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Articles from CCH Canada

The Estate Planner

Archive:

Issue 75 - April 2001
Deemed Proceeds of Disposition of Property | Pity the Paper Millionaire | B.C.'s Representation Agreement Act Amended | New Ontario Estate Forms | Questions & Answers from the CCRA Re Employee Stock Options | Prescribed Interest Rates

B.C.'s Representation Agreement Act Amended

On March 26, 2001, the B.C. government introduced an omnibus bill containing amendments to the Representation Agreement Act and other statutes related to adult guardianship. The Adult Guardianship Statutes Amendment Act, 2001 (Bill 6) was given Royal Assent only three days later. Some of the amendments are already in force; those pertaining to the Representation Agreement Act will come into force by regulation, probably within a few months. Commentary in the Canadian Estate Planning Guide will be revised with an upcoming report to reflect these new amendments which are, in fact, quite substantial. The following are some of the changes contained in Bill 6:

  • The execution of agreements is simplified by reducing the number of certificates required from six to two.
  • An agreement may provide that certain events which would otherwise result in the termination of an agreement (e.g., a marriage separation) shall not do so.
  • Notaries will be allowed to give advice on representation agreements.
  • The roles and responsibilities of representatives and monitors is clarified.
  • Where two or more representatives are appointed, it will no longer be necessary to assign each a separate area of authority; which is to say, their areas of authority may overlap or be the same.

 
About CCH
CCH Canadian is one of Canada’s largest and most respected business to business information services and application software and tools provider for professionals in Canada.

The company tracks, explains and analyzes tax and business related law, annually producing over 250 publications in print and electronic form for tax, accounting, legal, human resources and financial planning professionals.