Tag Archives: RRSP

How Do I Group InvestorLine Accounts Under a User ID and Whose Accounts Can I Group?

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I’ve been on a mission over the last three years to re-organize our finances. This included opening some online brokerage accounts and moving funds in from all the various banks, trust companies and government offices where they’d been mouldering. I am by no means an expert on brokerages and I am still learning new things each day as I work. Recently, I learned, somewhat to my surprise, that it is possible to group BMO InvestorLine accounts under one User ID even if they don’t all belong to one person.

Why Do You Want to Group InvestorLine Accounts Under a User ID?

For the reasons why grouping accounts is a good idea, please see Why You Should Group Your BMO InvestorLine Accounts Under a Single User ID.

The key point:

  • If you can group accounts with $250 000 or more, you will get a different type of trading quote and you will get “exclusive access to a dedicated service team.”

Which Accounts Can I Group Under a BMO InvestorLine User ID to Qualify for the 5 Star Trader Program and Level II quotes?

If you’re like me, you can group your

  • RRSP
  • LIRA
  • TFSA
  • RESP
  • spousal RRSP
  • unregistered regular trading account

and still not get close to $250 000 in assets.

That left me wondering, is it possible to add accounts belonging to anyone else to my User ID?

Will I Be Able to See the Portfolio Details for Each Account I Group?

While I was wondering whether I could group other people’s accounts under my User ID, I also started wondering whether doing so would let me see

  • their total investments,
  • their portfolios and
  • their transaction history.

After all, I can see all of those things for my own accounts which are grouped under one User ID.

I knew it would NOT allow me to trade on their accounts. You need a trading password to execute a trade at BMO InvestorLine and it is different from your sign in password.

So now I have three questions to resolve:

  • Can I add another person’s accounts to my InvestorLine User ID?
  • Do they need to sign a form authorizing my access to their account information?
  • Who would let me see everything in their account, every asset they hold and what they’ve been doing?

I can think of one very kind man who might let me peek into his portfolio. Admittedly if I do, he will lean over my shoulder and gloat at how much better his returns are than mine, but still, no pain no gain, right?

Now to check InvestorLine’s rules.
Well at
https://www.bmoinvestorline.com/home/popups/user-id they say you can consolidate accounts under one User ID if you own them or “manage accounts for others.”
And at
http://www.bmoinvestorline.com/home/popups/5-star-program-terms-conditions
It says that the accounts cannot be “Investment Club” or “Partnership” accounts.

Whose Accounts Can be Grouped Under One InvestorLine User ID?

I wrote InvestorLine to ask this question using their secure email MyLink.

Their response was:
I can add anyone’s accounts to my User ID if I know the account numbers and the account sign in passwords.

Wow. That’s almost scary.

So I can add

  • my husband’s account/s
  • my parents’ account/s
  • my aunts’, uncles’, nieces’, nephews’, sister’s, brothers’, cousins’ and grandchildrens’ account/s
  • my friends’ account/s

If they change their sign in password, then I will also have to update their sign in password under my User ID or their account will be removed from the User ID.

Will I Be Able to See the Portfolio and Holdings for Any Accounts I Link to my InvestorLine User ID?

Once I linked someone else’s account to my User ID, I signed in using my User ID to see what I could see.

I could look at:

  • their account balance
  • their holdings
  • their transaction history

Eeps! You’d better make this part very clear to any friends or relatives BEFORE you ask them to link their account to your User ID.

Note: I can’t trade on their account because I don’t have their trading password.

Also note: They cannot see MY account information unless I add my account to their User ID. This might be handy if you want to add your children or parents to your User ID but you are not willing to reciprocate by opening your finances for review and discussion.

Do I Need Written Permission from Another Person Before I Can Add Their Account to my InvestorLine User ID?

According to the MyLink InvestorLine representative “There is no form required to be completed for this purpose.”

That also is a wee bit disturbing. I guess it’s a good reminder to keep your sign in password secure from prying eyes!

