Frequently Asked Questions

BMO SmartFolio is an easy and affordable, “hands-free,” professionally managed, online portfolio service.

BMO SmartFolio is an online portfolio management service for clients looking for an affordable investment solution. While it may be a digital service, similar to a robo advisor, SmartFolio has a team of expert portfolio managers making each investment decision. The SmartFolio management team is comprised of 17 professionals with more than 300 years of combined financial experience and includes five accredited Portfolio Managers and eight Chartered Financial Analysts (CFA).

As part of the sign up process, we will ask you a series of questions to help you determine your objectives and risk tolerance for your BMO SmartFolio account. Upon completion, you will be automatically presented with a Model Portfolio which is in line with your objectives for you to review. As a final check, a registered representative from BMO SmartFolio will evaluate your full application to ensure you’re aligned with the right portfolio to suit your investment needs. Once you’ve accepted, your funds will be allocated accordingly.

You can open a BMO SmartFolio account online at any time. You will need to provide some information and answer a few questions to help us identify your investment objectives.If you have any questions you can call our investment professionals at 1-844-895-3721, email us at Smart.Folio@bmo.com or open a chat instantly on the site www.bmo.com/smartfolio.

Any Canadian resident who is age of majority in their province or territory is able to open a BMO SmartFolio account.

BMO SmartFolio currently provides the following types of accounts:

• Investment Accounts
• Joint Investment Accounts
• Registered Retirement Income Fund (RRIF)
• Registered Retirement Savings Plans (RRSP)
• Registered Education Savings Plans (RESP)
• Spousal Registered Retirement Income Fund (RRIF)
• Spousal Registered Retirement Savings Plans (RRSP)
• Tax Free Savings Account (TFSA)

Future account types will also include:

• Locked-in Retirement Accounts (LIRA)
• Corporate/Non-Personal

Due to the nature of BMO SmartFolio, there is no need for a Trading Authority. You are always welcome to set up a Power of Attorney, however it is important to understand that this person will have the discretion to transfer funds in and out of your account without reference to you. Please ensure you make this appointee a trusted person.

The minimum account size per BMO SmartFolio account is $1000.

Accounts that have gone below $1000 will be divested in cash.

We will accept the following funding methods

• Cheque made payable to BMO Nesbitt Burns with your SmartFolio account number noted on the cheque.
• Bill Payment from a BMO Bank account (CAD only)
  • Expected transfer time is 1-2 business days
• Bill Payment from a non-BMO Canadian financial institution
  • Expected transfer time is 3-5 business days
• In cash transfer from another investment account

BMO SmartFolio
BMO Nesbitt Burns
First Canadian Place
100 King St. W., Floor B1,
Toronto, Ontario M5X 1H3

We need to confirm the identity of the account owner for their protection. If you do not have a BMO InvestorLine, BMO Harris Private Banking, Bank of Montreal or BMO Nesbitt Burns relationship we may ask you to visit your local BMO Bank branch to complete a Letter of instruction. This will allow your local BMO Bank of Montreal representative to verify your identity by reviewing valid ID.

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;

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

We will help you discover your risk tolerance through a questionnaire and will invest your funds in an affordable ETF Model Portfolio that matches your objectives. A team of expert BMO portfolio managers then actively manages the Model Portfolio.

An ETF (Exchange Traded Fund) is an investment fund that represents a basket of stocks, bonds or other investments. Unlike conventional mutual funds, an ETF is traded on a stock exchange and often tracks a market index or may have a specific investment strategy. ETFs are an attractive investment as they are a low cost option to build a well-diversified portfolio.

• Liquidity - through buying and selling during the trading hours of the stock exchange.
• Diversification - potentially lower risk than individual securities.
• Exposure - to a portfolio of stocks or bonds.
• Portfolio transparency - on a daily basis.
• Cost-efficiency - bely low management fees.
• Tax efficiency - with potential forly low capital gains distributions.

We use ETFs when building portfolios as they provide excellent diversification while simultaneously reducing trading expenses for you. This is because the funds allow access to an entire index worth of stocks or bonds with a single ETF purchase. They allow us to pass savings on administrative expense to you - the client - and allow for the ability to liquidate your portfolio if you need access to your funds. ETFs have the benefit of transparency, as they are required to update their holdings daily rather than quarterly in the case of Mutual Funds.

We are not able to transfer in outside investments into your BMO SmartFolio account. We ask that all investments are transferred in cash, which will promptly be invested to match your Model Portfolio. We do not allow for non-model portfolio holdings to be purchased within your BMO SmartFolio account; however BMO has many great offerings which would allow you to transfer your alternative holdings, - should you wish.

The investments within your BMO SmartFolio account are meant to reflect your personal risk tolerance and investment objectives. Over time, your personal risk tolerance and investment objectives may change due to changes in your life. It is important that you update us on any major changes which might affect your personal risk tolerance and investment objectives. We will review these changes with you and make the required adjustments if required. Please note you may be required to send us a Material Change Form or accept your new Investment Policy Statement if your investment profile changes significantly.

