BMO InvestorLine changed its proposition on 14 September 2026: Canadian and U.S. stock/ETF commissions and brokerage administration charges moved to zero. Older reviews quoting a 9.95 equity commission or quarterly minimum-balance charge no longer describe the current Self-Directed schedule. The remaining decision is about investment permissions, currency conversion, borrowing and whether the client wants paid advice.[2]
Broker essentials01
Broker essentials
| Measure | Value | Context |
|---|---|---|
| Contracting company | BMO InvestorLine Inc. | CIRO lists the named entity as an investment dealer.Source 1 |
| Self-Directed opening minimum | C$0 | No minimum balance is required to open this service.Source 3 |
| Stock and ETF dealing | 0 commission | Canadian and American exchanges under the current Self-Directed tariff.Source 4 |
| Advice alternative | adviceDirect / Premium | Client-directed dealing with advice; a separate advisory fee and minimum apply.Source 18 |
Self-Directed and adviceDirect serve different purposes
Sections ↑Account comparison02
Choose the service
| Service | Who makes decisions | Threshold or charge |
|---|---|---|
| Self-Directed | The client selects investments; the service is order execution only. | No opening balance minimum; product and incidental costs remain.Source 22 |
| adviceDirect | Personal recommendations and portfolio monitoring; the client still chooses and places trades. | C$10,000 opening minimum.Source 18 |
| adviceDirect Premium | Adds dedicated relationship management and financial-planning support. | C$500,000 qualification.Source 18 |
| adviceDirect Preview | A limited research and portfolio-tools preview. | Free; a preview is not a funded trading account.Source 18 |
Accounts, registration and opening
Sections ↑Account comparison03
Self-Directed account range
| Account family | Supported choices and implications |
|---|---|
| Non-registered | Individual or joint cash and margin accounts; investment income and realised gains can be taxable.Source 3 |
| Registered saving | TFSA, FHSA, RRSP and RESP are explicitly listed for Self-Directed. Personal eligibility and contribution limits apply.Source 3 |
| Retirement income / locked-in | RRIF, LIRA, LRSP, RLSP, LRIF and LIF routes; pension-origin restrictions continue after transfer.Source 3 |
| Non-personal | Trusts, estates, corporations, associations, partnerships, investment clubs and personal holding companies.Source 3 |
Account comparison04
Why the wrapper matters
| Registration | Key distinction |
|---|---|
| TFSA | Flexible Canadian tax treatment for eligible contributions and investments; account withdrawals do not make a leveraged trade risk-free.Source 8 |
| FHSA | Designed for an eligible first home: deductible contributions and tax-free qualifying withdrawals, with annual, lifetime and time limits.Source 8 |
| RRSP / RRIF | Retirement saving versus retirement drawdown. Ordinary RRSP withdrawals are taxable; RRIFs require annual minimum payments.Source 8 |
| RESP | Education saving has contribution and grant rules; payments of capital and accumulated assistance are treated differently.Source 8 |
| Locked-in / non-personal | Pension legislation, ownership and entity documents determine access. A general BMO account catalogue does not prove every account is available in every BMO channel.Source 8 |
Account comparison05
Opening and approval
| Step | What the published service supports |
|---|---|
| Application route | The current Self-Directed overview offers online, branch or assisted opening. Collect the documents for the particular registration before applying.Source 3 |
| Investment transfer | Use the transfer-authorisation workflow under Move Money; it determines whether electronic submission or a manual form is required.Source 3 |
| Borrowing / options | Margin and options permissions require the appropriate account and approval. Their availability is not implied by opening a cash account.Source 10 |
| Residence or entity exceptions | This profile covers the Canadian retail offering. Acceptance of a non-resident, temporary resident or particular trust/entity should be established with BMO before transferring assets.Source 22 |
Self-Directed trading and administration fees
Sections ↑Pricing & charges06
Dealing charges
| Transaction | Fee (CAD/USD) |
|---|---|
| Canadian/U.S. stocks and ETFs | 0, online or assisted.Source 6 |
| Options | 0.90 per contract; exercise/assignment 0.Source 4 |
| Options: principal ≤2,000 | Maximum 12.50/leg.Source 6 |
| Bonds, T-bills, GICs, strips | Commission included in quote.Source 6 |
| Exchange-traded bonds | 40 + [1.50 (<50,000 par) or 1.00 (≥50,000 par)] per 1,000 par; online discount 20%, minimum 35.Source 6 |
Pricing & charges07
Brokerage charges now removed
| Service | Current fee |
|---|---|
| Quarterly minimum-balance fee | 0.Source 4 |
| RRSP/LIRA or RESP annual minimum fee | 0.Source 4 |
| External account transfer | 0.Source 4 |
| Internal transfer | 0.Source 4 |
| RRSP/RRIF deregistration | 0.Source 4 |
| Home Buyers’ / Lifelong Learning Plan withdrawal | 0.Source 4 |
| Estate account certificate charge | 0.Source 4 |
Zero brokerage administration does not mean every service is free. Currency conversion, margin interest, option contracts, underlying fund expenses and AccountLink banking charges must still be assessed separately.
