BMO Investorline

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longinvest
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Re: BMO Investorline

Post by longinvest » 23 Apr 2015 16:48

Anybody else having trouble retrieving electronic trade confirmations on BMO IL? I can download monthly statements, but when I try downloading trade confirmations, I get a server error.
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always_learning
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Re: BMO Investorline

Post by always_learning » 23 Apr 2015 19:41

I'm able to download pdfs of trade confirmation notices from BMOIL just fine.
a_l

longinvest
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Re: BMO Investorline

Post by longinvest » 24 Apr 2015 00:01

Thanks a_l. That was useful; it prompted me to try a different browser.

I get the bug when using Chrome. I tried Firefox and it worked flawlessly.
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ertyu
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Re: BMO Investorline

Post by ertyu » 04 May 2015 15:49

Anyone care to send me a referral code?

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Springbok
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Re: BMO Investorline

Post by Springbok » 04 May 2015 17:37

ertyu wrote:Anyone care to send me a referral code?
What is a referral code? What is it used for?

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Norbert Schlenker
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Re: BMO Investorline

Post by Norbert Schlenker » 04 May 2015 18:28

A referral code, which nowadays is the email linked to your BMOIL account, allows BMOIL to pay both the referrer and referree if a new account gets opened. I'm happy to give up my email address to ertyu via a PM so that we both collect some lolly. :D

BTW, having just spoken to BMOIL on the phone, there will apparently be a sweeter referral deal come next week. It may be worth waiting for details.
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Springbok
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Re: BMO Investorline

Post by Springbok » 04 May 2015 19:09

Norbert Schlenker wrote:A referral code, which nowadays is the email linked to your BMOIL account, allows BMOIL to pay both the referrer and referree if a new account gets opened. I'm happy to give up my email address to ertyu via a PM so that we both collect some lolly. :D

BTW, having just spoken to BMOIL on the phone, there will apparently be a sweeter referral deal come next week. It may be worth waiting for details.
I had guessed that, but didn't find any referral offer when I briefly checked current offers.

j831robert
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Re: BMO Investorline

Post by j831robert » 04 May 2015 22:28

Retrieval of ...... ! On 27 Apr early AM I utilized my BMOIL account to maximize our TSFAs via transfer from our Joint Chequing Account to our individual TFSAs and received TFSA Contribution Confirmation notificiations for both transactions. 7 full days later (today) there was no indication of any movement of funds whatsoever from our BMO joint BMO Chequing Account to our BMOIL TFSAs. Some considerable time spent on the telephone this afternoon resulted in corrective action (I hope). It seems that the Left hand and the Right Hand don't necessarily talk with each other and while the transfer system requires only a single key stroke to identify the gaining and losing accounts the BMO (losing unit) requires an eleven digit account number whereby the transfer only provides a nine digit. This missing two digits appear only on the monthly Statements of Accounts. I should know tomorrow if all is resolved but what really burns my butt is the lack of any notification of a problem until I brought of the subject. We'll see tomorrow (or so) what dates have been applied to the transfers

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Re: BMO Investorline

Post by j831robert » 05 May 2015 09:14

Further to mine above a check with BMO this AM indicates the requested transfers have been made but with effect 04 May - I guess half a loaf is better than no loaf at all - just as well that I had no immediate plans to buy additions for our TFSAs.

ertyu
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Re: BMO Investorline

Post by ertyu » 05 May 2015 10:12

Norbert Schlenker wrote:A referral code, which nowadays is the email linked to your BMOIL account, allows BMOIL to pay both the referrer and referree if a new account gets opened. I'm happy to give up my email address to ertyu via a PM so that we both collect some lolly. :D

BTW, having just spoken to BMOIL on the phone, there will apparently be a sweeter referral deal come next week. It may be worth waiting for details.
Thanks, I'll keep an eye out for that new deal and hope for the best.

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Springbok
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Re: BMO Investorline and ACBs

Post by Springbok » 09 May 2015 11:06

BMO adjust cost of shares held in taxable accounts either due to buy/sells or ROC paid. For some reason, their figures don't match our actual figures. But that is fine, onus is on us to keep accurate records, which we do.

But one thing I thought was a bit strange, is that they also adjust cost of shares held in registered accounts. This because, as they do in taxable accounts, they adjust for buy/sells. But they also deduct ROC paid, which is more of a taxation issue. As a result, the capital gains they show in registered accounts is misleading, to me anyway.

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AltaRed
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Re: BMO Investorline

Post by AltaRed » 09 May 2015 12:20

I have never compared my ACB data with that in my brokerage accounts (Scotia iTrade, BMO IL, RBC DI), so cannot comment on their accuracy. I suppose the only reason for them to also do it in registered accounts is so they can give you performance data, and taking ROC into consideration is just as important for calculations in registered accounts as taxable accounts.
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Re: BMO Investorline

Post by Springbok » 09 May 2015 12:59

I have Riocan in RRIF.
Bought for $21.10 and current price $29.24. CG of 38.58%.
BMO says cost is $20.3569. CG of 43.64%.
IOW, BMO makes it look as if investment is doing better than it actually is.
Taxes will be paid on total value on withdrawal - acb doesn't come into it.

Distributions of course same either way you look at it. They are mostly other income and ROC.

I can't see how the ROC or BMO's calculated acb has anything much to do with my net gain from the investment. It just makes me have to go look up what I actually paid for the units. My own portfolio spreadsheet provides a better picture.

