R-20.2 - Act respecting remittance of deposits of money to account co-holders who are spouses or former spouses

Updated to 20 February 2024

This document has official status.

chapter R-20.2

Act respecting remittance of deposits of money to account co-holders who are spouses or former spouses

1. An authorized deposit institution within the meaning of the Deposit Institutions and Deposit Protection Act (chapter I-13.2.2) or a bank within the meaning of the Bank Act (S.C. 1991, c. 46) that receives a deposit of money, in Québec, is subject to the provisions of this Act.

2022, c. 22, s. 291.

2. Before entering into a contract with spouses or former spouses for the opening of a demand deposit account of which the spouses or former spouses are the only two co-holders, every authorized deposit institution or bank must inform them in writing of the possibility of declaring their respective share in the account balance.

A declaration is used only for the purpose of remitting that share in the event the balance or part of the balance becomes inaccessible due to the death of one of the co-holders.

A declaration is made jointly, in writing, at the time the demand deposit account is opened, or at any other time, by the co-holders who are spouses or former spouses and a copy of it is given to the authorized deposit institution or the bank. The co-holders may, at any time and in the same manner, change the declaration.

The authorized deposit institution or the bank must also inform the spouses or former spouses in writing of the consequences of an omission to make such a declaration and of the spouses’ or former spouses’ responsibility to inform the institution or bank of any change to their respective share.

2022, c. 22, s. 291.

3. After the death of one of the co-holders of a demand deposit account who were spouses or former spouses on the date of the death, the authorized deposit institution or the bank that is the depositary must remit to the surviving co-holder or to the liquidator of the deceased co-holder’s succession who requests it in writing the share of the account balance that is owed to the surviving co-holder or that the liquidator is in charge of administering, as the case may be, or a part of that share if the request so specifies.

When making a remittance pursuant to the first paragraph, the authorized deposit institution or the bank that is the depositary must also remit to the surviving co-holder or to the liquidator of the deceased co-holder’s succession who has made no request, as the case may be, the corresponding share or part of the share that is owed to the surviving co-holder or that the liquidator is in charge of administering. If such remittance cannot be made, the deposit institution or the bank reserves that corresponding share or part of the share.

The balance of the account remains in indivision. Any new request for remittance is dealt with in accordance with the rules set out in the preceding paragraphs.

2022, c. 22, s. 291.

4. The share of each of the co-holders in the balance of the account is determined in the declaration. If no such declaration is made, their respective share corresponds to half of the account balance.

2022, c. 22, s. 291.

5. A deposit institution or bank that contravenes this Act commits an offence and is liable to a fine of $1,000 to $40,000. Those amounts are doubled for a subsequent offence.

2022, c. 22, s. 291.

6. Where a deposit institution or a bank commits an offence under this Act, its director or representative who was aware of the offence is deemed to be a party to the offence and is liable to a fine of $600 to $6,000, unless that person proves to the satisfaction of the court that the offence was commited without the person acquiescing to it.

The amounts provided for in the first paragraph are doubled for a subsequent offence.

2022, c. 22, s. 291.

7. A person who accomplishes or omits to accomplish something in order to help a person to commit an offence under this Act, or who advises, encourages or incites a person to commit such an offence, is considered to have committed the same offence and is liable,

(a)  in the case of a natural person, to a fine of $600 to $6,000; and

(b)  in the case of a legal person, to a fine of $1,000 to $40,000.

The amounts provided for in the first paragraph are doubled for a subsequent offence.

2022, c. 22, s. 291.

8. Penal proceedings for an offence under a provision of this Act are prescribed by two years from the date of the commission of the offence.

2022, c. 22, s. 291.

9. If a person commits repeated offences under this Act, the Attorney General, after the Director of Criminal and Penal Prosecutions has instituted penal proceedings, may apply to the Superior Court for an interlocutory injunction enjoining that person, or the person’s directors, representatives or employees to cease perpetrating the alleged offences until final judgment is rendered in the penal proceedings.

After such judgment has been rendered, the Superior Court itself renders final judgment on the application for an injunction.

2022, c. 22, s. 291.

10. The Minister of Justice is responsible for the administration of this Act.

2022, c. 22, s. 291.

11. The Office de la protection du consommateur oversees the implementation of this Act.

2022, c. 22, s. 291.