Pricing & charges08
Mutual-fund minimums and redemptions
| Fund / event | Terms |
|---|---|
| Ordinary funds | 1,000 initial / 500 later, or issuer’s higher minimum.Source 6 |
| BMO/BMO Guardian funds | 500 initial / 50 later, subject to issuer minimums.Source 6 |
| Other money-market/T-bill funds | 25,000 initial / 500 later.Source 6 |
| Early redemption | Under 90 days: 1%, minimum 35 online / 43 assisted. Money-market/T-bill and specified deferred-load exceptions apply.Source 6 |
Investments and their ownership structure
Sections ↑Account comparison09
Product access
| Investment | What is being held |
|---|---|
| Shares and ETFs | Shares are equity interests; ETFs are fund units. ETF expenses and dealing spreads remain even when commission is zero.Source 13 |
| Fixed income | Debt securities with issuer and market risk. T-bills and strips differ from coupon-paying bonds in how returns are delivered.Source 12 |
| Options | Contracts with exercise, expiry and assignment obligations. Strategy approval determines what can be opened.Source 11 |
| Mutual funds and GICs | Available in the Self-Directed product range; the specific fund class, issuer, maturity and redemption terms matter.Source 22 |
Account comparison10
BMO bullion programmes are separate products
| Issue | Important distinction |
|---|---|
| Gold deposit programme | BMO describes allocated physical bullion at the Royal Canadian Mint. Holding, cash sale and physical delivery are separate choices.Source 14 |
| September 2025 change | The Mint custodial-account role moved to Bank of Montreal. The programme notice amended the relevant dealer sale spread to up to 2% for gold and 5% for silver.Source 14 |
| Costs and protection | Delivery and transaction terms must be checked for the exact programme. Gold is not a CDIC-insured deposit, and the programme does not guarantee its market value.Source 14 |
CAD/USD balances and conversion costs
Sections ↑Account comparison11
Self-Directed currency handling
| Issue | Operational rule |
|---|---|
| Account sides | CAD and USD non-registered/registered components are available, except RESP, which settles in CAD.Source 9 |
| Settlement choice | An order settling in the other currency triggers conversion of the trade amount. The order preview is an estimate; the completed order uses the applied end-of-day rate.Source 9 |
| Cash conversion window | The FAQ gives 08:30–16:15 ET on business days for online CAD/USD conversion.Source 9 |
Pricing & charges12
Self-Directed conversion revenue
Pricing & charges13
Self-Directed conversion: reading the percentage illustration in cash
| Assumption | Illustrated cost |
|---|---|
| USD 10,000 equivalent converted at the saved table’s rounded 1.6% illustration | About USD 160 equivalentSource 5Source 6 |
| What the amount represents | The economic spread within the exchange rate, not a separate guaranteed flat invoiceSource 5Source 6 |
Percentages use the 2025 USD/CAD benchmark, 1.3978.[6]
BMO sets variable conversion rates as principal. Securities conversions are not FX trading.[5]
Margin, cash interest and forced-sale risk
Sections ↑Account comparison14
Cash account versus margin
| Feature | Cash | Approved margin |
|---|---|---|
| Borrowing against holdings | Unavailable | Available against eligible collateral.Source 10 |
| Options and short selling | Not available in the ordinary cash account. | Self-Directed permissions can be added; adviceDirect excludes options.Source 10 |
| Displayed buying power | Cash available to invest. | Display updates every five minutes; order checks use real-time calculations.Source 10 |
Pricing & charges15
Displayed borrowing-rate evidence — regional effective-date qualification
| Account / balance | CAD | USD |
|---|---|---|
| Ordinary approved margin below 100,000 | 6.00% | 9.00%Source 7 |
| Ordinary approved margin at least 100,000 | 6.00% | 8.75%Source 7 |
| Gold margin at least 100,000 | 5.75% | 8.50%Source 7 |
| Platinum margin at least 100,000 | 5.50% | 8.25%Source 7 |
| Diamond margin at least 100,000 | 5.25% | 8.00%Source 7 |
| Ordinary cash debit below 100,000 | 22.90% | 25.25%Source 7 |
The sheet is dated 17 September 2026 and lists different U.S. prime-rate effective dates for Nova Scotia, including 22 November 2026; confirm the applicable regional rate. Ordinary cash credit earns 0%. Diamond non-registered USD credit is shown at 0.25%; Premium adviceDirect CAD credit uses prime minus 2.5%, floored at zero. Rates and tier eligibility can change.[7]