Before You Start to Create your InvestorLine User ID

You may wish to think ahead about

  • What 8-20 letters and numbers you want to use for your User ID. You may not use special characters such as &.
  • What unique challenge question that you type yourself that you would like to use to help confirm your identity. It has a maximum length of 60 characters.

To create a BMO InvestorLine User ID to Group Accounts

  1. Sign in to one of your InvestorLine accounts.
  2. From the Account Services tab, under the heading Account Profile, click on Create User ID.

On the screen: Step 1 of 3: Choose a User ID and Password

  1. In the User ID: field, type the alphanumeric id you want to use to sign on to your group of accounts.
  2. In the Password: field, type a password to use when signing in to your accounts. This can be different from the Password used to sign in to a single account.
  3. In the Confirm Password: field, type the password again.
  4. From the drop-down list in the Challenge Question 1: field, select a security question.
  5. In the Response 1: field, type the answer.
  6. From the drop-down list in the Challenge Question 2: field, select a security question.
  7. In the Response 2: field, type the answer.
  8. In the Challenge Question 3: field, type your own security question.
  9. In the Response 3: field, type the answer.
  10. Click on the Continue button.

OK, I made every possible error!

  • Your User ID must start with a letter.
  • Your responses must be at least 6 characters in length.

Now it accepts them. Phew.

On the Step 2 or 3: Link Accounts to Your User ID screen

  1. In the Account Number field, your current account number is listed. To add this account to the User ID you must input the existing password for that account (not the new password for the User ID).
    In the Account Password column, type the password for signing into the numbered account.
  2. If desired, in the Account Nickname (optional) column, type a nickname for that specific account.
  3. If desired, on the next line, type the values in the columns
    • Account Number
    • Account Password, and
    • Account Nickname (optional)

    for your other InvestorLine accounts.

  4. Click on the Add More Accounts button if you have more than 5 accounts to link up.
  5. Once complete, click on the Continue button.

On the Step 3 of 3: Provide Contact Information for your User ID screen

  1. Review the information in the Email Address: field and make sure it is correct.
  2. If that is the address at which you wish to receive your InvestorLine email, type it again in the Confirm Email Address: field.
  3. In the How you would like to be greeted when we correspond with you: field, type your favourite. For example, you could try
    Supreme Grand Emperor Smith
    I’m not sure if that will work or not. Guess I’ll have to update my profile and see!
    Rats. You can’t use that particular title as there is a character length limit of 20.
  4. Click on the Continue button.

On the Register your User ID for an opportunity to enjoy our 5 Star program and $9.95 Flat fee commissions – Optional screen

  1. If you wish, click to select the radio button beside Yes to have the User ID evaluated for the 5 star program.
  2. Click on the Continue button.
  3. If you select Yes, look at the linked accounts summary to ensure it is correct.
  4. Click on the Continue button.

To check if all of the accounts for the User ID are set up to be evaluated for the 5 Star Program

  1. Click on the $9.95 Pricing & 5 Star Program tab.
  2. Under the Receive Program Benefits tab, the account should be listed as Yes. If not, click on the Edit button to update the setting.

When Will I Start to Receive the 5 Star Program Benefits?

If the combined holdings in all of the accounts under the User ID add up to at least $250 000, the accounts will become eligible for the 5 Star Program benefits. User IDs are evaluated 4 times a year, at the end of

  • March,
  • June,
  • September and
  • December.

The benefits should be available the day after the evaluation date.

So I guess I won’t know till April Fool’s Day if this worked. How appropriate!

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Do you group accounts to get better services at your brokerage? Please share your experiences with a comment.

How Long Will It Take To Transfer My RRSP or TFSA? Are There Rules?

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I was reading through some posts on the Canadian Money Forum one of which was about how to transfer a RRSP, in cash, from one financial institution to another. One of the replies said that financial institutions can work very slowly and may even phone you to try to talk you out of the move. That got me thinking about all of the RRSP and TFSA transfers I’ve done in the past 2 years and how long they took–and whether there are any rules banks have to follow.

