Terms and agreements
General Terms & Conditions
- Your contributions will be directed to your RRSP and/or TFSA account, which have annual contribution limits. You are responsible for ensuring you do not exceed your contribution limits to avoid any resulting penalties.
- Plan members in the Advantages Retirement Plan™ pay fees of 0.6% of assets (+HST) plus $10 per month (+HST). 0.15% of the asset fee will be paid to OMA Insurance for cost recovery and services. Certain transaction processing such as withdrawals or transfers out may incur additional, one-time fees (+HST). If a plan member chooses to purchase an annuity to receive some guaranteed lifetime income, the member would pay premium rates (updated quarterly to reflect changing market conditions) that are inclusive of a one-time commission of 1%, distributed to OMA Insurance, the broker of record, over three years. The commission on annuities is charged in lieu of the 0.6% annual fee, which is only applicable to non-annuity investments through the plan
- If you are considered a non-resident for tax purposes you are not eligible to contribute to the plan. If your residency status changes you must notify the OMA Insurance team.
- Certain situations relating to selling investments may occasionally delay lump sum transfers or payments of your entitlements.
- The minimum contribution amounts are $50 per month for ongoing contributions and $100 for each lump sum contribution.
- The plan assets you hold in target-date funds will automatically change based on your age.
- OMA Insurance has delegated responsibilities to the Investment Committee to oversee the investment options and other investment products made available to members under the plan
- The design of the plan, including its planning tools, projections and default choices, are based on a set of assumptions. The design does not take into account all the details of your personal financial situation that may affect your retirement planning, including, for example, your tax situation, your spouse's financial situation or real estate assets held by you or your family.
- By joining the Advantages Retirement Plan™ you are consenting to the collection, use and disclosure of personal information as further described in the below privacy policy documents, and you agree to receive documents electronically.
Declaration Of Trust
Tax Free Savings Account Declaration of Trust
- Canadian Western Trust Company is a trust company incorporated under the laws of Canada. (The words "us", "our" and "we" are also used in this Declaration of Trust to refer to Canadian Western Trust Company.) "You" (the account "Holder") are the person whohas completed the application form (the "Account Application") to which this Declaration of Trust is attached. Within this Declaration of Trust we use the word "agent" when referencing "agent for the trustee" and "Agent" when referencing "Agent for the member of a group plan". We agree to act as trustee for your OMA Voluntary Group Tax Free Savings Account created pursuant to the Account Application and this Declaration of Trust (the "TFSA") in accordance with the terms and conditions set out below:
- Registration: We will file an election to register the TFSA under the Income Tax Act (Canada) (the "Act") and any applicable income tax legislation of a province of Canada (collectively, "Applicable Tax Legislation"). If registered, the TFSA will be a "qualifying arrangement" and you will be known for the purposes of the Actas the "Holder" of the TFSA.
- Purpose of the TFSA: The primary purpose of the TFSA is to accumulate and invest funds for savings purposes. The TFSA will be maintained for the exclusive benefit of you as the Holder. While you are the Holder of the TFSA, only we and you have rights relating to the amount andtiming ofthe investing of funds and payment out of or under the arrangement in satisfaction of all or part of your interest in the arrangement (the “distribution(s)”).Within this Declaration of Trust, we use the words “distribute” or “distributed” whenreferencing a distribution being made.
- Compliance: The TFSA shall, at all times, comply with all relevant provisions of Applicable Tax Legislation. You are bound by the terms and conditions imposed under Applicable Tax Legislation.
- Common-Law Partner and Common-Law Partnership: Any reference to “spouse” in the Account Application or the Declaration of Trust means “spouse or common-law partner” and any reference to “marriage” in the Account Application or the Declaration of Trust means “marriage or common-law partnership”.
- Contributions: Deposits to the TFSA made by you according to this Declaration of Trust and the Actwill be called the "Contributions". Only you may make Contributions to the TFSA. For greater certainty, Contributions may be made on your behalf in certain circumstances by an Agent. Contributions may be cash, or transfers in from another TFSA held by you. We will hold the Contributions and any income or gains from them, in trust for you. We will invest and reinvest such income or gains accumulated in accordance with the instructions provided by you. These amounts, together with any amounts transferred to the TFSA under section 12 below, will be called the "TFSA Assets". We are not responsible for determining whether the aggregate of all Contributions made by you to the TFSA in respect of a year exceeds the maximum amount that is permitted to be contributed to the TFSA in respect of the year.
- Investments: TFSA Assets will be invested and reinvested from time to time in accordance with your investment instructions. Investment instructions must comply with requirements imposed by us in our sole discretion. Your TFSA will not be limited to investments authorized by law governing the investments of property held in trust other than the investment rules imposed by the Act for a TFSA. We will only act on your instructions if they are in a form acceptable to us. We may accept andact on any investment instructions, which we believe, in good faith, to be given by you. We may be entitled to a fee for any cash deposited in an account at Canadian Western Bank. If we do not have any instructions from you at the time we receive a cashContribution, we will deposit your cash Contribution in an interest bearing account with us or Canadian Western Bank.
- Non-Qualified Investments: We will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being held or acquired by the TFSA. You are responsible for any tax, interest or penalties (collectively, the “Charges”) imposed under Applicable Tax Legislation or by any other provincial or federal regulatory authorities as it pertains to the Contributions and investments in the TFSA (other than those for which we are liable under Applicable Tax Legislation). If the TFSA becomes liable for any Charges, you will bedeemed to have authorized us to sell or withdraw any of the TFSA Assetsand obtain a fair market value that we, in our sole discretion, consider appropriate to pay any Charges to the TFSA and we will issue notice to you as prescribed under the Act in respect of any such transaction. We will not be liable for any loss or income taxes incurred as it pertains to the collection of unpaid Charges.
- Accounting: We will maintain records relating to the TFSA reflecting the following:
- a. Contributions to the TFSA;
- b. Name, amount and cost of investments purchased or sold by the TFSA;
- c. Purchases and sales of investments we hold for you in the TFSA;
- d. Any income or loss earned or incurred by the TFSA;
- e. Withdrawals, transfers and any other payments from the TFSA; and
- f. The balance of the TFSA.
- Statements: We will make available statements for the TFSA at least once annually or more frequently as determined by us, in our sole discretion.
- Withdrawals: Upon receipt of your written instructions to withdraw all or a part of the TFSA Assets, we will pay you an amountless tax under Applicable Tax Legislation, if any, and any related fees or costs. We will issue notice to you as prescribed under the Act inrespect of any such transaction. Once the withdrawal is issued and notice provided, we no longer have any further liability or duty to you for the TFSA Assets that you have withdrawn.
- Refunds of Excess Contributions: You may send us written instructions to refund an amount to reduce the taxes otherwise payable under Part XI.01 of the Act relating to Contributions that exceed the limits permitted under Applicable Tax Legislation. We will issue notice to you as prescribed under the Act in respect of any such transaction. Once the refund is issued and the notice provided, we no longer have any further liability or duty to you for the TFSA Assets that have been refunded.
- Transfers to the TFSA: You may request a transferof amounts to the TFSA fromanother tax-free savings account or any other source permitted under the Act. We may, in our sole discretion, refuse to accept any non-cash property into the TFSA for any reason whatsoever and you authorize us to transfer out of the TFSA to you, without notice, any property of the TFSA we believe is not or may not be a qualified investment. The terms and conditions of the TFSA will be subject to any additional terms or conditions that may be required to complete the transfer according to applicable law.
- Transfers from the TFSA: You may request a transfer of all or part of the TFSA Assets to a tax-free savings account that is registered under the Actunderwhich you are the Holder. All transfer requests may be subject to tax under Applicable Tax Legislation and any other related fees or costs. We will process your transfer request within a reasonable period of time after we have received all completed documents as required by us and applicable law. Once the transfer is issued, we no longer have any further liability or duty to you for the TFSA Assets transferred.
- Transfers for Division of Property: You may request a transfer of all or part of the TFSA Assets to a tax-free savings account or under which your spouse (within the meaning of Applicable Tax Legislation) is the holder if the transfer is made under the terms of a decree, order or judgment of a competent tribunal, or of a written separation agreement, that relates to the division of property between you and your spouse or former spouse in settlement of rights arising out of or on the breakdown of your marriage. Any transfer requests may be subject to any tax under Applicable Tax Legislation and any other related fees or costs. We will process your request within a reasonable period of time after we have received all completed documents as required by applicable law and us. Once the transfer is issued, we no longer have any further liability or duty to you for the TFSA Assets transferred.
