RE:Re TFSA SPIN OFFSSuggardaddy68 wrote:
just seen this posted by a mortgage broker on a leading financial website, to date Qtrade has not sent me anything of this nature, what strikes me as odd is the spin offs which sit with zero name other than a registered # and no par value in my TFSA do not say if they are US based equities or not, how can a financial institution either threaten a security holder with confiscation of security if they dont remove them from the tfsa. Any feedback appreciated Important for Canadian Investors Just had something happen to me that could easily of led to me losing thousands of shares had I not paid attention and actually got/read my mail... So I was playing the "shell run" of early 2018 when everyone was trying to guess the next shell to become a cannabis company. I bought a company called $TFS. It turned into $PIL. It lost over 90% of it's value, while instead issuing numerous shares in 7 different PubCo's. Which leads me to the purpose of this post. I bought $TFS in my TFSA (hence why this is only for the Canucks). Consequently, when these 7 PubCo's were issued to me, they went straight into my TFSA. Only one problem...these were not TFSA eligible. I got a notice in the mail stating I had 90 days to rectify this or TD will sell these shares to themselves for $0.01, and consequently taking my shares. I have since rectified this and moved them into my cash account, but this is a great lesson for anyone who has had SpinCo shares issued to you inside of your TFSA. They may not be eligible (especially if they're not public yet like mine are), and if you do not act on this you could LOSE YOUR SHARES as it is supposedly company policy to do so. Be careful friends. -Be in the know and FTM
Hey, how did you transfer these shares into your cash account, I phoned TD and they are giving me the runaround saying I need a chartered accountant in order to assign a value in order for them to move them to a cash account. Thanks