How to Make a TFSA Contribution to a BMO InvestorLine Account and How Long It Takes to Get There

This year I decided to pay attention to how long it took before my TFSA contribution showed up in my BMO InvestorLine account. Until it shows up, I can’t buy new investments with it. My InvestorLine account is connected directly to my BMO chequing account so I did not have to mail my contribution or visit a branch.

How to Contribute Online to a BMO InvestorLine TFSA

  1. Sign in to your InvestorLine account.
  2. If you have multiple accounts, select your TFSA account from the drop-down list in the top right corner of the screen.
  3. On the rather busy Home screen, there is a box headed “Manage my Account.”
    Within it, you can click on the Contribute to my TFSA link
    OR
    Click on My Portfolio.
    Under the Account Balance, you can click on the Make a contribution to TFSA link.
    Either link takes you to the same screen.
  4. Confirm that the heading is TFSA Transactions.
    If so, if necessary, click on the Contributions tab.
    Note: there is a warning that it will take 3-4 business days for a contribution to show in the Transaction History.
  5. To make a new contribution, click to select the radio button to specify whether to fund the contribution from a BMO Bank Account or from an Investment Account. (Presumably that means an InvestorLine non-registered investment brokerage account.)
  6. For a BMO Bank Account
    • In the BMO Transit # field, type the account transit
    • In the BMO Account # field, type the bank account number
  7. For an Investment Account
    • In the From: field, type in the number for the investment account.
  8. The field labeled To TFSA Account field has been filled in by InvestorLine.
  9. In the Amount ($) field, type in the desired contribution.
  10. In the Enter your Trading Password field, type in your password for making equity trades.
    If necessary, enter your Trading Password again.
  11. Read the over-contribution penalty information. If you understand it and won’t be over contributing, click on the I Accept check box.
  12. In the Contact Information section, in the Primary Number field type your phone number.
  13. Review your selections, and if they look acceptable, click on the Submit button.
  14. Save your transaction confirmation or print it for your records.

And now you wait.

And wait.

How Long Does it Take for a Contribution to Be Ready to Use in an InvestorLine TFSA?

I entered my TFSA contribution at 1:26 p.m. on a Wednesday. It’s now 2 p.m. on Thursday and it’s not in my account yet.

Checking the Status of Your TFSA Contribution to InvestorLine

You can check that you didn’t imagine the entire transaction. A bit strangely, the place to check is found by clicking on the Make a Contribution to TFSA link when looking at My Portfolio.

The Recent Contributions section shows the Reference Number for the contribution, which account it is coming from, where it is going to, the amount, the transaction date and the status of the transaction.

After 24 hours, my status is still “Submitted.” Good thing the markets are up today so I didn’t want to buy anything anyway.

The pending contribution does not show up under the Order Status list under Trading.
The pending contribution amount does not show up on the Positions screen for the TFSA (the one displayed under My Portfolio.)

I’ll update this with when the contribution finally shows up. Given that it was an electronic fund transfer between BMO and BMO InvestorLine on a regular business mid-week day, I’m not very impressed so far. I have a sneaking suspicion that when I get my passbook updated I’ll find the money was withdrawn from my chequing account immediately.

It’s especially disheartening by comparison. We have savings and RRSP accounts with ING Direct. They are good for parking a quick RRSP contribution in time to meet the tax deadine. Then we move it to its long term investment home. (Please see RRSP Strategies Part 1: How to Best Get your RRSP Money Contributed Before the Tax Deadline.)

Anyway, last night in under five minutes, we were able to contribute online from one person’s savings account to the other person’s Spousal RRSP account. That included the time to print the RRSP contribution receipt. Instantly, the RRSP money was in the ING Direct RRSP daily interest savings account ready to be invested in GICs or Streetwise mutual funds, or even ready to be transferred out to another financial institution for no fee.

It makes BMO’s delay of over 24 hours for a TFSA contribution seem pretty pokey.

How Long Did It Take for the BMO InvestorLine TFSA Contribution to Be Deposited Ready to Spend?

The contribution finally arrived in my account on the morning two nights after that day I made the contribution. So I lost the balance of the trading day on the day I made the transfer and one entire trading day before it arrived. Could be worse. But not exactly stellar service, either, considering this was a transfer from BMO to InvestorLine.

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How long does it take for a contribution to appear ready to spend in your TFSA? Is it ING-fast, or BMO-slow? Please share your experiences with a comment.

If I Bought 30-Year Shingles Why Is My Roof Leaking After 10 Years?

When we bought our house we budgeted to replace the roof before making our offer. While it was wonderful that the roof had lasted 30 years (!) without a problem, we didn’t want to risk water damage by waiting for a catastrophic failure before replacing it. We did, however, hope to have it last another 30 years. We certainly didn’t expect it to leak after 10 years.