The interest schedule calculates credit and debit balances separately over the 22nd-to-21st monthly period and posts on the next business day. Amounts below 5 currency units per month are not paid or charged. The advertised annual rate therefore does not by itself describe a small balance’s actual monthly payment.[7]
Protections & eligibility16
Borrowing and custody terms
| Risk | Contractual position |
|---|---|
| Short sales | Borrow availability and borrowing charges can change daily; shares may be recalled or bought in.Source 23 |
| Margin shortfall | BMO can liquidate or close positions to protect itself without a prior demand or margin call. The client remains liable for a deficit.Source 23 |
| Currency debt | A credit on one currency side does not automatically discharge debt on the other; conversion can be required and charged.Source 23 |
| Collateral / cash | The contracts permit specified collateral reuse. Free credit balances need not be segregated; their legal treatment differs from a separate bank deposit.Source 23 |
Platforms, options tools and data entitlement
Sections ↑Platforms & products17
Self-Directed interfaces
| Interface | Useful scope |
|---|---|
| InvestorLine and BMO Invest app | The core website and mobile app handle eligible accounts, portfolio monitoring and dealing.Source 3 |
| Options workflow | Strategy Builder, screeners and integrated position management help construct and analyse approved strategies. These tools do not provide a personal recommendation.Source 11 |
| Multi-leg orders | The advanced-trading page specifies up to two options legs. A menu of strategies is not unlimited permission.Source 16 |
| Buying-power display | The displayed figure updates every five minutes; the order calculation incorporates current prices, fills and loan conditions.Source 16 |
Platforms & products18
BMO Active Trader eligibility and limitations
| Feature | Published entitlement |
|---|---|
| Access threshold | 15 or more trades per quarter or at least C$250,000 in assets gives the stated programme access.Source 17 |
| Gold | BMO Active Trader with Level I; no additional platform/data fee for eligible programme members.Source 17 |
| Platinum / Diamond | BMO Active Trader Pro adds Level II. Confirm the current tier with BMO rather than assuming all Active Trader users receive depth.Source 17 |
| Hardware | Desktop/laptop browsers only; Windows or macOS, using Chrome, Firefox, Edge or Safari. It is not the mobile app.Source 17 |
| Data wording conflict | General pricing and the dedicated Pro guide describe Level II differently; confirm the subscription entitlement.Source 17Source 5 |
Platforms & products19
Research and testing tools
| Tool | Practical use |
|---|---|
| Active Trader analytics | Options Analyzer and Barometer, charts, technical studies and configurable workspaces support research before an order.Source 15 |
| Paper trading | A simulated environment can rehearse a strategy; simulated results do not establish live execution quality.Source 15 |
| Watchlists / alerts | Ten watchlists with up to 500 symbols each and custom alerts are described.Source 16 |
| Session scope | Extended-hours chart visuals are described, but the reviewed public pages did not establish a complete, current extended-order timetable. Check the order ticket or dealing desk.Source 17 |
Funding, settlement and AccountLink
Sections ↑Account comparison20
Cash availability
| Method or event | Constraint |
|---|---|
| Non-registered bank link | AccountLink combines the securities account with a BMO CAD chequing account and optional USD bank account.Source 9 |
| Deposits | BMO-bank transfers, cheques and other stated funding routes are available; a cheque must clear before trading.Source 9 |
| Securities settlement | The FAQ normally specifies T+1 for stocks, ETFs and corporate bonds. Mutual funds can settle T+1 or T+2.Source 9 |
| GIC timing | The stated T+1 guideline covers GIC purchases and redemptions before 11:00 ET; issue terms and cutoffs matter.Source 9 |
Pricing & charges21
AccountLink and paper charges
AccountLink banking and the brokerage account are legally distinct components. The location of cash matters when assessing bank-deposit insurance versus investor protection; neither arrangement protects a security against a fall in market value.[23]
