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Hi Sherry. I’m a non-resident Canadian working overseas in Asia. I use TD WebBroker and HSBC InvestDirect for my index funds. Do you know how to get these brokerages to help me do a DRIP?
You have to call them. The brokerages you are referring to are pretty traditional, and not the kind of discount brokerage that would have a Chat function or a DIY section where you can fill out the forms and submit them.
My brokerage is Questrade, and as they are a discount one, I just found a form that they had aptly called DRIP Dividend Reinvestment Plan, and chose the stocks and funds I wanted to DRIP.
Not all stocks and funds can be added to DRIP. Not all brokerages do this. You need to contact them and ask.
I googled it just for TD WebBroker and I got:
Dividend Reinvestment Plan (DRIP)
A Dividend Reinvestment Plan (DRIP) allows you to purchase additional shares or mutual fund units automatically from the cash dividends paid on eligible securities, without incurring commission costs. TD Direct Investing handles everything directly for you — from dividend collection to reinvestment and safekeeping.
To set up a DRIP in your TD Direct Investing account, contact an Investment Representative:
1-800-465-5463 or (416) 982-7686
24 hours a day, 7 days a week
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