Digital RRSP Terms and Conditions

You hereby make application to participate in the Coast Capital Savings Federal Credit Union Retirement Savings Plan and request that Coast Capital Savings Federal Credit Union, located at 800-9900 King George Blvd. Surrey in British Columbia, apply for registration of the Plan pursuant to the provisions of the Income Tax Act (Canada) as amended, and if applicable, under any provincial income tax legislation. You acknowledge that you have the opportunity to download a copy of the Retirement Savings Plan Agreement and any applicable attachments (eg. Confirmation of a term deposit certificate) governing the Plan) governing the Plan. You are aware of and agree to be bound by the provisions of the Plan and provisions of the Income Tax Act (Canada). You authorize Coast Capital Savings Federal Credit Union, the Depositary, to invest the contributions and transferred amounts provided for herein together with interest earned hereafter, in deposits of Coast Capital Savings Federal Credit Union.

COAST CAPITAL SAVINGS FEDERAL CREDIT UNION RETIREMENT SAVINGS PLAN AGREEMENT

COAST CAPITAL SAVINGS FEDERAL CREDIT UNION, a credit union [continued under the laws of Canada,] having its Head Office in the City of Surrey (hereinafter referred to as the “Depositary”) hereby agrees to act as Depositary for the applicant (hereinafter referred to as the “Annuitant”) upon the following terms and conditions:

  1. Defined Terms:

    Annuitant” means the applicant (“annuitant” for the purposes of the Income Tax Act (Canada)) who has executed the Application.

    Application” means the duly completed and signed application form.

    Applicable Tax Laws” means the Income Tax Act (Canada) and the taxation legislation of the province or territory in which the Annuitant resides.

    Deposit” means any deposit product made available by the Depositary for the retirement savings plan which has been selected by the Annuitant as an investment for the Plan.

    Depositary” means Coast Capital Savings Federal Credit Union in its capacity as the issuer of the Plan for the purposes of the Income Tax Act (Canada)) or any successor thereof duly qualified and appointed in such capacity pursuant to the provisions of the terms of this Retirement Savings Plan Agreement, and except where inconsistent with the context, includes any duly appointed officer, employee or agent of any such Depositary when such officer, employee or agent is acting solely in its capacity as such.

    Designated Beneficiary” means any person designated as such by the Annuitant by any effective designation of beneficiary delivered with the Application, or by any subsequent effective designation of beneficiary.

    Distributions Received” means all interest and other distributions received by the Depositary in respect of the Deposits.

    Plan” means the retirement savings plan established pursuant to this Retirement Savings Plan Agreement for and on behalf of the Annuitant.

    Plan Assets” at any time, means the aggregate of uninvested money, Deposits and uninvested Distributions Received held by the Depositary under the Plan.

    Retirement Savings Plan Agreement” means, collectively, these provisions, and any additions and amendments made hereto from time to time.

    Spouse” includes the term “common-law partner” as defined in subsection 248(1) of the Income Tax Act (Canada).

    Year” means a calendar year commencing (a) in the first year of the Plan on the later of the date of acceptance of the Application by the Depositary and the date of first receipt by the Depositary of Plan Assets, and (b) in all subsequent years on January 1, and ending on December 31 in each year.

  2. Registration and Compliance with Applicable Tax Laws:

    The Depositary shall apply on behalf of the Annuitant for the registration of the Plan as a Registered Retirement Savings Plan pursuant to Section 146 of the Income Tax Act (Canada) and amendments and regulations thereto.

    The Plan shall, at all times, comply with all the relevant provisions of the Applicable Tax Laws.

