Law to better protect
Find out more about the changes that will have a direct impact on the lives of thousands of vulnerable people and their loved ones.
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The tutorship council may decide to cancel the security when the child’s patrimony falls below $25,000, or to waive it in certain cases.
Whether you are a parent, a dative tutor to property or a suppletive tutor, under the Civil Code of Québec, you have to provide a guarantee if the value of the assets you are administering exceeds $25,000. This guarantee is called security. The tutorship council will confer with you to determine the amount and form of the security.
The term "hold" is used here in the sense of retaining funds. This means you are free to diversify the investments or modify them at your discretion, provided the investments are presumed sound and continue to be held by the same financial institution (e.g. convert a savings certificate into bonds).
The security may take various forms.
You should ask the financial institution where the minor’s funds are deposited (bank, brokerage firm, insurance company, credit union, caisse populaire, etc.) for a written undertaking to retain all or part of these funds until your administration ends, unless it receives written authorization from the tutorship council to release the money.
Remember to obtain written confirmation of the hold funds, and give it to the tutorship council and the Curateur public.
When you take up your duties, the Curateur public provides you with samples of the documents for this process.
The Security Investment is a new type of security now available thanks to an agreement reached by the Curateur public and épargne Placements Québec. Available to legal tutors (parents) only, it significantly lightens the reporting requirement and avoids furnishing or maintaining another form of security. In some cases, it also exempts parents from the requirement of forming a tutorship council. To enjoy these benefits, however, tutors must deposit all the money they are administering for their child into this account. For more details, call your private representation officer at the Curateur public.
A recognized financial institution (this may be an insurance company) undertakes to pay the child damages up to the amount agreed with the tutorship council, if you fail to fulfil your obligations. The premium is payable from the child’s assets.
This is a security agreement on a piece of real estate that you own. The child is the beneficiary; the agreement is binding upon you, up to the amount set by the tutorship council. The document must be notarized and published by a land registry office. The notary’s fees are payable from the child’s assets.
The mortgage and the Security Investment don’t have to be confirmed annually.
You must ask the supplier of the security (financial institution etc.) annually for written confirmation of the security’s validity and send a copy of this to the tutorship council and the Curateur public. You also have to inform the Curateur public of any change (increase in security; change in type of security; transfer to another financial institution, etc.). This applies whatever form of security is used.
Fees for release of security
Any fees involved are paid from the child’s patrimony.
Certain banks automatically cancel the security when the child reaches full age.
Once your final administration report has been accepted, you may obtain cancellation of your security. Depending on the individual case, this procedure – known as release – will be undertaken at the supplier of the security by: