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Continuous Savings Plans (CSPs)



Frequently asked questions

  • What is a CSP?
    A Continuous Savings Plan (CSP), also known as a pre-authorized contribution, does your saving for you automatically, so you don’t have to think about it. It withdraws funds from pretty much any account, and deposits them into your savings or investment account on a regular schedule.
  • How can I set up a CSP?
    Setting up a CSP is easy! If you’re already a BMO customer, you can do it yourself through Online Banking. You’ll find it under the My Accounts tab. Or if you like, one of our investment specialists would be happy to set one up for you. You can ask at your local branch, or call the BMO Investment Centre at 1-800-665-7700. You can also fill in our online form and someone will get in touch with you.
  • What are the schedule options for a CSP?
    Pretty much any schedule you like: weekly, bi-weekly, semi-monthly, monthly, or quarterly.
  • What accounts can a CSP contribute to?
    Your CSP can contribute to just about any type of account, including RRSPs, RESPs, TFSAs, or Mutual Fund accounts.
  • What is the minimum contribution amount for a CSP?
    The minimum contribution amount for a CSP is $50 a month. That’s just $25 per payment if you’re on a semi-monthly contribution schedule.
  • Can I change the amount of my CSP?
    Sure! You can change the amount of your CSP four (4) business days before the next scheduled purchase date. You can do it yourself through Online Banking, or if you prefer, one of our investment professionals can help, in your local branch or over the phone.
  • How much does a CSP cost?
    Nothing! There’s no fee to set up a CSP.
  • Can a CSP withdraw from a non-BMO account?
    It sure can. A CSP can debit from any account at any Canadian bank. The only exception is if you want to make U.S. dollar contributions to a U.S. dollar mutual fund — those have to come from a BMO U.S. dollar account.
  • Can my spouse and I contribute to the same plan?
    Absolutely. You can both contribute to any non-registered plan or an RESP.
  • What is dollar-cost averaging?
    Good question. Dollar cost averaging is what happens when you use a CSP to buy an investment product (like Mutual Funds) whose values change over time. Your contribution amount is always the same, so if the cost of the fund unit goes down, then you end up buying more units. It can work to your advantage in volatile markets, by lowering the average cost of the units you purchase over time.
  • What’s the difference between registered and non-registered funds?
    Registered funds (like RRSPs, TFSAs and RESPs) are registered with the government and shelter your investments earnings from tax. Investment earnings in a non-registered account, by comparison, are subject to income tax. You can use a CSP to contribute to both registered and non-registered funds.

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