PrincessNED
<font color=teal>I can certainly attest it was not
- Joined
- Oct 21, 2005
- Messages
- 371
There is no charge or loads for the USD Money market fund. It is a mutual fund investing exclusively in US denominated short term investments ( tbills corp paper etc) so the only fees are the management expenses which are already out when the yield is quoted.
There are a few ways you can buy the fund -
1) through an investors edge discount brokerage account as I described. Here though you have to be careful as depending on the amount in the account there is a maintenance fee if the value of the account is below $5k at Sept 15. The maintenance fee is waived if you also have a self directed RRSP
The benefit of the Investors Edge route is you can transfer funds from the USd bank account and buy more of the fund online and you can also hold other types of investments in it like other mutual funds from varied companies , canada savings bonds , stocks such as disney shares etc
2) alternatively, if all you want is the USD money market fund you can visit a personal banking rep (at any branch) that is registered to sell mutual funds and they can open an account exclusively with CIBC Securities Inc and you won't have a maintenance fee. However you can not do online transfers though I believe they can arrange for you to transfer via phone with a call centre.
3) lastly you may perhaps qualify as an Imperial Service client if you have enough financial planning and investment management issues. You would then purchase the fund inside an Imperial Investors Services account ( very similar to an investors edge account) with the assistance of your Financial Adviser. No maintenance charges regardless of balance in these type of accounts but you generally need 100k plus in investable assets ( RRSP, Non registered, holding companies etc) , a large mortgage, six figure income or some combination etc to qualify for Imperial Service. It's worth asking at your branch if you might qualify. The advice you get from an Imperial Service Financial Adviser ( This is what I do) is very good.
There are a few ways you can buy the fund -
1) through an investors edge discount brokerage account as I described. Here though you have to be careful as depending on the amount in the account there is a maintenance fee if the value of the account is below $5k at Sept 15. The maintenance fee is waived if you also have a self directed RRSP
The benefit of the Investors Edge route is you can transfer funds from the USd bank account and buy more of the fund online and you can also hold other types of investments in it like other mutual funds from varied companies , canada savings bonds , stocks such as disney shares etc
2) alternatively, if all you want is the USD money market fund you can visit a personal banking rep (at any branch) that is registered to sell mutual funds and they can open an account exclusively with CIBC Securities Inc and you won't have a maintenance fee. However you can not do online transfers though I believe they can arrange for you to transfer via phone with a call centre.
3) lastly you may perhaps qualify as an Imperial Service client if you have enough financial planning and investment management issues. You would then purchase the fund inside an Imperial Investors Services account ( very similar to an investors edge account) with the assistance of your Financial Adviser. No maintenance charges regardless of balance in these type of accounts but you generally need 100k plus in investable assets ( RRSP, Non registered, holding companies etc) , a large mortgage, six figure income or some combination etc to qualify for Imperial Service. It's worth asking at your branch if you might qualify. The advice you get from an Imperial Service Financial Adviser ( This is what I do) is very good.
