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

  1. #11
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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
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    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
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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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    ^ 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

  6. #15
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    Okay, I'm a nervous type, so I called and spoke with a BMOIL rep. AFter about 30 minutes on hold and him waiting to speak with his supervisor, he told me that the "dividend" term under "income" meant only pure dividends. NOT fund distributions, not income trust distributions, and of course, not interest. This is a bit confusing to me the way my HISA funds refer to distribs as "dividends". Shouldn't they be called distributions, or are they called dividends because I'm reinvesting?

    When I asked, they said the only category under income was dividends. Does anyone else have any other category listed, or do we all just have "dividends"?



    Quote Originally Posted by Beaver101 View Post
    ^ Oh boy did they fire all the competent people at BMOIL and replaced them with ? robots?

  7. #16
    Senior Member humble_pie's Avatar
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    me i think the new BOMIL statement is ghastly.

    the performance calculators for every single client who does options will be wrong. Because efficient option pricing at all brokers is still back in the dark ages. Options that don't trade today show a "last price" that is quite likely to be 2-3-4 weeks old, ie it has no relationship to reality whatsoever.

    the performance widget, though, is calibrated to that fake last price, so there goes the accuracy of the performance widget.

    to think the IIROC spent millions of dollars forcing brokers to create this kind of gibberish. The only thing that will be more comical will be the TD's new, revised, IIROC-compliant statement, when it finally appears for the june statements. I guess these will see the light of day in july.

    .

  8. #17
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    Quote Originally Posted by Brainer View Post
    ... the "dividend" term under "income" meant only pure dividends.

    NOT fund distributions, not income trust distributions, and of course, not interest.
    This is a bit confusing to me the way my HISA funds refer to distribs as "dividends". Shouldn't they be called distributions, or are they called dividends because I'm reinvesting?
    Not sure what reinvesting has to do with it.

    I would much prefer only dividends be called dividends with everything else labeled "distributions" to make it easy for the investor to be clear on what makes up the cash paid. Unfortunately, a lot of sources are calling cash paid dividends, which may or may not be true.


    Quote Originally Posted by Brainer View Post
    ... they said the only category under income was dividends. Does anyone else have any other category listed, or do we all just have "dividends"?
    As this is one's broker ... if they are going to the effort to identify dividends, I would have thought they'd all have categories for "distributions" and "interest" as well.


    Cheers

  9. #18
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    Quote Originally Posted by Brainer View Post
    When I asked, they said the only category under income was dividends. Does anyone else have any other category listed, or do we all just have "dividends"?
    We have nothing that generates interest in our taxable accounts. Just Dividends and trust income. The Income they report is just the dividends. That was also true in the old-style reports it seems.

    In our registered accounts we do receive all three types of income. The monthly report shows dividends and interest. Trust income is excluded. This is an example from one registered account:

    Income you received
    Type of Income Current Month Year-to-Date (YTD)
    Interest ................ 482.76.... 9,575.36
    Dividends.............. 362.75.... 5,935.19
    Total..................... 845.5.... 15,510.55
    No doubt that this type of report of income is of no value. They should exclude it or add a line showing trust & other income. But it DOES show interest as interest!
    Last edited by agent99; 2017-04-25 at 06:14 PM.

  10. #19
    Senior Member humble_pie's Avatar
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    BMO has been doing this dividends-as-interest thing for many years. Long enough that the reps all know how to handle distressed calls from clients.

    what about my T5s, they'll be wrong, wail the clients.

    no, the T5s will be correct, the income will appear as eligible dividends, it's just on our statements that it appears wrongly as interest, say the reps.

    so why don't you configure your statements correctly, go the clients.

    it's easier to tell the clients to disbelieve their statements, say the reps.

    .

  11. #20
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    Eclectic:

    Well, as opposed to say, a cash payment from a HISA fund. How does one differentiate between a cash distribution and a fund distribution of more units? Are there proper terms for each?

    Yeah, you'd think they'd itemize the various types of income. Maybe, like I said, they're warming up to add the other ones in soon.


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