  3. Accounts:
    1. The Depositary shall establish and maintain an account in respect of the Plan for the Annuitant wherein shall be recorded all contributions received by the Depositary under the Plan, the Deposits held for the Annuitant under the Plan and the income earned, from time to time, from such Deposits.
    2. The Depositary shall make all information returns with respect to the Plan required under the Applicable Tax Laws.
  4. Receipts and Statements:
    1. The Depositary shall cause a written confirmation of transactions to be sent to the Annuitant in respect of each purchase, sale or redemption of a Deposit.
    2. At least annually, and at the time of a payment or transfer of Plan Assets, the Depositary shall issue a written statement of the Plan account to be sent to the Annuitant.
  5. Contributions: The Depositary shall accept such payment of cash as may be made by the Annuitant or the Annuitant’s spouse from time to time, to be held, used and invested by the Depositary subject to the terms and provisions of this Retirement Savings Plan Agreement, and under no circumstances or conditions shall the Depositary do anything which would operate to deprive the Plan of its status as a Registered Retirement Savings Plan under the Income Tax Act (Canada). No contribution shall be paid hereunder after the maturity of the Plan.
  6. Excess Contributions: The Depositary shall, upon written application by the Annuitant, in a form acceptable to the Depositary, provide for payment of an amount to a taxpayer to reduce the amount of tax otherwise payable under Part X.I of the Income Tax Act (Canada) by the taxpayer.
  7. Benefits:
    1. The Plan does not provide for the payment of any benefits before maturity except:
      1. a refund of premiums,
      2. a payment to the Annuitant.
    2. The Plan does not provide for the payment of any benefits after maturity except:
      1. by way of retirement income to the Annuitant,
      2. to the Annuitant in full or partial commutation of retirement income fund under the plan,
      3. in respect of a commutation referred to in Paragraph 146(2)(c.2) of the Income Tax Act (Canada).
  8. Annuitant’s Birth Date: The statement of the Annuitant’s age as contained in this application to participate in the Plan shall be deemed to be a certification by the Annuitant of such age and an undertaking by the Annuitant to provide any further evidence or proof of age that may be required when an annuity is purchased.
  9. Maturity and Retirement Income:
    1. Payments must begin no later than December 31 of the year in which the Annuitant reaches 71 years of age, or any other such date that may be required under the Income Tax Act (Canada). The Depositary shall, upon written direction of the Annuitant, purchase a retirement income on behalf of the Annuitant with the funds held in the Plan. If the Annuitant has not notified the Depositary at least forty-five (45) days prior to the end of the year as required by the Income Tax Act (Canada), the Depositary may, in its sole discretion, purchase a retirement income for the Annuitant with the funds in the Annuitant’s Plan.

      The Annuitant shall be entitled to specify the retirement income underwriter, provided that if the Annuitant does not specify the underwriter, the Depositary may, at its discretion, select the underwriter. Any retirement income purchased under the provisions of this Article shall comply with all the provisions of the Income Tax Act (Canada) respecting retirement income, including the requirement that such a contract:

      1. may provide that any payment thereunder to the Annuitant (or the spouse of the Annuitant as designated beneficiary entitled to the payment thereunder after the death of the Annuitant) may be commuted in whole or in part,
      2. shall provide that if a person other than the Annuitant’s spouse becomes entitled to payments thereunder after the death of the Annuitant, such payments shall be commuted upon becoming so payable and shall be paid in one lump sum,
      3. shall not provide retirement income for the Annuitant (or the Annuitant’s spouse if so entitled after the Annuitant’s death) except by way of equal annual or more frequent payments until such time as there is a payment in full or partial commutation of the retirement income and where such commutation is partial, equal annual or more frequent payments thereafter,
      4. shall not provide for periodic payments in a year under an annuity after the death of the Annuitant, the aggregate of which exceeds the aggregate of the payments under the annuity in a year before that death,
      5. shall not provide for the payment of any premium after maturity; and
      6. shall provide that no payments of retirement income may be assigned in whole or in part.
    2. Provided that in the event that the proceeds of the Annuitant’s share of the Plan are not sufficient to purchase a retirement income, which said amount will be determined from time to time by the Depositary, the proceeds of the Annuitant’s share of the Plan may, at the option of the Depositary, be paid to the Annuitant in cash (less all proper charges, including any applicable taxes).
  10. Transfer of Funds: Notwithstanding any other provision hereof, this Plan may at any time be revised or amended to provide for the payment or transfer of Plan Assets before the maturity of the Plan on behalf of the Annuitant under the Plan by the Depositary:
    1. to a registered pension plan for the benefit of the Annuitant or to a registered retirement savings plan or registered retirement income fund under which the Annuitant is the annuitant, or
    2. to a registered retirement savings plan or registered retirement income fund under which the spouse or former spouse of the transferor is the annuitant, where the transferor and the transferor’s spouse or former spouse are living separate and apart and the payment or transfer is made pursuant to a decree, order of judgment of a competent tribunal, or a written separation agreement, relating to the division of property between the transferor and the transferor’s spouse or former spouse in settlement of rights arising out of their marriage or other conjugal relationship, on or after the breakdown of the marriage or other relationship.
  11. Death of the Annuitant: The Annuitant may designate a beneficiary or beneficiaries to receive the Annuitant’s interest in the Plan on the Annuitant’s death if such beneficiaries survive the Annuitant. The Annuitant may revoke any such designation in the manner permitted by law. If the Annuitant dies prior to the Plan reaching maturity, the Depositary shall, upon receipt by the Depositary of documents satisfactory to the Depositary establishing the death of the Annuitant and the authority of the Annuitant’s legal personal representative, together with a release and such other documents in form satisfactory to the Depositary as it may reasonably require, after deducting all proper charges, expenses and liabilities of the Plan including any income tax it must withhold, the Depositary shall provide to the Annuitant’s legal personal representative a statement as of the date of the Annuitant’s death containing the information required in a statement as required in Clause 4 and shall pay or transfer the net Plan Assets to the Annuitant’s legal personal representative as a lump sum payment unless otherwise permitted by the Income Tax Act (Canada); provided that if there is a Designated Beneficiary of the Plan the Depositary may pay or transfer the net Plan Assets to such Designated Beneficiary as a lump sum payment unless otherwise permitted by the Income Tax Act (Canada).