Picking a Roofing and a Roofer Took an Investment of Time

Before we had the roof done we researched the types of shingles available. Metal roofing was beyond our budget so we didn’t have to evaluate it. We picked a manufacturer first, then a product line and finally a colour. We chose a light grey colour to reduce the overheating a darker roof colour can experience. The previous shingles were a light, almost white, grey, so we knew the aesthetics would be acceptable.

Next we had to find a roofer we could trust. We checked references and years in business and some other factors. Finally we had to just pick one and have faith.

Attention to Details During Roofing Installation Makes for a Happier Customer

They did an excellent job with the installation. They spread huge cloth drop sheets on all four sides of the house to catch as many runaway nails as possible before the stripped the old roof off. The sheets also protected the shrubs and bedding plants. They used magnet finders to pick up a few more nails and bits that escaped the tarps. They kept the packaging in the dumpster not blowing down the street (like my neighbour’s roofers.) And they did the job promptly and efficiently. We were pleased.

Eight years passed.

The Warning Watermarks: Signs of a Roof at Risk or Something Unexpected?

In the ninth year, though, a small circular mark appeared in the ceiling of one of the bedrooms. It was about the size a coffee cup leaves behind. It was just a very pale yellow mark. It didn’t even show up from some angles. I kept an eye on it and it never got any larger. It also was not damp to the touch.

At first I considered an animal problem in the attic but the total absence of noise day and night made it unlikely. (Ok, I admit I have a rat phobia. I only was really happy when I lived in Alberta, home of the Rat Patrol!)

So the culprit was obviously water but from where? It could be from the roof. When it was safe, we went up and checked for possible problems. Sometimes the flashing near vents and the chimney can shift and let water in. Sometimes a shingle can split or lift. There wasn’t anything obvious.

The problem was the leak mark appeared in winter. That made it possible that the problem had nothing to do with the roof. We had just discovered, to our dismay, that one of the bathroom vents did not route outside. It just dumped warm moist air into the attic. There was no window in that room, so there was no other way to get the humidity out of the house. But if you put moist air into a cold attic, it is going to condense and then eventually freeze. If warmed up it could thaw and drip. Was our water coming from outside of the house through a leaking roof, or from condensation from the shower?

Why not Examine the Inside of the Roof?

In most homes, the logical answer would be to crawl into the attic and find out. Unfortunately, our house just has a 0.5 m high crawlspace that is filled with blown insulation. There is literally no way to get in. If you did get in, presumably by shoveling, you still couldn’t move forward unless you wanted to emulate a mole.

Nothing more happened till the tenth year. Then, a second spot appeared. Although also small and difficult to see it was worrying.

The Hunt for Roofing Experts

Of course by now our excellent roofer had retired and closed his business! So calling him out to find the problem was not an option.

We started calling roofers based on references from friends and relatives. They sent estimators to look at the problem.

Quotes ranged from $1000 to $7000. That doesn’t exactly inspire confidence.
Even more worrying, to me, was some of the roofers were just talking about pulling off the shingles and putting new ones down. I couldn’t see how that would actually FIX the problem. It might delay the problem for another 10 years, but that was ridiculous. I wanted to know why the roof was leaking and address the actual problem not just put another fancier wrapping paper on top.

It’s important to understand that a visual inspection of the shingles showed no problem. There were no cracks. There was no loss of granules. There really was nothing visually wrong even on close inspection.

What the Roofing Expert Found and Why It Made Sense

Until we got a roofer who actually cared to look closely. Although I showed the two water stains to every estimator, he was the first one who used some brain power while looking at them. He then popped up on the roof. He took his cell phone with him and took photos.

Five minutes later, he had the problem pegged.

The problem happened when the roof was shingled for the second time. At that time, the vents were replaced. The plywood, however, was not replaced.

And here comes the kicker:
And the new vents were slightly smaller than the old vents.

That means that the holes in the plywood were slightly too large for the new vents to fill. Over time, the plywood had warped just slightly enough to allow a very small amount of water to occasionally creep in under the vents. He took photos to show the problem and took the time to show them to us.

His solution: a $500 job to fix the actual problem. He even gave us a written warranty that the roof would now last another 7 years minimum without a problem.

Years later we haven’t had a single mark appear on the ceilings. I don’t really expect one to, but I keep an eye out.

Fix the Problem with the Roof Don’t Just Delay It by Re-Shingling

I’m glad we kept pushing until we found an actual cause for our roofing problem and fixed it. We could have spent thousands replacing shingles without actually stopping the leak. And the perfectly sound existing shingles would have been cluttering up a landfill somewhere years ahead of their time.

Do I wish the first roofer had noticed the vent size problem and replaced the plywood then? Yes. But mistakes happen. At least this one could be resolved quickly and easily at a fairly low cost.

Here’s hoping we do get 30 years from the roof.

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Have you had a roof fail unexpectedly? Did you find an unexpected cause for the problem? Please share your experiences with a comment.