Tag Archives: referrals

Can I Earn a Referral Bonus for Getting a Relative to Invest with BMO InvestorLine?

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Several years ago, my husband and I did not have any self-directed investment plans. I had many of my RRSP investments at BMO, so I decided to open an InvestorLine account. After getting comfortable with their program, I started wondering if my husband should also open an account. And then, as if to encourage making a decision, BMO began a referral program. I wondered if that meant I could earn a referral bonus for getting a relative to invest with InvestorLine.

Written: 2012
Reviewed: 2023
Revised 2020; 2023

The referral bonus program BMO was offering at that time (in 2012) included a $100 cash bonus for the person making the referral, and a $50 cash bonus for the person starting the new InvestorLine account. More recently in 2022, they only offered $50 each.

Are Spouses Eligible for InvestorLine Referral Bonuses?

I scrutinized all of the fine print and could not find a disclaimer stating that spouses were not eligible for the bonus.

So figuring it really didn’t matter too much one way or the other, my husband applied for a BMO InvestorLine RRSP account and used my referral information.

Did It Payout?
Fast forward a year. I had long since given up on ever getting any referral bonus. However, my husband’s BMO InvestorLine account was working well, so everything was fine.

Then one day, 13.5 months after applying, a new line item showed up in both of our Transaction History logs. It took me a few minutes to figure it out, but it was our referral bonus!

So, yes, apparently a spouse can receive a referral bonus from BMO InvestorLine, providing there is no change to the existing rules.

Free money is always a bonus. Enjoy!

Update: in the early spring of 2020 I helped a relative apply to open a non-registered trading account, joint with right of survivorship, at BMO Investorline and they (and I) did get a referral bonus for using my referral–so it was still working in 2020.

In 2022, the program was still offered if the person making the referral had a cash/margin account at InvestorLine. So the rules change from time to time. Please always check the BMO InvestorLine website for any current information as I can’t keep up with their changes!

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Have you ever got a Referral Bonus from BMO or any other self-directed investing account? Was the referral for a friend or a relative? Were there any unexpected tricks or delays? Please share your experience with a comment.