World Elder Abuse Awareness Day (WEADD)

Financial abuse is the most common abuse of elder abuse and is the use of a person’s money in a fraudulent way and without their consent or awareness.

The Canadian Securities Administrators is launching a campaign this month, which is aimed at family, friends and caregivers of older adults. People are being encouraged to reach out to older adults in their lives to discuss their financial health and to make them aware of the ways that fraudsters can attempt to defraud them of their money.

Older adults are often the target of these scammers as they may be living alone, or suffering a decline of cognitive abilities or afraid to ask for assistance for fear it may have a negative impact on their independence.

As friends, family members and caregivers of older adults we need to be watching for the signs of financial abuse. According to the CSA:

Canadians can take action and prevent financial abuse of seniors by:

  • Talking about their financial matters with them.
  • Learning to recognize and avoid investment scams. Visit the CSA website to find important information and helpful resources about fraud prevention.
  • Taking time to investigate every investment opportunity or sales pitch, as well as the person promoting the investment, before handing over money. If you’re unsure about an investment, consider seeking out independent, third-party advice.
  • Reporting investment fraud to their provincial or territorial securities regulator. Reporting potential scams may help prevent other seniors from becoming victims of investment fraud.

More information is available here.

Related Posts

How to avoid an estate battle after you die

Inefficient estate planning can cause family feuds leading to costly and time consuming litigation. Various strategies may help to reduce the likelihood of an estate battle after you die. What is Fair? Disputes often result when parents try to be fair in transferring assets to their children. Equally splitting the family business 50/50 among one’s

Read More »

Funeral Options for Loved Ones

In today’s society, many options exist for families making plans for deceased loved ones. These plans take many factors into account: budget, religious affiliations, environmental concerns, and all with an eye to reflecting the wishes of the deceased. Traditional Options Most people are familiar with traditional funeral services, although even these options can be customized

Read More »

Executor Insurance

The role of the executor is complex and can include the following responsibilities for example: Valuing and disposing of real estate and business assets Settling accounts and ensuring creditor obligations are met Settling tax obligations and filings Managing property and personal assets Handling investments Locating and identifying beneficiaries Providing detailed financial accounting to the beneficiaries

Read More »

Estate Freezes

An estate freeze refers to an estate planning method used to minimize taxes. When an estate freeze occurs, the value (and tax liability) of the estate assets are “frozen” at a specific point in time, and all future growth is typically taxed in the hands of other family members, usually your spouse and next of

Read More »

Making a Will – Estate Planning basics

What is a Will? A Will is a legally binding declaration of a person’s wishes regarding the disposition of his or her estate after death. Typically, a Will includes clauses such as: identification of the person making the Will; revocation of all previous Wills; appointment of executors and guardians; payment of debts and taxes; specific

Read More »

Non-Resident Compliance Certificates

What is a Compliance Certificate?  Compliance certificates under s.116 of the Income Tax Act are now required to ensure that non-resident Canadian beneficiaries do not owe Canada any taxes. According to s.248(1)(i) of the Income Tax Act ““taxable Canadian property” of a taxpayer at any time in a taxation year [includes] a property of the

Read More »
Scroll to Top