Military

Guidelines and Considerations

Steps to Ensuring Financial Success During Deployment

Military deployment can be very emotional for everyone involved. To ensure that important financial matters are attended to while you or your loved one is away, talk about finances before deployment is even happening.

1. Make sure that both of you are aware of all financial obligations. Make a list of credit cards, balances, due dates, method of payment and any other pertinent information. Update that information each month.
   
   
2. Keep a list of all financial accounts, account numbers, rates of return if any and designate if and how these accounts are accessible (chequing, savings, money markets, GIC’s, etc.)
   
   
3. Draft a will.
   
   
4. Ensure that both of you have access to all accounts so either of you can manage the account in the other’s absence. For example, most credit card companies will not speak to a spouse regarding an account unless your name is on the account or if there is authorization on file.
   
   
5. Obtain as much information regarding your loved one’s deployment location and contact information.
   
   
6. Communicate. If you are worried about your finances, do not wait until your spouse or loved one is away. Talk about it now and consult a professional before it is too late. Consolidated Credit Counseling Services of Canada, Inc. can help you plan for the future, no matter what it holds.
   
   

Power of Attorney -- A power of attorney gives someone else (a spouse, relative, good friend) the legal power to act on your behalf when you are not able to act yourself.

Address and Phone Numbers -- Your military unit should have the address and phone numbers of your family, as well as names, addresses and phone numbers of one or two other relatives, friends or neighbours who can be contacted in case of emergency.

Information for Remaining Spouse -- Your spouse should have the names, addresses and phone numbers of those whom you are reporting to while you are deployed (if possible).

Papers to Keep in Order -- Family papers such as marriage and birth certificates, insurance policies, and deeds and/or mortgage papers should be identified and kept in a safe place.

Other general things that you or your spouse will need:

1. House, car, and safety deposit box keys.
2. Appropriate social insurance numbers.
3. School registration papers.
4. Proof of service documents and copies of orders and all endorsements.
5. Shipping orders and/or inventory of household goods.
6. Court orders for support and custody of legal dependents, if necessary.

Please use the following guidelines and considerations to help you and your family prepare for your financial and personal responsibilities. It’s always best to plan ahead.

Savings and Chequing Accounts – These should be maintained either in the hometown or at each permanent station, so cheques can be cashed.

All Accounts – Open all accounts in both spouses' names with "or" between the names instead of "and" so only one name is required to cash or deposit cheques.

Direct Deposit - Direct deposit is the quickest and the most convenient way to receive your paycheque. Having direct deposit will enable both you and your family members to have easier access and more control of your funds. It may take one or two weeks after you initiate direct deposit for it to be activated. The reservist can be deployed to any part of the world and should still have access and control of their funds. Check with your bank.

Prevention of Overdrawn Accounts - Overdraft protection is always a good idea to prevent fees that accrue otherwise. Your bank will typically link your account to a credit card that is billed if you overdraw your account.

Financial Bills – Service members are responsible for their household expenses/bills while they are deployed. These expenses include rent, mortgage payments, car payments, credit cards, etc. Before deploying you should ensure that you have made arrangements for these bills to be paid. You may wish to appoint your spouse or family member with power of attorney, so that they can handle your finances while you are deployed.

A Will - One of the most important tasks an individual or couple can do for personal and family readiness is to prepare a will. A will ensures that your children have someone to take care of them and that your estate is disposed of properly.