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.

Related Reading

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Do you enjoy getting paid some of your dividends or distributions in US dollars? Does it help with getting vacation money without paying an exchange rate? Please share your experiences with a comment.



New CRA Scam: an Email Called Pending Tax Refund

There have been several CRA scams recently many of which have caused people to lose money and live in fear. The most recent one I encountered came as an email into my regular Bell email Inbox. The “sender” was listed as the Canada Revenue Agency and the “subject” was listed as “$288.54 Pending Tax Refund.” Of course I recognized it was a scam right away–because I haven’t even filed my taxes yet!

What Did the Text of the Fraudulent Email I Received Claiming to be from the CRA Say?

(Note: I cut the text from the email and posted it into Notepad, then copied it from Notepad into this note to exclude any links.)

Тах Rеfund Νоtіfісаtіоn
Dеаг Ѕіг/Μаdаm,

Аftег thе lаѕt аnnuаl саlсulаtіοnѕ οf уοuг fіѕсаl асtіνіtу, wе hаνе dеtегmіnеd thаt уοuг аге еlіgіblе tο гесеіνе а tаx геfund οf СΑD 288.54 , Рlеаѕе ѕubmіt thе tаx геfund геquеѕt аnd аllοw 6-9 dауѕ іn οгdег tο ρгοсеѕѕ іt.
Fіlіng dеаdlіnе: Аρгіl 5, 2017

Рlеаѕе fіlе уοuг іnсοmе tаx аnd bеnеfіt геtuгn οn tіmе tο mаκе ѕuге thеге аге nο іntеггuρtіοnѕ tο уοuг Саnаdа сhіld bеnеfіt, GЅТ/ΗЅТ сгеdіt, аnd сhіld dіѕаbіlіtу bеnеfіt ρауmеnt.

[Big Red Button titled: Claim Tax Refund]

2017 Саnаdа Rеνеnuе Αgеnсу (СRΑ)
Rеfund Dеρагtеmеntѕ.

How Do I Know This CRA Refund Email Is a Scam?

  • The CRA does not send you email directly. It sends you a note telling you to sign in to your CRA account and read their email there.
  • I did not file my income tax return yet.
  • I will not be getting a refund.
  • The CRA does not need you to do anything to claim your refund. They just mail you a cheque via Canada Post or make a direct deposit into your bank account. If they can’t find you, they are happy to keep your money forever.

What Should You Do If You Get This Scam Email NOT from the CRA?

If you get this note or a similar fraudulent email,

  • do NOT click on any links!
  • report it to your internet service provider
  • delete the note after reporting it and empty your Trash bin

You may wish to run a scan on your computer for viruses as well.

Please be careful. There seems to be a new CRA scam invented every week or two!

Related Reading

Have you received this email, too? Or did you get one of the so-called phone calls from the CRA asking you to pay your back taxes by mailing them iTunes cards? Please share your fraud story with a comment.