FAQs about BMO InvestorLine adviceDirect

To open an adviceDirect account, you must deposit a minimum of $10,000. Your initial balance can be a deposit, transfer, or a combination of both. Several accounts can be linked to form a billing group, but one of these accounts must have a minimum of $10,000 in total billable assets.

adviceDirect is designed for clients who prefer to manage their own portfolio, with guidance from tools and expert advisors. It might not be best for active traders, day traders and those who use other frequent trading strategies.

You can open the following types of accounts with adviceDirect: Cash, Margin, RSP, RESP, TFSA, RRIF, PRIF, RLSP, LRIF, LIF, RLIF and LIRA.

You can get started any of the following ways:

• Complete an online application.
• Call us at 1 888 776-6886 between 8 a.m. and 6 p.m. (ET), Monday to Friday.
• Drop in to any BMO Bank of Montreal branch.
• Download and print an application, fill it in and drop it off at a BMO Bank of Montreal branch or mail it to:
  
  BMO InvestorLine adviceDirect
  Transit #3973
  First Canadian Place
  100 King St. W., Floor B1
  Toronto, ON M5X 1H3

You must maintain the minimum of $10,000 in assets in at least one of their adviceDirect accounts. Our adviceDirect team monitors accounts to ensure they meet this minimum requirement.

Should the account size drop because of market fluctuations, you will not be penalized. However, the account will be reviewed and you may be asked to close your adviceDirect account if the account drops below the minimum for other reasons such as, withdrawals or transfers.

BMO InvestorLine is a member of the Canadian Investor Protection Fund (CIPF).

As such, your adviceDirect account will be covered by CIPF up to $1,000,000. However, CIPF does not cover clients' losses caused by changing market values. For more information, visit the Canadian Investor Protection Fund site.

A Certified True Copy of a document or form is one that has been reviewed, validated, and stamped by an authorized BMO employee.

To validate your document(s) or form(s) as a Certified True Copy, visit your local BMO branch and speak with an employee for assistance.

In Person: Present one piece of Canadian government-issued (federal, provincial, or territorial) photo ID at your local BMO branch to be validated as a Certified True Copy. Please note that provincial health cards are not accepted as a valid form of Proof of Identification.

Or;

or by mail: Provide copies of TWO documents, ONE from Group A and ONE from Group B.

No problem - you can reset your password online in a few simple steps:

Go to the adviceDirect sign in page.

Select Forgot Your Password (in the sign in box below the Password field).

Enter your Client ID and follow next steps.

» START THE DEMO

If you don't see your new account added to your Client ID within 2-3 business days, please give us a call or send us a MyLink and we will add it for you.

The security of your account is our top priority. From now on, a one-time verification code process will be used as the only method for two-step verification. When prompted, enter the one-time verification code sent to your phone to access your account.

You can take a tour with this demo or just follow a few simple steps:

1. Go to the BMO InvestorLine sign in page
2. Enter your Client ID, User Id or Account number and password to sign in
3. Select your phone number to verify your identity using a verification code that will be sent by text or automated voice call. If you do not have access to the phone associated with your account, call BMO InvestorLine at 1-888-776-6886 between 8 a.m. and 6 p.m. (ET), Monday to Friday. You will be given a code after verifying your identity.
4. Enter your verification code
5. Select ‘Add this device to my trusted device history’ if the device you are using is considered a trusted device

Biometric login is a convenient form of authentication using either facial recognition or fingerprint reading technology – or both - to authenticate your identity when accessing a mobile app.

Biometric authentication process is a safe and convenient method of authenticating user identity - skipping the need for manual authentication via text messages or calls.

If you have multiple users accessing your device, we advise to you to not enable biometric login. Every person whose biometric credential is stored on your device can access your BMO App – potentially compromising your account.

We advise you to not enable Biometric Login for BMO Invest if other people’s faces and/or fingerprints are stored on your device.

No. You will bypass the MFA (multi-factor authentication) process if you choose to enable your biometric login.

If your Biometric Login credentials were stored in your lost phone, you can perform any of the following actions to invalidate them:

• Manually change your password associated with your account
• Call us at 1 888 776-6886 for assistance

Note: These actions will invalidate your biometric credentials and prompt you to set-up new credentials once you have gained access to your lost phone.

Yes. You will still need to use your password at every instance:

• After your password is changed.
• After a significant period of inactivity.
• After the passing of a certain period of time since your last biometric enrollment.

Yes, you can use your biometrics on multiple phones/devices. However, each sign up is isolated to individual IDs and Devices.

You can easily make deposits/contributions and withdrawals online. Sign in and select Move Money from the top menu bar.

If you bank online with any other financial institution, you can set up BMO InvestorLine as a bill payee by entering your 8-digit BMO InvestorLine account number. You can then send funds from your bank account just as you would pay an online bill. This can take 3-5 business days.

You must submit an Authorization to Transfer form. By signing into your account, select Move Money from the top menu bar, our site will guide you on whether your transfer request is eligible for electronic submission or if a manual form is required.

Transfer times vary depending on the institution and the investment types being transferred. Below are general guidelines for approximate transfer times once documentation is received:

Within BMO
BMO Nesbitt Burns: 1 to 2 weeks
BMO Bank of Montreal: Cash or mutual funds: 2 to 3 weeks
Guaranteed Investment Certificates (GICs): 4 to 6 weeks

ATON-Eligible Institutions
Brokers using ATON (Account Transfer Online Notification): 2 to 3 weeks footnote star, star^**Transfers of mutual funds may take longer.