- Group TFSA: As the TFSA is part of a Group TFSA, you are required to be a member of, the family member of a member of, or an eligible plan participant as designated by the sponsoring organization of the Group TFSA named in the Account Application (the "Group Sponsor"). You accept the Group Sponsor as your Agent for the purposes of constituting the TFSA.
- Fees: We may charge you or the TFSA fees for services we provide to you or the TFSA from time to time in accordance with our current fee schedule. We will give you a minimum of 60 days' notice of any change in our fees. We are entitled to reimbursement from you or the TFSA for all our fees, disbursements, expenses (including taxes, interest and penalties other than those for which we are liable under Applicable TaxLegislation) and any other charges reasonably incurred by us in connection with the TFSA. We are entitled to deduct our unpaid fees, disbursements, expenses and any other charges from the TFSA Assets and where insufficient cash is available, you authorizeus to sell or withdraw any of the TFSA Assets and obtain a fair market value that we, in our sole discretion, consider appropriate to collect unpaid fees, disbursements, expenses and any other charges. We will issue notice to you as prescribed in the Act in respect of any withdrawals from the TFSA Assets and we will not be liable for any loss or income tax incurred as such lossor tax pertains to the collection of any unpaid fees, disbursements, expenses and any other charges.
- Social Insurance Number: The social insurance number that you provide on the Account Application shall be deemed a certification by you of its truth and you give us your undertaking to provide additional evidence if we require the proof of its validity.
- Designation of Beneficiary: Where applicable provincial law permits, you may designate your spouse or common-law partner as a successor holder or your estate to receive the TFSA Assets or the proceeds from the sale of the TFSA Assets on or after your death. You may make,changeor revoke such beneficiary designation by providing us with an instruction in a form acceptable to us. When the TFSA Assets or the proceeds from the TFSA Assets have been distributed to your designated beneficiary, even though the designation may be invalid as a testamentary instrument, we will be fully discharged of any liability under this Declaration of Trust.
- Death of a TFSA Holder: Upon verification of a benefit entitlement under Applicable Tax Legislation, we will require, in our sole discretion, satisfactory evidence of your death and any other documents as it pertains to your death prior to proceeding with a request to distribute the TFSA Assets or the proceeds from the TFSA Assets less any tax under the Applicable Tax Legislation and any other related fees or costs. If we cannot establish a valid designation of successor holder, we will distribute the TFSA Assets to your estate. Once the TFSA Assets are transferred or the proceeds of the sale of the TFSA Assets are paid, we no longer have any further liability or duty to your heirs, executors, administrators or legal representatives.
- Ownership: The TFSA Assets will be held in our name, our nominee's name, bearer form or any other name that we determine.
- Notices: All correspondence will be, by default, sent by email. Any notices, demands, orders, documents or any other written communication we may forward to you by mail, postage paid, to your address indicated on the Account Application (or subsequent written notification of a new address which we acknowledge received) shall be deemed to be received by you 3 days after such mailing. You acknowledge that we shall be under no further obligation to locate you for the purpose of forwarding any such notices, demands, orders, documents or any other written communication.
- Restrictions and Security for Indebtedness: No advantage that is conditional in any way on the existence of the TFSA may be extended to you or any person with whom you do not deal at arm's-length, other than the benefits and advantages specifically permitted under the Act. The trust is prohibited from borrowing money or other property for purposes of the TFSA. The TFSA Assets may not be pledged or assigned as security for indebtedness in whole or in part.
- Amendments: Where required by law, we may, from time to time, in our sole discretion, amend the terms of the TFSA and this Declaration of Trust, providing that such amendments shall not disqualify the TFSA as a qualifying arrangement within the meaning of the Act. We will obtain approval from the necessary provincial and federal authorities if any amendments are made and as required. We will provide you with 30 days' notice of any amendments.
- Delegation of Duties: Without limiting our responsibility as trustee and Issuer of the TFSA, we may appoint agents and may delegate to our agents the performance of administrative and any other duties, responsibilities and/or authority under the TFSA, Declaration of Trust or the Income Tax Act generally, provided such delegation is in accordance with all applicable laws. For greater certainty, such agents shall include OMA Insurance Inc., as is outlined in the Sponsor Agreement, as well any other agents appointed by CWT. We may engage accountants, brokers, lawyers or others for their advice and services and may rely on them for the same. We may pay to any agent or advisor a fee under the provisions of this Declaration of Trust but we will not be liable for any acts, omissions or negligence of any of our agents or advisors so long as we have acted in good faith. We acknowledge that we are ultimately responsible for the administration of the TFSA.
- Limitation of Liability:
- i. We will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility of a non-qualified investment being acquired or held by the TFSA.
- ii. Not withstanding any other provision hereof, we will not be liable in our personal capacity for or in respect of:
- a. any taxes, interest or penalties which may be imposed on the TFSA under Applicable Tax Legislation (whether by assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the TFSA, as a result of a purchase, sale or retention of any investment including, without limiting the generality of the foregoing, non-qualified investments, other than taxes, interest and penalties imposed on us arising from our personal liability, including without limitation, arising from our administrative error, under Applicable Tax Legislation and that cannot otherwise be paid out of the property of the TFSA; or
- b. any loss suffered or incurred by you, the TFSA, or any beneficiary under the TFSA caused by or resulting from our acting or declining to act upon instruction given to us, whether by you, a person designated by you or any person purporting to be you, unless caused by our dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
- iii. You, your legal personal representative, and each successor holder under the TFSA will at all times, indemnify and save us harmless in respect of any taxes, interest, penalties or other governmental charges which may be levied or imposed on us in respect of the TFSA or any losses incurred by the TFSA (other than losses, taxes, penalties, interest or other governmental charges for which we are liable in accordance herewith and that cannot otherwise be paid out of the property of the TFSA) as a result of an acquisition, retention or transfer of any investment or as a result of payments out of the TFSA made in accordance with these terms and conditions or as a result of our acting or declining to act on any instruction to us by you.
- Successor Trustee: We may resign as Trustee of the TFSA and be discharged from all duties and liabilities under this Declaration of Trust by giving 30 days' written notice to you. If you do not appoint a successor trustee within 10 days of our written notice, we may appoint a successor trustee for the TFSA. Upon our resignation we will provide the successor trustee with all conveyances, transfers and further assurances that may be required to give effect to the appointment of the successor trustee.
- Governing Law: The terms of the TFSA will be construed, administered and enforced according to the laws of the Province of Ontario and the federal laws of Canada applicable in Ontario
- Binding: The terms of this Declaration of Trust will be binding on your heirs, executors, administrators or legal representatives and permitted assigns and our successors and assigns.
OMA Group Retirement Savings Plan Declaration of Trust
We, Canadian Western Trust Company, a trust company existing under the laws of Canada, hereby declare that we will act as trustee for you, the annuitant named in the application to which this declaration of trust (the “Declaration”) is attached, for the OMA Retirement Savings Plan (the “Plan”) upon the following terms:
Some Definitions: In this Declaration, in addition to terms defined elsewhere herein,
- “Act” means the Income Tax Act (Canada), and the regulations promulgated thereunder;
- “Agent” refers to the company named in paragraph 16;
- “applicable legislation” means all provincial and federal legislation governing the Plan, the Plan Assets and the parties hereto including, without limitation, privacy and securities legislation. Any reference to applicable legislation shall be deemed to include all such statutes and any regulations, policies, rules, orders or other provisions thereunder, all as may be amended, re-enacted or replaced from time to time;
- “common-law partner” has the meaning set forth in the Act and other laws applicable to this Plan;
- “Contributions” means contributions of cash or investments to the Plan;
- “Maturity Date” has the meaning set forth in paragraph 8;
- “Retirement Income” has the meaning set forth in the Act;
- “RRIF” means a registered retirement income fund, as defined in the Act;
- “RRSP” means a registered retirement savings plan, as defined in the Act;
- “Securities Regulator” means the government department, agency, board or commission, or self-regulatory organization which regulates the sale of Securities in the applicable jurisdiction;
- “spouse or common-law partner” means a spouse or common-law partner for the purposes of the Act and other laws applicable to this Plan;
- “Tax Laws” means the Act and any applicable tax legislation of your province of residence, as recorded in your application;
- “We”, “us”, “our” and “Trustee” refer to Canadian Western Trust Company; and
- “You”, “your” and “yours” refer to the person who has signed the application and will be the owner of the Plan (under the Act, you are known as the “annuitant” of the Plan).
