How to Open a BMO InvestorLine Account (2026 Step-by-Step Guide)

On September 9, 2026, BMO announced that BMO InvestorLine Self-Directed would charge $0 commission on all stock and ETF trades effective September 14, making it the first direct investing arm of a Big Five Canadian bank to eliminate stock and ETF commissions.

If you have been waiting for a bank brokerage to stop charging $9.95 a trade, this is that moment. Here is how to open the account and what to know before you do.

What the pricing is now

• Stocks and ETFs: $0 commission, unlimited, on Self-Directed accounts.
• Options: $0 commission, with the per-contract fee cut to $0.90 from $1.25.
• Assignment and exercise fees on options: removed.
• Brokerage account administration fees: eliminated.
• Existing clients: moved to the new pricing automatically, no action required.

Not included: adviceDirect accounts, which operate on an advisory fee model instead and are not eligible for options trading. And in BMO's own wording, "account fees, foreign exchange fees and other fees and charges continue to apply."

That last line is the one to plan around, and we come back to it below.

What you need before you start

Have these ready and the application takes 15 to 30 minutes rather than two sessions:

• Social Insurance Number. Required for any registered account and for tax reporting.
• Government-issued photo ID. Driver's licence or passport.
• Date of birth and current address, including how long you have lived there.
• Employment details — employer name, occupation, and whether you or an immediate family member works for a securities firm or is an insider or significant shareholder of a public company. These questions are regulatory, not nosy; answer them accurately.
• Financial information — approximate annual income, net worth and liquid assets.
• Banking details for funding the account.

Step 1: Choose the right account type first

This is the decision that matters most, and changing it later is more annoying than getting it right now.

TFSA — Growth and withdrawals are tax-free. Best first account for most Canadians. Note that US dividends paid into a TFSA are subject to 15% US withholding tax that cannot be recovered.

RRSP — Contributions are deductible, growth is tax-deferred, withdrawals are taxed as income. Best when your current tax rate is high relative to your expected retirement rate. Under the Canada–US tax treaty, US dividends in an RRSP are generally exempt from that 15% withholding.

FHSA — For a qualifying first-time home buyer. Deductible going in like an RRSP and tax-free coming out for a home purchase like a TFSA. If you plan to buy a home and qualify, this is usually the best-value room available.

Cash (non-registered) — No limits, fully taxable. Use once registered room is filled.

Margin — A cash account that lets you borrow against your holdings. Borrowing to invest magnifies losses as well as gains and can force a sale at the worst moment. Most beginners should not open one.

If you are unsure, a TFSA is the defensible default.

Step 2: Apply

Applications are completed online through BMO InvestorLine. Existing BMO banking clients can typically use their existing credentials, which shortens the identity verification step considerably.

You will work through personal details, the regulatory questions above, and a Know Your Client questionnaire covering investment objectives, time horizon, risk tolerance and investment knowledge. Answer this honestly rather than strategically. It determines what the platform will let you do, and a risk profile you exaggerated to unlock features is a poor trade.

Step 3: Fund the account

• From BMO accounts: fastest, usually same-day.
• From another bank: electronic funds transfer or bill-payment-style contribution, typically one to three business days.
• From another brokerage: a formal transfer form. See below.

Step 4: Transfer existing accounts properly

If you hold a TFSA or RRSP elsewhere, transfer it directly — do not withdraw and redeposit.

A direct institution-to-institution transfer preserves registered status and does not consume contribution room. Withdrawing from an RRSP triggers immediate tax. Withdrawing from a TFSA only restores that room the following calendar year, and re-contributing in the same year can generate an over-contribution penalty.

Two practical points: transfers can move in kind (your holdings move as-is, staying invested) or in cash (everything is sold first, and you are out of the market during the transfer). In kind is usually preferable. And the institution you are leaving typically charges a transfer-out fee; receiving brokerages often reimburse it on larger transfers, but generally only if you ask.

The fee that survived, and why it matters most

Commissions are gone. Currency conversion is not.

Buying a US-listed stock or ETF from a Canadian-dollar account requires converting CAD to USD, and Canadian brokerages typically charge for this as a spread built into the exchange rate rather than as a visible line item — commonly in the range of 1% to 2%.

Invest $12,000 a year into US-listed securities at a 1.5% spread and that is roughly $180 a year you never see on a statement. Over two decades with a growing balance, it dwarfs anything you ever paid in commissions.

Two responses worth knowing:

Hold a US-dollar account if the platform offers one, so you convert once rather than on every transaction.

Learn Norbert's gambit — buying a dual-listed ETF in one currency and journalling it to the other side to convert at close to the market rate. It is more steps, and on larger conversions it saves meaningfully more than a commission ever cost.

A reasonable first 30 minutes after funding

1. Confirm the account type and that contribution room is what you expect (check your CRA My Account for TFSA and RRSP room — brokerage figures are not authoritative).
2. Set up two-factor authentication.
3. Buy one broad, low-cost index ETF rather than five things you read about this week.
4. Set a recurring contribution.
5. Close the app.

The commission saving is real. What determines your outcome over twenty years is still the contribution you make every month and your willingness to leave it alone.

Frequently asked questions