Non-ATON (Institutions not on the ATON-Eligible list)
Non-ATON brokers: 3 to 4 weeks
GICs, Quebec savings bonds, mutual funds, and physical certificates may take longer
Pension transfers can take up to 8 weeks

The recommended method of sending securities is via a courier or by priority post which typically takes two to three days to deliver. You may also send via registered mail, however, delivery time is much longer and could take up to two weeks.

Security certificates should be sent to:

Attn: BMO InvestorLine
Transit #3973
First Canadian Place
100 King Street W, Floor B1
Toronto, Ontario, M5X 1H3

You can place equity, GICs, fixed income, ETFs, and mutual fund orders online. For equity orders, you can place buy, sell, or sell short orders at either market or at limit price. You can also place stop orders on those markets which support this type of order.

Yes, adviceDirect gives you flexibility when settling trades in your account. You have the option of settling the trade with either Canadian or US dollars on the order entry page.

If you choose to apply a different settlement currency from the market the security is traded, adviceDirect will convert enough funds to cover the entire amount of the trade. Remember the Estimated Total Order Value is an approximation; the final exchange rate will be applied to your order at the end of the day when filled.

Please note that trades done in RESP Accounts can only be settled in Canadian dollars.

Sign in to adviceDirect and select Recent Orders > Order Status Details below your Holdings summary on the Accounts page.

For Stocks, Corporate Bonds, ETFs, HISAs, GIC Purchases and GIC redemptions before 11:00 a.m. ET, the settlement guideline is the trade date plus 1 business day (T+1).

For Mutual Funds the general settlement guideline is trade date plus 1 business day (T+1) however exceptions apply. To verify if a Mutual Fund settles on T+1 or T+2, utilize the Fundserv - Fund Profiles search function.

Sign in to adviceDirect and select Documents > eDocuments below your account summary. You'll be redirected to the original site.

Sign in to BMO InvestorLine and select Documents > Document Upload below your account summary. Select the account the document applies to, select the document you wish to upload and click Upload.

Investing online doesn't have to mean investing alone. You can have as much — or as little — control and support as you want. Compare our online investing services and decide what works best for you.

Buying power is calculated by taking the total value of your account and then subtracting the margin requirement for all the securities in your account. Buying power reflects the intraday market movement of your investments including any orders that are filled. It is updated every five minutes during trading hours.

Yes, the buying power reflects the margin requirements for your securities including any order fills. This is updated every five minutes during the trading day and factors in market movements.

A Registered Retirement Income Fund or RRIF is an account that allows you to continue to hold funds from an RRSP in a tax-sheltered status after you turn 71.

With your RRIF, a minimum amount must be withdrawn each year, starting in the year following that which you establish the RRIF. There is no maximum limit for withdrawals from this plan. Withdrawals over and above the minimum for the year, are subject to withholding tax while income generated in the plan is tax sheltered. RRIFs do not allow for any new tax-deductible contributions once opened.

To learn more about RRIFs please click here

• A Life Income Fund or LIF is an account that allows you to hold locked-in retirement funds from a LIRA after the year which you turn 71.
• A LIF does not allow for any new tax-deductible contributions and requires a minimum amount to be withdrawn each year starting from the year you establish the LIF. There is a maximum limit for withdrawals from this plan. Withdrawal restrictions vary from province to province.

• The Canada Revenue Agency requires that all RRSPs and LIRAs be converted into a RRIF or LIF account prior to the end of the calendar year in which the account holder turns 71. Converting your account today will ensure you continue to maintain full access and control of your account and avoid any unnecessary account restrictions.

• Your RRSP or LIRA must be converted before the end of the calendar year in which you turn 71.
• Don't wait until you are 71 to start planning what you are going to do with your account – you will need some time to investigate your options. In fact, for those retiring early, you can start a RRIF much earlier than age 71.

To convert your RRSP to LIRA you must first open a new RRIF or LIF account.

You can start the process to convert your RRSP to a RRIF or LIRA to a LIF by opening a new account online:

• RRIFs can be opened by by clicking here
• LIFs can be opened by by clicking here

• No, there are no tax implications when a RRSP or LIRA is converted to a RRIF and LIF. For specific tax advice and a detailed review of your circumstances, please speak with a professional tax advisor.

RRIFs and LIFs require a minimum withdrawal each year as set forth by the Canada Revenue Agency.

Minimum withdrawal percentages can be found at the following links:

• RRIFs - click here
• LIFs - click here
  • For LIFs, each province has its own specific minimum LIF withdrawal rate. This rate could also differ from the Federal rate. Please visit the provincial website where your plan is registered to for more information and to confirm. If you are unsure or are having difficulties please call or chat with us

To convert your account to a RRIF or LIF there are no fees charged.

There are no fees charged to your account if you are withdrawing the minimum or the elected payment you established for the current year.

To convert your Spousal RRSP you must first open a new Spousal RRIF.

• Spousal RRIFs can be opened by clicking here
  • Note: once you have completed the account opening process for your RRIF please call or chat with us and provide us with the account number so we can update to a spousal account

In addition to opening a new account you will also need to complete:

• For LIFs and RRIFs, where Payment Information was not provided as part of the online application process, the Payment Information and Election to Use Spouse's Age form found here allows you to identify your payment preference and/or elect your spouse's age to use in the calculation of the yearly minimum payment.
• For LIFs, the Addendum for Locked-in Pension Transfers to a Life Income Fund (LIF) found here which is required to confirm you agree with all the terms set forth by the province that your LIF is governed by.
• For RRIFS and LIFs, if you require a Trading Agent on your account, you must also complete the Authorized Trading Agent form. To include a Power of Attorney on your account, please call us or chat with us to learn more about what is required and how to add a Power of Attorney to your account

• To ensure your beneficiaries and successor annuitant are included on your new RRIF or LIF account please specify them when asked during the account application process. Beneficiaries and successors previously named on your RRSP or LIRA will not be automatically transferred or included on your RRIF or LIF

If you require a Trading Agent on your account, you must also complete the Authorized Trading Agent form. To include a Power of Attorney on your account, please call us or chat with us to learn more about what is required and how to add a Power of Attorney to your account.