Only mention, because I did not know that BMO was adjusting cost base in registered accounts.

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Re: BMO Investorline

Post by IdOp » 09 May 2015 15:03

If the performance is being calculated by IRR, or for that matter TWR, then I don't see that being RoC or not affects it, it's just a cash flow. That distinction is really more for tax and doesn't matter in a registered account.

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Re: BMO Investorline

Post by Springbok » 09 May 2015 15:34

IdOp wrote:If the performance is being calculated by IRR, or for that matter TWR, then I don't see that being RoC or not affects it, it's just a cash flow. That distinction is really more for tax and doesn't matter in a registered account.
Agreed. Thats why it puzzled me that they adjusted cost. Everything in RRIF will be taxed at same rate when withdrawn.

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Re: BMO Investorline

Post by AltaRed » 09 May 2015 15:46

Springbok wrote:Agreed. Thats why it puzzled me that they adjusted cost. Everything in RRIF will be taxed at same rate when withdrawn.
I suspect it is because that is how their algorithm works across the board. Why does it matter? I make the adjustments as well simply to have everything on the same basis.
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Re: BMO Investorline

Post by IdOp » 09 May 2015 18:20

AltaRed wrote:I suspect it is because that is how their algorithm works across the board.
That would be my guess also. (Unfortunately I'm unable to check if TDDI does it too.)

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Re: BMO Investorline

Post by adrian2 » 09 May 2015 19:36

Springbok wrote:I have Riocan in RRIF.
Bought for $21.10 and current price $29.24. CG of 38.58%.
BMO says cost is $20.3569. CG of 43.64%.
IOW, BMO makes it look as if investment is doing better than it actually is.
Taxes will be paid on total value on withdrawal - acb doesn't come into it.

Distributions of course same either way you look at it. They are mostly other income and ROC.

I can't see how the ROC or BMO's calculated acb has anything much to do with my net gain from the investment.
Your net gain equals BMO's calculation of CG, plus the portion of distributions which was not ROC. This is the standard way of calculating, regardless of whether the holding is registered or not.

Putting it another way: if Riocan shares split one for two via a stock dividend, the standard calculation would be to adjust the cost base per share. Why would BMO, or any other broker, not adjust the cost, be it in a registered account or not? Why would it not adjust the cost for ROC the same way?
Everything in RRIF will be taxed at same rate when withdrawn.
True, but that has nothing to do with ACB.
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j831robert
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Re: BMO Investorline

Post by j831robert » 12 May 2015 21:45

Further to mine of the 4th and 5th above re TFSA increases, and just to set the record straight. Two more telephone calls to "Investorline Experts", the first of which resulted in double entries of my requested additions to our accounts and a $9K hole in our checking account and the second which cancelled some previous action (the doubling) and when I checked this AM "God was in his heaven and all was right with my world". I would accept that I was the author of my problems and applaud the efforts of the "Experts" to see me through to the final successful outcome. The end result is the knowledge that if you want to add funds to your existing TFSA you start the transfer action from your TFSA account and not from the transfer system that lives with the entire accounts line-up because separate account identifiers are utilized and not transferrable between the unregistered and the registered accounts (or so it seems).

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Re: BMO Investorline

Post by AltaRed » 12 May 2015 22:09

j831robert wrote:The end result is the knowledge that if you want to add funds to your existing TFSA you start the transfer action from your TFSA account and not from the transfer system that lives with the entire accounts line-up because separate account identifiers are utilized and not transferrable between the unregistered and the registered accounts (or so it seems).
I have found BMO less integrated, i.e. more compartmentalized, than Scotia iTrade amongst accounts. With Scotia (iTrade, Scotiabank, etc), every account is listed on one web page and one can transfer from anywhere to anywhere (except I don't know about withdrawals from registered accounts - probably not directly). In BMO, one cannot access BMO banking accounts on same page as BMO IL accounts.
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Springbok
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Re: BMO Investorline

Post by Springbok » 18 May 2015 18:02

I received a message from BMOIL:
Updating your account information
To help us serve you, please take time to review and update your personal information with BMO InvestorLine. You can make online updates quickly and easily by accessing your personal information within your own account. If your information requires your review, Status: "Update Required" will appear next to your account(s) below. We will ask you from time-to-time to confirm that your account information is up-to-date.
Tried to do this. It asks for all kinds of information that is irrelevant to someone who has been retired for 12 years and was previously self employed.. Many fields are starred because they are required. But many of those are irrelevant in my case. No previous employer, no employer address etc etc.

Anyone else get this type of request? I can't recall being asked to provide that much detail before.

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Norbert Schlenker
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Re: BMO Investorline

Post by Norbert Schlenker » 18 May 2015 18:46

My wife had one for her RRSP. Why that account only is a mystery.
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Springbok
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Re: BMO Investorline

Post by Springbok » 18 May 2015 21:37

Norbert Schlenker wrote:My wife had one for her RRSP. Why that account only is a mystery.
Mine was for RRIF and TFSA. Wife was not asked.

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AltaRed
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Re: BMO Investorline

Post by AltaRed » 18 May 2015 22:48

None for me. No registered accounts at IL.
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Re: BMO Investorline

Post by pmj » 19 May 2015 00:10

A friend banks and (recently) invests at BMO. For reasons never explained, she has been setup with 3 logins - her original banking login, one at IL for non-reg and TFSA, and another at AdviceDirect for RRSP. Is this necessary? Can AdviceDirect be included in a "regular" login?
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