I asked BMO InvestorLine to confirm whether I can use a synthetic Dividend Reinvestment Plan, DRIP, for my US stocks.
Written: 2014
Reviewed: 2023
The answer, as of January 2013, was “No.”
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.
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Can your DRIP your US stocks through your discount brokerage? Please share your experiences with a comment.
Can your DRIP your US stocks through your discount brokerage? Please share your experiences with a comment.
Yes I can.
I am considering switching to BMO InvestorLine because they have a USD $$ RRSP, something I’ve been craving for the last couple of years.
Why can’t we have it all? A brokerage that offers a full menu? *sigh*
Cheers,
Mark
Which brokerage is letting you DRIP US stocks in a registered account? Or is it in a non-registered account?
I’ve just noticed that RBC DI is dropping trading fees to $9.95 with no minimum balance (e.g. not the usual $50 000 minimum). I have to check the details but it sounds like the price wars are beginning again. RBC DI also has a USD side to its RRSP accounts. In fact their is set up immediately when you sign up. With BMO IL you have to telephone and ask them to set it up. Overall, though, I like BMO’s interface better. It’s cleaner.