Getting started with DRIPs and SPPs (Part 4 of 4)
DRIPping Canadian dividend-paying stocks can be fun but more importantly, it can be an excellent wealth-building strategy.
Imagine building some passive income from Canadian dividend-paying stocks over the next few years, commission free, buying these stocks whenever you want! Does this sound too good to be true?
It might but this process does really exist and through my comprehensive series.
Today’s post will highlight the process I personally used to get starting with DRIPping.
Step #1 – Research DRIP plans and determine the company you want
Step #2 – Open a Discount Brokerage Account and put money in it
Step #3 – Buy the stock through your Discount Brokerage Account
Step #4 – Order the stock you purchased in “Certificated Form”
Step #5 – Start company transfer agent paperwork to enroll the stock in DRIP with SPP
Step #6 – Mail your transfer agent forms and letter of direction
Step #7 – Send a cheque as part of your share purchase plan (optional cash purchase), and enjoy!
And there you have it! You’re done!