COVID-19: Investment fund industry updates (May 15, 2020)

Electronic Designation of Beneficiaries for Registered Plans in Ontario

On May 12 the government of Ontario proclaimed into law an amendment to the Succession Law Reform Act, and a consequential amendment to the Pension Benefits Act, the effect of which is to permit the electronic designation of a beneficiary for Retirement Savings Plans, Retirement Income Funds, Locked-in Retirement Accounts, Life Income Funds and Tax-Free Savings Accounts.

The news release announcing the change can be found here.

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Retraite Québec has updated its Q&A, which includes temporary relief measures for Life Income Funds (LIF).