This section of the book is from the "Canadian Banking Practice" book, by John T. P. Knight.
Question 234.— Referring to your answer to Question No. 233, you give the impression that there is a limit to the amount which may be received on deposits from minors as applying to Quebec Province only. I have been informed that the amount is limited to $500 all over the Dominion. If I am wrong kindly advise me.
Answer.—Section 84 of the Bank Act permits the amount of $500 to be held on deposit at any time from minors and others legally debarred from making contracts, when such deposits are not permitted by the law of the Province in which the deposit is made.
If the Provincial law does not restrict such transactions, the Bank Act does not.