It’s essential to set yourself up to get access to government online services and those of your financial institution.
Everyone should become familiar with a few essential online services. Setting yourself up for access to government online services and those of your financial institution is essential.
Our team provides a guide on how to set up online services for the following:
•CRA My Account
•My Service Canada Account
•Scotiabank Online
If our clients do not have their banking relationship with Scotiabank, then we recommend that they become familiar with the other financial institutions’ online services.
Online delivery is always timely
Every time we hear of Canada Post threatening to go on strike, we’re glad we have spent the time to educate and inform our clients on the various online options.
Nearly all of our clients can access their banking and investment accounts online without any interruptions.
With respect to Scotia Wealth Management, we remind clients that they can always choose to receive both paper and online document delivery which most of our clients prefer. The online version of statements, confirmation slips, and tax records is always timelier than the paper copies that are mailed.
Usernames and passwords
Clients will have to key in their username and password to get started. Ensuring you have a method to remember your username and passwords is the first step — and t doesn’t require any knowledge of technology.
We remind our clients that if they attempt to log into certain online platforms multiple times without the correct password they will likely get locked out and will have to call the service line to request assistance. This alone can be frustrating, so the advice we always give is to create a method to remember your passwords.
If you have a secure place at home where you can write these passwords down, we don’t see any issue with that. We live in a world where people have hundreds of usernames and passwords, and in our opinion, it seems unreasonable to expect our clients to memorize each one of these, especially if they are to be unique.
We wrote an article,Digital footprint guide will help your executor, that provides a methodology for managing usernames and passwords — an important component of your estate plan.
Sign-In Partner
Online banking can work as a gateway to the other online services.
A financial services company, such as Scotiabank, would be considered a non-government institution, that has partnered with a credential broker, such as Interac, VerifyMe, or SecureKey Concierge, to enable their customers to use their username and password to access Government of Canada services such as CRA My Account and My Service Canada Account.
This is referred to as “Sign-In Partner” and it is one of the most convenient ways to access Government of Canada online services. This step alone can greatly simplify the login process as you do not have to create separate accounts.
Technology and Multi-Factor Authentication
Although the Sign-In Partner can simplify the process considerably, there is still another hurdle to overcome — security and technology.
In our experience, clients who do not have modern mobile phones are going to struggle with setting up Scotiabank online services or services at another financial institution.
Government and financial services online platforms have sensitive information that requires the use of security features to authenticate the user before access is granted.
Understanding that the authentication process is a multi-step procedure is important; it isn’t simply keying in the username and password or using Sign-In Partner. Keying in the username and password or using Sign-In Partner likely gets you to another screen where you must request that a notification (one time code) be sent to you on the device that you originally set up two-step verification (2SV).
If you do not have a device that can receive this notification it becomes challenging. This message is referred to as a Multi-Factor Authentication (MFA). Most have it set up so that they receive a Short Message Service (SMS) which is a text messaging service, but it is also possible to have authentication by email and telephone.
Guide for online services
We realize that some people love the efficiencies that online services provide and feel that setting up these online services is straight forward. These individuals have a smartphone and are comfortable with technology. The biggest challenge they face is setting aside some time to sit at a computer and get it done.
We have aGuide to Online Servicesfor new clients that most can walk through on their own and easily set up. The good news is that this is a one-time only set up that does not expire. Once you have it set up, future access is easy and straightforward.
Client online support available
We fully realize that there are clients that are not comfortable using computers and using technology. In some cases, we can spend extra time educating those clients and assisting them with setting up online services.
We have team members who provide support to clients with setting up online services with Scotiabank and government services. This option is available provided our clients have a mobile phone that can receive the two-step verification. We have an iPad in our office and team members that are dedicated to helping clients with setting up online access.
A staff member is always happy to sit down and walk through the steps in-person. It may seem intimidating at first, but we have a high success rate helping those who bring in their own smartphones or chosen device.
Secure Share
One of the main benefits for clients setting up online services with Scotia Wealth Management is the ability to use Secure Share.
This is a secure online portal, a cloud storage service, used to ensure confidentiality. Sending information, such as your investment account numbers, through email is not secure. To protect our clients who wish to exchange documents electronically, we have access to Secure Share.
Provided you can log onto the regular Scotia Wealth Management online website you can access the Secure Share area that is set up to share documents, such as meeting agendas, and requested reports.
Often a five-minute phone call or in-person meeting with our team is all that is needed to assist clients in understanding Secure Share.
Financial power of attorney
One suggestion that we have for clients who are aging or are uncomfortable with technology is to consider setting up a financial power of attorney.
A financial power of attorney can be an adult child you feel has a better understanding of technology and may be able to assist you.
Some parents are reluctant to give up control of their finances. When we explain that financial power of attorney is limited and how it is often a great in-between option of not requesting any support and relinquishing full control.
When clients provide limited financial power of attorney, they have the ability to view your investments online; however, they are not able to withdraw funds. When we do portfolio reviews, we can include the limited power of attorney and share documents through the Secure Share portal.
CRA My Account
You might not get excited about logging into your Canada Revenue Agency account, but it is important to periodically monitor.
Another benefit for our clients having their My Account set up is the ability for them to appoint us as a representative. Our articleRegular reviews of Represent aClientprovides an overview of the useful information we proactively obtain from this online service. In many cases, this is the only location where clients can find this information.
My Service Canada Account (MSCA)
The other online account we recommend clients use is the My Service Canada Account, which is a secure online portal that lets you apply, view, and update your information as it relates to Old Age Security (OAS), Canada Pension Plan (CPP), Canada Pension Plan Disability, and Employment Insurance.
Nearly all our clients who are approaching age 60 have asked if they should begin collecting CPP or defer. The same applies to OAS — should you collect at age 65 or defer it? Every client situation is unique, and we look at many factors when providing our recommendations.
We request that our clients print off the MSCA information and provided it to us. This information enables us to be in a better position to provide tailored advice. Every time we are updating a Total Wealth Plan or making pension related decisions, we request the latest MSCA information.
Kevin Greenard CPA CA FMA CFP CIM is a Senior Wealth Advisor and Portfolio Manager , Wealth Management with The Greenard Group at Scotia Wealth Management in Victoria. His column appears every week at timescolonist.com. Call 250.389.2138.greenardgroup.com