adviceDirect fees and product limits
Sections ↑Pricing & charges22
Flat annual advice fees from September 2026
Fees are charged quarterly in arrears, using average daily billable balances. Stocks, ETFs, fixed income and mutual funds count; cash, money-market funds and trailer-paying funds are excluded. There is no stock/ETF/fund trading allotment or excess-trade commission, but underlying fund expenses, trailers and currency charges can remain.[19]
Account comparison23
Advice service rules
| Issue | Current terms |
|---|---|
| Linked billing | Eligible accounts can share billing; one must meet the C$10,000 minimum.Source 20 |
| Below the minimum | Market movement below C$10,000 does not itself trigger a penalty; withdrawals reducing the account can lead to review or closure.Source 21 |
| Unavailable investments | Options, bullion, non-CAD/USD currencies, IPOs, private/restricted securities, CSE listings, leveraged ETFs and other specialised products.Source 20 |
| Control and advice | Clients receive recommendations and monitoring but retain the decision to trade. This is different from handing over discretionary management.Source 21 |
Pricing & charges24
adviceDirect conversion revenue
These adviceDirect tiers differ from Self-Directed. Points are not percentages; request a current exchange-rate quote.[20]
Current offer and retention conditions
Sections ↑Event timeline25
Real Financial Progress offer checked 10 October 2026
| Condition | Requirement |
|---|---|
| Opt in | Eligible new or existing adult clients must opt in during 1 September–31 October 2026 using FINPROG or another accepted method.Source 25 |
| Funding deadline | Existing clients: 31 October 2026. New clients: 30 November 2026.Source 25 |
| Funding / award | At least C$10,000 net new eligible assets. Cash back is 2% on the first C$250,000 and 1% above it, capped at C$30,000.Source 25 |
| Holding periods | Maintain the qualifying asset requirement through 31 May 2027 and 30 November 2027 for the respective instalments.Source 25 |
| Payments | Scheduled for 28 June 2027 and 23 December 2027; withdrawals and account eligibility affect entitlement.Source 25 |
| Separate contest | The cash-prize draw is contingent on winning and has its own entry rules, including a no-purchase route. It is not a guaranteed transfer reward.Source 25 |
Regulation, protection and service
Sections ↑Entities & regulation26
Legal-company checks
CIPF addresses eligible property missing after member insolvency, not trading losses. Individual limits generally aggregate C$1 million for general accounts including TFSA/FHSA, C$1 million for retirement accounts and C$1 million for subscriber RESPs, subject to coverage conditions.[27]
Account comparison27
Help, statements and complaint escalation
| Route | Scope |
|---|---|
| Self-Directed support | 1-888-776-6886, Monday–Friday 08:00–18:00 ET; international collect +1-416-355-8366. Chat is listed 08:00–20:00 ET.Source 15 |
| adviceDirect support | 1-844-274-3762, Monday–Friday 08:00–18:00 ET; account advice and service are distinct from Self-Directed support.Source 19 |
| Reporting | Statements and trade confirmations document activity. The disclosure lists quarterly statements, with monthly statements for activity, requested frequency or specified open options.Source 22 |
| Internal complaint | Start with InvestorLine support, then escalate to its Client Resolution Team and Designated Complaints Officer: [email protected]; 1-888-776-6886. The current investment process proceeds from the senior officer to external options.Source 24 |
| Independent escalation | OBSI can review an unsatisfactory final response or a complaint unresolved after 90 days. The filing limit is 180 days after BMO’s final response; Quebec clients also have an AMF route.Source 24 |
| Quebec response deadline | For complaints within the AMF framework, CIRO dealers must respond within 60 days; exceptional or beyond-control circumstances can extend this to 90, with written reasons and a final date. This internal response duty is distinct from the brochure’s general OBSI 90-day escalation route and 180-day filing limit.Source 28Source 24 |
Compare the total cost of the intended account, currency use and service level. This review examined published documents; no live trade, funding, support or platform-performance test was conducted.