Trading Agent(s) and/or Power of Attorney previously named on your RRSP or LIRA may not be automatically transferred or included on your RRIF or LIF.

You can indicate the payment preference on your RRIF or LIF during the account application process.

If you require the payment amount and/or frequency to change at any point in the future, please complete and submit the Payment Information form. This form must be received and processed at least 11 business days before the next scheduled payment.

• Available options include annually, semi-annually, quarterly, monthly, or one-time payment within the calendar year. Regardless of the frequency selected, all payments will be made on the 10^th or 24^th of each month

• The payments (either minimum or elected) will start automatically in the year following that which your RRIF/LIF account was opened. The minimum payment amount is calculated based on your age as of December 31^stin the previous year.

Yes, you can withdraw from your account in the same calendar year as it was opened or prior to your first payment. Note, for RRIF accounts, there is no withholding tax on the minimum amount withdrawn, any amount above the minimum may be subject to RRSP withholding tax rules. For LIFs, please call us or chat with us for assistance with determining how much can be withdrawn. Please speak with a professional tax advisor to review your circumstances further.

Yes, you can withdraw amounts above the minimum for both a RRIF and LIF. For a LIF there is a maximum amount you are eligible to withdraw while for a RRIF there is no applicable maximum. Please call us or chat with us for assistance with determining the maximum amount which can be withdrawn.

• Prior to converting your account, we ask that all existing orders in your RRSP or LIRA are cancelled so that all your assets can be moved into your RRIF/LIF.

Once your account has been opened, please call us to initiate the process to transfer your existing holdings and/or assets.

• Yes! If you have other RRIF, RRSP, LIRA or LIF accounts you can consolidate them into a single account as long as the accountholder(s) information matches.

• You can access details including the amount, frequency, start date, minimum calculated payment, elected annual payment and year-end value, online through your account. Simply log-in to your account, navigate to the “Move Money” tab. From here, go to “Manage accounts” and you will be able to see the desired details.

A beneficiary is an individual or entity that is designated to receive the proceeds of an account upon the death of the account holder.

A contingent beneficiary is an individual that’s designated to receive the proceeds of an account if the beneficiary has predeceased or does not accept.

For RRSP accounts, anyone can be named as beneficiary, however, only “qualified beneficiaries” are eligible for tax deferrals upon death of the account holder.

Qualified beneficiaries may be eligible to defer taxes by transferring the RRSP to their personal registered account(s), including their own RRSP or RRIF. For example, they can transfer the funds to their own RRSP or RRIF without having to pay immediate taxes. This implies that the transferred amount will continue to grow tax-deferred until it is withdrawn, at which point it will be taxed as income.

A qualified beneficiary can be:

1. A spouse or common-law partner;
2. A financially dependent child or grandchild (under 18); or
3. A physically or mentally impaired child or grandchild.

For additional information, please consult with a professional tax advisor.

A successor annuitant is an individual who can take ownership of the account (i.e.,RRIF) and its assets as-is upon the death of the account holder without the need to transfer or sell any securities or funds to settle the account.

A successor holder is a spouse or common-law partner named to acquire all the rights as the account holder of a TFSA upon the death of the original account holder. The TFSA will continue in the spouse or common-law partner’s name.

The successor annuitant can assume the account (i.e.,RRIF) and elect to continue receiving payments, and revoke or change the designation of beneficiaries after the account holder’s death. The successor annuitant has the option to receive payments automatically.

The successor holder will acquire all the rights under the account (i.e.,TFSA) and continue the account in their own name without re-registration. The successor holder cannot manage, withdraw, or change the account without taking over the account after the death of the original account holder.

Designated beneficiary(ies) receive the proceeds of an account upon the death of the account holder.

Anyone can be designated as a beneficiary. This includes, but is not limited to, a spouse or common-law partner, a child or grandchild, a close friend or relative etc.

A successor holder can only be a spouse or common-law partner.

Only a spouse or common-law partner is eligible to be named as successor annuitant for an account.

Beneficiary and successor designations vary depending on the type of registered investment account. Review the following summary of how these designations apply:

Note: beneficiary refers to beneficiary for estates purposes. The beneficiaries for RESP accounts are treated separately and different rules may apply depending on the nature of the account.

Non-Registered accounts, like cash and margin accounts, do not typically offer beneficiary designations because the assets in non-registered accounts must go through the estate process. During this process, assets are distributed according to the account holder’s will or provincial succession laws, ensuring all debts and taxes are settled before being distributed to heirs.

Beneficiaries can not be designated and are not applicable in the following situations:

• Where the law of Quebec applies
• Non-registered accounts
• Certain trust accounts that require the distribution of assets
• Corporate accounts

Naming or designating a beneficiary on your account can help with:

• Ensuring proceeds are paid directly to the beneficiary, bypassing the estate settlement process.
• Deferring tax requirements on the account proceeds
• Annuity settlement options, providing scheduled payment for beneficiaries and quicker access to funds.
• Avoiding disputes and undue stress.
• Easing the burden on your executor and reducing risks.
• Reduce the time spent or bypass the probate process completely, saving time and cost.