- Registration
We will apply for registration of the Plan in accordance with the Act. The purpose of the Plan is to provide you with a Retirement Income. - Contributions
We will accept Contributions made by you or, where applicable, your spouse or common-law partner. Any dishonoured cheques or other amounts that cannot be processed or are otherwise not accepted by the Trustee will not be considered to be Contributions to the Plan. You or your spouse or common-law partner will be solely responsible for determining the maximum limits for Contributions in any taxation year as permitted by the Act and for determining the taxation years, if any, in which such Contributions are deductible for tax purposes. We will hold the Contributions and any investments, income or gains therefrom (the “Plan Assets”) in trust, to be held, invested and used according to the terms of this Declaration and the Act. No Contributions to the Plan may be made after the Maturity Date.
If locked-in Plan Assets are transferred to the Plan in accordance with applicable provincial or federal pension legislation, the additional provisions contained in the Locked-In Retirement Account (“LIRA”) or Locked-In Retirement Savings Plan (“LRSP”) addendum (the “Addendum”) to this Declaration will form part of this Declaration and will govern the Plan Assets. In the event of any inconsistencies between the Addendum and Declaration, the provisions of the Addendum will govern; provided always that the Plan will not be disqualified as a retirement savings plan acceptable for registration under the Act and any applicable legislation. - Investments
We will hold, invest and sell the Plan Assets according to your instructions. We may require any instructions to be in writing. We will pay interest on any cash balances at such rate and credited at such time as we in our sole discretion determine. The Trustee may retain all or such portion of the interest as it considers appropriate as a fee for services rendered in respect of the Plan. The Trustee will only accept funds in Canadian or U.S currency. The acceptance of any other foreign currency is at the sole discretion of the Trustee.
Investments will not be limited to those authorized by law for trustees. However, it will be your responsibility to determine whether any Contribution or investment is or remains a “qualified investment” for RRSPs pursuant to the Act. The Plan will bear any taxes, penalties or related interest imposed under the Act (other than those taxes, penalties and interest that the Trustee is liable for and that can’t be paid out of the property of the Plan). If the Plan Assets are insufficient to pay any taxes, penalties or related interest incurred, or if taxes, penalties or related interest are imposed after the Plan has ceased, you must pay or reimburse us directly for any such taxes, penalties or related interest.
You may, by way of a duly executed power of attorney in a form acceptable to us, appoint an agent to give investment instructions. You release us from any claim or liability when acting upon the instructions of such agent.
Notwithstanding anything in this Declaration, we may decline to accept any particular Contribution or to make any particular investment, in our sole discretion or for any reason, including if it does not comply with our administrative requirements or policies in place from time to time. We may also need you to provide special supporting documentation as a condition to our making certain investments for the Plan.
We will not be responsible for any loss resulting from the sale or other disposition of any investment forming part of the Plan Assets.
Neither the Trustee nor the Agent (in its capacity as Agent) shall have any duty or responsibility, fiduciary or otherwise (including, for greater certainty, under any legislation regarding trustee investment duties and powers) to make or choose any investment, to decide whether to hold or dispose of any investment or to exercise any discretion with regard to any of the Plan Assets, except as otherwise expressly provided in this Declaration. Other than its duties with respect to the Plan Assets expressly stated in this Declaration, the Trustee shall not be required or expected to take any action with regard to an investment without your prior instructions.
You shall not sign any document or authorize any action for the Plan in the name of the Trustee or the Agent, including permitting any of the Plan Assets to be used as security for a loan, without first having authorization from the Trustee.
The Trustee reserves the right to refuse instructions with respect to making any investment in its absolute discretion and reserves the right to require that you provide, in a manner satisfactory to it, information to establish the market value of the assets included in the investment (including but not limited to any shareholders’ agreements and any audited financial statements) and information required in the Trustee’s reasonable discretion to ensure compliance with the applicable legislation, and other rules with respect to investments (including, but not limited to, anti-money laundering legislation). - Income Tax Receipt
On or before March 31 of each year, we will send to you, your spouse or your common-law partner, as applicable, a receipt showing Contributions made by you or such person during the preceding year and, if applicable, the first sixty (60) days of the current year. You, your spouse or your common-law partner will be solely responsible for ensuring that any deductions claimed for income tax purposes do not exceed the permitted deductions under the Act. - Your Account and Statements
We will maintain an account in your name showing all Contributions made to the Plan, all investment transactions and all withdrawals from the Plan. At least once each year we will send you an account statement showing these transactions, including income earned and expenses incurred during such period. - Management and Ownership
We may hold any investment in our own name, in the name of our nominee or agent, in bearer form or in such other name or form, or with any such custodian, clearing corporation or depository, as we may determine. We may generally exercise the power of an owner with respect to the Plan Assets, including the right to vote or give proxies to vote in respect thereof, or to sell assets to pay any taxes, assessments or charges in connection with the Plan (other than those taxes, assessments and charges that the Trustee is liable for under the Act and that can’t be paid out of the property of the Plan). You authorize us or the Agent, if the Plan at any time has a cash deficit in one or more currencies, to charge against the Plan interest on the cash deficit until such deficit is eliminated and to sell any of the Plan Assets to eliminate the cash deficit and to select which Plan Assets to sell. In exercising our rights and carrying out our responsibilities hereunder, we may employ agents and advisors, including legal counsel, and may act or not act on the advice or information of any such agent or advisor. - Refund of Over Contributions
We will, upon receiving a written request from you or, if applicable, your spouse or common-law partner, refund an amount to that person in order to reduce the amount of tax that would otherwise be payable under Part X.1 of the Act, or under any other Tax Laws, by that person. We will not be responsible for determining the amount of any such refund. - Purchase of Retirement Income or Transfer to a RRIF
Your Plan will mature on the date (the “Maturity Date”) you select for the start of a Retirement Income but this date must not be later than December 31 of the calendar year in which your Retirement Income must begin, as required under the Act. Your Retirement income must be paid by way of equal annual or more frequent periodic payments until such time as there is a payment in full or partial commutation of the retirement income and, where such commutation is partial, by way of equal annual or more frequent periodic payments thereafter.
You must notify us in writing at least ninety (90) days prior to the Maturity Date. This notice must also give us your instructions to either:- sell the Plan Assets and use all of the cash in the Plan, less any sale costs and other related fees and charges (the “Plan Proceeds”), to purchase a Retirement Income for you starting on the Maturity Date; or
- transfer the Plan Assets on or before the Maturity Date to a RRIF.
If we do not receive your notice and instructions at least 60 days prior to December 31 of the calendar year in which your Retirement Income must begin, as required under the Act, we will sell the Plan Assets, subject to the requirements of the Act. If the amount of the Plan Proceeds exceeds $10,000 (or such greater or lesser amounts as we may in our sole discretion determine), we will prior to the end of that year transfer the Plan Proceeds to a RRIF for you and you hereby appoint us (and/ or the Agent) as your attorney(s) in fact to execute all such documents and make elections as are necessary to establish the RRIF.
