BMO Investorline

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milton
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Re: BMO Investorline

Post by milton »

Starting 2017 BMO tax documents available online :D
https://www.bmoinvestorline.com/General ... SD_EN.html
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AltaRed
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Re: BMO Investorline

Post by AltaRed »

It is about time. I had been ragging on them for at least 3-4 years. There is no excuse for any FI not to issue PDF tax slips.
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Re: BMO Investorline

Post by milton »

The BMO online tax receipt initiative is not off to a very auspicious start if snail mail is faster than posting online. According to BMO's Document Schedule, RSP receipts for 'Remainder of Year' would be released by snail mail and online on January 15. The snail mail RSP receipt arrived earlier this week. Nothing online yet. C'mon BMO, you can do better!
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AltaRed
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Re: BMO Investorline

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BMOIL release of online documentation seems to lag those of their competitors. My monthly statements are the last to come, Scotia ITrade being much faster, e.g. 5 business days after month end versus BMOIL at about 10 business days. No idea why.
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Re: BMO Investorline

Post by mewmew »

Did anyone try to transfer USD stocks from another broker to BMOIL? Was it an easy process? How long did it take for the transfer to complete?
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Re: BMO Investorline

Post by ig17 »

mewmew wrote: 04 Feb 2018 15:01 Did anyone try to transfer USD stocks from another broker to BMOIL? Was it an easy process? How long did it take for the transfer to complete?
Yes; Yes; About four weeks, from the moment I filled out the online forms, to the moment I saw the shares in my account.
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Re: BMO Investorline

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Having made 2 small trades in my RIF/LIF accounts last week and it being past the T+2 date for confirmation, I was somewhat incensed to receive an email from BMOIL asking me to fill in a survey on my recent experience. I called the 5 star desk and gave them my 2 cents worth that my account shows no confirmations since Nov. 2017.I was told that people with mail notifications would not get them for 7 - 10 days. ???? What does that have to do with the price of fish?
I also took the opportunity to tell them that their 7 -14 days past month end for statements is unacceptable compared to other brokers. I also told them that their so called online Tax statements are a joke. My 2 T4RIFs could be there. In fact I can fill them in without having them in hand.
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AltaRed
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Re: BMO Investorline

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I find BMOIL issues trade confirmation slips electronically as fast as anyone (on or even before settlement date) but their PDF monthly statements lag. That said, I got my January PDF statement today (4 working days after end of month). ITrade still beat them though as they came on Feb 2nd.

I can't comment about paper notifications.
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Re: BMO Investorline

Post by ig17 »

I received $1K transfer bribe on Jan 10. I placed an order next day to buy $1K worth of AAT770 (BMO HISA). The order settled on Jan 12.

My January account statement shows:

-$1,000 cash in Margin Account.
+$1,000 cash in Margin Short Account.

Online account shows the same.

Does anyone know why BMO IL doesn't net out the two cash positions? Do I have to do anything to net them out?
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Shakespeare
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Re: BMO Investorline

Post by Shakespeare »

My bribe was RRSP, shown as a negative fee, and netted out.

Try transferring from on account to the other to net it out.
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Re: BMO Investorline

Post by ig17 »

I don't see the transfer option anywhere.
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Shakespeare
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Re: BMO Investorline

Post by Shakespeare »

I'm in MX and can't access my account from here....
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Re: BMO Investorline

Post by ig17 »

Thank you. I will give them a call on Monday to solve this mystery.

Unlike TDDI, they are not available in the evenings or on the weekends... not great.
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Shakespeare
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Re: BMO Investorline

Post by Shakespeare »

Well, I think I gave BMOIL a reasonable chance, but today I initiated a transfer of my RRSP back to RBCDI.

There were two factors in the decision:

1. RBCDI covers the withdrawal fees with RRSPs or RRIFs at the Royal Circle level.
2. I could access my RBCDI account when in MX but not the BMOIL RRSP, which had most of the free cash.

