Investing in Canada through Scottrade
Join Date: Jan 2006
Posts: 772
Does anyone have experience doing this, and is there any difference between buying the same company from the Toronto Exchange or the NYSE?
I'm interested in IAMGOLD, IAG on NYSE, IMG on TSX. I want exposure to the Canadian Dollar; do I get that either way? neither way? or only when I invest through the TSX?
Additionally, what other mining companies are you looking at as good plays?
Fifield
Join Date: Oct 2006
Posts: 599
IT shouldn't make a difference on what exchange you buy it on other than the currency the dividend is paid in.
Join Date: Jan 2006
Posts: 2,048
depending on your broker you'll probably end up having to pay a pretty heavy exchange rate, because you're buying in CAD. I appreciate you want canadian exposure, but it sucks if you're going to have to buy and sell into USD.
I'm a canadian and my canadian broker has separate accounts for USD and CAD securities, and separate cash accounts for both. To move money between currencies I use xetrade.
