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Email this4:44 am
October 21, 2013
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I am going to need to set up savings account(s), and probably some GICs later, for a close relative under Power of Attorney.
Her vulnerability was abused by RBC, so I want to get the money out of there, but will leave TFSA intact at CIBC to ensure smooth transition for beneficiary when the time comes. CIBC was conscientious in not exploiting her vulnerability, and I have an active account with them.
In my view, this requires a bricks-and-mortar FI where you can deal with real people and have a relationship.
I think that pretty much limits me to credit unions, which is fine.
I was thinking of Meridian, where I am already known, or possibly DUCA, where I have an account but am not known personally.
Does anyone have any experience with this type of account at these FIs or other suitable ones? I want the minimum of hassle as this is a very straightforward situation which OUGHT not to cause any difficulties.
In this case, rate of return is not as important as a good relationship and ease of transactions both now and when it comes time for the estate to be dealt with.
6:15 am
May 22, 2015
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I'm about to start this same process for my mom, but she's currently overseas and I'm not sure if non canadian citizens as witnesses of the Power of Attorney would be valid, does anyone knows ?
7:44 am
October 21, 2013
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Who's to know where the witnesses live? Or does it say so on the form?
8:20 am
May 22, 2015
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Loonie said
Who's to know where the witnesses live? Or does it say so on the form?
I don't see anything explicitly in the form, but I'm just wondering if there are other legal consideration that would require the witnesses to be Canadian Citizens ? or at least live in Canada ?
8:41 am
April 6, 2013
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I don't think citizenship of the witnesses matters. However, the financial institution may wish to verify the power of attorney document and try to contact the donor and the witnesses. Keep in mind that a power of attorney, witnessed by unknown witnesses would be suspicious, if the bank cannot contact the donor or the witnesses.
Some provinces require certain power of attorneys to be witnessed by a qualified witness. In Manitoba, an enduring power of attorney must be witnessed by "a person qualified to perform marriages, a judge, justice of the peace or magistrate, licensed physician, notary public, lawyer or police officer."
9:03 am
April 26, 2019
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Just FYI. I do believe that a POA cannot assign self as a beneficiary.
12:32 pm
May 22, 2015
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Norman1 said
I don't think citizenship of the witnesses matters. However, the financial institution may wish to verify the power of attorney document and try to contact the donor and the witnesses. Keep in mind that a power of attorney, witnessed by unknown witnesses would be suspicious, if the bank cannot contact the donor or the witnesses.Some provinces require certain power of attorneys to be witnessed by a qualified witness. In Manitoba, an enduring power of attorney must be witnessed by "a person qualified to perform marriages, a judge, justice of the peace or magistrate, licensed physician, notary public, lawyer or police officer."
Thanks Norman1, very helpful !
6:56 pm
September 11, 2013
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Ontario gov't POA kit says: "The following people cannot be witnesses: the attorney or his or her spouse or partner; the spouse, partner, or child of the person making the document, or someone that the person treats as his or her child; a person whose property is under guardianship or who has a guardian of the person; a person under the age of 18." Anybody else is cool.
Of course you need to provide enough info so that the witnesses can be contacted. The Ontario kit has a line for address (presumably needs to be current if things change).
Also I've found the banks I had to deal with did not accept POAs that are not (at a minimum) notarized. I no longer accept POA or executor requests, so maybe it's different now.
1:13 pm
May 22, 2015
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Also, what would happen if the donor doesn't understand English nor French ? Should Lawyer care ? or he/she only certifies that the donor's signature is true ?
This is where it would make sense to setup the POA in the donor's country of origin to make sure the lawyer reads the POA for the donor and make sure he/she agrees to it. But, I'm not sure if lawyer outside Canada (may be USA) would be ok ?
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