Quebec to end freeze on joint bank accounts in case of death
The Quebec government announced on Wednesday that the freezing of joint accounts in the event of the death of one of the couple's partners has been lifted.
The 'Act respecting the return of deposits to joint account holders who are spouses or former spouses' will make it easier for joint account holders to access their share of the balance.
Before the law came into force, when a spouse died, financial institutions would freeze the money in the bank account until the estate of the deceased was settled. This could take a few weeks or even months, making the financial situation of the other account holder precarious during this period.
Now, financial institutions must give the surviving spouse his or her share of the account balance. The law provides for an equal division of the balance, unless a declaration providing for another division was made to the financial institution before the death.
This new law applies to both new and existing accounts.
The Office de la protection du consommateur will be responsible for enforcing this law, which is a result of the family law reforms passed last June.
- This report by The Canadian Press was first published in French on Dec. 7, 2022
CTVNews.ca Top Stories
Wildfire that forced evacuation of Fort Nelson, B.C., caused by tree falling on wires, mayor says
The wildfire that prompted the evacuation of more than 3,000 people near Fort Nelson, B.C., was caused by a tree falling on wires, according to the municipality's mayor.
Couple randomly attacked, 1 stabbed, by group of teens in Toronto, police say
A man has been transported to hospital after police say he was stabbed in a random attack carried out by a group of teens in Toronto on Friday night.
Eurovision Song Contest final kicks off after protests, backstage chaos and a contestant's expulsion
The final of the 68th Eurovision Song Contest kicked off Saturday in the Swedish city of Malmo after days of protests and offstage drama that have tipped the feelgood musical celebration into a chaotic pressure cooker overshadowed by the war in Gaza.
IN PICTURES Northern lights dance across the night sky in southern Ont.
From London, to Grand Bend, Collingwood and Guelph, here are some highlights of Friday night and Saturday morning's northern lights display.
Ron Ellis, who played over 1,000 games with Maple Leafs, dead at 79
Ron Ellis, who played over 1,000 games with the Toronto Maple Leafs and was a member of Canada's team at the 1972 Summit Series, has died at age 79.
'I am angry': Alberta farmers will continue fight over world class motorsport resort
The rolling hills leading to the hamlet of Rosebud are dotted with sprawling farms and cattle pastures -- and a sign sporting a simple message: No Race Track.
Man arrested after allegedly caught trespassing at Drake's Bridle Path mansion
Toronto police say a man has been taken into custody after he was allegedly caught trespassing at Drake's mansion in Bridle Path Saturday afternoon.
opinion How to use your credit card as a powerful wealth-building tool
Irresponsibly using a credit card can land you in financial trouble, but personal finance columnist Christopher Liew says when used properly, it can be a powerful wealth-building tool that can help grow your credit profile and create new opportunities.
Which Canadian cities have the highest and lowest grocery prices?
Where you live plays a big factor in what you pay at the grocery store. And while it's no secret the same item may have a different price depending on the store, city or province, we wanted to see just how big the differences are, and why.