I asked BMO InvestorLine to confirm whether I can use a synthetic Dividend Reinvestment Plan, DRIP, for my US stocks.
The answer, as of January 2013, was
InvestorLine did clarify that if a stock is listed on both US and Canadian exchanges, like Suncor, and if it was eligible for the synthetic DRIP in Canada, then it could be enrolled. So I could DRIP BMO stock, for example.
However, if a stock is only listed on the US exchanges, like Walmart and McDonald’s then I cannot set up a DRIP for it through InvestorLine.
- Pros and Cons of Using a DRIP for BMO InvestorLine Dividends
- If I Use an InvestorLine DRIP Will I Get the Discounted Price for Reinvesting in Shares?
Can your DRIP your US stocks through your discount brokerage? Please share your experiences with a comment.