It used to be that if an individual didn’t travel, didn’t drive, or lost their license due to age, you didn’t worry about maintaining their identification. That is no longer the case. Maintaining valid provincial or federal photo id is paramount.
What does ID have to do with your money?
In today’s age of anti-money laundering and anti-terrorist financing regime protection, you are required to prove your identity before any financial transactions can happen with a new financial entity. The most readily used form of proof is your valid drivers’ license or a valid Canadian passport. These rules have been set out by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).
While this is not an issue for the majority of Canadians there are many that have let these forms of ID expire. Many of us have been or will be in a position to help an elderly relative or friend with their personal and financial care. If you find yourself in this situation please make it a priority to assess their valid identification. Review their passports and maintain them (every 10 years) as you may need this at one point to help with their financial affairs.
An alternative is having an Ontario Photo Card. In this province, our Health Card (while it is government issued) is currently not an acceptable form of ID. If you have a current driver’s license but no longer drive – you can give up your license for this card also.
There are ways for us to help clients without valid ID. But for best long-term planning, one of the above is the simplest to use. In recent weeks we have had several situations where our ability to help a referral in a timely fashion was inhibited by their lack of I.D. There may come a time where you finger print or retinal scan is all you need – until then please maintain at least one form of identification.
** I have prepared this commentary to give you my thoughts on various investment alternatives and considerations which may be relevant to your portfolio. This commentary reflects my opinions alone, and may not reflect the views of National Bank Financial Group. In expressing these opinions, I bring my best judgment and professional experience from the perspective of someone who surveys a broad range of investments. Therefore, this report should be viewed as a reflection of my informed opinions rather than analyses produced by the Research Department of National Bank Financial **