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Email this12:50 am
December 23, 2011
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Loonie said
I think it's perfectly fair to go to one's advisor and say, "I can get X% elsewhere. I'd like to keep working with you but I can't afford to lose money. What can you do for me that is guaranteed?" If they can't come up with anything, then you have been fair with them, and off you go. The whole reason these financial advisors exist is because they try to convince you that you will do better with them than elsewhere, so it's up to them to make good on that or graciously wish you well elsewhere.
Exactly. I will ask what his best rates are first with a little hint of what else is available. If I don't reinvest with him Iam sure he can out 2+2 together.
12:56 am
October 21, 2013
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Another point worth noting. These vouchers are transferrable, so one idea might be to get together with other AirMiles collectors that you know and trust, pool your vouchers and just buy one GIC. At the end of the year your divvy up the money and go your separate ways. That way, everybody wins and quite likely nobody would have to put in any of their own money.
9:32 am
December 23, 2011
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But you can only use 2 vouchers per quarter.
11:43 am
February 22, 2013
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kanaka said
[snip]
did you pay any fees to transfer?
[snip]
None - this was their account that is in competition with ING, PC Financial, Canadian Tire Financial, etc. High Interest Saving Accounts.
kanaka said
[snip]
I just vacant believe BMO can't proved a list of eligible investments to use the voucher with......or what is the catch??
[snip]
The big banks have an inherent problem that they have yet to realize and so address. Each department is a profit centre and so where I generate a fair bit of revenue for their self directed brokerage business, I do not generate anything for their US based bank - who charge me fees larger than I want to pay. The amount is piddling but it sticks in my craw and every month when I see the debit to the US account I keep being pushed to move my entire account to their competitor.
Last year I had a courtesy call from a call centre person asking if I was happy. I told her my story and she credited my account for the entire year's fee - which I think worked out to $36. Previous to that I had bitched and moaned to my branch manager (no action) and to a number of people at the self-directed brokerage (no action).
Having said that, I suspect one division of BMO has created the Air Miles offer using another division's products and the two are not on the same page. I suspect the offering is very valid and makes some sense but one needs to get both divisions together in a room to figure out what is really on offer.
GS
4:22 pm
October 21, 2013
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kanaka said
But you can only use 2 vouchers per quarter.
Good point. I had temporarily forgotten that. Might still be useful for 2 people to combine their 'assets'.
4:42 pm
October 21, 2013
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Actually, as I re-read everything, I don't think it actually says that you can only redeem 2 vouchers per quarter AT THE BANK. The way I read it, on the Airmiles site, they are saying you can only redeem your AIRMILES for 2 VOUCHERS per quarter. The vouchers are good for 180 days.
I think you could still combine vouchers from various people to make up $1000, and you basically have 180 days in which to do it.
If I'm wrong, please show me where it says that.
Personally, I will not be doing this. It was just an idea.
10:57 pm
December 23, 2011
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Ah, you are correct. Something to ask the bank. Could be like an investment club? What about tax implications? Say you are the owner, you get the t4 slip.
6:46 am
February 22, 2013
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kanaka said
Ah, you are correct. Something to ask the bank. Could be like an investment club? What about tax implications? Say you are the owner, you get the t4 slip.
When my Dad died my 2 sisters and I inherited some assets which we didn't want to cash at that time. I got the T4 and issued a letter (and a copy of the T4) to my sisters telling them the 1/3 amount they needed to report. I reported my 1/3 and was prepared to defend my actions with the appropriate paperwork. Does this meet CRA's rules? Not sure, but the amount was small and I was doing it "logically" right, if not "legally" right.
GS
9:54 pm
December 23, 2011
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GS said
kanaka said
Ah, you are correct. Something to ask the bank. Could be like an investment club? What about tax implications? Say you are the owner, you get the t4 slip.
When my Dad died my 2 sisters and I inherited some assets which we didn't want to cash at that time. I got the T4 and issued a letter (and a copy of the T4) to my sisters telling them the 1/3 amount they needed to report. I reported my 1/3 and was prepared to defend my actions with the appropriate paperwork. Does this meet CRA's rules? Not sure, but the amount was small and I was doing it "logically" right, if not "legally" right.
GS
Hi, who handled probate for your fathers estate?
I recently handled probate for my mothers estate and the estate pays the tax due up until death and after that it would be up to the executor to manage. Depending on the assets like property or investments the executor could handle it all and pay out that much less to the other 2 beneficiaries. Whose name were those assets in? Your father, you or all 3. Hard question to answer and I might not be able to provide. Need more details. Did the executor obtain a CRA clearance for his estate? CRA has an 800 number to call.
12:59 pm
December 23, 2011
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I have emailed BMO two times and have not succeeded in receiving a list of "eligible" investments but have been supplied a comprehensive list of exclusions. They have been able to type or likely copy and paste a list of exclusions; but not inclusions as there is not likely a list that they can copy and paste. It is so frustrating as a BMO customer to ask a simple questions that receive answers of useless information. Great customer service!!!! I have been a BMO customer for at least 30 years or more and am losing confidence in them, for sure!!!! If I can get an answer this is a great way to empty the better part of my Airmiles account.
12:29 am
October 21, 2013
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Kanaka, you are getting the same non-answers that I got.