What Is the Process for Transferring a RRSP or TFSA to Another Bank, Brokerage or Institution?

The actual process is very similar no matter which two financial institutions you are talking about. In almost all cases, you open the account that will receive the money or assets, then you fill in a T2033 form provided by that receiving institution which either they or you mail to the bank, brokerage, credit union, or other institution that currently has your holdings.

The T2033 is pretty straightforward. On it you list

  • the name and address of the place that will be receiving your assets
  • the name and address of the place that will be sending your assets
  • the account numbers, client numbers, transit numbers or other identifying numbers for the RRSP or TFSA at both institutions
  • your name, address, phone, and sometimes SIN
  • how to move non-cash assets.
    For example:
    transfer stocks and mutual funds as is, or sell them and then move the cash;
    convert any cashable GICs to cash and then move the funds, or move them as GICs, or move them as they mature to cash

There’s nothing very complex about a T2033 although some brokerages seem to make them look pretty ugly.

Are There Any Rules for Transferring Assets from one RRSP or TFSA to Another?

The disgruntled comment on the forum made me wonder if there were any actual rules about how quickly financial institutions have to handle these routine transfers.

Reading a line in In Your Best Interest piqued more of my interest. It said “The former firm must reply [to the requested transfer] within 2 days and deliver all the securities and cash, within ten days.”

So I went out and looked for more information.

While I couldn’t find the exact document I was looking for on the IIROC website, I did find another document on the Government of Canada Financial Consumer Agency of Canada website.

It answers the specific question of how long can an institution take to complete a RRSP transfer request.

It says:
The length of time depends in part on what is held in the RRSP. It could hold cash, stocks, mutual funds, etc. Each of these may require different handling times. So the longest time allowed is the time required to handle the most complicated asset in the request.

For “deposit-type” products, the target time is that within 7-12 business days after receiving a properly completed request , the chartered bank will send the cheque to the receiving institution.

If the “deposit” has to mature first, that extends the time permitted.

Note that the time is for chartered banks. It doesn’t say how long for other institutions.

For “mutual fund-type” products, it says to check Guideline 81-102 of the Investment Funds Institute of Canada.

For” securities-type” products, which presumably includes ETFs and stocks, it says Transfers by chartered banks of registered plans containing securities will be processed according to Regulation 2300 of the Investment Dealers Association.

Clear as mud, right?

I tried to go to the next level and look up Guideline 81-102 but it’s slow going so far. So in the meantime, here are some personal experiences for what they’re worth.

Time for Cash to Move from one RRSP or TFSA to Another at a Different Financial Institution

We had assets scattered all over the place from disorganized contributions made during the early years. Gradually we’ve been rounding them up and corralling them in a few brokerage accounts. It’s led to many transfers and I’ve timed a lot of them. Here are some examples.

These moves all happened in 2012-early 2014. As described in another article, the TFSA transfers from ING Direct to BMO InvestorLine this year show the randomness of some of these events. Both transfers were initiated at the same time in the same way, but there is a 7 business day difference between the results!

Each of these transfers was of cash only. Each was initiated by mailing the T2033 from a public mail box, so some of the required time includes the time for Canada Post to pick up and deliver the T2033 to the first financial institution.

And just in case you’re interested, no one has ever contacted us to try to talk us out of transferring our funds. (I suspect they’re glad to see me go!)

Where the Money Started Where the Money Stopped How Many Business Days It Took
The Canada RSP ING Direct 15
CIBC BMO InvestorLine 16
CIBC CIBC Investor’s Edge 3
ING Direct BMO InvestorLine 18
ING Direct BMO InvestorLine 11
ING Direct CIBC Investor’s Edge 12
ING Direct RBC Direct Investing 14 to leave ING
7 to then reach RBC DI!

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Have you had to transfer funds in a registered account from one place to another? How long did it take? Please share your experiences with a comment.