Naming a successor holder on a TFSA has several advantages:

• Income earned in the TFSA account before and after the account holder’s death remains exempt from taxes.
• The successor holder gains full ownership of the TFSA account after the account holder’s passing.
• The successor holder is not required to fully transfer the funds out of the account.
• The TFSA contribution room of the successor holder remains unaffected.

Designating a successor annuitant can assist with:

• Allowing the successor annuitant to take full ownership as-is or transfer to their personal account.
• Avoiding probate and the need to wait for the full estate settlement.
• Saving on legal fees and deferring taxes.
• Saving time and reducing stress for loved ones.

When naming a beneficiary, consider the following:

• Different account types (e.g., RRSP, TFSA, RRIF) have specific rules and regulations regarding beneficiary designations.
• Provincial and/or federal laws (i.e., where the law of Quebec applies, designating a beneficiary is not applicable).
• The current financial situation of the individual(s) you are designating as a beneficiary(ies), including potential tax implications.
• Identifying how account proceeds should be divided among the beneficiaries if more than one.
• Naming contingent beneficiaries.
• Planning for regular review and update of beneficiary designations to reflect important life milestones or changes.

If you name a beneficiary and do not name a successor holder (i.e., for a TFSA) or successor annuitant (i.e., for a RRIF), the assets in your account will be transferred to the beneficiary’s account but may be subject to tax.

If you name a successor holder (for TFSA) or successor annuitant (for RRIF) but do not name a beneficiary, the successor will take over your account upon death.

• For TFSAs, the account may keep its tax-free status without affecting their TFSA contribution room.
• For RRIFs, the account will continue maintain its tax-deferred status, and taxes on withdrawals are deferred until they are withdrawn by the successor.

If you appoint a spouse or common law as a beneficiary, your account will be closed upon your death, and the assets will be transferred directly to them. The beneficiary will not have the ability to take ownership of the account directly, nor will they be able to manage or change beneficiaries for the account. Instead, the assets will be transferred into an account in the beneficiary’s name, and they will have full control over the assets at that point, including the ability to manage, transfer, or withdraw them according to their own preferences.

If you appoint a spouse or common-law partner as both the successor holder or annuitant and beneficiary of an account, the successor designation takes precedence, and the individual will have ability to assume the account as-is.

If you do not designate a beneficiary for your RRSP, the assets of your RRSP will be included in your estate and distributed according to your will. If you have a will that specifies beneficiaries for your RRSP, the assets will be distributed as outlined in the will. However, the RRSP value will be considered as part of your estate and may be subject to taxes and potential probate fees. Additionally, the value of the account will be included in the final annual income of the account holder and may be subject to income taxes, unless it qualifies for a rollover to the surviving beneficiary.

If no successor holder or beneficiary is designated in your TFSA or will, the TFSA holdings will be directed to the deceased holder’s estate and distributed in accordance with the terms of the deceased holder’s will or provincial laws, whichever is applicable.

When a non-qualified beneficiary is designated in an RRSP, the value of the RRSP is included in the account holder’s final income tax return. This means the account holder’s estate will pay taxes on the value of the account and beneficiary will receive the remaining amount after taxes.

For additional information, please consult with a professional tax advisor.

If someone other than your spouse or common-law partner is named as the beneficiary of your TFSA, the TFSA will not automatically transfer to the beneficiary. Instead, the TFSA will be included in your estate and will be subject to probate. The fair market value of the TFSA at the time of your death will be considered as part of your estate, and the beneficiary will receive the value of the TFSA. This means that the assets transferred may be subject to tax on any income or gains earned after the account holder’s passing.

For TFSAs, the successor holder takes precedence and will become the new account holder after the passing of the original account holder. The TFSA will continue to be managed as it was before the passing of the original account holder, but in the name of the successor holder. In case the successor holder is not available to assume the account, beneficiary designation(s) will apply.

For RRIFs, the successor annuitant takes precedence, and they will take control of the account. This means, the successor annuitant will have access to manage the account. In case the successor annuitant is not available to assume the account, the beneficiary designation will apply.

To designate beneficiaries on your account, you can designate up to three (3) beneficiaries and/or three (3) contingent beneficiaries per form. If you require more than three (3) beneficiaries and/or contingent beneficiaries, you can do so by completing multiple forms.

When multiple beneficiaries are designated, you also can allot specific percentages, if they add up to 100% of the proceeds, to each beneficiary.

Note: there is no limit to the number of beneficiaries you can designate on your account.

Upon the owner’s death, the beneficiary of the TFSA account will receive the funds from the owner’s TFSA account tax-free. However, any income earned in the deceased account holder’s TFSA after death is subject to taxes. Lastly, the assets do not have to be transferred to another TFSA account, but if they are, the owner’s TFSA account will be closed.

After the account holder passes away, the successor annuitant has the option to:

• Receive the entire balance of the account as a lump sum payment, taxed as income in the year it is received.
• Elect to receive periodic payment over a specified period, including minimum annual withdrawal requirements.
• Transfer the funds to their own RRIF or roll the RRIF investments into their RRSP without affecting their contribution room and annual minimum withdrawals.
• Defer receiving funds until a later date, depending on the specific terms of the account. This may include continuing the RRIF in the Successor Annuitant’s name.

The beneficiary designation of an account does not automatically transfer to another account. You are required to make your designation again when assets are transferred from RRSP or LIRA account.

Probate is the legal process of validating and distributing the assets of a deceased person. This often involves validating the authenticity of the will in court, paying debts and taxes, locating, and transferring the assets to the beneficiaries. Typically, assets with named beneficiaries bypass the probate process, allowing for a quicker, stress free, and more direct transfer.

