BMO InvestorLine Inc. RESP review

Supported grants and incentives

• Basic CESG: offered on the Canada.ca RESP promoters list.
• Additional CESG: offered on the Canada.ca RESP promoters list.
• Canada Learning Bond (CLB): offered on the Canada.ca RESP promoters list.
• B.C. Training and Education Savings Grant (BCTESG): marked N/A for BMO InvestorLine Inc. on the Canada.ca RESP promoters list.
• BMO InvestorLine's RESP withdrawal forms reference QESI repayment and Quebec tax slips, but the reviewed public opening materials did not clearly confirm current QESI support for new accounts.

Account types

• Individual RESP.
• Family RESP.
• BMO InvestorLine's brochure says RESPs are available only as Self-Directed accounts and not as adviceDirect accounts.

Fees

• No RESP administration fee when the account value is greater than or equal to $25,000.
• $50 annual administration fee for RESP accounts below $25,000.
• $9.95 per web-based stock trade according to the public commission schedule.
• $9.95 plus $1.25 per contract for listed options trades under the electronic pricing schedule.
• No commission applies to mutual fund buys, sells, or switches, but an early redemption fee of 1% can apply for funds held less than 90 days, subject to a minimum of $43 or $35 for electronic orders.
• $135 transfer-out fee according to the public commission and fee schedule.
• Other product-specific costs can still apply, including fixed-income pricing spreads, foreign exchange, and any fund-company fees.

Transfer process

• BMO InvestorLine uses its Authorization to Transfer Account form and asks for a recent statement from the delivering institution.
• Completed transfer forms can be dropped off at a BMO branch or mailed to BMO InvestorLine in Toronto.
• BMO InvestorLine says a transfer can take 10 to 45 business days depending on the delivering institution, transfer type, and positions being moved.
• The transfer form says status can be checked through MyHoldings after sign-in or by phone.
• BMO InvestorLine says transfers from another BMO division are not automatic and can still take 5 to 21 business days.

Withdrawal process

• BMO InvestorLine uses one RESP withdrawal form for Educational Assistance Payments (EAPs) and Post-Secondary Education (PSE) capital withdrawals, and a separate form for non-PSE capital withdrawals, RRSP rollovers, and accumulated income payments (AIPs).
• The EAP/PSE form allows payment to a BMO InvestorLine non-registered account, a BMO bank account, an external bank account, or by cheque.
• BMO InvestorLine's educational withdrawal form shows the standard first-13-week limits of $8,000 for full-time study and $4,000 for part-time study unless a higher amount is approved under RESP rules.
• The same form says receipts are required if an EAP request exceeds $28,881 in a calendar year.
• BMO InvestorLine's client agreements say the subscriber must confirm in writing whether the beneficiary is a resident or non-resident of Canada before the first EAP is paid.
• For non-educational requests, BMO InvestorLine's non-PSE/AIP form says a portion or the remainder of CESG, CLB, and/or QESI will be repaid to the government and that sufficient cash must be available for the grant repayment.

Neutral comparison notes

• This is a self-directed brokerage RESP rather than the adviser-led BMO Investments Inc. RESP already reviewed on the site.
• Compared with BMO Investments Inc., the Canada.ca promoter row for BMO InvestorLine does not show BCTESG support.
• BMO InvestorLine publishes a clearer public brokerage fee schedule than some branch-led RESP providers, but total cost still depends on account size, trading activity, product mix, and any fund-company charges.
• Families comparing BMO-branded RESP options should separate BMO InvestorLine Inc., BMO Investments Inc., and BMO Nesbitt Burns Inc. because Canada.ca lists them as different promoters with different grant-support rows.

Investment options noted on official pages

• Stocks.
• ETFs.
• Options.
• GICs.
• Fixed income.
• Mutual funds.

Sources to use