If I Transfer a Stock to my US $ InvestorLine RRSP After the Record Date Where Does the Dividend Go?

Earlier this month I set up a US $ side within my InvestorLine RRSP. Then I funded it by moving some stocks I owned from the Canadian $ side to the US $ side. Unfortunately, I outwitted myself and moved them after the Date of Record for the next dividend payment. So where did the dividend appear?

TD Pays a Dividend on July 31 to Owners of Record

When I transferred some TD stock, I left most of the shares on the Canadian dollar side of my RRSP. I only transferred a portion to the new US dollar side.

The entire July 31 TD dividend payment appeared on the Canadian side of my RRSP account.

I had not been sure whether InvestorLine would push part of the dividend through to the US dollar side of the account to follow the shares or not. And I had wondered what exchange rate and fee they would apply if they did. They didn’t so they didn’t apply anything.

The Moral of the Story: Watch those Dates of Record Before Shifting Stock

As I mentioned in my earlier post, pay more attention to the date of record than I did and you can avoid this confusion!

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