You don’t have to wait until your elder years or if you are faced with a life-changing event to start your estate and legacy planning.

It is essential to update your plans when significant events, such as marriage, divorce, the birth of a child, or death of a close relative occur.

For registered accounts, you can view the beneficiary/successor designations for your account on your monthly account statements under the section “Individuals related to your account”. If the beneficiary/successor information for your account was recently updated, this will reflect on the next monthly statement cycle.

To add or remove a beneficiary/successor from your account, please complete and submit the “TFSA Beneficiary Designation and Successor Holder“ for TFSA accounts or the “Beneficiary Designation and Successor Annuitant” form for all other applicable registered accounts.

These forms can be found in the Forms Library by selecting “Add someone to my account” from the “I’m trying to” dropdown.

Once completed, these forms can be submitted or .

Note: any new submissions of the beneficiary/successor forms will overwrite the existing designations in place.

A Dividend Reinvestment Plan, also known as DRIP, allows you to automatically purchase additional shares or units of a security from the cash dividends paid on eligible securities without incurring commission costs.

The program is usually directly managed by the company or treasury agent and is commonly referred to as Treasury DRIP.

For some securities, which do not participate in a Treasury DRIP program, certain brokers may purchase shares in the market directly using the cash proceeds of the dividend payment. This is commonly known as Synthetic or Artificial DRIP.

BMO adviceDirect’s DRIP program only makes eligible securities which participate in a Treasury DRIP program.

BMO adviceDirect facilitates the automatic reinvestment of dividends into additional stocks or trust units for eligible Canadian issuers that offer a dividend reinvestment program.

Eligible stocks or trust units are deposited into your account upon receipt from the Canadian Depository for Securities (CDS). These securities will automatically appear in your account between 2 to 4 weeks from the dividend payment date.

To enroll your account or securities or change your current enrollment, log-in to your account on BMO Invest App or the BMO adviceDirect website and chat with us.

Note: The BMO adviceDirect Dividend Reinvestment Plan is only available to residents of Canada.

BMO adviceDirect’s Dividend Reinvestment Plan is available only for a select number of Canadian securities. You can review which securities are eligible by searching for the desired ticker. If you are unable to locate or have additional questions on a particular security please contact us to confirm a particular security’s eligibility.

Note: changes to the eligibility, whether removal or addition of a security, can be made without notice.

There are two options available for enrolling in the DRIP plan:

1. You can enroll at the individual security level where eligible.
2. You can enroll all eligible securities at the account level. This enrolls all current (and future) eligible securities in the plan.

To enroll your account or securities or change your current enrollment, log-in to your account on BMO Invest App or the BMO adviceDirect website and chat with us.

Reinvested shares will appear in your account automatically upon receipt from the Canadian Depository for Securities. This can take between 2 to 4 weeks from the dividend payment date to be received.

Details, including the number, the price reinvested at, and the date of the shares received can be viewed by logging in to your BMO adviceDirect account on the BMO Invest app or through web browser and navigating to your Transaction History.

Any distributions which are eligible and reinvested will show under the column "Type" as "Reinvestment".

If cash from your dividend is not enough to purchase one full share(s), your account will be credited with the cash dividend amount.

There is no cost to enroll or make changes once enrolled in the DRIP.

For eligible shares received through the DRIP program, it can take between 2 to 4 weeks from the dividend payment date to be received from the Canadian Depository for Securities (CDS) and be deposited into your account.

In case a security is no longer eligible for the Dividend Reinvestment Plan, no changes are required on your part, any future dividends received will be automatically deposited in your account in cash.

Note: changes to eligibility for DRIP, whether removal or addition of a security, can be made without notice.

Withdrawals from a RESP account can be for education or non-education purposes:

• Education withdrawals: If the beneficiary is attending school and wishes to withdraw funds for education related expenses including but not limited to tuition, book & supplies, they can request either an Education Assistance Payment or a Post-Secondary Education (Capital) withdrawal.
• Non-education withdrawals: If the plan beneficiary does not pursue post-secondary education, different options are available to utilize the funds in the RESP account including Capital withdrawal, Accumulated Income Payments (AIP) and RRSP rollover.

Education Assistance Payments are used to finance eligible expenses associated with a beneficiary's post-secondary education. They are comprised of grants and/or income within the RESP.

The maximum EAP available for the first 13-weeks of post-secondary school enrollment is $8,000 for full-time studies and $4,000 for part-time studies.

EAP is a taxable payment and a T4A tax slip will be issued to the beneficiary for the payment amount. For Quebec residents, an additional tax slip, Releve 1 will also be issued.

To request an EAP, please complete the following RESP withdrawal form and return it to BMO adviceDirect, along with a for the beneficiary. Documents can be submitted or .

Post-Secondary Education Capital withdrawals can be made for any reason and be paid to the plan subscriber, beneficiary, or education institution to finance eligible expenses associated with a beneficiary's post-secondary education.

These withdrawals are comprised of the capital/contributions made to the account and are non-taxable.

To request an PSE withdrawal, please complete following RESP withdrawal form and return it, along with a for the beneficiary. Documents can be submitted or .

If the beneficiary decides not to pursue post-secondary education, the accumulated income or earnings in the RESP may be eligible for withdrawal by the subscriber, subject to certain conditions.

To know more about eligibility for AIPs and any applicable taxation, please review the following terms or consult with a tax advisor.

To request an AIP, please complete following RESP withdrawal form and return it to BMO adviceDirect. Documents can be submitted  or [CA - Investments] Mail to BMO InvestorLine (par la poste).

