Tag Archives: InvestorLine

How To Add a RESP Account to Your BMO InvestorLine User ID

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You can sign in to each of your InvestorLine accounts separately but you don’t have to. You can group all of your accounts, such as a TFSA, RRSP, LIRA and RESP, under a single User ID. Then you can sign in to all of your accounts using one id and one password. When you go to execute trades for the accounts, you use the account specific trading password. I recently opened a RESP account at BMO InvestorLine. Here’s how I added the RESP account to my BMO InvestorLine User ID.

Grouping accounts under a single User ID can also help an account qualify for lower trading costs and other benefits more quickly. In February 2014, InvestorLine removed the requirement to have a minimum account balance to qualify for $9.95 trades but there are still some other benefits to grouping account balances.

Adding an InvestorLine Account to your User ID

  1. Sign in to your InvestorLine accounts using your User ID.
  2. From the Account Services tab, select User ID Profile.
  3. Click on the Add Accounts to User ID link.
  4. Next
    1. In the Account Number field, type the number for the InvestorLine RESP account.
    2. In the Account Password field, type the login password for the RESP account.
    3. In the Account Nickname field, add an optional name for the account, if desired.
      For example I used: Queens vs McGill
    4. Under the 5 Star Program benefits’ column, ensure the Yes box is selected if you want to qualify to reduce the trading fees and commissions on this new account.
  5. Click on the Submit button.
  6. If you are finished with the account, click on the Sign out link.
  7. For increased security, clear your browser cache and close your browser session.

What Will I Pay for a Trade for my New BMO InvestorLine RESP Account?

When you first look at the cost on the Equity and Option Order Entry screen, trades will now cost $9.95 each as of February 2014. Before this they cost $29.

If you will qualify for a reduced rate due to a large balance or by combining your account with other accounts at InvestorLine, make sure you see the reduced rate on screen before placing an order. It may be difficult or impossible to get a refund if you over-pay for a trade before you qualify for the reduced cost.

Does Adding a New RESP InvestorLine Account to a User ID Automatically Update the Account to Flat Fee Pricing and Other Perks?

I have enough $$ in my RRSP and TFSA account to qualify for Flat Fee Pricing. That’s the name InvestorLine uses for $9.95 trades.

When I added my RESP account to my User ID, I checked whether it immediately updated the account to receive the lower trading price. (This was before InvestorLine began offering lower trading prices to all customers.)

Nope.

Time to check into how this works with InvestorLine. I’ll send them a message via their MyLink secure email system.

OK, I’ve got it sorted out now. Please see: How Do I Get My Account Evaluated for the 5 Star Program and $9.95 Trades at BMO InvestorLine for the details.

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Does your brokerage allow you to easily group accounts to qualify for trading discounts and to make checking on your portfolios easy? Or do you bank with RBC Direct Investing which has just started offering low cost trades to all accounts regardless of their balance? Please share your experiences with a comment.

How to Make a Contribution to your RESP Account at BMO InvestorLine

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If you have a bank account at BMO, it’s just a few mouse clicks to make a new contribution in cash to your BMO InvestorLine RESP Account.

Contributing to Your Children’s RESP Account at InvestorLine

  1. Sign in to your InvestorLine RESP account.
  2. If you have multiple InvestorLine accounts linked under one User ID, make sure that the RESP account is the one displayed in the drop-down list on the right side of the screen.
    You won’t want to contribute to your TFSA or RRSP by mistake!
  3. Under the My Portfolio tab, click on RESP Contributions.

For a one time or lump sum contribution to the RESP account:

Under the Contribute to your RESP tab, click on the link: Contribution in cash from a Cash or Margin account or BMO banking account.

The RESP Contribution screen will open.

