CLHIA responds to the Ontario consultation on proposed amendments to offer greater clarity to financial institutions regarding beneficiary designations for a plan

The Ontario government launched a public consultation on proposed amendments to the Succession Law Reform Act (SLRA) to offer greater clarity to financial institutions regarding beneficiary designations for a plan. The CLHIA supports the amendments to the legislation that would allow substitute decision-makers to make a beneficiary designation in an instrument under certain circumstances. However, we recommend that similar amendments be made to the Substitute Decisions Act (SDA) in order to avoid contradictions in legislation.

CLHIA Submission on Succession Law Reform Act.pdf