Company background & evidence
Sections ↑- Headquarters
- Toronto, Canada
Legal entities & licences
These are source-dated records, not a blanket assessment of the broker. Read each issuer, identifier, status and scope together.
BMO InvestorLine Inc.
CanadaSource 1
No separate licence entry is recorded in this panel.
Sources & further reading
- BMO InvestorLine Inc. — regulated dealer record Canadian Investment Regulatory Organization · Accessed 10 Oct 2026
- BMO: Commission-Free Stock and ETF Trades with BMO InvestorLine BMO InvestorLine · 9 Sep 2026 · Accessed 10 Oct 2026
- InvestorLine Self-Directed BMO InvestorLine · Accessed 10 Oct 2026
- Commission-Free Trading BMO InvestorLine · Accessed 10 Oct 2026
- Self-Directed Pricing and Fees BMO InvestorLine · Accessed 10 Oct 2026
- Self-Directed Fee Schedule — September 2026 BMO InvestorLine · Accessed 10 Oct 2026
- InvestorLine Interest Rates — updated 17 September 2026 BMO InvestorLine · Accessed 15 Oct 2026
- BMO Investment Accounts BMO InvestorLine · Accessed 10 Oct 2026
- Self-Directed Frequently Asked Questions BMO InvestorLine · Accessed 10 Oct 2026
- BMO Margin Accounts BMO InvestorLine · Accessed 10 Oct 2026
- Options Trading with InvestorLine Self-Directed BMO InvestorLine · Accessed 10 Oct 2026
- Bonds BMO InvestorLine · Accessed 10 Oct 2026
- Exchange Traded Funds BMO InvestorLine · Accessed 10 Oct 2026
- BMO Gold Deposit Program — including 2025 programme amendments BMO InvestorLine · Accessed 10 Oct 2026
- BMO Active Trader BMO InvestorLine · Accessed 10 Oct 2026
- Advanced Trading with BMO InvestorLine BMO InvestorLine · Accessed 10 Oct 2026
- BMO Active Trader — features, tiers and system requirements BMO InvestorLine · Accessed 10 Oct 2026
- InvestorLine adviceDirect BMO InvestorLine · Accessed 10 Oct 2026
- adviceDirect Pricing BMO InvestorLine · Accessed 10 Oct 2026
- adviceDirect Fee Schedule — September 2026 BMO InvestorLine · Accessed 10 Oct 2026
- adviceDirect Frequently Asked Questions BMO InvestorLine · Accessed 10 Oct 2026
- Self-Directed Relationship Disclosure BMO InvestorLine · Accessed 10 Oct 2026
- Self-Directed Client Agreements — effective 1 July 2025 BMO InvestorLine · Accessed 10 Oct 2026
- BMO Financial Group Complaint Handling Process — investment complaints BMO InvestorLine · Accessed 15 Oct 2026
- Real Financial Progress Offer — September–October 2026 terms BMO InvestorLine · Accessed 10 Oct 2026
- Current CIPF Members Canadian Investor Protection Fund · Accessed 10 Oct 2026
- About CIPF Coverage Canadian Investor Protection Fund · Accessed 10 Oct 2026
- AMF complaint-processing FAQ for CIRO dealer members, June 2025 Autorité des marchés financiers · 30 Jun 2025 · Accessed 15 Oct 2026
This profile reports dated public information, including broker-published services and terms. It does not independently test or guarantee execution, pricing or withdrawals. Inclusion is not an endorsement. Permissions and protections apply only to the named legal entity, service and client category; check the current official records and your contract.