The subscriber of the RESP plan may be eligible to reduce the amount of tax payable on AIPs, up to a maximum of $50,000, by contributing to their RRSP account. Contribution amounts are subject to available contribution limits in the individuals RRSP.

To learn more about the eligibility of RRSP Rollovers, please review the following terms.

To request an AIP, please complete following RESP withdrawal form and return it along with a completed CRA form #T1171 to BMO adviceDirect.. Documents can be submitted  or .

If the RESP beneficiary(s) decide to not pursue post-secondary education, the contributions made by the plan subscriber can be returned. The returnable amounts are subject to repayment of any matching grants received in the plan.

To request a Capital withdrawal, please complete following RESP withdrawal form and return it to BMO adviceDirect. Documents can be submitted  or .

Currently, the portions of the RESP account which are considered capital, income and/or grant are not viewable online.

To obtain a breakdown of your account balances including what portion is capital, income and/or grant, log-in to your account on BMO Invest App or the BMO adviceDirect website and chat with us or contact us.

Education Assistance Payments and Post-Secondary Education Capital (PSE) Withdrawals require proof of enrollment in a qualifying program.

To satisfy this requirement official documentation must be provided which uses the educational institution's letterhead or be readily identifiable as a document reproduced from the institution's secure student website. Examples include an enrolment letter, course confirmation, receipted invoice, tuition statement or any combination of these documents.

Letter of acceptance, offer of admission, and unpaid invoice are not acceptable for proof of enrolment. The student’s ceased/last date of enrolment indicated on the proof of enrolment must be within six-months from the date an EAP is requested.

Note: Letters provided must be signed and certified by the Office of the Registrar or department head. If a tuition statement is provided, proof of payment must be shown on the statement.

For family plans, you may be eligible to share grants and income across plan beneficiaries. This is subject to each beneficiary's maximum lifetime amounts.

For individual plans, any applicable grants held in the account would be returned to the government.

If none of the plan beneficiaries pursue post-secondary education, any applicable grants held in the account must be returned to the government.

The capital portion can be withdrawn by the subscriber tax-free through the Capital Withdrawal process.

Income held in a RESP account can be withdrawn, known as Accumulated Income Payments (AIP), by the subscriber subject to certain conditions.

The subscriber may also be eligible to transfer up to $50,000 of accumulated income to their or their spouse’s RRSP account (subject to available contribution room) as part of the RRSP Rollover process.

If the beneficiary does not pursue post-secondary education and the capital is withdrawn from the account, any grants which have been received associated with the capital withdrawn must be returned to the government.

No additional action, forms or documentation are required on your part. Grants are automatically deducted and remitted to the government as part of the withdrawal process.

• If you have signed-up or opted-in to receive online tax documents, you can locate them in the “eDocuments” section. Login to your adviceDirect account to access.
• If you’re having trouble locating the “eDocuments” portion of the adviceDirect website, click here for a detailed step-by-step guide on how to access.
• Note: eDocuments are not currently available on the BMO Invest mobile app.

If you have signed up for “online only” as your delivery preference for tax documents, then all tax related documents will be available electronically in the “eDocuments” section only.

If you have selected the “online and by mail” option, tax documents will be mailed to the address on file and will also be available electronically.

Tax document availability will vary depending on the type of account and method of delivery you have selected. Click here for a detailed release schedule by tax slip type.

You may receive numerous different tax slips from BMO adviceDirect. The slips you receive will depend on the type of account you have, the income you’ve earned, contributions you’ve made, etc. For more information on the tax documents you may receive, their purpose, and expected availability please click here.

The documents you receive will be for the current tax year. If you require access to documents from prior tax years, please navigate to the “eDocuments” section and select the required year from the drop down. You will only be able to see documents for the years which your account was open with BMO adviceDirect.

To change your delivery preferences for tax documents login to your account and navigate to the “Account Service” and “Settings”. From here you will see an option to edit the “Delivery preferences for your tax documents” for each of your accounts.

Your tax slip will be available in your “eDocuments” by the end of the week for which it is scheduled to be released. Click here for a detailed release schedule by tax slip type. If the tax slip is not available by the end of the week, please contact us to review.

Note: you will not receive a notification that the applicable document is available. Please check back regularly to confirm availability.

Deadline to contribute to your RRSP – March 3rd, 2025

Deadline to file 2024 personal return without penalty – April 30th, 2025

Deadline to file 2024 personal return if self-employed without penalty – June 15th, 2025

Click here for additional dates for the 2024 tax year.

Note: please remember it is important to ensure you have received all required tax slips before preparing your tax return to prevent having to amend your tax return through the filing of a T1 Adjustment form.

If you would like to view your documents electronically and you are having trouble locating the “eDocuments” portion of the adviceDirect website, click here for a detailed step-by-step guide on how to access. If you need further assistance, please contact us to discuss.

To help simplify your tax preparation efforts, we have developed an overview of the various tax slips and documents you may receive from BMO adviceDirect. Click here to review the tax slips and documents you may receive from BMO adviceDirect. Tax slips received depend on the type of account and product you hold.

Note: for specific tax advice and detailed understanding of each document, please speak to a professional tax advisor.

Tax documents such as the T3 and RL-16 related to mutual fund income are issued directly by the respective mutual fund company and not BMO adviceDirect. Please check with the respective company to confirm their release schedule and distribution method (i.e., mail or online).

T3 documents (as well as RL-16, T5013 and RL-15 packages) are dependent on third-party issuers, external to BMO adviceDirect. Some external issuers (like mutual fund companies) may mail tax receipts to you directly. Please confirm with the applicable issuer their document availability schedule.

