Frequently Asked Questions
How does the US side of my account work?
How do I open a new registered account that holds US dollars?
Can I hold US equities in the Canadian side of my account?

Can I settle a security that is currently listed on the US exchange that is held on the Canadian side of my account?

What will happen if I hold cash on the Canadian side of my account and want to buy a US security and settle the trade in US dollars?
How will I know my registered contribution limits for the account?
What will happen to my Dividend Reinvestment Program and other distributions?
How do I make a US dollar contribution to a BMO InvestorLine account?
How do I make a US dollar withdrawal from a BMO InvestorLine account?
Can I wire funds into my registered account?

 

How does the US side of my account work?
Like BMO InvestorLine cash/margin accounts, registered accounts are now capable of maintaining Canadian dollar and US dollar balances. This allows you to preserve your US dollar without any foreign exchange conversions being applied to your US buy and sell orders. You can also move your US denominated securities from the Canadian side of your registered account over to the newly created US side. This would allow you to receive US dollar distributions paid directly into your account without any foreign currency conversions.

The US dollar side of your BMO InvestorLine account is now available in the following registered accounts:

  • Tax-Free Savings Accounts (TFSAs)
  • Registered Retirement Savings Plans (RRSPs)
  • Registered Retirement Income Funds (RRIFs)
  • Life income funds (LIFs)
  • Locked-in Retirement Income Funds (LRIFs)
  • Prescribed Retirement Income Funds (PRIFs)
  • Restricted Life Income Funds (RLIFs)
  • Locked-in Retirement Accounts (LIRAs)
  • Restricted Locked-in Savings Plans (RLSPs)

How do I open a new registered account that holds US dollars?
You can open a new registered account that holds US dollars using BMO BMO InvestorLine's online application process. The US dollar side of the account will automatically appear once you settle a trade in US dollars or maintain a US dollar cash balance. The only registered account that does not offer US dollar settlement is Registered Education Savings Plans (RESPs).

Can I hold US equities in the Canadian side of my account?
Yes, the choice is entirely up to you. You can hold a security on either the US or Canadian side of your account. If you settle a buy order of a US security on the Canadian dollar side of your account, the Canadian side of your account will be debited in Canadian dollars. If you settle a sell order for a US security on the Canadian dollar side of your account, the Canadian side of your account will be credited in Canadian dollars. Keep in mind that whenever you settle a trade in a different currency a foreign exchange will be applied. Also, if you choose to hold US securities that pay interest or dividends on the Canadian Side of your account, distributions will be converted into Canadian dollars.

Can I settle a security that is currently listed on the US exchange that is held on the Canadian side of my account?
Yes, you can sell any position on the Canadian dollar side of your account and choose to settle your trade in US dollar. In most cases, after you sell the security, the Canadian dollar side of the account will show a positive number of shares and the US side will show a negative number of shares. This will be corrected automatically when the trade settles.

What will happen if I hold cash on the Canadian side of my account and want to buy a US security and settle the trade in US dollars?
The system will not prevent you from putting the US side of your account into a debit as long as you have sufficient equity in the account overall. Such a transaction will create a debit balance in the US side of your account. By law registered accounts are not permitted to maintain debit balances. On the date your trade settles you will have to arrange for the US dollar debit balance to be offset by exchanging Canadian dollars to US or arranging to deposit US dollars into the account. For debit balances below $5,000, there will be an automatic foreign exchange conversion of Canadian dollars to offset/reduce any US debit balances. BMO InvestorLine will send you a notification of any debit balances in your registered accounts using the MyLink service.

How will I know my registered contribution limits for the account?
You will continue to rely on the CRA statements to keep track of your eligibility limits. Our statements will show you the Canadian equivalent of your contributions or withdrawals based on the exchange rate on the date of your transactions. It is your responsibility to stay within your prescribed limits.

What will happen to my Dividend Reinvestment Program and other distributions?
At this time, US dollar denominated securities held with BMO InvestoLine are not eligible for the Dividend Reinvestment Program. Typically, Canadian securities that are enrolled in the DRIP should be held on the Canadian side of your account.

Any distributions for non-US securities held on the US dollar side of your account will be converted and credited as US dollars. Any distributions for non-Canadian securities held on the Canadian side of your account will be converted and credited as Canadian dollars. The exchange rate at the time the transaction is posted to your account will apply. It is up to you to decide which side of the account you wish to hold your securities that pay out a distribution.

How do I make a US dollar contribution to a BMO InvestorLine account?
You can make a US dollar contribution from a BMO InvestorLine investment account online or a through a BMO InvestorLine representative by calling 1 (888) 776-6886.

To make a US dollar contribution from a BMO bank account, please contact us at 1 (888) 776-6886.

To make your contribution in-kind please contact us at 1 (888) 776-6886.

How do I make a US dollar withdrawal from a BMO InvestorLine account
You can make a US dollar cash withdrawal from a BMO InvestorLine TFSA account to a BMO InvestorLine investment account online or a through a BMO InvestorLine representative at 1 888 776-6886.

To make any other US dollar cash withdrawal or deregistration request please contact us at 1 (888) 776-6886.

To make in-kind withdrawal please contact us at 1 (888) 776-6886.

Can I wire funds into my registered account?

Yes, you can wire funds into certain registered accounts within your registered contribution limits but the easiest way to proceed is to wire the funds to your investment account and do your contribution when the clearing process is completed. For further details, please contact us at 1 (888) 776-6886.