How do I cash my childrens canadian savings bonds in the U.S. They are both minors. I will be cashing mine too
by admin ~ November 4th, 2007 . Filed under: Law & Ethics .
JT asked:
We are buying a house and I need the money for closing costs. Anyway I was left 3 savings bonds 10 years ago and I want to cash them in. Unfortunately my children and I do not share the same last name. They are 11 and 13, how do I cash them in.
Thanks in advance for your input.
Cletus Duty
We are buying a house and I need the money for closing costs. Anyway I was left 3 savings bonds 10 years ago and I want to cash them in. Unfortunately my children and I do not share the same last name. They are 11 and 13, how do I cash them in.
Thanks in advance for your input.
Cletus Duty
November 4th, 2007 at 5:00 pm
go to just about any bank and you may have to deposit them into an account for like 10 days, but that might differ from bank to bank.
do you have a bank here you use? if they know you it will be tons easier. take the kids in with you and explain it to the service dept. if its wells fargo they will handle it and get all the paperwork if any done. cjhs
November 7th, 2007 at 8:31 am
If they are Canadian savings bonds, you don’t cash them in the US. You would probably have to go to a financial institution in Canada so that the interest earned can be given to you. Go here for more info on redeeming the bonds.
You will have to prove that you are the legal custodial parent of the children in order to cash the bonds.
I **** to be the bearer of bad news, but you can’t use the money from the bonds for your down payment for the house. If you use the money for your house, it would be converting their funds to your funds, which isn’t allowed. The only option would be to put their names on the house, and you can’t do that since they are minors, at least not in the US.
You might be able to establish a trust, with the house in the trust, and the children having their names on the trust. You really need to speak to an attorney about this since establishing a trust that is legally valid has to be done by all the rules.