  1. Click the radio button to select the source of the funds as
    • Bank Account; or
    • Investment Account
  2. For a bank account, in the From: section fill in the fields
    • BMO Transit #
    • BMO Account #
    • Enter your trading password
  3. In the Beneficiary: section fill in the fields
    • Beneficiary 1 Amount ($)
    • Beneficiary 2 Amount ($)
  4. In the Contact Information: section
    • Primary Number (Format 7051234567)
    • Extension
  5. If desired, click to select the Remember this contact information (for this session only) check box.
  6. If everything is correct, click on the Submit button.
  7. Note the messages:
    • Contributions will show in Transaction History 3 to 4 business days after the contribution date.
    • All contributions submitted during week-ends or holidays will be processed the next business day.
  8. If you are finished with your account, click on the Sign out link.
  9. For increased security, clear your browser cache and close your browser session.

For a recurring, for example monthly, contribution to the RESP account:

Under the Contribute to your RESP tab, click on the link: Recurring Contributions

The Recurring RESP Contributions screen will open.

  1. Click the radio button to select the source of the funds as
    • Bank Account; or
    • Investment Account
  2. For a bank account, in the From: section fill in the fields
    • BMO Transit #
    • BMO Account #
    • Enter your trading password
  3. In the Beneficiary: section fill in the fields
    • Beneficiary 1 Amount ($)
    • Beneficiary 2 Amount ($)
  4. From the Frequency: drop-down list, select one of
    • Monthly
    • Quarterly
    • Annually
  5. From the Start of Contribution: drop-down lists, select the starting
    • month
    • day, and
    • year.
  6. In the Contact Information: section
    • Primary Number (Format 7051234567)
    • Extension
  7. If desired, click to select the Remember this contact information (for this session only) check box.
  8. If everything is correct, click on the Submit button.
  9. Note the messages:
    • Contributions will show in Transaction History 3 to 4 business days after the contribution date.
    • All contributions submitted during week-ends or holidays will be processed the next business day.
  10. If you are finished with your account,
    1. click on the Sign out link.
    2. For increased security, clear your browser cache and close your browser session.

Contributing to an RESP Account from Another BMO InvestorLine Investment Account

For contributions, one time or recurring, from another BMO InvestorLine Investment Account, you will need to enter the account number and its corresponding trading password, instead of the bank transit number and bank account number.

When Will My RESP Contribution Be In my InvestorLine Account Ready to Invest?

I hope you weren’t trying to catch a sudden market dip. Although you’d expect the money to transfer from a BMO account to a BMO InvestorLine account within one business day, it usually won’t.

I’ll update this when my contribution is received to tell how long it took.

I requested the transfer on Thursday, January 23 before 4 p.m.
On Friday, January 24, the money was not yet in my RESP at InvestorLine.

However, there was a reassuring update. I found it when I went under the My Portfolio tab, clicked on RESP Contributions, then under the Contribute to your RESP tab, clicked on the link: Contribution in cash from a Cash or Margin account or BMO banking account. The RESP Contribution screen opened and displayed:

Reference Number or Symbol Contributed From Beneficiary $ Amount Allocated Contribution Date Contribution Status CESG Grant Status
REW######## BMO transit-account Name of Child 1 $5000 2014 Jan 23 Submitted Payment expected 2014 March 1
REW######## BMO transit-account Name of Child 2 $5000 2014 Jan 23 Submitted Payment expected 2014 March 1

NOTE: We are playing catch up on our RESP contributions so we are contributing the double the usual annual maximum per year to get the maximum CESG of $1000 per year.

When I tested how long it takes for a contribution to get into my TFSA in 2012 the contribution was not in my account until the start of the second full business day after the day I made the transfer.

UPDATE: On Saturday January 25, the RESP money was in my InvestorLine account ready to spend. That means it was there the second morning after the day I requested the transfer of the cash from our BMO account into our InvestorLine RESP account.

Of course I’ll also be watching to see how long it takes for the matching government grant to land in the account. Since this is a brand new account I know that will take longer than for an existing account. Still, I’ll post about it when it arrives.

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How long does it take RESP contributions to land in your brokerage account? Please share your experiences with a comment.