Fraud can happen to anyone, but in Canada, seniors are becoming an increasingly common target. Sometimes the criminals are strangers. Other times… they’re people the victim knows and trusts.
Government of Canada research shows that about 1 in 10 seniors experience some kind of abuse each year. The most common? Financial elder abuse. This includes anything from pressuring someone into signing documents they don’t understand to slowly taking control of their money over time.
And here’s the unsettling truth: it’s not always obvious when it’s happening.
The Abuse You Might Never See
Unlike a sudden robbery, financial elder abuse often happens in small steps over months or even years. A senior might be convinced to change their will. They might be persuaded to give someone access to their bank account. Or they might simply be manipulated into “gifting” money they can’t afford to lose.
In many cases, this isn’t done by strangers. It can be carried out by a neighbour, a caregiver… or even a family member.
As Erin Bury, CEO of the will-making platform Willful, explains:
“We all trust our family. We trust our loved ones. But money makes people funny.”
That’s what makes this type of abuse so dangerous; it’s often hidden in plain sight.
How To Protect Your Loved Ones Before It’s Too Late
The good news? You can take steps right now to make it much harder for someone to take advantage of a senior’s finances.
Two important tools stand out:
Power of Attorney (POA)
A POA allows a senior to name a trusted person (or more than one) to handle their finances. This doesn’t have to be a family member. In fact, if a relative isn’t good with money, it might be better to choose a friend or even a professional.
To make it safer, you can set the POA so it only takes effect if the person is officially declared incapacitated. In some provinces, that means two doctors have to sign off before the POA can be used. This makes it much harder for someone to walk into a bank and take funds without permission.
A WillA will determines what happens to someone’s estate after they pass away. It names an executor, the person who will carry out the will’s instructions. This could be a trusted family member, a close friend, or a professional executor such as a bank or lawyer. Using a professional can add an extra layer of protection, since they have a legal duty to follow the person’s wishes.
The Talk No One Wants To Have — But Should
Bury says one of the most powerful protections is also the simplest: conversation. Ask your loved ones if they have a will or a POA. Find out where those documents are stored. Talk about their wishes for their finances, property, and funeral plans.
These conversations can also reveal warning signs, like sudden changes to a will, large unexplained withdrawals, or new “friends” who seem unusually interested in their money.
Because here’s the hard truth: many cases of financial elder abuse aren’t discovered until after the victim has passed away. By then, the money is gone, and the damage can’t be undone.
Prevention Is The Best Antidote
Regular conversations, clear legal documents, and careful monitoring of finances can make all the difference.
Yes, it can feel uncomfortable to bring up these topics with your parents or grandparents. But imagine how much worse it would be to discover too late that someone had taken everything they worked for.
So ask yourself, will you wait until something goes wrong… or start protecting your loved ones today?
