Errors in BMO Investorline December Statement
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Thread: Errors in BMO Investorline December Statement

  1. #1
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    Errors in BMO Investorline December Statement

    As most on BMOIL know, BMOIL changed the format of their on-line monthly report in December. One item, is a summary of income received. We have 6 accounts, and that summary is incorrect on all of them.

    Basically, the amounts shown just don't represent the amounts received and shown in the detailed part of the report. In one of our accounts they show that we received $72 in income in 2016 when actual number is closer to $10k (rough number).

    I brought this to their attention almost a month ago. They sent me a message today saying that the report was corrected 2 days ago. But it is still unchanged and wrong. All the summary has to do is add up a series of cash flows.

    Anyone else have same problem?


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    Ok you made me look .
    I checked the Dec and Nov statements and they both seem out by what they call a dividend on the statement and what the dividend total is.
    However I have and I'm going to assume you may have some holdings that are not paying a straight dividend.I'll give an example of Boston Pizza which is a distribution but on the statements show as a dividend. If I remove the holdings that pay a distribution the numbers add up correctly.It appears that unless it is interest being paid they call everything else a dividend although some aren't but they do add the eligible dividends up correctly.
    It wouldn't seem to explain a $72 vs $10k discrepancy though.
    Last edited by yyz; 2017-02-02 at 12:09 AM.

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    Quote Originally Posted by yyz View Post
    Ok you made me look .
    I checked the Dec and Nov statements and they both seem out by what they call a dividend on the statement and what the dividend total is.
    However I have and I'm going to assume you may have some holdings that are not paying a straight dividend.I'll give an example of Boston Pizza which is a distribution but on the statements show as a dividend. If I remove the holdings that pay a distribution the numbers add up correctly.It appears that unless it is interest being paid they call everything else a dividend although some aren't but they do add the eligible dividends up correctly.
    It wouldn't seem to explain a $72 vs $10k discrepancy though.
    We had about $800 in true dividends in December in one account. For example, Exchange Income, Russel Metals, Crescent Point etc. And this is what statement says:

    Income you received
    Type of Income Current Month Year-to-Date (YTD)
    Dividends 0.00 72.56
    Total 0.00 72.56
    Still no correction or explanation from BMOIL Hard to imagine I am only one with this type of error.

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    I am surprised that others with BMOIL have not seen this problem or chimed in.

    I have had a series of mylink message exchanges. Theirs saying that the problem had been corrected and giving me detailed instructions of where to find my corrected estatements! If I didn't know where to find them, how would I have found out they were still wrong and no corrections had been made.

    Finally today, I called them. The agent went away and spoke to his upper level guys. Came back and read to me from an internal memo they had received. It stated that their new software had coding errors. This affected all types of income. Interest, Dividends, REIT distributions, Mutual fund distributions etc. How some of those still got into the income received, he did not know. They are apparently working on a fix, but no timeline for completion. Scary part, is that I think he said that the same system will produce the T-slips this year! Deadline for those is getting close!

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    Finally I was able to get BMOIL to correct our December Statement. This after 3 months, at least a dozen on-line messages and three phone calls. Finally while on phone got an agent to actually look at just my Jan 2016 statement (It had several hundreds of $$ of dividend income) and compare it with my Dec2016 statement that said I had received $72 for whole year. She finally came back and agreed there should be about $10k of div & interest!

    What I found out while investigating this, was that the income summary on BMOIL statements, is only the income that would eventually be on T5 slips. Trust income is reported on T3 slips so is excluded. As a result, the Income figure on their reports is not the actual income you received. So why do they bother including an income summary at all seeing it does not match the actual transaction detail also reported?

    What bothers me here, is that it took 3 months to get BMOIL to understand that there was an error in programming or data input to their system. Those errors don't give me any confidence that ANY of their reports are accurate.
    Last edited by agent99; 2017-04-21 at 10:38 AM.

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    Thank you for your perseverance! I suspect few look at what the brokerage account statements say with respect to monthly and YTD income received. I've never really looked at that data myself on any of my accounts. I only look what I total up on T3s and T5s at tax time (what my tax return rollup says on UFile), and what Quicken* aggregates for me when I roll up all my income from all my accounts for the year.

    * Which in itself is not fully accurate because I know that some of my USD income is already posted net of withholding tax, i.e. I am recording the net number and not gross number. Which if I may ask, did you have that discussion with BMOIL? That is, if their software adds up USD account income, is it the net number net of withholding tax or gross number and do they convert at the monthly forex rate? Or annual forex rate?

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    Quote Originally Posted by AltaRed View Post
    Thank you for your perseverance! I suspect few look at what the brokerage account statements say with respect to monthly and YTD income received. I've never really looked at that data myself on any of my accounts. I only look what I total up on T3s and T5s at tax time (what my tax return rollup says on UFile), and what Quicken* aggregates for me when I roll up all my income from all my accounts for the year.

    * Which in itself is not fully accurate because I know that some of my USD income is already posted net of withholding tax, i.e. I am recording the net number and not gross number. Which if I may ask, did you have that discussion with BMOIL? That is, if their software adds up USD account income, is it the net number net of withholding tax or gross number and do they convert at the monthly forex rate? Or annual forex rate?
    ... not that you can't ask agent99 these qusetions but isn't the accountholder's responsibility to figure this all of this out (fx, withholding tax, etc)? given that the brokerage don't even know what's produced on their own reports as per agent99's experience ...
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

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    Senior Member Beaver101's Avatar
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    Quote Originally Posted by agent99 View Post
    Finally I was able to get BMOIL to correct our December Statement. at least a dozen on-line messages and three phone calls. Finally while on phone got an agent to actually look at just my Jan 2016 ...

    What bothers me here, is that it took 3 months to get BMOIL to understand that there was an error in programming or data input to their system. Those errors don't give me any confidence that ANY of their reports are accurate.
    ... and? did you file a complaint? Are they going to fix their systems? Or did they just say "this is the way it is and go away".
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

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    Quote Originally Posted by AltaRed View Post
    That is, if their software adds up USD account income, is it the net number net of withholding tax or gross number and do they convert at the monthly forex rate? Or annual forex rate?
    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.
    Last edited by agent99; 2017-04-21 at 12:26 PM.

  11. #10
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    Quote Originally Posted by Beaver101 View Post
    ... not that you can't ask agent99 these qusetions but isn't the accountholder's responsibility to figure this all of this out (fx, withholding tax, etc)? given that the brokerage don't even know what's produced on their own reports as per agent99's experience ...
    The reports are not something I would hang my hat on, but the summary of income can be useful as a rough guide as to what we earned each month and total for year. But given that the Income Summary does not include some types of income, it is is not useful. They should either fix it or remove it.

    I don't bother with Quicken or such programs. My wife however, does maintain a spreadsheet of all our income and expense and it was her that noticed the income discrepancy on the Statements. I never look at her stuff!

    I do our tax returns and those T-slips we use are prepared by the same outfit that can't get our Statements correct Maybe we should do more cross-checking!

    PS: Just got another Mylink message from some BMOIL agent still saying the discrepancy was due to trust income not being included! Obviously one hand doesn't know what the other is doing. Beaver - This time I did complain and asked the agent to forward my message to their management.

    Last edited by agent99; 2017-04-21 at 12:28 PM.

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