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
Widow looking for answers after Quebec man dies in Texas Ironman competition
The widow of a Quebec man who died competing in an Ironman competition is looking for answers.
Amid concerns over 'collateral damage' Trudeau, Freeland defend capital gains tax change
Facing pushback from physicians and businesspeople over the coming increase to the capital gains inclusion rate, Prime Minister Justin Trudeau and his deputy Chrystia Freeland are standing by their plan to target Canada's highest earners.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Fewer medical students going into family medicine contributing to doctor shortage
As some family doctors are retiring and others are moving away from family medicine, there are fewer medical students to take their place.
Bodies found by U.S. authorities searching for missing B.C. kayakers
United States authorities who have been searching for a pair of missing kayakers from British Columbia since the weekend have recovered two bodies in the nearby San Juan Islands of Washington state.
'It's discriminatory': Individuals refused entry to Ontario legislature for wearing keffiyeh
Individuals being barred from entering Ontario’s legislature while wearing a keffiyeh say the garment is part of their cultural identity— and the only ones making it political are the politicians banning it.
Competition bureau finds 'substantial' anti-competitive effects with proposed Bunge-Viterra merger
The proposed merger of agricultural giants Viterra and Bunge is raising competition concerns from the federal government.
Douglas DC-4 plane with 2 people on board crashes into river outside Fairbanks, Alaska
A Douglas C-54 Skymaster airplane crashed into the Tanana River near Fairbanks on Tuesday, Alaska State Troopers said.
NASA hears from Voyager 1, the most distant spacecraft from Earth, after months of quiet
NASA has finally heard back from Voyager 1 again in a way that makes sense. The most distant spacecraft from Earth hadn't sent home any understandable data since last November.