Please confirm the recipient type is set to “joint account” (e.g., Box 23 is 2 on the T5 slip). If you find an error or believe there is an issue with your tax slip, please contact us to review the issue and discuss further.

The maximum contribution for a TFSA in 2025 is $7,000 CAD. For more information on TFSA contributions please visit the Canada Revenue Agency. Your unused contribution room accumulates each year as long as you have a Social Insurance Number (SIN) (even if you do not file an income tax and benefit return or open a TFSA).

• Note: If you were 18 or older in 2009, your TFSA contribution room grows each year. If you turned 18 after 2009, your TFSA contribution room starts to grow in the year you turned 18 and accumulates every year after that year.

See below for the cumulative contribution room available assuming you were 18 or older in 2009 and no contributions have been made to date.

If you have closed an adviceDirect account at any point in the tax year, any applicable tax documents will be mailed to the last address on file associated with your account. Tax documents will not be distributed electronically even if you have opted-in to receive your documents electronically. If you are expecting a document and haven’t received it yet, please click here for a detailed release schedule. If you need further assistance or if you haven’t received your documents, please contact us to discuss.

A T5 slip will be issued if you have or continue to hold a BMO HISA in your account. Click here to review the various tax slips and documents you may receive from BMO adviceDirect. Tax slips received depend on the type of account and product you hold.

A T3 or T5 slip is only issued for income and gains within non-registered accounts. Click here to review the various tax slips and documents you may receive from BMO adviceDirect. Tax slips received depend on the type of account and product you hold.

If you find an error or believe there is an issue on your tax slip, please contact us to review the issue and discuss further.

This is an annual fee based on your total billable assets rather than a commission fee charged per transaction. It is charged to your account quarterly.

Unlike traditional online brokerages, with BMO InvestorLine adviceDirect, you pay an advisory fee instead of commissions.

Fees are assigned as a percentage of your total billable assets. They're calculated based on the amount of billable assets in your account(s) on the last business day of all three previous months. Clients are billing in arrears every quarter.

The more assets you have, the lower your fee:

• 0.50% per year on billable assets of $10,000 < $1MM
• 0.30% per year on billable assets of $1MM < $5MM
• 0.10% per year on billable assets of $5MM or greater

For more info, please refer to the BMO InvestorLine adviceDirect Fee Schedule & Trade Guide

Please refer to our fee schedule (277 KB - PDF).

Yes, you can! By linking your adviceDirect accounts and assets through an adviceDirect advisor, you can benefit from lower fees. This enables you to apply a single fee to the entire group of linked accounts, even if some of the accounts are smaller than the minimum account size of $10,000. Please note that at least one of the linked accounts must meet the minimum account size of $10,000.

For adviceDirect accounts to be linked, they must be owned and/or co-owned by the same client, or by members of the same household residence, which can include spouse/partner, dependent children, and dependent parents. Additionally, you may link your corporate account(s) if you or your household members are beneficial owners.

No, all adviceDirect registered accounts are automatically exempt from administrative fees.

It is a fee charged by the Securities and Exchange Commission when selling a US exchange-listed equity or option. This fee is usually listed separately from the regular brokerage commission. It is charged only on U.S. equity sell orders and on the following option transactions: call sale, put sale, put exercise, call assignments.

The fee for a non-registered fee-based account may be tax-deductible, provided one of the following:

• It is not based on commissions.
• It was charged for advice on buying or selling investments.
• It was charged for administrative or management services of shares or securities.

We strongly advise you consult with a tax professional to assess what percentage of this fee is tax-deductible.

Note that from a tax perspective, excess trade charges are treated as commissions and are not tax-deductible in the way an annual advisory fee may be.

Fees for non-registered accounts may be tax-deductible if they have been paid for advice related to buying or selling specific investments, and are not a commission. It is recommended that you seek professional tax advice for more information.

Another very important consideration for investors who make many trades for US-listed securities is the currency handling.

Registered accounts (excluding RESPs), as well as cash and margin accounts at BMO InvestorLine, allow you to hold US dollars and avoid making unnecessary foreign currency conversions. This could lead to significant savings for investors who make frequent trades on US stock exchanges.

Your billable assets include equities, fixed income, mutual funds and ETFs.

Cash, money market funds and mutual funds that pay a trailer are not considered billable assets and are excluded from the fee calculation. Mutual Fund purchases may include trailer fees paid to BMO InvestorLine.

No surprises here. The annual fee is charged quarterly, so you know upfront how much you're paying and what investment services you're paying for.

The annual fee may be tax-deductible in non-registered accounts (clients are urged to seek the advice of a tax accountant to determine eligibility).

ETFs can be classified either Fixed Income or Equity and are considered a billable holding.

These charges apply if you exceed your annual trade guide for the year. They are not subject to GST and are treated as commissions for income tax purposes. Typically they are $7.95 per trade, based on the currency of your account. We recommend you refer to our fee schedule (277 KB - PDF) for more details.

The trade guide is the upper limit of trades you're entitled to on an annual basis. You may be subject to excess trade charges if you exceed this trade guide in the anniversary year.

You aren’t limited by your included trades. If you do exceed your annual trade limit, you may be subject to an additional charge of $7.95 per trade, based on the currency of your account.Excess trade charges are not subject to GST and are treated as commissions for tax purposes.

For more info, please refer to the adviceDirect Fee Schedule & Trade Guide (277 KB - PDF).

