I have had stock in Bank of Montreal (TSX-BMO) since 1983, in the Royal Bank (TSX-RY) since 1995 and in the Toronto-Dominion Bank (TSX-TD) since 2000. After my recent reviews of Canadian Banks, I see no reason to change my bank stock.
I would be rather reluctant to sell BMO or Royal as these are held in my trading account and I would face rather large capital gain taxes. I do not think that BMO is as good as a bank as when I bought it, but it has been performing quite well over the years. However, if a bank was really in trouble I would or if I really liked another bank that much better.
I have always like the Bank of Nova Scotia, but not well enough to sell another bank I hold to buy this stock. I do not think as well of its involvement the South America as others. We are always expecting great things to come from South America, but it always seems to disappoint.
I think if you are buying a bank for the short term you might want to go with the one with the highest dividend yield. However, if you buy for the long term, my first choice would by Royal Bank of Canada (TSX-RY, NYSE-RY) and my second choice would be Toronto Dominion Bank (TSX-TD, NYSE-TD). However, these are just personal choices.
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