30 PENINSULA NEWS REVIEW . BUSINESS | | “Wednesday, July 15, 1998

Follow
‘protects the trustee

7-4 or a variety of reasons it is sometimes provincial or federal governments. These can

4 necessary to handle money on behalf be purchased in virtually any amount as they

of someone other than yourself. This are the direct obligations of the issuing gov-

A - can be brought about because of your ernment. Bonds issued by Canadian corpora
fale as a volunteer director of the strata coun- tions.

cil, or maybe you are the trustee of an account Typically these are limited to those bonds

established to provide for a with an “A” rating or better by

child. one of the two major Canadian

Maybe» you © have been bond rating services. It is. not

named as the executor of an es- uncommon to place a limit on

tate or have been given power the percentage of the portfolio
ofattorney over the affairs of an which can be invested in non-
incompetent parent. mo, guaranteed investments.
Regardless of the“reason, e Deposits which are cov-
handling money on behalf of ered up to the $60,000 CDIC
someone other than yourself limit are the most common in-
brings with it an added re- vestment which. are al-
sponsibility.’ : lowed in this type of ac-
When it is your own count.
money, if mistakes. are e Several products i is-
made you only have to an- sued by major life insur-
swer to yourself.. When ance companies make it |
dealing with someone on to the list. In some
else’s money you have cases, depending on the .
moral and in many cases ~ degree of sophistication

legal responsibility and accountability. - of the trustee and the guidelines of the trust or .
“ Jn'some cases there are specific guidelines organization, common , and/or preferred

or bylaws as to the types of investments . shares may be allowed.

which are considered appropriate for trustee As always, the first step in assuming re-
types of accounts. Typically, the objectives of - sponsibility for trustee accounts is to fully un-:

these types of accounts are safety of principle ~ derstand the investment policy and to ensure
“and income.’ that itis followed.

"| While there i is no o definitive list of qualifying: “The guidelines are designed to protect the
“investments, typically they fall into the follow. capital of the trust. They are also designed to
ing categories: © whe ' protect and limit the liability. of those who are
oe ‘Bonds which are issued by. munici nal handling the: investments.

ing the guidelines

“including:

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