You will be deemed (i) to have elected to use your age to determine the minimum amount payable under the RRIF according to the Act; (ii) not to have elected to designate your spouse or common-law partner to become the successor annuitant of the RRIF on your death; and (iii) not to have designated any beneficiary of the RRIF. We will administer such RRIF as trustee in accordance with the provisions of the Act. If the amount of the Plan Proceeds is less than $10,000 (or such greater or lesser amount as we may in our sole discretion determine) we will deposit same, net of any required withholding, in a non-registered interest-bearing deposit account on your behalf and we will be entitled to collect administration fees directly from that account. - Withdrawals
You may, by written instructions or by other manner of communication acceptable to us, at any time before the commencement of a Retirement Income, request that we pay you all or any part of the Plan Assets. In order to make such payment, we may sell all or part of any of the investments, to the extent we deem appropriate. We will withhold any income taxes or other taxes and charges required on the withdrawal of funds and pay you the balance, after deducting any applicable fees and expenses. We will have no liability to you in respect of any sold Plan Assets or for any losses that may result from such sales. In the event that you seek a withdrawal of some, but not all, of the Plan Assets, in accordance with the provisions herein, the Trustee reserves the right to require that all assets or certain assets other than those requested by you be distributed. - Transfers (On Relationship Breakdown or Otherwise)
Subject to any reasonable requirements we impose, you may direct us in writing to transfer Plan Assets (net of any costs of realizations), less any fees (including fees charged by the Trustee, the Agent, or any third party payable to you) or charges payable hereunder and any taxes, penalties or interest that are or may become payable or have to be withheld under the Tax Laws (other than those taxes, penalties and interest that the Trustee is liable for under the Act and that can’t be paid out of the property of the Plan), to:- an RRSP or RRIF under which (i) you are the annuitant; or (ii) your spouse, former spouse, common-law partner or former common-law partner, from whom you are living separate and apart, is the annuitant and the transfer is made pursuant to a decree, order or judgment of a competent tribunal, or a written separation agreement, relating to a division of property in settlement of rights arising out of your marriage or common-law partnership, or after the breakdown of such marriage or partnership; or
- a Registered Pension Plan (as defined in the Tax Laws) for your benefit.
- No Advantages
No advantage that is conditional in any way on the existence of the Plan may be extended to you or to a person with whom you do not deal at arm’s length, other than the benefits and advantages permitted by the Act. - Death
- Death Before Maturity (applies to Provinces & Territories except Quebec): You may designate (and may add, change or delete) beneficiaries of the Plan in accordance with, and in the form and manner provided by, the applicable legislation. Where you die before the maturity of the Plan, the Trustee shall pay or transfer the Plan Assets in accordance with applicable legislation to any beneficiaries of the Plan so designated or, where no beneficiary has been so designated or the Trustee has not been notified of any beneficiary in accordance with applicable legislation, to your legal personal representative(s).
- Death Before Maturity (applies to Quebec only): If you wish to name a beneficiary (beneficiaries), you should do so in a will or other written document that meets the requirements of the applicable legislation. On your death, and upon receipt of official documentation, the Trustee will distribute the Plan Assets to your legal personal representative(s). The Trustee and the Agent will be fully discharged by such payment or transfer. You acknowledge that it is your sole responsibility to ensure that a designation or revocation is valid under the applicable legislation.
- Before making a payment or transfer pursuant to paragraph 12(a) or paragraph 12(b) hereof, the Trustee must receive satisfactory evidence of death and such satisfactory instructions, releases, indemnities and other documents as may be required. We will be fully discharged once we make such transfers or payments, even though any beneficiary designation made by you may be invalid as a testamentary instrument.
- Deductions will be made for all fees, costs, charges and taxes to be paid or withheld (other than those taxes that Trustee is liable for under the Act and that can’t be paid out of the property of the Fund).
- Where provided for by the Agent, you may designate a beneficiary under the Plan by electronic signature except where prohibited by applicable legislation.
In the event the Trustee determines that it is advisable or desirable to pay the Plan Assets into court, the Trustee shall be entitled to be indemnified out of the Plan Assets for its costs and expenses, including legal costs, of doing so. Subject to applicable legislation, we will not be liable for losses caused by any delay in making payments into court or to the beneficiary or the legal personal representative(s). - Third Party Orders or Demands
The Trustee shall be indemnified out of the Plan Assets in respect of any costs, expenses, charges or liabilities whatsoever that may arise out of the Trustee's good faith compliance with any law, regulation, judgment, seizure, execution, notice or similar order or demand which lawfully imposes on the Trustee a duty to take or refrain from taking any action concerning the Plan or the Plan Assets, or to issue payment from the Plan Assets, with or without instructions from you or in contradiction of your instructions. The Trustee or the Agent retains the ability to restrict trading, withdrawals and transfers upon receipt of an order or demand. The Trustee or the Agent will not be liable for any decreases in account value during the restriction period. In order for any related restriction to be removed from your account, you must provide proof satisfactory to the Trustee in its sole discretion, that it is no longer applicable. The Trustee may permit any duly authorized party to have access to and the right to examine and make copies of any records, documents, paper and books involving any transaction of the Plan or related to the Plan and shall similarly be entitled to indemnity out of the Plan Assets for so doing. In the event the Plan Assets shall be insufficient to indemnify the Trustee fully in any such regard, by establishing the Plan you agree to indemnify and hold the Trustee harmless for any such costs, expenses, charges or liabilities. - Proof of Age
Your statement of your date of birth in your application will be deemed to be a certification of your age and your undertaking to provide any further evidence or proof of age that may be required for the purpose of determining the Maturity Date and acquiring a Retirement Income. - Delegation
You authorize us to delegate to Common Wealth Pension Services Inc. (the “Agent”) the performance of certain of our duties, including the following:- registering the Plan with the Canada Revenue Agency;
- receiving Contributions;
- investing the Plan Assets in accordance with this Declaration;
- holding the Plan Assets in safekeeping, in its name or in the name of its nominee or custodian;
- maintaining your account and providing you with statements and notices;
- receiving and implementing your notices and instructions;
- collecting fees and expenses from you or the Plan;
- filing any elections permitted under the Tax Laws as directed by you or your personal representatives;
- issuing tax receipts and preparing and filing tax returns or forms relating to the Plan;
- withdrawing or transferring Plan Assets in accordance with your instructions or for the purpose of making payments to you, any government authority or any other person entitled to same under the Plan, the Tax Laws or other applicable legislation;
You acknowledge that we may pay the Agent all or any portion of our fees hereunder and reimburse it for its out-of-pocket expenses in performing its delegated duties. You also acknowledge that the Agent will earn normal brokerage commissions on investment transactions processed by it. You acknowledge and agree that all protections, limitations of liability and indemnifications given to us under this Declaration, including without limitation those under paragraph 17 and 18 are also given to, and are for the benefit of, the Agent. - Fees and Expenses
We are entitled to receive and may charge against the Plan reasonable fees and other charges that we establish from time to time in conjunction with the Agent, provided that we will give you thirty (30) days written notice of a change in the amount of any such fee. We are also entitled to reimbursement for all taxes, penalties and interest and for all other costs and out-of- pocket expenses incurred by us or the Agent in connection with the Plan (other than those taxes, penalties and interest that the Trustee is liable for under the Act and that can’t be paid out of the property of the Plan). All amounts so payable will be charged against and deducted from the Plan Assets, unless you make other arrangements with us. If the cash in the Plan is not sufficient to pay these amounts, we may, in our sole discretion, sell any of the Plan Assets in order to pay same and we will not be responsible for any loss occasioned by any such sale. - Group RSP
If the Plan is part of a group retirement savings plan (“Group RSP”), you are required to be an employee or member, or the spouse or common-law partner of the employee or member, of the sponsoring organization of the Group RSP named in the application (the “Group Sponsor”). You accept the Group Sponsor as your agent for the purposes of constituting the plan. [You hereby appoint the Plan Sponsor to act as your agent for certain limited purposes with respect to the administration of the Plan, including, without limiting the generality of the foregoing, receiving information on the Plan from time to time, delivering your directions to the Agent, and submitting Contributions to the Agent. You acknowledge that the Plan Sponsor’s arrangement with the Agent and yourself imposes certain additional terms and conditions on the Plan referred to in this Declaration.
Notwithstanding paragraph 2, in addition to Contributions made by you, or your spouse or your common-law partner, the Agent may accept any Contribution made on your behalf by the Plan Sponsor.
You also acknowledge that where the Plan Sponsor makes regular Contributions to the Plan on your behalf, those Contributions may be suspended if you make a withdrawal from the Plan. For this reason, notwithstanding paragraph 9, you are required to provide the Plan Sponsor with a withdrawal request prior to any withdrawal from the Plan being effected.
