Journalling (or Moving) Shares from the Canadian Dollar to the US Dollar Portfolio in a BMO InvestorLine Account

I hold a few Canadian stocks that pay their dividends in US dollars. If I hold them in the Canadian side of my BMO InvestorLine portfolio, BMO charges me a small fee built into the exchange rate when it credits the dividends and distributions to my Canadian dollar portfolio. I’ve decided to move those shares by journalling them into the US dollar side of my portfolio so that no exchange rate is charged until and unless I move the cash back to my Canadian dollar portfolio.

How to Journal Shares at InvestorLine: Sometimes, All You Got to Do Is Call

Moving the shares from the Canadian side of my portfolio to the American side is as easy as making a phone call.

I phoned BMO InvestorLine, chose my preferred national language, entered my account number and my password. Then I went on hold waiting to speak to an agent.

Within 3 minutes early on a Tuesday morning, my call was picked up. Within another two minutes, the agent had journalled two sets of shares from the Canadian dollar side of my account to the US dollar side.

When Will My Shares Show Up on the Screen as In the US Side of My Portfolio at InvestorLine?

Although the shares are now in the US side and I could sell them on the US exchange, they do not yet appear on the US side listing on screen.

It will take tonight’s batch update to fix that. Tomorrow, the next business day after I requested the change, the shares will show up properly.

So that’s another tidying up job done for the day.

Why Did My US Dollar Dividend or Distribution Still End Up in my Canadian Dollar Account at InvestorLine?

NOTE: If you are trying to get paid the dividend or distribution in US dollars, be sure to request the transfer before the ex-dividend date. If you leave it too close to the date of payment, the paper trail will not go through in time to the company processing the dividend and distribution payments.


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What To Do With the Cash in My RRSP and TFSA Brokerage Accounts

The great thing about the stocks I own in my TFSA and RRSP is that they pay dividends monthly or quarterly. That cash starts to pile up though after a few months, especially if I don’t see anything I want to invest in for the long term. If I put in a new contribution without having a plan for it, my stack of cash can grow into the thousands. That’s what happened recently in both my TFSA and my RRSP brokerage accounts and I decided to park the cash temporarily until I decide how to use it.

What Cash Savings Options Does BMO InvestorLine Offer for TFSA and RRSP Accounts?

You can have a RRSP with investments in Canadian dollars or American (US) dollars at BMO InvestorLine. So they offer two ‘high interest’ savings account mutual funds, one in USD and one in CAD. They also offer a cashable GIC.

What Interest Rates Are AAT770 and AAT780 Paying on Cash Investments at BMO InvestorLine?

Today, on March 18, 2017, the rates are

  • AAT770 0.75% on Canadian dollar, CAD, investments
  • AAT780 0.50% on American dollar, USD, investments

The money is deposited as if you are buying a no-fee mutual fund. It takes the trading day plus one business day to settle.

What Interest Rates are Cashable GICs Paying at BMO InvestorLine?

Today, on March 18, 2017, they are offering

  • a one-year GIC, cashable after 30 days, which pays an annual interest rate if held to maturity of 0.85%.

For reference, a one-year-fixed-term GIC (which cannot be cashed before the year is up) is paying an annual interest rate of 1.25%.

What Cash Savings Options Does RBC Direct Investing Offer for TFSA and RRSP Accounts?

RBC Direct Investing offers two ‘high interest’ savings account mutual funds, one in USD and one in CAD. They also offer a cashable GIC.

What Interest Rates Are RBF2010 and RBF2014 Paying on Cash Investments at RBC Direct Investing?

Today, on March 18, 2017, the rates are

  • RBF2010 0.75% on Canadian dollar, CAD, investments
  • RBF2014 0.45% on American dollar, USD, investments

What Interest Rates are Cashable GICs Paying at RBC Direct Investing?

Today, on March 18, 2017, they are offering

  • a one-year GIC, cashable after 30 days, which pays an annual interest rate if held to maturity of 0.70%.

For reference, a one-year-fixed-term GIC (which cannot be cashed before the year is up) is paying an annual interest rate of 1.40%.

What Cash Savings Options Does CIBC Investor’s Edge Offer for TFSA and RRSP Accounts?

You can have a RRSP with investments in Canadian dollars or American (US) dollars at CIBC Investor’s Edge. So they offer two ‘high interest’ savings account mutual funds, one in USD and one in CAD. They also offer a cashable GIC.

What Interest Rates Are ATL5000 and ATL5500 Paying on Cash Investments at CIBC Investor’s Edge?

Today, on March 18, 2017, the rates are

  • 0.75% on Canadian dollar, CAD, investments
  • 0.55% on American dollar, USD, investments

What Interest Rates are Cashable GICs Paying at CIBC Investor’s Edge?

Today, on March 18, 2017, they are offering

  • a one-year GIC, cashable after 30 days, which pays an annual interest rate if held to maturity of 0.5%.

For reference, a one-year-fixed-term GIC (which cannot be cashed before the year is up) is paying an annual interest rate of 1.26%.

So now I know my options, I can park my cash. It doesn’t look like I should leave it sitting idly by for too long at those rates though!


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