Makes me wonder if they are actually trained to NOT answer this simple question.
Or is it simply that they are not told the answer, any more than the rest of us, and don't have the wits to send the question up the line?
No, it does not inspire confidence. It just makes me think that this offer is all about Sales, and not about serving customers by demonstrating competence.
12:34 am
October 21, 2013
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P.S. I recommend contacting the Office of the Vice-President of BMO in order to complain and get a clear answer. I have been too busy to do this, but my previous experience with this office was excellent. The number is: 1-800-372-5111 .
9:54 am
December 23, 2011
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I have lost all confidence in BMO. They won't give a straight answer using their secure method of email, you cannot obtain a competent answer at the branch. I won't pursue with someone that won't give a straight answer. There must be a "catch" to this. They have been written off with me. I can obtain much higher rates elsewhere. I will just find some other items to use up my Air Miles with. Boston Pizza no longer gives them out, so who knows maybe Air Miles is soon to be done??
8:36 pm
February 22, 2013
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kanaka said
Hi, who handled probate for your fathers estate?
My father's lawyer filed for probate on my request as executor.
kanaka said
[snip]
Whose name were those assets in?Your father, you or all 3.
Assets were in my father's name and then in the name of the estate
kanaka said
[snip]
Did the executor obtain a CRA clearance for his estate?
[snip]
Yes, once my father's estate was ready for a final distribution I filed for a Clearance Certificate for both my mother's (death in 2006) and father's (death in 2008) accounts. Took 3 months to transfer all my Mother's assets to my Father, on her death and then about 18 months to prepare to do a final distribution and settle my Father's assets. Once that was done I filed for the Clearance Certificate and it took about 2 months to get and I then distributed the final balances.
I only used a lawyer to file probate (as noted above) and to give me a pro-forma letter I could use to get releases from my sister's. I was able to keep the legal fees down to about $600 if I recall correctly. I saved a bundle by doing almost all the work myself. Dad wanted to save probate fees, knew he had less than a month to live and so arranged to distribute about 50% of his assets while he was living.
GS
10:52 pm
December 23, 2011
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Hi, would be interesting to hear how the splitting of the T4 works out.
I did all of my Moms but it involved no property and the only investment she had was dissolved before hand. Only had one rejection from probate court and did all with a notary that did not cost. such more than $250.
5:37 am
February 22, 2013
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Splitting of the T4 was done for the 2010 tax year and has yet to result in any questions. I did file electronically and it did involve just a small(ish) sum.
GS
4:56 pm
December 23, 2011
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Well....I did it! I ordered 2 x $100 vouchers from AirMiles and they arrived by registered mail about a week later. I made an appointment at BMO with one of the Financial people I have dealt with before and is a straight shooter. I noted my frustration with her that I tried to email BMO and that they would not give me a conclusive list of what investments are eligible. I asked for a one year term for $1000 (plus the $200 in vouchers) and I was offered a one year term at 1.2% or a Cashable rate riser at 1.4% (<=this one is on the exclusion list). I took the 1.2% as it required no maintenance. I know we all value the AirMiles differently and I only had a few left so my balance is negligible but I look at it this way.......1 year GIC at 20% plus 1.2% = 21.2% 
I guess it just depends on who is helping you. And from what I can see there are no programs in the BMO system to stop an excluded investment. And the only time it would be "caught" would be during an internal audit of "paper work". It also sounds like they rarely ever see the vouchers....actually they look like cheques. I am happy.....
4:56 pm
December 23, 2011
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Well....I did it! I ordered 2 x $100 vouchers from AirMiles and they arrived by registered mail about a week later. I made an appointment at BMO with one of the Financial people I have dealt with before and is a straight shooter. I noted my frustration with her that I tried to email BMO and that they would not give me a conclusive list of what investments are eligible. I asked for a one year term for $1000 (plus the $200 in vouchers) and I was offered a one year term at 1.2% or a Cashable rate riser at 1.4% (<=this one is on the exclusion list). I took the 1.2% as it required no maintenance. I know we all value the AirMiles differently and I only had a few left so my balance is negligible but I look at it this way.......1 year GIC at 20% plus 1.2% = 21.2% I guess it just depends on who is helping you. And from what I can see there are no programs in the BMO system to stop an excluded investment. And the only time it would be "caught" would be during an internal audit of "paper work". It also sounds like they rarely ever see the vouchers....actually they look like cheques. I am happy.....
5:46 pm
December 23, 2011
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Also here is an interesting article about the different values given per AirMile.
http://www.ourbigfatwallet.com.....ost-value/
It says the best value is theater tickets......but I have 2 and we rarely go to the theater....the expiry dates are less than a year.....not good. And since I am a senior I might just as well just pay at the door or look at the Costco tickets, if they have for seniors/children, as I know their expiry dates are much further out. But for sure best value is theater tickets.
7:57 pm
October 21, 2013
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Congratulations, kanaka! Well done.
I was just looking at the AirMiles site the other day and there is still nothing worth having from my point of view, and I did note that these vouchers were still available.
I think that, based on your experience, I am going to go ahead and order a couple. I think I can do 500 + 100 = 600.
I am amazed that they came by registered mail, as the gift cards do not.
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