When we first opened a BMO InvestorLine RRSP account I started gathering investments from hither and yon into this one account. For instance, I had GICs at various financial institutions, mutual funds at others, and even Canada Savings Bonds in The Canada RSP. Each transfer took time and paperwork. What a surprise! Here’s how to fill in the paperwork to transfer a financial asset to your BMO InvestorLine account. Although I reference RRSPs fairly often, the same procedure is used for TFSAs and regular non-registered investing accounts. There is a different form for transferring RESPs.

Before You Begin to Transfer Assets from One Financial Institution to BMO InvestorLine

You will need

• Your most recent statement about the assets you wish to transfer printed and ready to mail.
• The full name and mailing address for the financial institution (bank) where your assets are being held right now.
• The account number/s for the asset/s that you want to transfer.
• The account number for the BMO InvestorLine account into which you want to transfer the assets.
• If applicable, you will want to determine
  • What amount of each stock or security you want to transfer. (For example, do you want to transfer all 300 shares of BCE or only 150 of them?)
  • What amount of cash you want to transfer if you do not want to make a total transfer.
  • Whether your mutual funds, if any, are eligible to be transferred in kind to InvestorLine. According to InvestorLine: “Note: Please review the list of mutual funds that can be transferred prior to initiating the transfer.” The link leads to a List of Mutual Funds approved for transfer to a BMO InvestorLine account. If in doubt, phone InvestorLine first at 1-888-776-6886 during business hours 8:00 a.m. – 8:00 p.m. ET, Monday to Friday.
  • Whether GICs are eligible to be transferred in kind to InvestorLine. To find out, phone InvestorLine first at 1-888-776-6886 during business hours from 8:00 a.m. – 8:00 p.m. ET, Monday to Friday.
  • Whether any other unusual investments can be transferred in kind, such as bonds. To find out, phone InvestorLine first at 1-888-776-6886 during business hours from 8:00 a.m. – 8:00 p.m. ET, Monday to Friday.
  • If you currently own any assets that are in US dollars or purchased on a US exchange and held in a US dollar ledger, be sure to phone InvestorLine BEFORE initiating the transfer to ensure these assets can be moved without converting them to Canadian dollar assets. Some of the InvestorLine form instructions and warnings are not clear. It appears in some situations they will convert the assets to Canadian dollar holdings without confirming it with you first.
  • In general if you intend to sell assets and only have the cash proceeds transferred to InvestorLine it is better to sell them yourself prior to starting the transfer. The current holder of your assets will not be as fussy as you will about trying to maximize all profits and minimize all fees when liquidating assets.

Filling Out the T2033 Transfer Form to Move Assets into a BMO InvestorLine Account

Choosing the Form to Fill In to Transfer Your Investments

1. Sign in to your BMO InvestorLine account. Sign in to the account into which you wish to transfer the asset. For example, I signed in to my RRSP account.
2. From the Account Services tab, select Forms.
3. Select the Transfers tab.
4. Since the investment to be transferred is in a personal RRSP at another bank, in the Personal Accounts section, click on either Online Form or Fillable PDF version.

Strangely the two versions of the form are not identical. The PDF version has more details and more explanations.

• For a straight transfer of cash from a bank to your BMO InvestorLine account, I’d suggest using the Online Form.
• For more complex transfers of a mixture of assets, I’d suggest using the PDF form.
• Completing either form should work, however.

To Complete the Online T2033 Form for InvestorLine

In the FROM: section

1. In the Transferring Institution: section, from the drop-down list select the current location of the asset. For a non-BMO investment, select OTHER.
2. In the Account Number field, type the account number of the investment at the other bank.
3. In the Account Type field, from the drop-down list select the only choice, RRSP or leave it blank and write in the answer after printing.
4. For the following fields, type the name and address of the bank or financial institution where the asset is right now.
   • Institution Name
     E.g. Type the full name of the other bank.
   • Address Field
     E.g. Type the street address for that bank.
   • Suite Field
     E.g. type the suite number, if applicable, for that bank.
   • City/Town
   • Province
   • Postal Code

In the TO: Section

1. The BMO InvestorLine Account Number field and Account Type field should be prefilled with your account number and the type RRSP. Check that both are correct.
2. From the In a manner indicated below: drop-down list select:
   • Full Transfer; or
   • Partial Transfer
3. If you select Full Transfer, from the next drop-down list select:
   • Entire account in cash;
   • Entire account in kind; or
   • Entire account mixed

If You Select Full Transfer and

If you select Entire account in-cash, the following note is displayed:

Note: All investments will be liquidated by the transferring institution at market on a best efforts basis subsequent to the receipt of this Transfer Form. This will be subject to regular commission charges. In order to avoid delays, you may place the trades yourself with the transferring institution.

