Selling off shares (how to do it?)

[icarus]

Hi guys, simple question.

I've held Telus shares since the company was first publicly listed, and now I am ready to sell them off for no other reason than that I need the money. But I really don't know how to go about doing this. Do I need a stock broker? Is there a cheap and easy way to do it?

I would love to hear from anyone with experience in the stock market. Thanks.

[Sylvanfan]

I think you will need a broker of some type. First you will need to pick a broker and set up an account and than send Telus a letter of direction asking them to transfer the shares to that account. If you set up with an online broker like TDWaterhouse I think it's like $39 per trade. There probably are some cheaper options out there for you. If you're just going to sell with one transaction look for a place with no set up fee. Etrade Canada might be a good cheap optioin for you. Just make sure you don't set up a registered account. Depending on how many shares you have a good investment adviser might be able to give you some good tax advice. I had a similar thing with Manulife a few years ago but got that after I had some other investments and had investment accounts set up. I had to send them a letter stating what account I wanted the shares in. Than when I sold them I sold them through the broker.

Without reading too much fine print, this place looks cheap.

https://www.canada.etrade.com/pages/home/main.shtml




You being the rich guy who's travelled all over the world with a law degree, I'm surprised you don't have your own personal stock broker ...

[JiriHrdina]

I use TDWaterhouse and find that its a pretty easy process and if you are already with them for your banking it makes making future trades easier. My advice is to use whatever broker service is offered by your bank. Syl is right that there maybe cheaper options, but the convenience of having your portfolio linked to your regular banking makes it a good deal.

[Slava]

The best way if you just want to do a sale is to open a cheap account such as the etrade or TD mentioned above. Syl is bang on...make sure that you don't transfer this into a registered account or you will be taxed fully on the withdrawal.

I am not a stock broker, however I do work in this industry; if you need some help PM me and I'll do what I can.