    The Depositary shall have no further obligations under this Retirement Savings Plan Agreement upon the payment or transfer of the net Plan Assets, in accordance with this Clause, to the legal personal representative or the Designated Beneficiary.

  12. Designation of a Beneficiary: If the Annuitant is domiciled in any jurisdiction in which a participant in a retirement savings plan may validly designate a beneficiary other than by Will, the Annuitant may, by instrument in writing in form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Annuitant, designate a person to be entitled to receive the net amount of the Plan payable under the provisions of Clause 11. The person so designated by the Annuitant shall be deemed to be the Designated Beneficiary of the Annuitant unless such person shall predecease the Annuitant or unless the Annuitant shall, by instrument in writing in form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Annuitant, revoke such designation.
  13. No Right of Offset or Loan: The Depositary has no right of offset as regards the funds held under the Plan in connection with any debt or obligation owing to the Depositary, and the Plan Assets cannot be pledged, assigned or in any way alienated as security for a loan or for any purpose other than that of providing for the Annuitant, commencing at maturity, a retirement income.
  14. Advantage: Where an “advantage”, as defined in subsection 207.01(1) of the Income Tax Act (Canada), in relation to a Plan is extended to, or is received or receivable by, the Annuitant or any other person who does not deal at arm’s length with the Annuitant, the Annuitant shall be responsible for paying a tax under section 207.05 of the Income Tax Act (Canada), unless the advantage is extended by the Depository.
  15. Annuitant’s Responsibility:
    1. It is the Annuitant’s sole responsibility to ensure that contributions made under the Plan do not exceed the maximum amount deductible under the Income Tax Act (Canada). Nothing herein contained shall create or imply any obligation upon the Depositary to determine or advise the Annuitant with respect to the maximum amount permitted to be contributed as aforesaid.
    2. It is the Annuitant’s sole responsibility to designate whether a deposit to the Plan constitutes a repayment to the Home Buyer’s Plan as defined by Subsection 146.01(3) of the Income Tax Act (Canada).
    3. It is the Annuitant’s sole responsibility to notify the Depositary in writing of any change of address of the Annuitant so that at all times the Depositary has the current address of the Annuitant.
  16. Depositary’s Liability:
    1. The Depositary and its officers, employees and agents shall not be liable for loss or diminution of the Annuitant’s interest in the Plan except due to acts caused solely by their own negligence or willful misconduct.  The Depositary shall be indemnified by the Annuitant and from the Plan against all expenses, liabilities, claims and demands arising out of the holding of the Deposits and other Plan Assets or pertaining to the Plan, as well as taxes, assessments and charges levied by any governmental authority prior to paying the same; and delivery or release of Plan Assets in accordance with the provisions of this Retirement Savings Plan Agreement, provided that the Depositary may comply with the provisions of any applicable law, regulation or order now or hereafter in force which purports to impose on the holder of any of the Plan Assets a duty to take or refrain from taking any action in connection with any Plan Assets.
    2. The Depositary shall have no liability for any loss or penalty resulting from any act done by it in reasonable reliance upon the authority of the Annuitant, or the legal personal representative of the Annuitant.
  17. Depositary’s use of Professionals: The Depositary may employ or engage, pay for the services and expenses of, and rely and act on information or advice received from brokers, advisors, lawyers, accountants and others and shall not be responsible or liable for the acts or omissions of any such persons. To the extent any such services are for the specific dealings of the Annuitant or the Plan, the Depositary shall be entitled to reimbursement of the reasonable costs of such services. In the event any claim or demand is made by any person, or by any federal or provincial authority, for delivery of or payment from the Plan Assets, the Depositary shall notify the Annuitant of such claim or demand. If the Annuitant does not provide written notice to the Depositary instructing the Depositary to make delivery or payment in accordance with such claim or demand, the Depositary may engage legal counsel to provide advice and representation to address the specific dealings of the Annuitant or the Plan.
  18. No further Obligation of Depositary: Upon payment by the Depositary of the entire amount standing to the credit of the Annuitant in the Plan (less all proper charges, including any applicable taxes) in accordance with the terms of the Plan, the Retirement Savings Plan Agreement and the Depositary’s obligations thereunder shall thereupon cease.
  19. Amendments: Notwithstanding anything herein contained, the terms and provisions of this Retirement Savings Plan Agreement may be amended by the Depositary, at its discretion, at any time and from time to time, provided that any such amendments are approved by the Canada Revenue Agency and provided further that such amendments will not disqualify this Plan as a Retirement Savings Plan under the provisions of the Income Tax Act (Canada).