Upon your ceasing to be an employee or member of the Group Sponsor and upon notification from the Group Sponsor being received by us, the following will apply:- We will not accept any further contributions to this Plan; and
- You shall provide us with written notice to transfer the Plan to a self-directed RRSP, self-directed RRIF with us or another financial institution which is not part of the Group RSP. If we do not receive your written instructions within fifteen (15) days from the date we receive notice from the Group Sponsor, you will be deemed to have instructed us to transfer Plan Assets and to act as your attorney to execute documents and make elections necessary to establish another retirement savings plan (“RSP”) or retirement income fund (“RIF”), selected by us in our sole discretion and to apply for registration of such RSP or RIF under applicable legislation.
- Trustee’s Liability
- a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that the Plan holds a non-qualified investment or a prohibited investment (as defined under the Act) for a RRSP. However, the Trustee and the annuitant are responsible for determining whether any investment made on your instructions is or remains a “qualified investment” or a “prohibited investment” for your Plan (as defined under the Act).
- We are entitled to act upon any instrument, certificate, notice or other writing believed by us to be genuine and properly signed or presented. We shall be entitled to accept same as conclusive evidence of the truth and accuracy of the statements contained therein.
- When the Plan is terminated and all of the Plan Assets are paid out, we will be released and discharged from all responsibility or obligation in connection with the Plan.
- If the Plan acquires an investment that is a non-qualified investment or a prohibited investment (as defined under the Act) for a RRSP, or if property held in the Plan becomes a non-qualified investment or a prohibited investment for an RRSP, it is your responsibility to file an Individual Return for Certain Taxes for RRSPs or RRIF for the relevant taxation year (Form RC339) and any other form required under the Act and pay the applicable tax under Part XI.01 of the Act.
- Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
- Any taxes or interest which may be imposed on the Plan under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Plan, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can’t be paid out of the property of the Plan; or
- Any loss suffered or incurred by you, the Plan, or any beneficiary under the Plan caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence or reckless disregard.
- You, your legal personal representative, and each beneficiary under the Plan will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Plan or any losses incurred by the Plan, including all expenses reasonably incurred in the defense thereof (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that can’t be paid out of the property of the Plan), as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Plan made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Plan.
- Replacement of Trustee
We may at any time resign as trustee under the Plan by giving you and the Agent sixty (60) days written notice, or such shorter period of notice as the Agent may accept.
The Agent may remove us as trustee by giving you and us sixty (60) days written notice, or such shorter notice as we may accept. Upon giving or receiving any such notice of our removal or resignation, the Agent will within the notice period appoint a successor trustee authorized under the Tax Laws and any other applicable legislation (the “Successor Trustee”). If a Successor Trustee is not found within such notice period, we and/or the Agent may apply to a court of competent jurisdiction for the appointment of a Successor Trustee. Any costs incurred by us in securing the appointment of a Successor Trustee will constitute a charge against the assets of the Plan and will be reimbursed from the Plan Assets unless borne personally by the Agent. Our resignation or removal will not be effective until a Successor Trustee is appointed.
Any trust company resulting from a merger, amalgamation or continuation to which we are party, or succeeding to substantially all of our RRSP and RRIF trusteeship business (whether by sale of such business or otherwise), will, if authorized, become the Successor Trustee of the Plan without further act or formality.
In the event of a change of trustee, we will transfer the Plan Assets to the Successor Trustee within thirty (30) days after the effective date of such change. Such a transfer will be subject to the requirements of paragraph 10 hereof. - Amendments to this Declaration of Trust
We may from time to time amend this Declaration with the approval, if required, of the applicable taxation authorities as long as the amendment will not disqualify the Plan as an RRSP under the Tax Laws. We will give you thirty (30) days written notice of any amendment unless it is made for the purpose of satisfying a requirement imposed by the Tax Laws. - Documentation
Notwithstanding anything to the contrary herein, the Trustee may require such satisfactory instructions, releases, indemnities, tax clearance certificates, death certificates and other documents as the Trustee in its discretion deems appropriate. - Instructions
The Trustee and the Agent shall be entitled to rely upon instructions in writing, received from you or from any person designated in writing, in accordance with applicable legislation, by you to give instructions on behalf of you or from any person purporting to be you or such designated person, as if they were from you. Without limiting the generality of the foregoing, the Trustee and the Agent are hereby authorized to rely upon instructions sent by e-mail, facsimile, web applications, and other similar unsecured electronic methods (“Electronic Methods”) by persons believed by the Trustee and Agent to be authorized to give instructions on behalf of you. Subject to applicable legislation, the Trustee or the Agent may, without incurring any liability to you or any other person, decline to act upon any instruction - Notices
Any notices, demands, orders, documents or any other written communication we may forward to you by i) mail, postage paid, to your address indicated on the Application (or subsequent written notification of a new address which we acknowledge received) shall be deemed to be received by you (3) days after such mailing; and ii) any of the Electronic Methods shall be deemed to be received by you when directed to an electronic mail address at which you have consented to receive notice.
You acknowledge that we shall be under no further obligation to locate you for the purpose of forwarding any such notices, demands, orders, documents or any other written communication. - Reference to Statutes
All references herein to any statute, regulation or any provision thereof will mean such statute, regulation or provision as the same may be re-enacted, amended, or replaced from time to time. - Governing Law
This Declaration will be construed, administered and enforced in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein, except that where the circumstances require, the terms “spouse” and “common law partner” will be recognized in accordance with the Act. - Access to File (Applicable in Quebec Only)
You understand that the information contained in your application will be maintained in a file at the Agent’s place of business. The object of this file is to enable us and the Agent, and our respective agents or representatives, to access your application, answer any questions you may have regarding the application and your Plan, and manage your Plan and your instructions on an ongoing basis. Subject to applicable legislation, personal information contained in this file may be used by us or by the Agent to make any decision relevant to the object of the file and no one may have access to the file except us, the Agent, our respective employees, agents and representatives, any other person required for the execution of our or the Agent’s duties and obligations, you and any other person that you expressly authorize in writing. You are entitled to consult your file and to have anything in it corrected. In order to exercise these rights, you must notify us in writing. - Binding
The terms and conditions of this Declaration will be binding upon your heirs and legal personal representatives and upon our successors and assigns. Notwithstanding that, if the Plan or the Plan Assets are transferred to a Successor Trustee, then the terms of such Successor Trustee’s declaration of trust will govern thereafter.
OMA Retirement Income Fund Declaration of Trust
We, Canadian Western Trust Company (the “Trustee”), a trust company existing under the laws of Canada, hereby declare that we will act as trustee for you, the annuitant named in the application to which this declaration of trust (the “Declaration”) is attached, for the OMA Retirement Income Fund (the “Fund”) upon the following terms:
Some Definitions: In this Declaration, in addition to terms defined elsewhere herein,
- “Act” means the Income Tax Act (Canada), and the regulations promulgated thereunder;
- “Agent” refers to the company named in paragraph 14;
- “applicable legislation” means all provincial and federal legislation governing the Fund, the Fund Assets and the parties hereto including, without limitation, privacy and securities legislation. Any reference to applicable legislation shall be deemed to include all such statutes and any regulations, policies, rules, orders or other provisions thereunder, all as may be amended, re-enacted or replaced from time to time;
- “common-law partner” has the meaning set forth in the Act and other laws applicable to this Fund;
- “Retirement Income” has the meaning set forth in the Act and other laws applicable to this Fund;
- “RRIF” means a registered retirement income fund, as defined in the Act;
- “RRSP” means a registered retirement savings plan, as defined in the Act;
- “Securities Regulator” means the government department, agency, board or commission, or self-regulatory organization which regulates the sale of Securities in the applicable jurisdiction.
- “spouse or common-law partner” means a spouse or common-law partner for the purposes of the Act and other laws applicable to this Fund;
- “Tax Laws” means the Act and any applicable tax legislation of your province of residence, as recorded in your application;
- “We”, “us”, “our” and “Trustee” refer to Canadian Western Trust Company; and
- “You”, “your” and “yours” refer to the person who has signed the application and will be the owner of the Fund (under the Act, known as the “annuitant” of the Fund) and, after your death, your spouse or common-law partner if they become the successor annuitant of the Fund as described in paragraph 6 hereof.
