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transfer stocks to another account RRS feed

  • Question

  • We opened a joint un-registered investment account. My wife and I want to transfer the stocks from our individual accounts to the joint account. The process looks pretty labor intensive. Does anyone have any advice / experience for doing this? 

    Thomas A Roberts

    Friday, September 6, 2019 3:34 AM

All replies

  • Is this a Canadian account as described here?:

    https://www.investopedia.com/terms/u/unregistered-account-/-nonregistered-account.asp

    Do you know the process for your financial institutions, and you are wanting to know how to represent this in Microsoft Money Plus?


    Friday, September 6, 2019 1:47 PM
    Moderator
  • The transactions were done a few days ago. We are talking about 6 accounts

    USD - me

    USD - wife

    CAD - me

    CAD - wife

    USD - joint

    CAD - joint

    The guidance I am looking for is how to transfer the buy, sell, dividend, reinvest dividend, transactions in Money from the individual accounts to the joint accounts.


    Thomas A Roberts


    • Edited by TR19 Sunday, September 8, 2019 3:23 AM
    Sunday, September 8, 2019 3:21 AM
  • In general, I think that it is best to make the transactions in Money match, as much as possible, with transactions in the real world.  In your case, I would set up empty joint accounts and then transfer just the holdings from your individual accounts to the joint accounts.  All the buy, sell, dividends etc. transactions will remain in the individual accounts.  I can't speak to Canadian tax rules, but for the US, I think that creating new, empty joint accounts would be necessary to allow creation of year-end 1099 forms with the correct ownership of the dividends and capital gains income.  Maybe one of our tax gurus can chime in on that. 

    I believe that Money will carry over the correct cost basis for the investments, but I have not experimented to verify that.  In any event, you should always check Money's capital gains numbers.  I find that they do not always exactly match the 1099.

    This presumes that the joint accounts are really new, empty accounts at your financial institution.  If, on the other hand, your financial institution really did move all the transactions from the individual accounts to a new joint account, then you may want to do the same.  In practice, you can just move transactions from one individual account to the other individual account and then rename the receiving account as the joint account.  It's tedious, - right click and "Cut and Paste to Account" for every transaction, but at least you only have to do it for one account.


    Bill Becker

    Sunday, September 8, 2019 5:15 PM
  • Make copies of your file before trying something. Make more descriptively-named copies of any intermediate stages.

    Let's say the wife's accounts have more transactions. I would rename the Wife accounts to Joint accounts.

    Then export all "me" accounts to Loose QIF files. Name those files meaningfully,

    When you choose a filename for an investment account, I suggest that you
     make the first character of the filename to be a number.
     Start the filename of other accouts with a letter.   Thus you might have
     1BrownInvestment.qif and BrownInvestmentCash.qif.  This would cause
     the investment account to be processed prior to the associated cash
     account.  When the BrownInvestment got created, you would specify
     that you want to track the cash transactions.  Then specify that
     the cash transactions account for BrownInvestment was where the
     BrownInvestmentCash.qif transactions get sent.

     Once you have all of the QIF files saved, that will be a milestone. Review the filenames to make sure they are meaningful. Now import all of the new QIF files all at once into the Joint accounts. 

    When you import the files all at once, they will be brought in in alphanumeric (number first) order.  
     Then File->Import ALL AT ONCE using Ctrl+<click> to select files.
     Specify "New or Recovered" account when asked. The reason for the all-at-once
     thing is to allow Money to recognize transfers, and to allow investment transactions
    to match up to the cash account entry. However some transfers may be to other accounts, so expect significant cleanup.

    Delete the "me" accounts.

    For this work to make sense, I would infer the original basis and basis dates matter.

    Alternatively, you could do a bunch of CopyAndPastes, starting with the oldest transaction, from My accounts to the Joint versions. Then delete the My accounts. 


    Sunday, September 8, 2019 8:38 PM
    Moderator