Executor Advocacy Canada pushes Bank Act changes on fraud and estates

By AI, Created 3:00 PM UTC, May 24, 2026, /AGP/ – Executor Advocacy Canada is urging the House of Commons finance committee to amend Bill C-30 before the Bank Act deadline on June 30, 2026. The group says the changes would expand free fraud alerts and make estate administration easier for executors handling registered accounts.

Why it matters: - Executor Advocacy Canada says Canadians face growing exposure to financial fraud and estate delays as the Bank Act sunset deadline approaches. - The group argues two targeted amendments to Bill C-30 could reduce identity theft risk and help executors settle estates with fewer tax and privacy roadblocks. - The proposals are aimed at banks, credit bureaus and financial institutions that handle registered assets such as RRSPs and TFSAs.

What happened: - Executor Advocacy Canada submitted a proposal to the House of Commons Standing Committee on Finance asking lawmakers to amend Bill C-30. - The group wants the committee to act before the Bank Act sunset deadline of June 30, 2026. - The advocacy group says the amendments would close gaps in fraud prevention and estate administration that leave Canadian families vulnerable.

The details: - The first proposal would require banks to ensure their service providers, including major credit bureaus, provide free real-time notifications for account credit inquiries, marketing inquiries and profile changes. - EAC says banks and other entities already provide free real-time security alerts when an account is accessed or a transaction occurs, but major credit bureaus often restrict similar alerts to paid subscriptions. - Barb Amsden, EAC founder, said one in four Canadian adults has been affected by financial data breaches and argued that active monitoring should be a baseline security safeguard. - The second proposal targets what EAC calls the “invisible designated beneficiary problem” for registered assets. - EAC says many banks and other financial institutions withhold beneficiary names from executors because of privacy interpretations, even without clear legislation or Office of the Privacy Commissioner guidance. - The group says that can prevent proper tax elections, create financial risk and reduce an estate’s residual value through unexpected tax hits. - EAC proposes a “Consent by Default” model that would require banks to disclose beneficiary names to verified executors unless the deceased filed a “Non-Disclosure Election.” - Mark O’Farrell, EAC co-founder, said executors are being asked to manage fiduciary duties to the CRA and creditors without full information. - O’Farrell said the opt-out approach would preserve testator autonomy while helping most Canadian estates settle more efficiently and fairly. - EAC describes itself as a national organization focused on fiduciary responsibilities, powers of attorney and estate administration. - The group says its broader mission is to modernize Canada’s incapacity and estate settlement systems to reduce delays, lower costs and remove barriers for families.

Between the lines: - The proposal frames fraud prevention and estate administration as linked consumer-protection issues rather than separate banking or probate problems. - EAC is pushing for rules that shift more responsibility onto institutions, rather than leaving families to navigate privacy barriers, subscription fees and unclear disclosure practices. - The timing suggests the group wants to influence the Bank Act review while Parliament still has room to attach practical amendments to Bill C-30.

What’s next: - The House of Commons finance committee can consider the proposed amendments during its work on Bill C-30. - If lawmakers act, banks and service providers could face new obligations around credit alerts and disclosure to executors. - If Parliament does not amend the bill before the deadline, EAC says the current gaps will remain in place for Canadian consumers and estates.

The bottom line: - EAC wants Ottawa to use Bill C-30 to tighten fraud protection and make estate settlement less opaque before the Bank Act deadline closes the window for change.