividend stocks, If I am going to hold US dividend stock then in a RRSP is the most optimal place IMHO.

 

[mitchell76]

You can use a currency broker like Knightsbridge or you can do Norbert's gambit to exchange USD/CAD cheaply.

In an RRSP account, US dividends paid to you do not get hit with a 15% withholding tax. For me, my RRSP is all US dividend stocks, If I am going to hold US dividend stock then in a RRSP is the most optimal place IMHO.

Thanks for your excellent advice, but I don't have enough money in my RRSP, to make doing this worthwhile!!