After I applied for our BMO InvestorLine RESP account, I received an account number immediately because my identity was verified online. I also received a secure email message the following day that included the account number. (The email message directs you to a website where you can look up the account number.) Once I had my account number, I decided to sign in to our RESP account and take a first look.

Your first visit will take some time because you will need to

• set your permanent password for signing in to the account
• read the trading agreements for each of the following markets, complete any fields, and accept them
  • Canadian Exchange Group Market Data
  • Bourse de Montreal Inc (Montreal Exchange)
  • NASDAQ
  • New York Stock Exchange
  • Options Price Reporting Authority

What Do They Mean By a Professional Subscriber?

You’ll notice that the trading agreements want you to declare whether or not you are a Professional Subscriber.

I won’t try to give the world’s most accurate definition, but basically they are checking whether you are a stock broker, investment advisor, or other person who works for or with a securities agency or exchange. A person who works with stock trading must register as a Professional Subscriber, not as a Non-Professional.

You can read various definitions of the term Professional Subscriber at the Interactive Broker’s website.

It’s also defined in most of the agreements you will be reading.

If you are just a regular working person who hopes to buy a few stocks or ETFs you probably are a non-professional. If you have any doubt, call InvestorLine and describe yourself and ask for their opinion.

To Sign In To Your BMO InvestorLine RESP Account

1. Go to the InvestorLine website at: https://www.bmoinvestorline.com/
2. To sign in
   1. Type your account number.
   2. Type your temporary password.
   3. Click on the Go button.

On the Change Temporary Password screen

1. In the Temporary Password field, type the password you created while setting up the account.
2. In the New Password field, type the password you will use for the next week or more.
3. In the Confirm New Password, type the new password again.
4. From the drop-down list, select Challenge Question 1:
5. In the Response 1 field, type your answer.
6. From the drop-down list, select Challenge Question 2:
7. In the Response 2 field, type your answer.
8. Type your own Challenge Question 3.
9. In the Response 3 field, type your answer.
10. Click on the Submit button

The Complete Exchange Agreements screen opens

• If you are not a professional subscriber, click on the Continue button.

For the Canadian Exchange Group Market Data agreement,

• Read it and if you agree, click on the I Accept the Agreement button.

For the Bourse de Montreal Inc (Montreal Exchange) agreement,

• Read it and if you agree click on the I Accept the Agreement button.

For the New York Stock Exchange agreement,

1. Read it, then
2. Click on the box to select
   I agree to the Terms and Conditions set forth in Section 1
3. Type in your
   • Subscriber’s name
   • Subscriber’s address
   • Subscriber’s occupation
   • Name of subscriber’s employer
   • Address of subscriber’s employer
   • Subscriber’s title and position
   • Subscriber’s employment functions
4. Click on the box to agree to being a Nonprofessional Subscriber
5. Click on the box for I agree to the Terms and Conditions set forth in Section 2.
6. Click on the Submit Agreement button.

For the Nasdaq Stock Market Agreement

1. Read it, then
2. Fill in the fields for the notices to Subscriber:
   • Name
   • Title
   • Address
   • Telephone #
   • Fax #
   • Email
3. Click to select Individual Subscriber
4. Click to select Non-Professional
5. Complete the Individual Subscriber information
   • Name
   • Name again
   • Date
6. Click on the Submit Agreement button.

For the Options Price Reporting Authority form

1. Read it, then
2. Enter your name and address
3. There will be a list of statements that you have to agree with by clicking on the I agree check box.
4. Then, in the text box, type the words: I Agree
5. Click on the Submit Agreement button.

Which Client Agreement Do I Need to Read?

When you sign in to your BMO InvestorLine RESP account, you are shown the Client Agreement Effective January 31, 2014. This is newer than the one shown when you applied. So read this most up to date one.

To Check the Current Best Rate for a GIC in your InvestorLine RESP Account

While you’re in here, you may decide you want to see what the best offered rate is for a GIC.

If so

1. Click on the Trading tab.
2. From the list of choices, click on the Fixed Income link.
3. In the Inventory Search box, click on the GICs link.
4. Without selecting any of the choices from the drop-down lists, click on the Search button.
5. Scroll down to look at the GICs on offer.

They are sorted from highest rate to lowest for each term and each payment type. For example:

• cashable GICs
• 1 year GICs that pay annually
• 1 year GICs that pay semi-annually, then
•  year GICs that pay monthly, etc.

On January 21 the best 5-year-GIC rate with an annual payment was 2.7% from the Laurentian Bank.

To Check the Spot Price for a Stock or ETF in Your InvestorLine RESP Account

If the markets are still open, you can check the current real-time price for a stock.

1. From the Trading tab, select Equities.
2. In the Symbol field, type the ticker symbol for the company.
   For example, type TD for the TD bank.
3. Press your Enter key.
4. The current price will be displayed in the box to the right.

Checking or Changing Your Trading Password

Before you can make your first purchase or trade you will need to review and possibly change your Trading Password. How to Set or Reset Your Trading Password for an InvestorLine Account explains how to do that.

Signing Out of Your BMO InvestorLine Account

Once you’ve changed your password, agreed to all of the security exchange documents and read your Client Agreement, you’re basically done with the paperwork for your new RESP account.

Always remember to sign out of your account when you’re finished.

1. At the upper right side of the screen, click on the Sign out link.
2. For increased security, clear your browser cache and close your browser session.

Related Reading

• How to Apply for a BMO InvestorLine RESP Account Online
  
• How to Set or Rest Your Trading Password for an InvestorLine Account
  
• How to Make a Contribution to your InvestorLine RESP Account
• Where Should I Start a Self-Directed RESP

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Do you use a brokerage account for your child/children’s RESP? Please share any advice with a comment.