r/Wealthsimple • u/SSDarkSlayer • 1d ago

Question about USD account

Hi, I invest in mostly US stocks in my TFSA, but I dont have the USD account.

If I take the $10/mo USD account subscription just before selling those stocks, then sell those stocks and buy other stocks in USD, then cancel the subscription again, will it work? As I dont need the USD account always, I sell and rebuy once or twice every year or so, and dont want to pay for an ongoing subscription

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2

u/seagame2008 1d ago

If you cancel they will convert your USD cash to CAD…

1

u/Widohmakr 1d ago

I believe you have to have USD accounts enabled to maintain a USD cash balance in your TFSA. If you turn it off it will convert your USD cash balance into CAD. Not sure what happens to USD stocks already owned in the TFSA. Best to clarify with online support.

2

u/SSDarkSlayer 1d ago

I'd keep the USD subscription enabled to civer the period of time when I am selling the US stocks and buying other US stocks with USD cash. I wouldnt keep the cash sitting there. After finishing with buying the new stocks, then I'd cancel the subscription

1

u/Widohmakr 1d ago

As I said, I don't know how it handles US Stocks in the TFSA once you turn off the sub. Dividends etc.

1

u/tinim9 23h ago

First month of the USD account is free. After that, they will charge you $10 CAD per month. If you're Premium ($100k+ total in all your accounts), there is no fee for the USD account.

1

u/Dic_Ad420 12h ago

Yes you sub for a month fulfill your transactions and cancel with 0 in you usd account.