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In Ontario a Power of Attorney can claim 3% of the monies received and disbursed by the grantor.
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The 3/5ths of 1% of annual average assets is the issue in the calculation. There is no time frame stipulated on when you can pay yourself this. Legally you could charge this hourly unless it is stated in POA document. So the POA could legally clean out the accounts in a couple weeks under current regulations.
How about in Quebec?
Once we asked the accountant to calculate the POA fee, is it legal to just draw the fee from grantor’s account by ourselves or we have to apply through a layer or Public Guardian and Trustee office?
If it has to go through lawyer, is the legal fee reimbursed by the grantor’s asset as well.
Thank you in advance for your advise.
Is the 3% of the persons, monthly income, or of the total estate?