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What is a Power of Attorney?

Updated

Overview

A Power of Attorney (POA) grants another individual access and ability to manage your OneVest investment profile on your behalf. Designating a POA to your profile is optional - and you can make and withdraw your request by submitting a formal request to the OneVest support team. 

It’s worth noting that designating a POA is an important legal process that warrants careful consideration. If you’re unsure of how this may impact your legal situation, we recommend that you consult a legal professional. OneVest is not able to provide legal advice.

When you designate a POA on your profile, they will have full discretion with regards to the management of the funds within your accounts.

Designating a POA is different from opening a joint account (where available), designating a beneficiary, or designating a successor annuitant (for TFSAs).

There are two (2) types of POA statuses that you can set up on your OneVest investment profile:

  1. General Power of Attorney: This POA status allows the POA to manage your finances on your behalf only while you are mentally capable. This POA status ends if you become mentally incapable of managing your own affairs.
  2. Enduring Power of Attorney: This allows the POA to manage your finances on your behalf if you anticipate that you will no longer be mentally capable of managing your finances and property. To be able to make this decision about your future, you need to be capable of understanding the nature and effect of the enduring power of attorney.

Considerations

Below are some considerations to keep in mind when submitting a request for a POA to your profile:

  • Not all POA requests will be granted. Each is subject to review on a case-by-case basis.
  • The POA needs to be notarized for your request to be accepted for review.
  • The POA must be witnessed by two individuals.
  • The POA witnesses cannot be the named Attorney, the Attorney’s spouse or partner, the donor’s spouse or partner, their child or a person they treat as a child, a person whose property is under guardianship, or anyone under the age of 18.

How to Designate a POA on your Profile

Below are the steps you need to take in order to designate a POA on your profile.

Step #1: Submit your Request

To designate a POA on your profile, you can either:

  1. Declare it during your profile creation, or 
  2. Submit a formal request to the OneVest support team after you have created your profile

Step #2: Provide the Required POA Information

Once you’re in touch with the OneVest support team, you will be asked to provide the following information about your POA: 

  1. The status you wish to give your POA (general or enduring)
  2. Your relationship with them
  3. Their full name
  4. Their email address
  5. Their residential/mailing address
  6. Their telephone number
  7. Their date of birth
  8. Their occupation

In addition, the following information will also be required:

  • POA legal document
  • Letter of Attorney
  • Proper identification from both you (the Donor) and the POA to meet the Anti-Money Laundering (AML) requirements (e.g., by providing photos or photocopies of the front and back of a Canadian government-issued photo ID - such as a passport, driver’s license, or other)

If you have any questions about creating the necessary documentation for a POA, we recommend contacting a legal professional or estate planner for help.

Step #3: Wait for Approval

Once you have submitted your POA request for review, you will need to wait for approval by the OneVest team. You will be notified of your request status via email, and whether further action is required.

How to Remove a POA on your Profile

Below are the steps you need to take in order to remove a POA on your profile. Please note that each new request is treated on a case-by-case basis.

Step #1: Submit your Request

To remove a POA on your profile, you will need to first submit a formal request to the OneVest support team for review. Please note that to  cancel your POA, you must state in writing that you are “revoking” it. There is no special form for this statement, which is referred to as a “revocation”, but it must be signed and witnessed by two people, the same way as your Power of Attorney.

Step #2: Complete the Required Documentation

Since each case is individually evaluated, a OneVest support team member will follow up to ensure that all required documentation and other information is complete.

Step #3: Wait for Confirmation

Once you have submitted your POA removal request for review, you will need to wait for confirmation by the OneVest team. You will be notified of your request status via email, and whether further action is required.

Frequently Asked Questions

Below is some more information on frequently asked questions about POAs:

  1. Does a POA designation mean that my investment accounts will become joint accounts?
    No, a POA designation does not mean that your accounts will transition to joint accounts. Your account types will remain the same upon designating a POA to your profile; however, decisions on your profile activity will be made by your POA on your behalf.

  2. Are there any fees associated with having a POA on my profile?
    No, there are no fees associated with having a POA designation on your profile.

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