- Registration
We will apply for registration of the Fund in accordance with the Act. The purpose of the Fund is to provide you with a Retirement Income in accordance with the Act. - Acceptance of Property into the Fund
We will accept into the Fund only cash and other property that is transferred in accordance with the Act, from:- an RRSP or RRIF under which you are the annuitant;
- you, to the extent only that the property was an amount described in subparagraph 60(1)(v) of the Act (including refunds of premiums from a deceased person’s RRSP where he or she was your spouse or common-law partner or common-law partner, or you were dependent upon him or her by reason of physical or mental infirmity);
- an RRSP or RRIF under which your spouse or common-law partner, former spouse or common-law partner or former common-law partner, from whom you are living separate and apart, is the annuitant and the transfer is made pursuant to a decree, order or judgment of a competent tribunal, or a written separation agreement, relating to a division of property in settlement of rights arising out of your marriage or common-law partnership, or after the breakdown of such marriage or partnership;
- a registered pension plan of which you are a member (as defined in subsection 147.1(1) of the Act), or a registered pension plan in accordance with subsection 147.3(5) or (7) of the Act;
- a specified pension plan in circumstances to which subsection 146(21) of the Act applies;
- a pooled registered pension plan in accordance with subsection 147.5(21) of the Act;
- an advanced life deferred annuity under which you are the annuitant, if the transfer is a refund described under paragraph (g) of the definition of advanced life deferred annuity in subsection 146.5(1) of the Act.
If locked-in Fund Assets are transferred to the Fund in accordance with applicable provincial or federal pension legislation, the additional provisions contained in the Life Income Fund (“LIF”) or Locked-In Retirement Income Fund (“LRIF”) addendum (the “Addendum”) to this Declaration will form part of this Declaration and will govern the Fund Assets. In the event of any inconsistencies between the Addendum and Declaration, the provisions of the Addendum will govern; provided always that the Fund will not be disqualified as a retirement income fund acceptable for registration under the Act and any applicable legislation. - Investments
We will hold, invest and sell the Fund Assets according to your instructions. We may require any instructions to be in writing. We will pay interest on any cash balances at such rate and credited at such time as we in our sole discretion determine. The Trustee may retain all or such portion of the interest as it considers appropriate as a fee for services rendered in respect of the Fund. The Trustee will only accept funds in Canadian or U.S currency. The acceptance of any other foreign currency is at the sole discretion of the Trustee.
Investments will not be limited to those authorized by law for trustees. However, it will be your responsibility to determine whether an investment is or remains a “qualified investment” for RRIFs pursuant to the Act. The Fund will bear any taxes, penalties or related interest imposed under the Act (other than those taxes, penalties and interest that the Trustee is liable for and that can’t be paid out of the property of the Fund). If the Fund Assets are insufficient to pay any taxes, penalties or related interest incurred, or if taxes, penalties or related interest are imposed after the Fund has ceased, you must pay or reimburse us directly for any such taxes, penalties or related interest.
You may, by way of a duly executed power of attorney in a form acceptable to us, appoint an agent to give investment instructions. You release us from any claim or liability when acting upon the instructions of such agent.
Notwithstanding anything in this Declaration, we may decline to accept any particular transferred property or to make any particular investment, in our sole discretion or for any reason, including if it does not comply with our administrative requirements or policies in place from time to time. We may also need you to provide special supporting documentation as a condition to our making certain investments for the Fund.
We will not be responsible for any loss resulting from the sale or other disposition of any investment forming part of the Fund Assets.
Neither the Trustee nor the Agent (in its capacity as Agent) shall have any duty or responsibility, fiduciary or otherwise (including, for greater certainty, under any legislation regarding trustee investment duties and powers) to make or choose any investment, to decide whether to hold or dispose of any investment or to exercise any discretion with regard to any investment of the Fund, except as otherwise expressly provided in this Declaration. The Trustee shall not be required or expected to take any action with regard to an investment without your prior instructions.
You shall not sign any document or authorize any action for the Fund in the name of the Trustee or the Agent, including permitting any of the Fund Assets to be used as security for a loan, without first having authorization from the Trustee.
You agree not to provide any instructions or series of instructions that would cause the Fund to contravene the Act. For greater certainty, you agree not to provide any instructions or series of instructions that are contrary to your responsibilities or that would cause the Trustee to act contrary to its responsibilities as set out in this Declaration. - Your Account and Statements
We will maintain an account in your name showing all Fund Assets, all investment transactions and all payments from the Fund. At least once each year we will send you an account statement showing these transactions, including income earned and expenses incurred during such period. We will also send you by the end of February in each year a tax information slip showing the total amount of all payments made to you from the Fund during the preceding calendar year to enable you to report this amount on your income tax return. - Management and Ownership
We may hold any investment in our own name, in the name of our nominee or agent, in bearer form or in such other name or form, or with any such custodian, clearing corporation or depository, as we may determine. We may generally exercise the power of an owner with respect to the Fund Assets, including the right to vote or give proxies to vote in respect thereof, or to sell assets to pay any taxes, assessments or charges in connection with the Fund (other than those taxes, assessments and charges that the Trustee is liable for under the Act and that cannot be paid out of the property of the Fund). However, you may request us to arrange for you to be able to exercise such voting rights, whereupon if we have been given sufficient time, we will make such arrangements. You authorize us or the Agent, if the Fund at any time has a cash deficit in one or more currencies, to charge against the Fund interest on the cash deficit until such deficit is eliminated and to sell any of the Fund Assets to eliminate the cash deficit and to select which Fund Assets to sell. In exercising our rights and carrying out our responsibilities hereunder, we may employ agents and advisors, including legal counsel, and may act or not act on the advice or information of any such agent or advisor. - Payments
Payments must begin no later than the first year after the calendar year in which the Fund is established. For every year following the calendar year in which the Fund is established, the minimum amount is calculated by multiplying the fair market value of the Fund at the beginning of the year by a factor prescribed under the Act which corresponds to your age in whole years at the beginning of the year (or the age you would have been if you had been alive then). You may elect to have the minimum amount determined using your spouse or common-law partner’s or common-law partner’s age (or the age your spouse or common-law partner would have been if he or she had been alive then). To do so, you must complete the appropriate area on the application form before we make any payment to you out of the Fund.
Each calendar year, we will make one or more payments to you, totaling not less than the minimum amount as defined in subsection 146.3(1) of the Act. No payment will be for an amount exceeding the value of the Fund Assets immediately before such payment. The minimum amount for the year in which the Fund is established is zero, meaning you do not have to take payments if you do not want to. We will make payments to you in the amounts and at the times you direct us, as set out in your application form or in other acceptable directions, and you may change these directions. You may direct us to make payments which exceed the minimum amount for the year, in which case we must withhold tax from the excess. You shall ensure that payments requested from the Fund do not exceed the maximum amount specified by applicable legislation. If you do not specify the amount to be paid or if the amount you specify is less than the minimum amount for a year, we will make payment(s) to you equaling at least the minimum amount. At the end of the year in which the last payment is made, an amount equal to the value of the Fund Assets must be paid out.
It is solely your responsibility to ensure that there is sufficient cash in the Fund to make these payments. We will not be required to make any such payment in specie. If any Fund Assets must be sold to provide the required cash and we do not have your instructions as to which to sell, we will sell any of the Fund Assets that we, in our sole discretion, consider appropriate. We will not be liable for any loss that results from a sale.
No payment from the Fund may be assigned, in whole or in part.
We will not make any payments other than those described in paragraphs 6, 7 and 10 of this Declaration. However, before making any such payment, we may charge against the Fund the amount of any taxes, penalties, interest, fees and expenses that are payable hereunder, under the Tax Laws or under other applicable legislation. - Transfers (On Relationship Breakdown or Otherwise)
Subject to any reasonable requirements we impose, you may direct us in writing to transfer all or part of the Fund Assets (net of any costs of realizations and of any property we must retain under the Act to ensure that the minimum amount may be paid to you in that year) to:- an RRIF under which you are the annuitant; or
- an RRSP or RRIF under which your spouse or common-law partner, former spouse or common-law partner or former common-law partner, from whom you are living separate and apart, is the annuitant and the transfer is made pursuant to a decree, order or judgment of a competent tribunal, or a written separation agreement, relating to a division of property in settlement of rights arising out of your marriage or common-law partnership, or after the breakdown of such marriage or partnership.
