Hey,
So I'm opening an account with Questrade and I have a small account and want to avoid PDT. I know PDT only affects margin accounts and i want to open an cash account, but from their Self-directed accounts my options are Margin, Registered & TFSA and some other irrelevant ones. I was looking to open a TFSA but im not sure if this counts as a "cash" account. I dont think theres such thing as a margin TFSA, so it must be cash, meaning I dont have to worry about PDT right? (I know without margin i cant short sell)
Any other Canadians trading in a TFSA with a small account?
Also i read on a forum that Questrade doesnt care about pattern day trading in accounts under 25K regardless of margin or not, is this true?
Any help is great,
Thanks
@Ban60k I understand it perfectly these are finer details that may be confusing, @HaukeCapital PDT rule does apply to Canadians who trade US stocks on US exchanges, and you dont need a margin to trade US securities, i traded with a Cash account at TD direct investing US securities for a few months, perfectly fine, and TFSA's allow only 5K room to deposit per year, you can get up to 6 figures before CRA will tax your trading TFSA for "Business Income" yeah questrade is closed and i dont want to w
wait till tommorow ahah, Thanks for your comment! Do you trade US stocks with you canadian broker if so which one do you use?
I use virtualbrokers.com and IB to trade US securities.
I have been trading using questrade since June 2016. I reside in Toronto Canada. The PDT rule doesn't affect me at all. I have a margin acct. I'm not too sure about the TFSA acct yet. But I plan to open one in the future. I only trade the Nasdaqs and OTCBB. I don't trade canadian stocks.
Join now or log in to leave a comment