Yes, you can easily set up pre-authorized contributions from your BMO Bank account within the BMO SmartFolio platform. Alternatively you can fill out a Pre-Authorized Contribution form and set up a weekly, bi-monthly or monthly contribution from any Canadian Financial Institution.

Your assets will be held in a brokerage account in your name with BMO Nesbitt Burns - a member of BMO Financial Group. BMO Nesbitt Burns is a member of the Investment Industry Regulatory Organization of Canada (IIROC) & the Canada Investor Protection Fund (CIPF). BMO Financial Group was established in 1817 and serves more than 12 million personal, commercial, corporate and institutional customers in North America and internationally.

Your portfolio is monitored on a daily basis by BMO’s expert portfolio managers , to ensure that it is still within its target allocations. If the Model Portfolio’s investments go 10 percent below or above the median weight percentages indicated (the “Range”), the Model Portfolio’s positions and your SmartFolio Account will be rebalanced to percentages that fall within the Range.

As a client of BMO SmartFolio you will have a secure User ID with which you will be able to log into your account and see your performance. You will be able to track the performance of each account which will be shown as increase in value in dollars, as a percentage of dollars invested and as well on a chart showing the growth in the portfolio over time. You will also be provided with online statements which you can use to review your account balances month to month as well as any transactions which occurred in that period.

Your assets will be held in an account in your own name with BMO Nesbitt Burns. They will also not be used as collateral for loans. In addition, you will also benefit from the Canada Investor Protection Fund (CIPF) which will insure clients up to $1 Million CAD in the event that BMO Nesbitt Burns becomes insolvent.

Investment dealer insolvency doesn’t happen very often, but if it does, the Canadian Investor Protection Fund (CIPF) is here to ensure your cash and securities are returned to you. Your account with us is covered under the (CIPF) and is insured for up to $1 million in securities for each account type you hold with BMO SmartFolio.

• If you have signed-up or opted-in to receive online tax documents, you can locate them in the “eDocuments” section. Login to your BMO SmartFolio account to access.
• If you’re having trouble locating the “eDocuments” within your account, click here for a detailed step-by-step guide on how to access.

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 SmartFolio. The slips you will 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 SmartFolio.

To change your delivery preferences, please contact us

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.

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

If your document is not available by the end of the week, please contact us to review.

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 are having trouble locating the “eDocuments” portion of the SmartFolio website, click here for a detailed step-by-step guide on how to access. If you need further assistance, please contact us.

To help simplify your tax preparation efforts, we have developed an overview of the various tax slips and documents you may receive from BMO SmartFolio. Click here to review the tax slips and documents you may receive from BMO SmartFolio. 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.

To help simplify your tax preparation efforts, we have developed a brief overview of the various tax slips and documents you may receive from BMO SmartFolio. These are based upon the type of account and product you hold, please click here to view.

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

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 issue on 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 account with BMO SmartFolio 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 one 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 review.

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

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.

BMO SmartFolio will charge you an advisory fee on a quarterly basis. The average annual rate decreases as the assets in your account increase. Fees are billed in arrears; the calculation is based on an average of the three month-end balances of the quarter.

For example:

Your Quarterly advisor fee includes all transaction and administration fees; however this does not include the management fees and expenses charged to the ETFs by the ETFs’ manager.

You are able to link the accounts with immediate family members within your home. (for example: your Spouse, Life Partner, Dependant Child/Parent are ok. However, your Aunt will not qualify as she does not reside with you).

Certain exceptions apply to non-personal accounts such as corporate accounts whose business address is different from your home address. Please call us for details.

As part of your onboarding Investor Profile Questionnaire, we will ask you to disclose what portion of your investible assets this account will represent. This will be used to determine your Model Portfolio, as well as your risk tolerance and objectives.

Please contact the BMO SmartFolio Branch if you would like to withdrawal funds from your account. Please allow 3-5 business days for sale & settlement of the amount requested. Once the sale of the needed amount is complete, you can withdrawal the funds via Electronic Fund Transfer (EFT), Wire transfer, transfer out request or in some cases by receiving a cheque. Time to actually receive the proceeds of the sale will vary depending on the method.

Closed accounts will be billed any outstanding advisory fee on a prorated basis, which is calculated on the average asset level for the quarter. Please note that transfer out fees may apply when transferring your accounts outside the BMO Financial Group.

Yes, you will receive tax documentations for income and capital gains realized in the year via mail.

Unfortunately no, you cannot open more than one of the same type of account at this time.

You will need to complete the Authorization to Transfer Account Form. Please complete, sign and send to us.

• Internet Explorer 11 or higher
• Microsoft Edge
• Google Chrome (desktop only, not on iPhone)
• Firefox
• Safari on Desktop, iPhone, iPad

Note: We do not support Blackberry, Windows phone or Chrome for iOS

Absolutely. You can review the historical performance of our model portfolios on the ETF Portfolios page.

In the event a client dies and their designation is contested in court, we want to make absolutely sure a client’s designation is honoured. We know sending in a paper copy is not as convenient, but we are looking out for your best interests!

If you don’t send in a paper form while your beneficiary designation is still captured with eSignature , if the courts do not honour your electronic instructions, no one can get a new ink signature to replace it.

No we do not offer that at this time, but are considering adding it.