There were no real benefits from BMOIL for my portfolio.
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Shakespeare
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Re: BMO Investorline

Post by Shakespeare »

Warning that BMO won't let there HISA be transferred out in kind - you have to sell it.
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AltaRed
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Re: BMO Investorline

Post by AltaRed »

Shakespeare wrote: 28 Feb 2018 16:07 Warning that BMO won't let there HISA be transferred out in kind - you have to sell it.
That is understandable. Every brokerage has their 'own' version of the HISA.
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Shakespeare
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Re: BMO Investorline

Post by Shakespeare »

Yes, but RBCDI let me transfer their HISA to BMOIL - I just couldn't buy more.
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Re: BMO Investorline

Post by pmj »

BMOIL also accepted in-house HISA from CIBC a couple years back ...
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Re: BMO Investorline

Post by Eclectic12 »

AltaRed wrote: 07 Feb 2018 00:00 I find BMOIL issues trade confirmation slips electronically as fast as anyone (on or even before settlement date) but their PDF monthly statements lag ... I can't comment about paper notifications.
I only have a small sample of TDDI and CIBC IE ... I know TDDI has their confirmations online next day (i.e. placed trade at 2pm today, trade went through 3:15pm today - email received the next morning that a confirmation was available). I seem to recall IE being the same but haven't used it as much.

TDDI has been all paper or all online. IE for some reason put the RRSP contribution receipt online then mailed paper copies that arrived about a week or so after the online copies were available.


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Re: BMO Investorline

Post by mewmew »

New to BMOIL, have some USD cash in the account. What options do I have if I don't plan to use the cash for 30 days? I don't want to put into a MMF that triggers capital gains/losses on USD/CAD FX fluctuations though.
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Re: BMO Investorline

Post by AltaRed »

AAT780 is the USD ISA equivalent to their AAT770 CAD ISA. ISAs, although sold as mutual funds, are actually deposit accounts and do not trigger cap gains/losses going back and forth between cash and the ISA.

You might want to check though that there is no fee for short term holds, e.g. less than 90 days. I don't think there is, but you may want to phone BMO IL to be sure.

Added: Minimum initial purchase is $5000 and they won't let you drop below that amount. https://www1.bmoinvestorline.com/selfDi ... ISA_EN.pdf
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Re: BMO Investorline

Post by rocketboss »

AltaRed wrote: 02 Mar 2018 13:47 AAT780 is the USD ISA equivalent to their AAT770 CAD ISA. ISAs, although sold as mutual funds, are actually deposit accounts and do not trigger cap gains/losses going back and forth between cash and the ISA.

You might want to check though that there is no fee for short term holds, e.g. less than 90 days. I don't think there is, but you may want to phone BMO IL to be sure.

Added: Minimum initial purchase is $5000 and they won't let you drop below that amount. https://www1.bmoinvestorline.com/selfDi ... ISA_EN.pdf
The Pdf may not be up to date.
My fixed income screen shows initial purchase minimum to be 1000 and subsequent minimum purchase to be 50....for CAD HISA and USD HISA.
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snowback96
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Re: BMO Investorline

Post by snowback96 »

I see there is a minimum initial investment, but I don't see where you can't drop below certain dollar amount.
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AltaRed
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Re: BMO Investorline

Post by AltaRed »

snowback96 wrote: 02 Mar 2018 16:47 I see there is a minimum initial investment, but I don't see where you can't drop below certain dollar amount.
Maybe no longer if the minimum initial investment is $1000, but it was that way with the old minimums. I couldn't reduce my holding to under $5000 earlier last year. It was flagged and the order would not go through. Someone else mentioned that in a post somewhere too.
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Re: BMO Investorline

Post by mewmew »

Newbie to BMOIL, will be buying/selling US securities. In my other brokerage account, a W-8BEN is required but not BMOIL. The financial planner who took my application form affirmed me that, he said, "I know which form you're talking about but BMO is special and doesn't need one to be filed by our clients". Any idea why that is? I would think all non US residents need to file W8BEN, no?

Also, I inquired about withdrawal online (transfer from BMO to another account I have at another bank), I was told the maximum is $3k and should I need to transfer more, I must request a draft instead. That's too small for me, do you guys find it ok??
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