Can you decline or step down as power of attorney in Canada? + MORE Mar 10th

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Can you decline or step down as power of attorney in Canada?

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Ask MoneySense
We would like to appoint another power of attorney for my uncle. It is too stressful for me to continue to act due to circumstances. How much does it cost if I was to seek someone out from a bank? This is for property and financial matters only.

—Kate

Power of attorney rules in Canada

Sorry to hear what you’re going through, Kate. If your uncle is suffering from cognitive decline, you may have your hands full dealing with his day-to-day care, let alone his finances.

There are definitely options available to you, and I will outline some of the considerations.

Power of attorney for property

When you prepare a power of attorney for property (called a mandate in Quebec), you appoint someone to make financial decisions on your behalf. These documents are generally prepared so that if you become incapacitated, there’s someone who can manage your finances for you.

Someone acting as an attorney can typically manage your bank accounts, pay your bills and make decisions about your other assets…

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