Investment accounts
BMO has investment accounts for every investor, for every financial plan. Explore our registered, non-registered, locked-in and corporate investment accounts and discover the best ones to help you make progress toward your investment goals.
Accounts for every investor
Each account type has its advantages. Optimize your taxes with breaks and incentives with registered accounts or save money in cash account that offers quick and easy access. Explore our accounts below.
Registered accounts
Registered accounts are registered with the federal government and offer tax incentives. These accounts have contribution limits and unique rules. Read on to learn more about each.
Tax-free savings accounts allow you to grow your money tax-free. That means you don’t pay tax on any growth earned inside your account, including interest, dividends and capital gains.
Great for: Investors who want a flexible way to save for the future.- Typical Investing horizon: Short-to long-term.
- Boost your TFSA: BMO offers great rates to help you get more from your savings.
Registered retirement savings plans lower your taxable income for every deposit you make. Save for retirement but have the option to withdraw money earlier for a home or education.
- Great for: Receiving tax breaks on money you save for retirement.
- Typical Investing horizon: Long-term
- Boost your RRSP: BMO offers great rates to help you get more from your savings.
Registered education savings plans are one of the best ways to save for a child’s education. The government may add up to a maximum of $500 per year for up to $7,200 total.
- Great for: Parents who want to save for their children’s education.
- Typical Investing horizon: Medium- to long-term
- Boost your RESP: BMO offers great rates to help you get more from your savings.
First Home Savings Accounts provide a new opportunity to grow your money tax-free and save for a down payment. Like a TFSA, you can fill your FHSA with various investments. However, your FHSA contributions are tax-deductible, helping you decrease your income for the tax year and receive a tax refund.
- Great for: New and experienced investors interested in a tax-free investment account for purchasing a first home.
- Typical investing horizon: Short-term to long-term. 15-year maximum.
- Boost your FHSA: BMO offers great rates to help you get more from your savings.
Registered retirement income funds are a great way to manage your retirement savings after you retire. It’s like an RRSP in reverse – but instead of making contributions, you’re making withdrawals.
- Great for: Anyone with an RRSP approaching retirement.
- Typical investing horizon: Long-term
- Boost your RRIF: BMO offers great rates to help you get more from your savings.
Registered disability savings plans provide tax-sheltered earnings for people with disabilities. Earnings grow tax-free until the money is taken out – so you can save as much as possible.
- Great for: Canadians with disabilities and their families.
- Typical Investing horizon: Medium- to long-term
- Boost your RDSP: BMO offers great rates to help you get more from your savings.
Ready to get started?
Automatic savings contributions make investing easy and help you reach your goals faster. Learn more about our Continuous Savings Plans.
Still thinking about your longer-term plan? No problem – grow your registered savings today with a special rate while you decide.
Non-registered accounts
Non-registered accounts are not registered with the Canadian government and offer no tax advantages -- but you can contribute and withdraw as much and as often as you’d like. BMO offers individual and joint account options for non-registered accounts.
Cash
Cash accounts can hold investments. Capital gains, dividends and interest income are taxed each year.
- Great for: Canadians who have maxed out their registered account contribution limits.
- Typical investing horizon: Short-to long-term.
- Available with: In-person investment professionals, Self-Directed and adviceDirect.
Margin accounts are a type of cash account that allows investors to borrow money for the purpose of purchasing securities.
- Great for: Experienced investors who don’t mind taking risks for the potential of high rewards.
- Typical investing horizon: Short-term.
- Available with: Self-Directed and adviceDirect
Ready to get started?
Locked-in accounts
Locked-in registered accounts allow investors with a pension, who have left their company, to hold their money until retirement, giving them easy access to it in their golden years.
LIRA
Locked-in retirement accounts allow you to continue earning interest on a pension you received at previous employer.
LRIF
Locked-in retirement income funds provide access to pension money in retirement, minimum and maximum withdrawals apply.
- Great for: Investors with a pension
- Typical investing horizon: Short- to long-term
- Available with: In-person investment professionals, Self-Directed and adviceDirect
- Other account types: LRSP, RLSP, RLIF and PRIF
Corporate and non-personal accounts
Non-personal accounts are non-registered accounts. They’re set up in the name of a business or other entity.
Corporate and non-person accounts are available for:
- Associations
- Corporations
- Estates
- Trusts
- Investment clubs/partnerships
- Personal holding companies
- Great for: Anyone investing on behalf of another individual, a business or an association
- Typical investing horizon: Short- to long-term
- Available with: In-person investment professionals, Self-Directed and adviceDirect
Accounts for every goal
Unsure which investment accounts are right for you? Start by determining your investing goal to get a better sense of which might fit best.
I want to: | Suggested investment accounts: |
|---|---|
RRSP | TFSA | |
TFSA | RRSP | FHSA | Cash | |
RESP | TFSA | |
TFSA | FHSA | Cash | |
RIF/RRIF | LIF | Cash |
Help me choose
Need more guidance? Use our Help Me Choose tool to find an investment plan for your goals.
Investing accounts FAQs
The accounts you choose should depend on your investment goals. If you’re saving for retirement, RRSPs and TFSAs are great options. If you’re saving for a large purchase or a wedding, cash accounts might be a good option. If you’re in retirement, you may want a RRIF; if you’re saving for a child’s education, an RESP is a great choice.
The time horizon depends on your age and your investing goals. If you’re in your 20s and your goal is retirement, your horizon would be long-term. If you’re planning to buy a home in the next five years, your investing horizon is more short-term. Contact a BMO investment professional to discuss your options or learn more about our online investing platforms to see which would be best suited for your investing goals.
An RRSP is an account specifically designed for retirement. It allows you to save long-term, while also offering tax breaks each year. TFSAs, meanwhile, offer flexibility while saving for retirement. Contact a BMO investment professional to discuss your options or learn more about our online investing platforms to see which would be best suited for your investing goals.
First, choose the investing method that works best for you. Then, assess your investing horizon and risk tolerance. Once those are established, you can open your accounts and fund them accordingly.
You have several ways to connect with us to discuss your options and open an account:
- INVESTING WITH A PROFESSIONAL
- ONLINE INVESTING
There are several accounts that offer tax advantages. An RRSP gives you tax breaks each year - by funding your account, you lower your taxable income and may receive an income tax return. TFSAs, RESPs and RDSPs allow your savings to grow tax-free.
Ways to contact us
There are various ways to get in touch. Choose your preferred method.
Investing with a professional
Manage your investments online