- No Advantages
No advantage that is conditional in any way on the existence of the Fund may be extended to you or to a person with whom you do not deal at arm’s length, other than the benefits and advantages permitted by the Act. - Designation of Successor Annuitant / Beneficiary
Where effective under applicable legislation, you may designate one or more beneficiaries to receive an amount or amounts out of the Fund after your death, in accordance with one of the following:- Successor Annuitant: You may at any time elect that your spouse or common-law partner receive the payments under paragraph 6 after your death. (A successor annuitant cannot make this designation.) If you have not made this election, we may agree to make such payments to your spouse or common-law partner after your death, if your legal personal representative requests this; or
- Beneficiary of Lump Sum: You may designate one or more beneficiary(ies) to receive the Fund Assets or the proceeds thereof, less any applicable taxes and any fees or expenses payable under this Declaration, in a lump sum payment.
- Death
- Death of Annuitant (applies to Provinces & Territories except Quebec): You may designate (and may add, change or delete) beneficiaries of the Fund in accordance with, and in the form and manner provided by, the applicable legislation. Where you die, the Trustee shall pay or transfer the Fund in accordance with applicable legislation to any beneficiaries of the Fund so designated or, where no beneficiary has been so designated or the Trustee has not been notified of any beneficiary in accordance with applicable legislation, to your legal personal representative(s).
- Death of Annuitant (applies to Quebec only): If you wish to name a successor account holder and/or a beneficiary (or beneficiaries), you should do so in a will or other written document that meets the requirements of the applicable legislation. On your death, and upon receipt of official documentation, the Trustee will distribute the Fund Assets to your legal personal representative(s). The Trustee and the Agent will be fully discharged by such payment or transfer. You acknowledge that it is your sole responsibility to ensure that a designation or revocation is valid under the applicable legislation.
- Before making a payment or transfer pursuant to paragraph 10(a) or paragraph 10(b) hereof, the Trustee must receive satisfactory evidence of death and such satisfactory instructions, releases, indemnities and other documents as may be required. We will be fully discharged once we make such transfers or payments, even though any beneficiary designation made by you may be invalid as a testamentary instrument.
- Deductions will be made for all fees, costs, charges and taxes to be paid or withheld (other than those taxes that the Trustee is liable for under the Act and that cannot be paid out of the property of the Fund).
- Where provided for by the Agent, you may designate a beneficiary under the Fund by electronic signature except where prohibited by applicable legislation.
In the event the Trustee determines that it is advisable or desirable to pay the Fund into court, the Trustee shall be entitled to be indemnified out of the Fund for its costs and expenses, including legal costs, of doing so. Subject to applicable legislation, we will not be liable for losses caused by any delay in making payments into court or to the beneficiary or the legal personal representative(s). - Third Party Orders or Demands
The Trustee shall be entitled to be indemnified out of the Fund in respect of any costs, expenses, charges or liabilities whatsoever that may arise out of the Trustee’s good faith compliance with any law, regulation, judgment, seizure, execution, notice or similar order or demand which lawfully imposes on the Trustee a duty to take or refrain from taking any action concerning the Fund and the Fund Assets, or to issue payment from the Fund, with or without instructions from you or in contradiction of your instructions. The Trustee or the Agent retains the ability to restrict trading, withdrawals and transfers upon receipt of an order or demand. The Trustee or Agent will not be liable for any decreases in account value during the restriction period. In order for any related restriction to be removed from your account, you must provide proof satisfactory to the Trustee, in its sole discretion, that it is no longer applicable. The Trustee may permit any duly authorized party to have access to and the right to examine and make copies of any records, documents, paper and books involving any transaction of the Fund or related to the Fund and shall similarly be entitled to indemnity out of the Fund for so doing. In the event the Fund Assets shall be insufficient to indemnify the Trustee fully in any such regard, by establishing the Fund you agree to indemnify and hold the Trustee harmless for any such costs, expenses, charges or liabilities. - Proof of Age
Your statement of your date of birth in your application will be deemed to be a certification of your age and your undertaking to provide any further evidence or proof of age that may be required for the purpose of calculating your Retirement Income. - Delegation
You authorize us to delegate to Common Wealth Pension Services Inc. (the “Agent”) the performance of certain of our duties, including the following:- receiving transfers of cash and other property into the Fund and accepting on our behalf your application;
- registering the Fund with the Canada Revenue Agency;
- investing the Fund Assets in accordance with this Declaration;
- holding the Fund Assets in safekeeping, in its name or in the name of its nominee or custodian;
- maintaining your account and providing you with statements and notices;
- receiving and implementing your notices and instructions;
- collecting fees and expenses from you or the Fund;
- filing any elections permitted under the Act as directed by you or your personal representatives;
- issuing tax information slips and preparing and filing tax returns or forms relating to the Fund;
- withdrawing or transferring Fund Assets in accordance with your instructions or for the purpose of making payments to you, any government authority or any other person entitled to same under the Fund, the Act or other applicable legislation;
You acknowledge that we may pay the Agent all or any portion of our fees hereunder and reimburse it for its out-of-pocket expenses in performing its delegated duties. You also acknowledge that the Agent will earn normal brokerage commissions on investment transactions processed by it. You acknowledge and agree that all protections, limitations of liability and indemnifications given to us under this Declaration, including without limitation those under paragraphs 15 and 17 are also given to, and are for the benefit of, the Agent. - Fees and Expenses
We are entitled to receive and may charge against the Fund reasonable fees and other charges that we establish from time to time in conjunction with the Agent, provided that we will give you thirty (30) days written notice of a change in the amount of any such fee. We are also entitled to reimbursement for all taxes, penalties and interest and for all other costs and out-of- pocket expenses incurred by us or the Agent in connection with the Fund (other than those taxes, penalties and interest that the Trustee is liable for under the Act and that cannot be paid out of the property of the Fund). All amounts so payable will be charged against and deducted from the Fund Assets, unless you make other arrangements with us. If the cash in the Fund is not sufficient to pay these amounts, we may, in our sole discretion, sell any of the Fund Assets in order to pay same and we will not be responsible for any loss occasioned by any such sale. - Group RIF
If the Fund is part of a group retirement income fund (“Group RIF”), you are required to be an employee or member, or the spouse or common-law partner of the employee or member, of the sponsoring organization of the Group RIF named in the application (the “Group Sponsor”). You accept the Group Sponsor as your Agent for the purposes of constituting the plan. You hereby appoint the Group Sponsor to act as your agent for certain limited purposes with respect to the administration of the Fund, including, without limiting the generality of the foregoing, receiving information on the Fund from time to time and delivering your directions to the Agent. You acknowledge that the Group Sponsor’s arrangement with the Agent and yourself imposes certain additional terms and conditions on the Fund referred to in this Declaration.
You acknowledge that you may be required to provide the Group Sponsor with a withdrawal request prior to any withdrawal from the Fund being effected.
Upon your ceasing to be an employee or member of the Group Sponsor and upon notification from the Group Sponsor being received by us, the Fund will no longer be a part of the Group RIF and the Fund will continue as an individual plan with the Agent subject to your rights with respect to withdrawals and permitted transfers as set out in the Declaration.
The limitations of liability provided in paragraph 17, any indemnity hereunder and any authority granted hereby for reimbursement out of the Fund will extend to and save harmless the Group Sponsor. - Trustee’s Liability
- a) The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that the Fund holds a non-qualified investment or a prohibited investment (as defined under the Act) for a RRIF in the Fund. However, the Trustee and the annuitant are responsible for determining whether any investment made on your instructions is or remains a “qualified investment” or a “prohibited investment” for your Fund (as defined under the Act).
- We are entitled to act upon any instrument, certificate, notice or other writing believed by us to be genuine and properly signed or presented. We shall be entitled to accept same as conclusive evidence of the truth and accuracy of the statements contained therein.
- When the Fund is terminated and all of the Fund Assets are paid out, we will be released and discharged from all responsibility or obligation in connection with the Fund.
- If the Fund acquires an investment that is a non-qualified investment or a prohibited investment (as defined under the Act) for a RRIF, or if property held in the Fund becomes a non-qualified investment or a prohibited investment for an RRIF, it is your responsibility to file an Individual Return for Certain Taxes for RRSPs or RRIF for the relevant taxation year (Form RC339) and any other form required under the Act and pay the applicable tax under Part XI.01 of the Act.
