Banking in Canada

[EddieWalker]

Why not use a will?

In the case with my brother, the POD is instant once you have a Death Certificate. If we can't do anything else, it will have to go through the Will, and we have no idea what that entails when dealing with Canada. We live in Texas.

 

[two_bit_score]

Since we have family in Canada, she likes having a bank there. For some crazy reason, she likes to send checks to family that are from that account.

The amount in that account is about what she has here in the US, so it works out well for dividing her assets between my brother and I. She just doesn't want him spending all the money now. He has to wait until she passes.

She has her reasons. You are respecting them as you should.

 

[arto98607]

I think you indicated earlier she could do it online if she had an email address and login access to her account - if that's the case why not you help her and get that going?

Or did I misunderstand?

Little easier & less hassle than going to Canada to take care of it.

 

[EddieWalker]

We're trying to get her an online account, but the website is asking for information that she doesn't have. When we call the phone, it takes an hour to get through to a real human. So far, everyone that we've talked to isn't able to give us the information that the website is asking for. It's a series of numbers that she doesn't have, and doesn't ever remember receiving. Mom saves everything and there is a huge stack of papers from the bank over the last two decades.

They wont send the information to her in the mail. When asked why, we're told that they are not allowed to.

We're just going in circles. We're hoping that the person we talk to tomorrow will help. I'm just posting this for some sort of advice from somebody in Canada that might know more about banking in Canada then we do.

Honestly, I would love to close this account and put the money somewhere else. Anywhere else. But my fear is that all of Canada is going to be difficult for us to deal with here in Texas. Moving the money to the US isn't something she will consider.

Worse case is that we do nothing, and my brother will just have to wait for me to get everything done here in the US before dealing with Canada, when she passes.

 

[arto98607]

Is it her SIN number that she is missing?

If so, Service Canada can mail it but she will need to be able to log in first.

 

[EddieWalker]

I'd have to go over there and look. I don't remember what it was called.

 

[arto98607]

I'd have to go over there and look. I don't remember what it was called.

SIN is the equivalent of US social security number, which she must have if she lived & worked there during earlier years.

An old Canadian tax return would have it, and maybe a pay stub if you are lucky to find one?

If you are unable to find it you should be able to start the process here in order to get a letter like the enclosed pdf:

My Service Canada Account (MSCA) - Canada.ca

 

[Cub 7274]

If your mother really wants to make things easy she should close her account while she is alive and distribute the money.
It could become difficult unless your mom has a will stipulating that upon her death your brother will get the money from that account and that there is nothing outstanding that could be considered her "Estate"
Upon her death that money could go into Probate and be tied up for months and most certainly the Government will be getting some of the money. The Banks can be really hard to deal with as they are losing "money" when the account closes.
Make sure she has a will that can be executed in Canada with her wishes applied.
Perhaps your brother should contact a lawyer to make sure it's going to work, sadly there will have to be some money spent to get it right.
Good luck

 

[two_bit_score]

It could become difficult unless your mom has a will stipulating that upon her death your brother will get the money from that account and that there is nothing outstanding that could be considered her "Estate"

Eddie said she had a POD notification on her account naming his brother as the party to pay the funds to unon her death.

 

[Fuddyduddy1952]

To me maybe there's an easy solution: "Since we have family in Canada, she likes having a bank there. For some crazy reason, she likes to send checks to family that are from that account."
Family matters can be difficult and I'm going through that now. It's all a matter of trust with your mother. I assume(?) she has you and your brother left?
If she wants the Canadian bank and if it was my mother and she is of sound mind, I'd say the best choice is keep that bank with, say $1,000 in it. Transfer the rest to a US bank.
It should be easy then wire transferring from US bank to Canadian if necessary.
Hopefully she has estate planning, if not she needs to do it now since she knows who gets what upon her death.
She could have a joint account, her & brother so both have to sign and she could make your brother and/or you her POA with limits.
The best bet is all of this should be set up with an attorney who does estate planning.