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Difference between revisions of "Glossary for Managing Someone Else's Money"
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Glossary for Managing Someone Else's Money (view source)
Revision as of 22:31, 19 March 2018
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;RRSP: A Registered Retirement Savings Plan is a savings account registered with the federal government that allows a person to save money for retirement and lower their income tax. | ;RRSP: A Registered Retirement Savings Plan is a savings account registered with the federal government that allows a person to save money for retirement and lower their income tax. | ||
;Representation agreement: A legal document that enables an adult to authorize someone to make decisions for them when they can no longer manage on their own. The “representative” can make decisions relating to health care and personal care matters. With a “section 7 representation agreement”, the representative can also be authorized to handle “routine management” of financial affairs and most legal matters. | |||
;Springing power of attorney: A power of attorney that only becomes effective when an event happens, such as a finding that the adult making the power of attorney is mentally incapable. | ;Springing power of attorney: A power of attorney that only becomes effective when an event happens, such as a finding that the adult making the power of attorney is mentally incapable. | ||