First Home Savings Account

Introduced in 2023, the tax-free First Home Savings Account (“FHSA”) is an innovative registered plan that allows prospective first-time home buyers to contribute up to $40,000 towards their first home, benefiting from tax-free growth. Similar to a Registered Retirement Savings Plan (“RRSP”), contributions to an FHSA are tax-deductible, and withdrawals to purchase a first home — including from investment income — are non-taxable, like a Tax-Free Savings Account (“TFSA”).
First Home Savings Account

Focus

Focus is the flagship publication of the BMO Economics team. This weekly publication covers major economic developments, provides updated forecasts, looks ahead to the key events of the upcoming week, and provides detailed insights into key economic issues.
Focus

Registered Retirement Income Funds

A RRIF is very much like an RRSP in reverse. An RRSP is an account designed to help you save for retirement – a RRIF is an account designed to provide annual income in the form of withdrawals from a registered plan during your retirement. Click to read on about how you can benefit from an RRIF.
Registered Retirement Income Funds

Services we offer include:

Estate Planning & Administration

  • Comprehensive planning to transition wealth to loved ones, friends or charities
  • Fiduciary expertise to administer trusts professionally and objectively
  • Asset protection and tax strategies to help maximize a family’s wealth over time
  • Guidance on managing assets and family members in more than one jurisdiction
  • Strategies to reduce the effect of probate

Specialized Estate & Trust Services

  • Attorney for Property, Executor, Trustee, or Court Appointed Representative services
  • Agent services to provide support to individuals acting in a fiduciary capacity
  • Estate planning that addresses all of your priorities
  • Living, Family and Testamentary Trust services for your family and family business
  • Tax efficient strategies that make a measurable impact and involve your entire family through donations, private foundations and the BMO Charitable Giving Program
  • Assistance with cross-border complexities to help you to manage US and international properties. Rely on our deep experience, relationships with trusted legal and accounting specialists, and networks of connections at BMO Financial Group.
  • enCircle concierge services to fully manage you or your family’s personal and financial responsibilities (e.g., bill payments, investment management, consolidated statements)

Estate Litigation

  • Estate litigation is becoming more prevalent as families become wealthier and more complex and our population ages. Wills and family members’ actions are being challenged in court, causing turmoil.
  • As a corporate fiduciary, BMO Trust Company can become a valuable resource as your court-appointed trustee to objectively administer estates during litigation disputes.

Helpful Links

Online Banking & Account Access

For more information, please visit About Gateway web page, or Contact Us with any inquiries regarding your online access

 

Canada Revenue Agency (CRA) - My Account

 Access Canada Revenue Agency web site for personalized and business tax information. Check on your refund, or find out your TFSA and RRSP limits. Follow links to get tax information relating to operating a business.

 

Temporary Power of Attorney for Care and Property

Please visit the Ministry of the Attorney General of Ontario website for information on Powers of Attorney and a guideline in appointing one.

You can create a power of attorney yourself, using the below free Power of Attorney kits provided by the Ontario government listed below. To use the kits, read through the documents carefully and follow the instructions.

Power of Attorney for Property
Power of Attorney for Personal Care
Powers of Attorney Guide

Always store legal documents in a safe place. Make sure that your attorney, your bank and anyone else who needs to know about these documents has a copy or knows where to get one. The government does not keep a registry of powers of attorney.

 

Power of Attorney for Care Planning Booklet

This Advance Care Planning Workbook contains tips for having conversations with others about your wishes for care at the end of life. It also includes information about making a plan and understanding medical procedures, as well as a sample plan. You can use the workbook to help get the conversation started with a friend or family member or to express your wishes about future care.

 

Estate Organizer

The BMO Nesbitt Burns Estate Information Organizer will help your family, executor (referred to as a “liquidator” in Quebec), or Power of Attorney for Property (referred to as a “mandatory” in Quebec) locate all of your important documents and the other information needed to administer your estate or act as your Power of Attorney for Property. Within the Organizer, you can specify where documents or accounts are located, identify appropriate contacts and provide access details for your online accounts. The Estate Information Organizer can be invaluable to your executor, helping to ensure that nothing is overlooked.

 

Executor Task List

Executors are responsible for a variety of tasks ranging from funeral arrangements to filing income tax returns with the Canada Revenue Agency (CRA), to the final distribution of estate assets. If you are appointed Executor, our Task List will provide you with some guidance by describing the types of duties you will be required to perform.

 

Budget Template

This BMO Nesbitt Burns Lifestyle Expenditure Worksheet will assist in identifying the major areas of family expenditures and help with the debt management.