Errors in BMO Investorline December Statement - Page 2
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Thread: Errors in BMO Investorline December Statement

  1. #11
    Senior Member
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    Jun 2009
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    Quote Originally Posted by agent99 View Post
    The $72.56 that they had showed as my total 2016 income just happened to be from a US based ADR. It was the Gross amount. In this case, the tax is actually withheld by the country of origin and it was reported separately as foreign tax withheld (About -$10.00) Dividends from US companies may be handled differently. You should be able to check this in your transaction records.
    For the heck of it, I decided to see if BMO IL was under reporting monthly income as well.... so checked a couple of monthly statements myself (Dec 16 and Mar 16) and yes, they do not include all income. Didn't try to determine which ones, but suspect the missing data is from trusts, i.e. REITs and ETFs. So their algorithm is f*cked. If I get ambitious today, I my go online via MyLink and reinforce your 'effort'. Some people may be relying on this data....even if I've never looked at it before.

    P.S. I find that some USD withholding taxes are reported in different ways in monthly statements. Most are net of withholding taxes (most common) and a few others show gross dividends and then a separate line item for the 15% withholding tax. Doesn't really matter to me.

    Added later: I decided to just take the fime and file a complaint via MyLink on this issue. Explained that someone else had gone through this extensively with BMO IL and either BMO IL needs to fix their programming or stop reporting "Income You Received" entirely on monthly account statements.

    Last edited by AltaRed; 2017-04-21 at 12:56 PM. Reason: Out of the goodness of my heart.... :)

  2. #12
    Senior Member
    Join Date
    Aug 2013
    Posts
    382
    They only report actual dividend income.Not distributions,not anything like premium dividend interest. I suppose they could categorize the different income that goes into the accounts but as of yet they don't.

  3. #13
    Senior Member
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    Sep 2013
    Location
    Ontario
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    I just got around to checking the "updated' December statement they had sent me by secure mail. Well, it was for the wrong account! The one with just $72.56 in annual income is still wrong. It's hard to believe a big bank can be so useless. Anyway, I have a direct line to the lady that I dealt with, so hopefully will get that fixed next week.

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  5. #14
    Senior Member Beaver101's Avatar
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    Nov 2011
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    2,848
    ^ Oh boy did they fire all the competent people at BMOIL and replaced them with ? robots?

    Everyone should be respected as an individual, but no one idolized.-A. Einstein

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