    The Depositary shall remain at all times obligated to provide the Annuitant a current copy of this Retirement Savings Plan Agreement as amended.

  20. Notices: Any specific notice required or permitted to be given by the Depositary to the Annuitant shall be valid and effective if sent by personal delivery or by mail, or transmitted by electronic means of communication addressed (or email address) to the Annuitant at the Annuitant’s address set out in the Application, or such other address the Annuitant may in writing advise the Depositary, and shall be deemed received on the earlier of actual receipt or the second day after the mailing or transmittal. Any general notice required or permitted to be given by the Depository relating to this and other arrangements, may be posted on the Depositary’s website - and will be deemed given when posted.  Any notice required or permitted to be given by the Annuitant to the Depositary shall be valid and effective if given by registered mail at its registered office or such address as the Depositary may permit and shall be deemed received on the day actually received by the Depositary.
  21. Use of Agents: The Depositary may from time to time appoint Agents to perform certain administrative duties relating to the operation of the Plan. The Depositary acknowledges and confirms that the ultimate responsibility for administration of the Plan will remain with the Depositary.
  22. Withdrawals: Subject to any agreement with the Annuitant to provide limitations upon withdrawals from the funds transferred to the Plan, the Depositary shall, upon written application of the Annuitant received by the Depositary at least thirty (30) days prior to the Maturity of the Plan, as defined in Clause 9, pay to the Annuitant prior to Maturity in cash out of the Plan Assets or the realization thereof, the amount specified in the Annuitant’s written application.
  23. Contributions from Pension Plans: Notwithstanding any other provisions herein, if, as a condition of receiving a transfer to the Plan from a pension or superannuation fund or plan, the Depositary is required to enter into any agreement with the Annuitant to provide limitations upon withdrawals from funds so transferred to the Plan, transfers to other issuers and/or the earliest date upon which a retirement income may commence, the rights and responsibilities of the Annuitant and the Depositary hereunder shall be modified accordingly.
  24. Fees: The Depositary may establish a schedule of fees and/or service charges related to the operation of the Plan and may, at its sole discretion, adjust and amend such schedule after providing the Annuitant not less than thirty (30) days’ written notice.

    The Depositary may charge to, and deduct from, the Plan in payment of such fees and/or service charges. In lieu of fees payable from the Plan, the Depositary may charge fees directly to the Annuitant.

  25. General:
    1. Words importing the singular number only shall include the plural and vice versa unless the context clearly indicates to the contrary.
    2. The Plan and Retirement Savings Plan Agreement shall be governed by the laws of the Province of British Columbia.
    3. This Retirement Savings Plan Agreement shall enure to the benefit of and be binding upon the Annuitant, and the Annuitant’s heirs, executors, administrators and legal representatives and upon the successors and assigns of the Depositary.
    4. The effective date of this Retirement Savings Plan Agreement is the date set forth in the Application for the Plan.
    5. If any provision of this Retirement Savings Plan Agreement shall to any extent be or become invalid or unenforceable, such provision, to such extent, shall be considered separate and severable from this Retirement Savings Plan Agreement, and the remainder of this Retirement Savings Plan