The following products are not allowed to be purchased in adviceDirect:

• Options (puts/calls)
• Gold/Silver Bullion/Jewellery
• Worthless Securities
• Bonds in default
• NHA Mortgages
• Foreign Currencies
• Segregated Funds
• Pooled funds
• Private/Small Business
• Restricted securities
• Non-approved mutual funds
• Certain 30-day Cashable GICs
• Non-approved GICs (i.e issuer not found on the Investment Industry Regulatory Organization of Canada's website)
• RSP Mortgages

adviceDirect specialists are licensed advisors who can discuss your portfolio, the advice you receive and how to take full advantage of the technology. They have many years of experience dealing with equities, mutual funds, ETFs and fixed income products.

adviceDirect continuously monitors your portfolio to ensure your recommendations match your investor profile. You'll be notified right away of any areas that need attention with buy, hold and sell recommendations so you can adjust your portfolio to ensure you stay on track.

We provide direction and help you maintain the right mix of equities and fixed income for your investor profile.

adviceDirect will send you notifications (either by email or a secure MyLink™ inbox) alerting you to any issues in your portfolio and what action you should take to bring it back in line with your investor profile.

These include:

• Alerts advising you that there is an issue with your portfolio's asset allocation, diversification or risk
• Order fill notifications each time an equity order has been filled
• Rating change of an equity or mutual fund in your portfolio
• Corporate actions that need your attention
• Non-qualified securities in your registered account
• Market, stock and news alerts

Alert that your eStatement is ready to be viewed

adviceDirect provides comprehensive ratings on equities, mutual funds and ETFs from our respected third-party partners Morningstar and MarketGrader:

Morningstar

Morningstar Inc. is a leading provider of independent investment research in North America, Europe, Australia and Asia. Morningstar's benchmarking and classifications are widely recognized as the industry standard by asset managers, fund companies and financial intermediaries.

Its ranking system analyzes individual exchange traded and mutual funds using a measurement of risk adjusted return of the past 3 years then assigns a score between 0-100 that indicates a buy, hold or sell recommendation.

Marketgrader

MarketGrader.com is an independent research provider who analyzes four key aspects of a public company's finances: growth, value, profitability and cash flow – for up to the past five years.

It assigns a daily score to these areas, based on 24 fundamental indicators, and combines them into an overall score between 0-100 for that company's security that indicates a buy, hold or sell recommendation.

Morningstar Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar's benchmarking and classifications are widely recognized as the industry standard by asset managers, fund companies and financial intermediaries.

Morningstar's ranking system analyzes individual exchange traded and mutual funds using a measurement of risk adjusted return of the past 3 years.

adviceDirect then assigns one of the following recommendations for a fund based on Morningstar's ranking system:

• Buy - score between 60 and 100 displayed in green
• Hold - score between 50 and 59 in yellow
• Sell - score between 0 and 49 in red

MarketGrader.com is an independent research provider who analyzes four key aspects of a public company's finances: growth, value, profitability and cash flow – for up to the past five years.

It assigns a daily score to these areas, based on 24 fundamental indicators, and combines them into an overall score for that company's security. The security is then assigned one of three ratings:

• Buy – percentile between 60 and 100 displayed in green
• Hold – percentile between 50 and 59 in yellow; and
• Sell – percentile between 0 and 49 in red.

First Home Savings Account (FHSA) is a registered savings account designed to help Canadians save for the purchase of their first home. Available now at BMO InvestorLine, the FHSA allows you to hold various investment types to help grow your savings tax-free.

Opening a FHSA at BMO InvestorLine is easy. Access the application forms and instructions online.

ESG stands for Environmental, Social, and Governance.

The ESG framework promotes sustainability for present and future generations by fostering prosperity for all, equitable distribution of resources, healthy living conditions, and an environment where nature can thrive.

Through ESG, investors can understand a company's purpose, strategy, and management.

The ESG framework looks beyond profits and takes the interconnected nature of humanity into account. Companies with high ESG generally:

• Boast solid financial indicators with lower cost of capital and less volatility.
• Experience fewer instances of bribery, corruption, and fraud.
• Enjoy positive brand recognition among customers and the public.
• Command higher employee retention rates.

Our ESG framework evaluates equity and ETF investments.

ESG scores are measurements of companies’ perceived performance on the three category pillars: Environmental, Social and Governance.

A category-specific score is determined for each pillar based on the company's participation in the pillar's key issues. Among the most important issues for each pillar include, but not limited to:

Environmental

• Carbon Emissions
• Water Stress
• Renewable Energy

Social

• Labor Management
• Privacy & Data Security
• Access to Health Care

Governance

• Board
• Pay
• Business Ethics

The ESG score of a company is determined by the degree to which it is exposed to industry-specific issues and the effectiveness with which it manages these key issues. Companies are assessed based on:

• 80+ geographic and business metrics
• 100+ key governance metrics
• 150 policy and program metrics
• 20 performance metrics

Buying power is calculated by taking the total value of your account and then subtracting the margin requirement for all the securities in your account. Buying power reflects the intraday market movement of your investments including any orders that are filled. It is updated every five minutes during trading hours.

Yes, the buying power reflects the margin requirements for your securities including any order fills. This is updated every five minutes during the trading day and factors in market movements.

You can enable biometric login for your BMO Invest app in the any one of the following ways:

Option 1 – Upon signing up with your Client ID

• Select “Remember Me”
• Type in your password and Sign In.
• You will be prompted to enable biometric login.

Option 2 – If you choose to not select the “Remember Me” box, you can enable and/or disable biometric sign in under the Settings Menu within your BMO Invest App.

Note: You must have biometrics enabled in your phone/device settings for either of the options outlined above to work.

To disable biometric login in your phone and/or device:

• Sign-in to Client ID.
• Access App settings from the menu.
• Toggle off Biometrics.