Effective September 1, 2011, the Adult Guardianship and Planning
Statutes Amendment Act, 2007 came into force, substantially
amending the existing Power of Attorney Act (British Columbia) and
the Representation Agreement Act (British Columbia). This bulletin
highlights some of the significant changes made by the new
legislation to enduring powers of attorneys and representation
ENDURING POWERS OF ATTORNEYS
An enduring power of attorney (a
"PoA") allows you to appoint one or more
persons to make financial decisions on your behalf in the event you
are unable to make these decisions yourself. Some of the
significant changes to PoAs made by the new legislation include the
(a) attorneys will no longer be entitled to compensation for
acting as attorney, unless the PoA expressly authorizes the
compensation and sets the amount or rate;
(b) the authority of an attorney who is a spouse (legal or
common law) of the person who made the PoA will end in the event of
an end of the marriage or marriage-like relationship;
(c) in certain circumstances, an attorney may change or create a
new beneficiary designation for a life insurance policy, registered
plan or TFSA owned by the person who made the PoA;
(d) in certain circumstances, an attorney may make a gift, loan
or charitable gift from the property of the person who made the
(e) a revocation of an earlier PoA will not take effect until
written notice has been given to each attorney.
The new legislation will also affect representation agreements.
A representation agreement allows you to appoint one or more
persons as representatives to make health care and personal care
decisions on your behalf in the event you are unable to make these
decisions yourself. One of the significant changes to
representation agreements is that representatives will no longer be
entitled to compensation for acting as representatives unless the
representation agreement expressly authorizes the compensation and
sets the amount or rate.
If you have made a PoA or a representation agreement, you may
wish to review and revise those documents in light of the new
legislation which came into force on September 1, 2011.
Today (May 2, 2013), Ontario Finance Minister, Charles Sousa tabled the province’s 2013 Budget. This year’s budget, titled "A Prosperous and Fair Ontario" is committed to eliminating the deficit by 2017-18 and then reducing the net debt-to-GDP ratio to the pre-recession level of 27%.
Canada’s 2013 federal budget released on March 21, 2013 introduces a number of measures to strengthen the ability of the Canada Revenue Agency to address international aggressive tax avoidance and to combat international tax evasion so as to maintain and protect Canada’s tax base.