Digital RRSP Terms and Conditions

You hereby make application to participate in the Coast Capital Savings Federal Credit Union Retirement Savings Plan and request that Coast Capital Savings Federal Credit Union, located at 800-9900 King George Blvd. Surrey in British Columbia, apply for registration of the Plan pursuant to the provisions of the Income Tax Act (Canada) as amended, and if applicable, under any provincial income tax legislation. You acknowledge that you have the opportunity to download a copy of the Retirement Savings Plan Agreement and any applicable attachments (eg. Confirmation of a term deposit certificate) governing the Plan) governing the Plan. You are aware of and agree to be bound by the provisions of the Plan and provisions of the Income Tax Act (Canada). You authorize Coast Capital Savings Federal Credit Union, the Depositary, to invest the contributions and transferred amounts provided for herein together with interest earned hereafter, in deposits of Coast Capital Savings Federal Credit Union.

COAST CAPITAL SAVINGS FEDERAL CREDIT UNION RETIREMENT SAVINGS PLAN AGREEMENT

COAST CAPITAL SAVINGS FEDERAL CREDIT UNION, a credit union [continued under the laws of Canada,] having its Head Office in the City of Surrey (hereinafter referred to as the “Depositary”) hereby agrees to act as Depositary for the applicant (hereinafter referred to as the “Annuitant”) upon the following terms and conditions:

  1. Defined Terms:

    Annuitant” means the applicant (“annuitant” for the purposes of the Income Tax Act (Canada)) who has executed the Application.

    Application” means the duly completed and signed application form.

    Applicable Tax Laws” means the Income Tax Act (Canada) and the taxation legislation of the province or territory in which the Annuitant resides.

    Deposit” means any deposit product made available by the Depositary for the retirement savings plan which has been selected by the Annuitant as an investment for the Plan.

    Depositary” means Coast Capital Savings Federal Credit Union in its capacity as the issuer of the Plan for the purposes of the Income Tax Act (Canada)) or any successor thereof duly qualified and appointed in such capacity pursuant to the provisions of the terms of this Retirement Savings Plan Agreement, and except where inconsistent with the context, includes any duly appointed officer, employee or agent of any such Depositary when such officer, employee or agent is acting solely in its capacity as such.

    Designated Beneficiary” means any person designated as such by the Annuitant by any effective designation of beneficiary delivered with the Application, or by any subsequent effective designation of beneficiary.

    Distributions Received” means all interest and other distributions received by the Depositary in respect of the Deposits.

    Plan” means the retirement savings plan established pursuant to this Retirement Savings Plan Agreement for and on behalf of the Annuitant.

    Plan Assets” at any time, means the aggregate of uninvested money, Deposits and uninvested Distributions Received held by the Depositary under the Plan.

    Retirement Savings Plan Agreement” means, collectively, these provisions, and any additions and amendments made hereto from time to time.

    Spouse” includes the term “common-law partner” as defined in subsection 248(1) of the Income Tax Act (Canada).

    Year” means a calendar year commencing (a) in the first year of the Plan on the later of the date of acceptance of the Application by the Depositary and the date of first receipt by the Depositary of Plan Assets, and (b) in all subsequent years on January 1, and ending on December 31 in each year.

  2. Registration and Compliance with Applicable Tax Laws:

    The Depositary shall apply on behalf of the Annuitant for the registration of the Plan as a Registered Retirement Savings Plan pursuant to Section 146 of the Income Tax Act (Canada) and amendments and regulations thereto.

    The Plan shall, at all times, comply with all the relevant provisions of the Applicable Tax Laws.

