Financial Abuse: What Seniors Need to Know

Sometimes it is useful to have a family member or other caregiver help you with your financial affairs. Their responsibility is to protect your well-being and financial interests.

What is financial abuse?

Financial abuse happens when someone you know tries to take or control what belongs to you for their own benefit, not yours. This can include your money or your property.

Financial abuse is unethical, and in many cases it is also illegal.

Financial abusers — who are they?

A financial abuser can be a trusted person in your life: a spouse, adult child or other family member, caregiver, or friend. He or she may exploit your relationship to pressure you to gain access to your finances or estate.

Examples of financial abuse

A trusted person may be a financial abuser if they:

• Put pressure on you to give or lend them money, or to gain access to your financial information.
• Misuse a power of attorney.
• Force or trick you into signing a contract or will.
• Take possessions or money from your home or bank account without permission.
• Misuse your bank or credit cards.
• Misuse joint banking accounts.
• Forge your signature on pension cheques or legal documents.
• Sell or transfer your property against your wishes or interests.
• Fail to provide you with agreed upon services such as care-giving or home maintenance.
• Refuse to return borrowed money or property.

Some warning signs

• A caregiver takes an extreme interest or involvement in your financial matters.
• Your financial records are inconsistent with your activities (e.g. account withdrawals or transfers you have not made).
• You start failing to meet your financial obligations.
• Changes are made to your will, trusts, contracts, power of attorney, property titles, deeds or mortgages that are not in your best interest.

How can you prevent it?

• A joint account, power of attorney or other arrangement may be useful tools, but they should be used in your best interest. Make sure your wishes and expectations are clear when you enter into any such agreement.
• If you are able, conduct your financial transactions and estate matters yourself, whenever possible.
• Say “no” when someone pressures you for money — even family members.
• Make sure you understand every document you sign.
• Have pension cheques directly deposited into your bank account and bills direct debited out of your account.

Where to get help

Remember, financial abuse is a violation of your rights. It is not your fault, and you can get help.

• Alberta: Family Violence InfoLine
  310-1818
• British Columbia: BC Centre for Elder Advocacy and Support
  604-437-1940 or toll free 1-866-437-1940
• Manitoba: Seniors Abuse Line
  1-888-896-7183
• Newfoundland and Labrador: Senior's Resource Centre
  1-800-563-5599
• New Brunswick: Department of Social Development (Abuse Line)
  1-888-992-2873
• Northwest Territories: Seniors Information Line
  1-800-661-0878
• Nova Scotia: Senior Abuse Line
  1-877-833-3377
• Nunavut: contact the social services or health centre in your community or the RCMP at
  1-867-979-0123
• Ontario: Senior Safety Line
  1-866-2991011
• Prince Edward Island: Adult Protection Line
  902-368-6717
• Quebec: Info-Abuse Line
  1 888 489-ABUS (2287)
• Saskatchewan: Seniors Mechanism Info Line
  1-888-823-2211
• Yukon: Seniors’ Services/Adult Protection Unit
  1-800-661-0408 (ext. 3946)
• Call your local police.
• Talk to your bank manager.
• Report financial frauds and scams to the Canadian Anti Fraud Centre: 1-888-495-8501 / www.antifraudcentre.ca