Executor Advocacy Canada Calls for Urgent Bank Act Amendments to Combat Fraud and Death Bureaucracy

EAC asks House of Commons Finance Committee to amend Bill C-30 to close fraud prevention and estate administration gaps that leave Canadians vulnerable to risk.

TORONTO, ONTARIO, CANADA, May 25, 2026 /EINPresswire.com/ -- Executor Advocacy Canada (EAC) has submitted a proposal to the House of Commons Standing Committee on Finance (FINA) calling for consumer protection amendments to Bill C-30. With the Bank Act sunset deadline of June 30, 2026 approaching, the EAC urges lawmakers to close gaps in fraud prevention and estate administration that leave Canadian families unnecessarily vulnerable.

As Canada faces a record-breaking surge in sophisticated financial fraud and an aging population, the EAC warns that delaying two proposed practical changes is a risk that Canadians cannot afford.

Closing the Fraud Gap

The EAC’s first proposal targets the "protection gap" created by credit bureaus. While banks and other entities provide free real-time security alerts when an account is accessed or transaction occurs, major credit bureaus restrict this essential notice to paid subscriptions. The EAC proposes a Bank Act amendment requiring banks to ensure their service providers—notably major credit bureaus—provide free, real-time notifications for account credit and marketing inquiries, as well as profile changes.

"At a time when one in four Canadian adults has been affected by financial data breaches, active monitoring isn't a luxury—it’s a baseline security safeguard,," says Barb Amsden, Founder of EAC. "We're asking the government to put control back into the hands of Canadians. By mandating free real-time credit bureau alerts, we can stop identity theft before the damage is done, rather than force people to pay a premium to protect their own data or remain exposed to identity theft."

Solving the Invisible Designated Beneficiary Problem

The second proposed amendment addresses "death bureaucracy" involving registered assets like RRSPs and TFSAs. Currently, many banks and other financial institutions withhold the names of designated beneficiaries from executors due to privacy interpretations in the absence of legislation or clear Office of the Privacy Commissioner guidance. This can create significant financial risk, prevent proper tax elections, and deplete an estate's residual value through unforeseen tax hits. The EAC proposes a "Consent by Default" model, requiring banks to disclose beneficiary names to verified executors unless the deceased explicitly filed a "Non-Disclosure Election."

"Executors are currently being asked to fly blind while fulfilling their fiduciary duties to the CRA and creditors," says Mark O’Farrell, Co-founder of EAC. "This 'Tax Liability Trap' creates unnecessary conflict and financial loss during one of life’s most difficult moments, after the death of a loved one. Our proposal respects testator autonomy with an opt-out feature, while ensuring the vast majority of Canadian estates can be settled more efficiently and fairly, and without hidden costs."

About Executor Advocacy Canada (EAC): Executor Advocacy Canada is a national organization dedicated to improving the systems, laws, and supports surrounding fiduciary responsibilities, including powers of attorney and estate administration. Our goal is to modernize Canada’s incapacity and estate settlement systems by advancing practical changes and education to reduce delays, lower costs, and remove barriers for Canadian families.

EAC’s interest in fraud prevention stems from the fact that executors and PoAs have a fiduciary duty to safeguard trust assets against third-party fraud, such as sophisticated identity-theft scams, as well as the unintentional or malicious illegal behaviour of family members or other trusted people known to victims.

Media Contact:
Barb Amsden, EAC Founder - barb.amsden@executoradvocacy.ca
Mark O’Farrell, EAC Co-founder - mark.ofarrell@thepfsi.com

Barb Amsden
Executor Advocacy Canada
+1 647-223-2843
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