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Legal Ease
Legal Ease, Lawyer
Category: Canada Law
Satisfied Customers: 96433
Experience:  Lawyer
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A Canadian resident has recently been diagnosed with rapid

Customer Question

A Canadian resident has recently been diagnosed with rapid dementia. She has no spouse and only one daughter who lives in San Francisco. This daughter has POA for her mother. The mother needs funds from her RRIF in order to meet her monthly living expenses, however she is no longer capable of making investment decisions on her own and the daughter must now use the POA to do so for her. Canadian investment advisors are allowed to manage RSPs and RIFs of Canadians after they move to the USA, but not non-registered investment accounts. Since this is a RRIF, is there any legal impediment for the Canadian investment advisor to solicit instructions from the USA resident daughter in order to generate the required monthly funds for the mother living in British Columbia. Both mother & daughter are Canadian citizens.
Than you,
Carolann Steinhoff
Portfolio Manager
Submitted: 1 year ago.
Category: Canada Law
Expert:  Legal Ease replied 1 year ago.

Are you saying that the daughter has a POA that takes effect once the mother becomes incompetent and you are asking whether she can instruct you or not and the concern is that she is a resident of the US?

What provinces this please?.

Customer: replied 1 year ago.
except that it is a Representation Agreement, not a POA, intended for the same purpose. The daughter lives in San Francisco, although she states "I'm still a Candian citizen and not technically a US resident. I have a TN visa if that makes a difference (which doesn't let me establish residency). Her mother lives in British Columbia. She needs monthly income from her RIF in order to live, but is losing capacity to make decisions due to the onset of Alzheimer's. She wants her daughter to take over her business affairs. Canadian advisors cannot except US resident clients except those who have moved and kept their retirement plans (RSPs & RIFs) in Canada. We just can't deal with US residents with non-registered funds. My question is simply, in this case, since it is a registered fund (mother's RIF), daughter needs to manage it - currently in US, is this possible?
Expert:  Legal Ease replied 1 year ago.

Yes as it is not the daughter's. She just acts in place of her mother and she can do what the the mother could do if competent.

So as long as you are sure that she has authority to act when the mother is no longer competent then it would be fine.

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