BMO Investorline

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Re: BMO Investorline

Post by chufinora »

eulogy wrote:Another question, Do you need to be employed to open up a brokerage account? I'm currently in my sabbatical and just curious if it is required - as they ask about employment (I'm pretty sure you're required to answer)...
No how would the retired open accounts if you had to be employed. I opened a new account last year and answered "unemployed" never know how to answer that question as I don't yet feel retired.
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Re: BMO Investorline

Post by eulogy »

So I just signed up at BMO IL and I got a letter in the mail regarding AccountLink. And as far as I can figure out, your non-registered account can be used just like a chequing account for free. Write checks, pay bills, direct deposit, etc and all the banking things that come with a chequing account.

Am I understanding this correctly? If so, that's great. I won't need a savings account at TD to have access to a teller (main banking with Tangerine).
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Re: BMO Investorline

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Yes, but the MyLink account comes with only one free withdrawal per month. Check the T's and C's. I don't bank at BMO so the MyLink account is a great way to move money out of my BMO IL account.

If you want to use it as a regular chequing account, you may want to specifically open a stand alone chequing account and then just e-transfer money back and forth as necessary.
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Re: BMO Investorline

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Oh I see from the terms.
If you already have a BMO Bank Of Montreal Everyday Banking Plan...
Enjoy free banking transactions by having your AccountLink service added to your existing bank plan.

If you want to use AccountLink service, but don't want a BMO Bank Of Montreal Banking Plan...
enjoy two free debit transactions each month.
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Re: BMO Investorline

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eulogy wrote:So I just signed up at BMO IL and I got a letter in the mail regarding AccountLink. And as far as I can figure out, your non-registered account can be used just like a chequing account for free. Write checks, pay bills, direct deposit, etc and all the banking things that come with a chequing account.

Am I understanding this correctly? If so, that's great. I won't need a savings account at TD to have access to a teller (main banking with Tangerine).
I do this, but in my case it's by no means free: I use my BMOIL account as my main chequing account. In order to get more transactions/month, I choose to sign up with one of their Banking Plans -- the usual "pay this amount each month unless you keep a minimum balance of $X" arrangement. I'm very pleased with the way BMOIL thus integrates my brokerage accounts with my chequing account.
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Re: BMO Investorline

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Does BMO-IL have tax slips online somewhere? If so, where the h**l are they?
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Re: BMO Investorline

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Have never seen T5s or T3s online at BMOIL.
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Re: BMO Investorline

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AltaRed wrote:Have never seen T5s or T3s online at BMOIL.
Thanks (I think). I guess that temptingly-titled "eDocuments" link is just there as an annoyance :evil:.
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Re: BMO Investorline

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:lol: Good for trade confirmations, statements and that kind of stuff. A PITA of course. No reason why the tax slip and accompanying data cannot be a PDF :roll:

I got my BMO IL T3s last Friday....and they were also up on MyAccount at CRA as well. One difference - the T3 data is listed by security on MyAccount while the T3 slip itself is aggregated data. Same thing with my Scotia iTrade T3s too.
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Re: BMO Investorline

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BMO-IL promised me 3 years ago that they were working on getting tax information slips online and it was considered a priority. I said, "when do you think that will be ready?" and they said, "hopefully by tax season". Then I would call back in April and they would explain that there were other development priorities that took precedence but that they were still working on it "hopefully by next tax season". I express my opinion that this is the single most important development that is lacking on their website. Rinse and repeat this same conversation every year for 3 years. I'm not impressed. How hard can it be???
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Re: BMO Investorline

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AltaRed wrote:I got my BMO IL T3s last Friday....and they were also up on MyAccount at CRA as well. One difference - the T3 data is listed by security on MyAccount while the T3 slip itself is aggregated data. Same thing with my Scotia iTrade T3s too.
Also MyAccount is very awkward. I suspect that's partly due to CRA's obsession with security and thwarting hackers. I get that. It's embarrassing when breaches get reported in the media.

But it also means that if I use my browser's Back button to go back to the list of securities their system detects a possible hack and makes me login again. I'd like to see them offer a download CSV/text option. I can do that once, then compare what they have with what I have at my leisure.
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Re: BMO Investorline

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AltaRed wrote:I got my BMO IL T3s last Friday.
as did I. I don't rely on them anymore and instead go directly to the T3s posted by each company.
This allowed me to submit my return a month earlier: I got my tax refund on Monday of this week and I am one of those paper-submitting hold-outs (to avoid any requests for further information from CRA).
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Re: BMO Investorline

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Wow, I didn't realize you could get all the T3, T4, and T5 data directly from CRA's My Account. Is there really any reason to wait for your T3/T5's to arrive by mail? Presumably, CRA wouldn't care if you entered all the data by security (like on the CRA's T3s) instead of as a single consolidated entry (like on BMO's T3).
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Re: BMO Investorline

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snowback96 wrote:Presumably, CRA wouldn't care if you entered all the data by security (like on the CRA's T3s) instead of as a single consolidated entry (like on BMO's T3).
They don't care because they can't know. If you NetFile (or your accountant eFiles) then all CRA gets are sets of consolidated numbers for each box on each type of slip.
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Re: BMO Investorline

