BMO InvestorLine Account Types

BMO InvestorLine offers a variety of account types designed to cater to different investment goals and preferences. Here are the main account types available:

• Tax-Free Savings Account (TFSA): Allows Canadians to save and invest tax-free.
• Registered Retirement Savings Plan (RRSP): Aimed at retirement savings, offering tax benefits.
• Registered Education Savings Plan (RESP): Designed for saving for a child's post-secondary education.
• Registered Retirement Income Fund (RRIF): Used to withdraw funds from an RRSP during retirement.
• Locked-In Retirement Account (LIRA): For transferring pension funds from a previous employer.
• Cash Account: A non-registered account that allows for flexible trading without tax benefits.
• Margin Account: Allows investors to borrow funds against their investments to trade.

BMO InvestorLine also supports corporate and non-personal accounts, providing a comprehensive suite of options for individual and institutional investors.

BMO InvestorLine Broker Account Opening Process

Opening an account with BMO InvestorLine is a straightforward process. Here are the steps involved:

• Eligibility Requirements:
• Must be a Canadian resident.
• Must have a valid Social Insurance Number (SIN).
• Must be of legal age (the age of majority in your province).
• Choose Your Account Type:
• Decide which account type you wish to open (e.g., TFSA, RRSP, RESP, etc.).
• Gather Required Documents:
• Government-issued photo ID (e.g., driver's license, passport).
• SIN and proof of address.
• Employment and financial information.
• Online Application:
• Visit the BMO InvestorLine website.
• Click on "Open an Account" and select your desired account type.
• Fill out the online application form with the required information.
• Verification:
• Submit your documents for verification.
• Expect approval within 1-3 business days.
• Funding Your Account:
• Once approved, you can fund your account through various methods, including electronic funds transfer (EFT) or cheque.
• Start Trading:
• After funding your account, you can begin trading on the BMO InvestorLine platform.

By following these steps, you can efficiently set up your trading account with BMO InvestorLine and start managing your investments.