1. Read the authorization and disclosure of information statements.
2. Review the Primary Applicant section. Confirm that your name, address, and phone number are correct, or adjust them.
3. Click on the Print button.
4. After printing the form, sign and date it.

If you select Entire account in kind, the following information is provided:

Note: All investments are to be transferred in their existing form. For those plans holding mutual funds and GICs certain restrictions apply. Please review the list of mutual funds that can be transferred prior to initiating the transfer.

The link leads to the  List of Mutual Funds approved for transfer to a BMO InvestorLine account.

It does not provide any references to acceptable GICs. Given the trouble we have had transferring CIBC GICs to a CIBC Investor’s Edge account, I have a feeling not all GICs can be transferred between banks. If you submit the application without phoning to check first, you may find it very frustrating. Since a transfer that’s working properly can still take 45 business days to complete (2 months!) it would not be good to wait 2 months and then find that they cannot transfer the GICs so they have done nothing. Save yourself some pain. Phone first. 1-888-776-6886 during business hours from 8:00 a.m. – 8:00 p.m. ET, Monday to Friday.

1. Read the authorization and disclosure of information statements.
2. Review the Primary Applicant section. Confirm that your name, address, and phone number are correct, or adjust them.
3. Click on the Print button.
4. After printing the form, sign and date it.

If you select Entire account mixed, it will display the following choices

• A: Securities to be transferred in-cash
  Note: All investments will be liquidated by the transferring institution at market on a best efforts basis subsequent to the receipt of this Transfer Form. This will be subject to regular commission charges. In order to avoid delays, you may place the trades yourself with the transferring institution. ;
• B: Securities to be transferred in-kind; or
• C: Cash balances:

A: If you select Securities to be transferred in-cash

1. The website will prompt you to type the: Number of Securities I would like to transfer.
2. After you type a number in the field, the website will reply with one entry line for each security.
3. For each line,
   1. In the Security Field, type the name of the security.
   2. In the Quantity field, type the quantity of shares or other securities.

B: If you select Securities to be transferred in-kind

1. The website will prompt you to type the: Number of Securities I would like to transfer.
2. After you type a number in the field, the website will reply with one entry line for each security.
3. For each line,
   1. In the Security Field, type the name of the security.
   2. In the Quantity field, type the quantity of shares or other securities.

C: If you select Cash balances

1. The website will prompt you to complete the following fields
   • CDN Cash $
   • CDN Debit $
   • US Cash $
   • US Debit $
2. No explanation is given for what Debit $ are.

If You Select Partial Transfer

If you select Partial Transfer, the following choices will be displayed

• Securities to be transferred in-cash
  Note: All investments will be liquidated by the transferring institution at market on a best efforts basis subsequent to the receipt of this Transfer Form. This will be subject to regular commission charges. In order to avoid delays, you may place the trades yourself with the transferring institution. ;
• Securities to be transferred in-kind ; or
• Cash balances:

If you select Securities to be transferred in-cash

The website will prompt you to type the: Number of Securities I would like to transfer.

1. After you type a number in the field, the website will reply with one entry line for each security.
2. For each line,
   • In the Security Field, type the name of the security.
   • In the Quantity field, type the quantity of shares or other securities.

If you select Securities to be transferred in-kind

The website will prompt you to type the: Number of Securities I would like to transfer.

1. After you type a number in the field, the website will reply with one entry line for each security.
2. For each line,
   • In the Security Field, type the name of the security.
   • In the Quantity field, type the quantity of shares or other securities.

If you select Cash Balances:

1. The website will prompt you to complete the following fields
   • CDN Cash $
   • CDN Debit $
   • US Cash $
   • US Debit $
2. No explanation is given for what Debit $ are.

1. Read the authorization and disclosure of information statements.
2. Review the Primary Applicant section. Confirm that your name, address, and phone number are correct, or adjust them.
3. Click on the Print button.
4. After printing the form, sign and date it.

To Complete the PDF T2033 Form to Transfer Assets to BMO InvestorLine

In the Primary Applicant section

1. From the Title drop-down list, select Mr. Mrs. Miss Ms. or Dr.
2. In the First Name field, type your first name.
3. In the Last Name field, type your last name.
4. In the SIN field, type your social insurance number.
5. In the Address, City/Town, Province, PostalCode and Home Phone # fields, type your address and phone number.