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Bylo Selhi wrote:I'd like to see them offer a download CSV/text option. I can do that once, then compare what they have with what I have at my leisure.
That would also allow tax software programs to import CSV files from My Account, thus eliminating discrepancies due to transcription errors.
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AltaRed
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Re: BMO Investorline

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snowback96 wrote:BMO-IL promised me 3 years ago that they were working on getting tax information slips online and it was considered a priority. I said, "when do you think that will be ready?" and they said, "hopefully by tax season". Then I would call back in April and they would explain that there were other development priorities that took precedence but that they were still working on it "hopefully by next tax season". I express my opinion that this is the single most important development that is lacking on their website. Rinse and repeat this same conversation every year for 3 years. I'm not impressed. How hard can it be???
Scotia iTrade is in a similar position. They keep saying....someday. That said, having tax slip info on CRA's MyAccount kind of makes the need for that information redundant (other than those who just got to have a PDF stored away on an HDD/USB somewhere.

Two areas BMI IL could improve on is: 1) additional work on their 'new' Fixed Income section, allowing one to filter bonds et al by public vs private (corporate) sector and Moodys/DBRS ratings, and 2) the ability to put in expressions of interest/buys for IPOs/secondary offerings.

Both of those are available at Scotia iTrade albeit I don't buy IPOs, but in some cases, I like to see what the market is doing wrt existing shares whenever a secondary offering hits the market AND I could be interested in a secondary offering if it is priced to my liking.
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Re: BMO Investorline

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Two areas BMI IL could improve on is: 1) additional work on their 'new' Fixed Income section, allowing one to filter bonds et al by public vs private (corporate) sector and Moodys/DBRS ratings, and 2) the ability to put in expressions of interest/buys for IPOs/secondary offerings.
They could start recording reinvested MF dividends in a one line entry, using that revolutionary Chinese concept from the 1st century BC, decimal fractions, to combine the units and the thousandths :ugeek:.
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Re: BMO Investorline

Post by ertyu »

Bylo Selhi wrote:
Bylo Selhi wrote:I'd like to see them offer a download CSV/text option. I can do that once, then compare what they have with what I have at my leisure.
That would also allow tax software programs to import CSV files from My Account, thus eliminating discrepancies due to transcription errors.
They do have that this year, Auto-Fill My Return.

http://www.cra-arc.gc.ca/auto-fill/
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Re: BMO Investorline

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Bylo Selhi wrote:
snowback96 wrote:Presumably, CRA wouldn't care if you entered all the data by security (like on the CRA's T3s) instead of as a single consolidated entry (like on BMO's T3).
They don't care because they can't know. If you NetFile (or your accountant eFiles) then all CRA gets are sets of consolidated numbers for each box on each type of slip.
Thanks, that's really good to know. So the easiest thing is to simply look online at all the T3 entries on CRA My Account and manually add them up. Then I only need to make one entry in uFile under the name "BMO InvestorLine". This will presumably add up to my actual BMO T3 whenever it arrives by snail mail. It's all pretty clean and simple! (Of course, it I could get CRA's "auto-fill" feature to work properly next year, it would be even better!)
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Re: BMO Investorline

Post by epson600 »

Got an insert with this months statement.

Starting June 25 everyone is to be automatically enrolled in the paperless eDocuments program.

If you want paper then "effective July 1, 2016 a $2 fee for each statement mailed, plus tax, will apply to each paper account statement delivered by mail."
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Re: BMO Investorline

Post by AltaRed »

I suspect there will be exceptions for those who do not yet have online accounts, on the assumption one does not have a compuuter/internet access. There would be some, mostly elderly, folk who never 'went online'.... but also are the least likely to be with a discount broker. This seems like a good bet to me on BMO's part.
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Re: BMO Investorline

Post by Descartes »

A new promo appeared in my account in-box:
We've made a great offer even better! For a limited time, get up to $4,000 when you invest in a BMO InvestorLine Self-Directed account.

Start by selecting the cash back award of your choice:
$4,000 cash back when you invest $3,000,000
$2,500 cash back when you invest $2,000,000
$1,500 cash back when you invest $500,000


Select the way you prefer to qualify:

Open a new BMO InvestorLine Self-Directed Qualifying Account by completing the new account application form and entering the promo code: INVEST2016. Get started


OR

To qualify for the promotion using your existing BMO InvestorLine Qualifying Account, review the terms and conditions below and check the 'Agree' button below by June 30, 2016.



Note: you will have until July 29, 2016 to fund your BMO InvestorLine Qualifying Account with the minimum required deposit.
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Re: BMO Investorline

Post by ockham »

My benchmark for a promo that I can't resist remains RBC DI's of 8 yrs ago: 1% cash back per account, to max of $2500 per account. :beer:
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Re: BMO Investorline

Post by AltaRed »

I think the BMO IL is targeted. I saw it both online and in my email about a week ago. It doesn't show up on their Special Offers page.
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Re: BMO Investorline

Post by milton »

Hello, looking for tips on how to get around the fee to deregister RSP assets at BMO. According to their fee schedule, it.s $50. Goes down to $25 dollars if you have >$500k and $0 if your assets are >$10,000k. It.s going to be awhile before reaching Platinum Star level!

Will be deregistering $5k every year.

Has anyone successfully negotiated their way around the deregistering fee? Thanks for the tips in advance.
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