- Notwithstanding any other provisions hereof, the Trustee will not be liable in its personal capacity for or in respect of:
- Any taxes or interest which may be imposed on the Fund under Tax Laws (whether by way of assessment, reassessment or otherwise) or for any charge levied or imposed by any governmental authority upon or in respect of the Fund, as a result of the purchase, sale or retention of any investment including, without limiting the generality of the forgoing, non-qualified investments, other than taxes, penalties and interest imposed on the Trustee arising from its personal liability, including without limitation, arising from its administrative error, under Tax Laws and that can’t be paid out of the property of the Fund; or
- Any loss suffered or incurred by you, the Fund, or any beneficiary under the Fund caused by or resulting from the Trustee acting or declining to act upon instruction given to it, whether by you, a person designated by you or any person purporting to be you, unless caused by the Trustee’s dishonesty, bad faith, willful misconduct, gross negligence, or reckless disregard.
- You, your legal personal representative, and each beneficiary under the Fund will at all times, indemnify and save harmless the Trustee in respect of any taxes, penalties, interest or other governmental charges which may be levied or imposed on the Trustee in respect of the Fund or any losses incurred by the Fund, including all expenses reasonably incurred in the defense thereof (other than losses, taxes, penalties, interest or other government charges for which the Trustee is liable in accordance herewith and that cannot be paid out of the property of the Fund) as a result of the acquisition, retention or transfer of any investment or as a result of payments out of the Fund made in accordance with these terms and conditions or as result of the Trustee acting or declining to act on any instruction given to it by you. You, where required or requested, will provide the Trustee with such information as it may require in order to value assets being acquired or held by the Fund.
- Replacement of Trustee
We may at any time resign as trustee under the Fund by giving you and the Agent sixty (60) days written notice, or such shorter period of notice as the Agent may accept. The Agent may remove us as trustee by giving you and us sixty (60) days written notice, or such shorter notice as we may accept. Upon giving or receiving any such notice of our removal or resignation, the Agent will within the notice period appoint a successor trustee authorized under the Tax Laws and any other applicable legislation (the “Successor Trustee”). If a Successor Trustee is not found within such notice period, we and/or the Agent may apply to a court of competent jurisdiction for the appointment of a Successor Trustee. Any costs incurred by us in securing the appointment of a Successor Trustee will constitute a charge against the assets of the Fund and will be reimbursed from the Fund Assets unless borne personally by the Agent. Our resignation or removal will not be effective until a Successor Trustee is appointed.
Any trust company resulting from a merger, amalgamation or continuation to which we are party, or succeeding to substantially all of our RRSP and RRIF trusteeship business (whether by sale of such business or otherwise), will, if authorized, become the Successor Trustee of the Fund without further act or formality.
In the event of a change of trustee, we will transfer the Plan Assets to the Successor Trustee within thirty (30) days after the effective date of such change. Such a transfer will be subject to the requirements of paragraph 10 hereof.
In the event of a change of trustee, we will transfer the Fund Assets to the Successor Trustee within thirty (30) days after the effective date of such change. Such a transfer will be subject to the requirements of paragraph 7 hereof, including the retention of any property necessary to ensure payment to you that year of the minimum amount. - Amendments to this Declaration of Trust
We may from time to time amend this Declaration with the approval, if required, of the applicable taxation authorities as long as the amendment will not disqualify the Fund as a RRIF under the Act. We will give you thirty (30) days written notice of any amendment unless it is made for the purpose of satisfying a requirement imposed by the Act. - Documentation
Notwithstanding anything to the contrary herein, the Trustee may require such satisfactory instructions, releases, indemnities, tax clearance certificates, death certificates and other documents as the Trustee in its discretion deems appropriate. - Instructions
The Trustee and the Agent shall be entitled to rely upon instructions in writing, received from you or from any person designated in writing, in accordance with applicable legislation, by you to give instructions on behalf of you or from any person purporting to be you or such designated person, as if they were from you. Without limiting the generality of the foregoing, the Trustee and the Agent are hereby authorized to rely upon instructions sent by e-mail, facsimile, web applications, and other similar unsecured electronic methods (“Electronic Methods”) by persons believed by the Trustee and Agent to be authorized to give instructions on behalf of you. Subject to applicable legislation, the Trustee or the Agent may, without incurring any liability to you or any other person, decline to act upon any instruction. - Notice
Any notices, demands, orders, documents or any other written communication we may forward to you by i) mail, postage paid, to your address indicated on the Application (or subsequent written notification of a new address which we acknowledge received) shall be deemed to be received by you (3) days after such mailing; and ii) any of the Electronic Methods shall be deemed to be received by you when directed to an electronic mail address at which you have consented to receive notice. You acknowledge that we shall be under no further obligation to locate you for the purpose of forwarding any such notices, demands, orders, documents or any other written communication. - Reference to Statutes
All references herein to any statute, regulation or any provision thereof will mean such statute, regulation or provision as the same may be re-enacted or replaced from time to time. - Governing Law
This Declaration will be construed, administered and enforced in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein, except that where the circumstances require, the terms “spouse” and “common-law partner” will be recognized in accordance with the Act. - Access to File (Applicable in Quebec Only)
You understand that the information contained in your application will be maintained in a file at the Agent’s place of business. The object of this file is to enable us and the Agent, and our respective agents or representatives, to access your application, answer any questions you may have regarding the application and your Fund, and manage your Fund and your instructions on an ongoing basis. Subject to applicable legislation, personal information contained in this file may be used by us or by the Agent to make any decision relevant to the object of the file and no one may have access to the file except us, the Agent, our respective employees, agents and representatives, any other person required for the execution of our or the Agent’s duties and obligations, you and any other person that you expressly authorize in writing. You are entitled to consult your file and to have anything in it corrected. In order to exercise these rights, you must notify us in writing. - Binding
The terms and conditions of this Declaration will be binding upon your heirs and legal personal representatives and upon our successors and assigns. Notwithstanding that, if the Fund or the Fund Assets are transferred to a Successor Trustee, then the terms of such Successor Trustee’s declaration of trust will govern thereafter.
Annuitant Acknowledgement and Authorization
I hereby make application to Canadian Western Trust Company (CWT) for the OMA Retirement Savings Plan (the “Plan”) or the OMA Retirement Income Fund (the “Fund”) and request that CWT file for registration of the Plan or Fund as a Registered Retirement Savings Plan or a Registered Retirement Income Fund under section 146 or 146.3 of the Income Tax Act.
I certify that the information contained in this Account Application is true and correct. I have read the terms and conditions set out in the Account Agreement and the appropriate Declaration of Trust. I agree to be bound by them and by any relevant locking-in addendum to the Plan/Fund which governs any locked-in funds, as amended from time to time. I understand and agree that locked-in funds cannot be combined with non locked-in funds.
I am aware that the benefits paid out under the Plan/Fund may be included in my income under the Income Tax Act (Canada) and under any applicable provincial income tax legislation. CWT will issue an income tax receipt to me for any withdrawals from Plan/Fund Assets and will not be liable for any loss or income taxes incurred, including with respect to the collection of unpaid fees, disbursements, expenses and other charges.
If I am participating in a Group RSP or RIF, I authorize and appoint the Group Sponsor in Section 1 as my Agent to act on my behalf for the purposes of administering the Group RSP or RIF.
I acknowledge having received a current fee schedule with this Account Application.
I hereby consent to the use by CWT and its agents and sub-agents of my personal information provided herein and to its disclosure to third parties, for purposes associated with the administration of the Plan/Fund, including, without limitation, establishing my account, setting up my investment, producing statements, income tax reporting and sharing such information with my Investment Manager and with CWT's affiliates as required.
I have read and understood this Account Application and Account Agreement. I understand that the materials I receive from CWT will be in English only.
Protecting Your Privacy
Common Wealth is committed to the protection of your privacy, which includes complying with the OMA Privacy Policy which is available at https://www.omainsurance.com/privacy-policy-arp/.
Complaint Handling
Canadian Western Bank (CWB) encourages clients to raise questions or concerns about any issue by contacting our Client Service Team at 1.800.663.1124. Additional information can be found in CWB's complaint handling brochure which is available upon request at any Canadian Western Bank branch or office and on the CWB web site at cwbankgroup.com.