In the Transferring Institution section

1. In the Institution Name field, type the name of the bank where your asset is now.
2. In the Account # field, type the number of the account at that bank that is holding your asset now.
3. In the Account Type field, select Cash, Cash with Options, Margin, Margin with Options, Margin with Short Selling, Margin with Options and Short Selling, RSP, RIF or Locked in RSP(LIRA). Note the first six choices are types of non-registered regular trading accounts.
4. In the Address, City/Town, Province and Postal Code fields, type the mailing address for the bank where your asset is held right now.

In the Receiving Institution section

1. In the Account or Application # field, type the number of your BMO InvestorLine RSP account. Or if you are still setting up the account and you don’t have a number yet, type the Application # assigned to your file by InvestorLine. (You receive this number when applying online to open a new account.)
2. In the Account Type field, type RRSP.
3. If this is a joint account, click on the Add Co-applicant button.
4. For joint accounts, type the name, address and SIN for the other applicant.

In the Transfer Details section

1. In the Select type of transfer section, choose
   • Z: Full Transfer; or
   • Y: Partial Transfer

Z: If you Select Full Transfer

If you select Full Transfer, from the next drop-down list select:

• i: Entire account in cash;
• ii: Entire account in kind; or
• iii: Entire account mixed

 

i: If you select Entire account in-cash

1. The website will reply with:
   All listed securities will be liquidated by the delivering institution at market, on a best efforts basis, subsequent to the receipt of this transfer request. The sale of the securities may be subject to fees and/or penalties. Securities held in CAD or USD funds will be converted in the same currency.
2. Select when you want the transfer to begin:
   • As soon as possible; or
   • Select date
3. If you choose Select Date, you will be prompted to type the requested date in the YYYY/MM/DD (Year, month, day) format.
4. Print the form.
5. After printing the form, sign and date it.

ii: If you select Entire account in-kind

The website will reply with
Non-transferable securities instruction

1. Choose between
   For securities non-transferable in kind, I authorize BMO InvestorLine to direct the delivering institution to sell the securities, and convert the proceeds to CAD. For currencies not supported within BMO InvestorLine (CAD/USD for non-registered accounts), any cash holdings will be converted to CAD, prior to the transfer.
2. For non-transferrable securities, I want to be contacted by the BMO InvestorLine Client Contact Center.
   Yes, they did spell transferable differently in the two choices!
   No, I am not clear on whether they will sell US securities into USD for an InvestorLine account with a US ledger!
3. Select when you want the transfer to begin:
   • As soon as possible; or
   • Select date
4. If you choose Select Date, you will be prompted to type the requested date in the YYYY/MM/DD (Year, month, day) format.
5. Print the form.
6. After printing the form, sign and date it.

iii: If you select Entire account mixed

1. The website will reply with
   • A: Securities to be transferred in-cash
   • B: Securities to be transferred in-kind; or
   • C: Cash balances
2. You can select any or all three of these choices.

A: If you select Securities to be transferred in cash:
The website will reply with:

1. Select number of securities to transfer
   And a message that:
   All listed securities will be liquidated by the delivering institution at market, on a best efforts basis, subsequent to the receipt of this transfer request. The sale of the securities may be subject to fees and/or penalties. Securities held in CAD or USD funds will be converted in the same currency.
2. For each security,
   1. In the Symbol/Description field type the trading symbol or name
   2. Choose to select either Transfer All or Quantity.
   3. If you select Quantity type the number of units.
   4. In the Currency field, type the currency type, for example: CAD or USD.

B: If you select Securities to be transferred in-kind:

1. The website will reply with:
   Select number of securities to transfer
2. For each security,
   1. In the Symbol/Description field type the trading symbol or name
   2. Choose to select either Transfer All or Quantity.
   3. If you select Quantity type the number of units.
   4. In the Currency field, type the currency type, for example: CAD or USD.

And with:
Non-transferable securities instruction
Choose:
For securities non-transferable in kind, I authorize BMO InvestorLine to direct the delivering institution to sell the securities, and convert the proceeds to CAD. For currencies not supported within BMO InvestorLine (CAD/USD for non-registered accounts), any cash holdings will be converted to CAD, prior to the transfer.
Or
For non-transferrable securities, I want to be contacted by the BMO InvestorLine Client Contact Center.

