AI-assisted research summary: The Act defines key savings-plan terms and lets a plan holder designate, change, or revoke a beneficiary designation only in the manner set out in the plan, including electronically under the Electronic Commerce Act. It does not apply where the Life Insurance Act applies.
RSNL1990 CHAPTER I-2 INCOME TAX SAVINGS PLANS ACT Amended: 2009 c17; 2022 c13 CHAPTER I-2 AN ACT RESPECTING THE DESIGNATION OF BENEFICIARIES UNDER INCOME TAX SAVINGS PLANS 1974 No36 LT; 1977 c43 s1 Analysis 1. Short title 2. Definitions 3. Death of plan holder 4. Designation of beneficiary 5. Exception Short title 1. This Act may be cited as the Income Tax Savings Plans Act . 1977 c43 s2 Back to Top Definitions 2. In this Act (a) "depositary" means a depositary referred to in clause 146(1)(j)(ii)(C) of the Income Tax Act ( Canada ); (b) "investment corporation" means a corporation that is approved by the Governor in Council for the purposes of section 146 of the Income Tax Act (Canada) and that issues investment contracts as described in that section; (c) "plan holder" means a person, not being a corporation, who has entered into a savings plan with a trustee, with an investment corporation or with a depositary; (d) "savings plan" means (i) a retirement savings plan as defined by the Income Tax Act ( Canada ), (ii) a retirement income fund as defined by the Income Tax Act ( Canada ), or (iii) a tax-free savings account as defined by the Income Tax Act ( Canada ); and (e) "trustee" means a corporation that is a trustee under a savings plan. 1974 No36 s2; 1977 c43 s3; 1983 c56 s1; 1990 c39 s1; 2009 c17 s1 Back to Top Death of plan holder 3. Where, in accordance with the terms of a savings plan, a plan holder has designated a person to receive a benefit payable under the savings plan in the event of the death of the plan holder (a) the trustee, the investment corporation or the depositary that is a party to the plan is discharged upon paying to that person the amount of the benefit; and (b) that person may, upon the death of the plan holder, enforce payment of the benefit, but the trustee, the investment corporation or the depositary that is a party to the plan is entitled to set up a defence that the trustee, the investment corporation or the depositary could have set up against the plan holder or the plan holder’s personal representative. 1974 No36 s3; 1977 c43 s4; 1986 c33 s7; 2022 c13 s1 Back to Top Designation of beneficiary 4. (1) A plan holder may from time to time make a designation, or alter or revoke a designation made, under a savings plan, but that making, alteration or revocation of a designation may be made only in the manner set out in the savings plan. (2) Notwithstanding subsection (1), a designation, or the alteration or revocation of a designation, under a savings plan may be made electronically in accordance with the Electronic Commerce Act . 1974 No36 s4; 1977 c43 s4; 2022 c13 s2 Back to Top Exception 5. This Act does not apply to a designation of a beneficiary to which the Life Insurance Act applies. 1974 No36 s5