[It really is switching between transferrable and transferable all over their PDF file: It’s not me!]

C: If you select Cash balances
The website will reply with:

• CDN Cash $
• CDN Debit $
• US Cash $
• US Debit $

No explanation is given for what Debit $ are.

Select when you want the transfer to begin:

• As soon as possible; or
• Select date

If you choose Select Date, you will be prompted to type the requested date in the YYYY/MM/DD (Year, month, day) format.

Y: If you select Partial Transfer
The website will respond with

• Securities to be transferred in-cash
• Securities to be transferred in-kind; or
• Cash balances:

You can select any or all three of these choices.

If you select Securities to be transferred in cash:
The website will reply with:

1. Select number of securities to transfer
   And a message that:
   All listed securities will be liquidated by the delivering institution at market, on a best efforts basis, subsequent to the receipt of this transfer request. The sale of the securities may be subject to fees and/or penalties. Securities held in CAD or USD funds will be converted in the same currency.
2. For each security,
   1. In the Symbol/Description field type the trading symbol or name
   2. Choose to select either Transfer All or Quantity.
   3. If you select Quantity type the number of units.
   4. In the Currency field, type the currency type, for example: CAD or USD.

If you select Securities to be transferred in-kind:
The website will reply with:

1. Select number of securities to transfer
2. For each security,
   1. In the Symbol/Description field type the trading symbol or name
   2. Choose to select either Transfer All or Quantity.
   3. If you select Quantity type the number of units.
   4. In the Currency field, type the currency type, for example: CAD or USD.
3. And with:
   Non-transferable securities instruction
   Choose:
   • For securities non-transferable in kind, I authorize BMO InvestorLine to direct the delivering institution to sell the securities, and convert the proceeds to CAD. For currencies not supported within BMO InvestorLine (CAD/USD for non-registered accounts), any cash holdings will be converted to CAD, prior to the transfer.: or
   • For non-transferrable securities, I want to be contacted by the BMO InvestorLine Client Contact Center.

[It really is switching between transferrable and transferable all over their PDF file: It’s not me!]

If you select Cash balances
The website will reply with:

• CDN Cash $
  CDN Debit $
  US Cash $
  US Debit $
• No explanation is given for what Debit $ are.
• Select when you want the transfer to begin:
  As soon as possible; or
  Select date
• If you choose Select Date, you will be prompted to type the requested date in the YYYY/MM/DD (Year, month, day) format.

Additional Information Available only on the T2033 BMO InvestorLine PDF Form

The PDF version of the form also provides a quick question and answer section with information not on the online form. These include:

• Why do you need my SIN (social insurance number) to process my transfer?
• How long will it take for my transfer to be completed? [averages 10-45 business days]
• How can I follow up on the status of my transfer? [1-888-776-6886 during our business hours from 8:00 a.m. – 8:00 p.m. ET, Monday to Friday.]
• Can I transfer my spousal RSP into my regular RSP at BMO InvestorLine? [no]
• What is important to remember when I transfer a locked-in account?
• What is important to remember when I transfer a RRIF/LIF account?
• If I transfer an account from another BMO division, will the transfer happen automatically? [no, it’ll still be slow]

If you would like to see the answers to these questions you can look at the PDF form.

Where Do I Send my T2033 Form to Transfer My Assets to BMO InvestorLine?

After printing and signing the form, attach a copy of the most recent statement for your assets from the financial institution that is holding them now.

If you have any questions about the application, please contact InvestorLine toll free at 1-888-776-6886 during business hours from 8:00 a.m. – 8:00 p.m. ET, Monday to Friday.

Then submit the form and statement

by Fax to: 416-359-5607

by Mail to:
Attn: BMO InvestorLine
Transit #3973
First Canadian Place
100 King St. W., Floor B1
Toronto, Ontario
M5X 1H3

by Drop off to:
any BMO Bank of Montreal branch with a request for them to courier it to BMO InvestorLine.

[I don’t recommend this option as some time after one of my applications was put in the internal office mail system to InvestorLine from my BMO branch it was lost. No one ever took responsibility for what happened to my financial documents!]

by Drop off to:
BMO InvestorLine Toronto Storefront Location
Monday – Friday 8 a.m. to 5 p.m. ET
First Canadian Place
100 King St. W. Concourse Level
Toronto, Ontario
M5X 1A1

Related Reading

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

Join In
Have you transferred assets to BMO InvestorLine? Did the transfer run into any snags? Please share your experiences with a comment.