  3. Accounts:
    1. The Depositary shall establish and maintain an account in respect of the Plan for the Annuitant wherein shall be recorded all contributions received by the Depositary under the Plan, the Deposits held for the Annuitant under the Plan and the income earned, from time to time, from such Deposits.
    2. The Depositary shall make all information returns with respect to the Plan required under the Applicable Tax Laws.
  4. Receipts and Statements:
    1. The Depositary shall cause a written confirmation of transactions to be sent to the Annuitant in respect of each purchase, sale or redemption of a Deposit.
    2. At least annually, and at the time of a payment or transfer of Plan Assets, the Depositary shall issue a written statement of the Plan account to be sent to the Annuitant.
  5. Contributions: The Depositary shall accept such payment of cash as may be made by the Annuitant or the Annuitant’s spouse from time to time, to be held, used and invested by the Depositary subject to the terms and provisions of this Retirement Savings Plan Agreement, and under no circumstances or conditions shall the Depositary do anything which would operate to deprive the Plan of its status as a Registered Retirement Savings Plan under the Income Tax Act (Canada). No contribution shall be paid hereunder after the maturity of the Plan.
  6. Excess Contributions: The Depositary shall, upon written application by the Annuitant, in a form acceptable to the Depositary, provide for payment of an amount to a taxpayer to reduce the amount of tax otherwise payable under Part X.I of the Income Tax Act (Canada) by the taxpayer.
  7. Benefits:
    1. The Plan does not provide for the payment of any benefits before maturity except:
      1. a refund of premiums,
      2. a payment to the Annuitant.
    2. The Plan does not provide for the payment of any benefits after maturity except:
      1. by way of retirement income to the Annuitant,
      2. to the Annuitant in full or partial commutation of retirement income fund under the plan,
      3. in respect of a commutation referred to in Paragraph 146(2)(c.2) of the Income Tax Act (Canada).
  8. Annuitant’s Birth Date: The statement of the Annuitant’s age as contained in this application to participate in the Plan shall be deemed to be a certification by the Annuitant of such age and an undertaking by the Annuitant to provide any further evidence or proof of age that may be required when an annuity is purchased.
  9. Maturity and Retirement Income:
    1. Payments must begin no later than December 31 of the year in which the Annuitant reaches 71 years of age, or any other such date that may be required under the Income Tax Act (Canada). The Depositary shall, upon written direction of the Annuitant, purchase a retirement income on behalf of the Annuitant with the funds held in the Plan. If the Annuitant has not notified the Depositary at least forty-five (45) days prior to the end of the year as required by the Income Tax Act (Canada), the Depositary may, in its sole discretion, purchase a retirement income for the Annuitant with the funds in the Annuitant’s Plan.

      The Annuitant shall be entitled to specify the retirement income underwriter, provided that if the Annuitant does not specify the underwriter, the Depositary may, at its discretion, select the underwriter. Any retirement income purchased under the provisions of this Article shall comply with all the provisions of the Income Tax Act (Canada) respecting retirement income, including the requirement that such a contract:

      1. may provide that any payment thereunder to the Annuitant (or the spouse of the Annuitant as designated beneficiary entitled to the payment thereunder after the death of the Annuitant) may be commuted in whole or in part,
      2. shall provide that if a person other than the Annuitant’s spouse becomes entitled to payments thereunder after the death of the Annuitant, such payments shall be commuted upon becoming so payable and shall be paid in one lump sum,
      3. shall not provide retirement income for the Annuitant (or the Annuitant’s spouse if so entitled after the Annuitant’s death) except by way of equal annual or more frequent payments until such time as there is a payment in full or partial commutation of the retirement income and where such commutation is partial, equal annual or more frequent payments thereafter,
      4. shall not provide for periodic payments in a year under an annuity after the death of the Annuitant, the aggregate of which exceeds the aggregate of the payments under the annuity in a year before that death,
      5. shall not provide for the payment of any premium after maturity; and
      6. shall provide that no payments of retirement income may be assigned in whole or in part.
    2. Provided that in the event that the proceeds of the Annuitant’s share of the Plan are not sufficient to purchase a retirement income, which said amount will be determined from time to time by the Depositary, the proceeds of the Annuitant’s share of the Plan may, at the option of the Depositary, be paid to the Annuitant in cash (less all proper charges, including any applicable taxes).
  10. Transfer of Funds: Notwithstanding any other provision hereof, this Plan may at any time be revised or amended to provide for the payment or transfer of Plan Assets before the maturity of the Plan on behalf of the Annuitant under the Plan by the Depositary:
    1. to a registered pension plan for the benefit of the Annuitant or to a registered retirement savings plan or registered retirement income fund under which the Annuitant is the annuitant, or
    2. to a registered retirement savings plan or registered retirement income fund under which the spouse or former spouse of the transferor is the annuitant, where the transferor and the transferor’s spouse or former spouse are living separate and apart and the payment or transfer is made pursuant to a decree, order of judgment of a competent tribunal, or a written separation agreement, relating to the division of property between the transferor and the transferor’s spouse or former spouse in settlement of rights arising out of their marriage or other conjugal relationship, on or after the breakdown of the marriage or other relationship.
  11. Death of the Annuitant: The Annuitant may designate a beneficiary or beneficiaries to receive the Annuitant’s interest in the Plan on the Annuitant’s death if such beneficiaries survive the Annuitant. The Annuitant may revoke any such designation in the manner permitted by law. If the Annuitant dies prior to the Plan reaching maturity, the Depositary shall, upon receipt by the Depositary of documents satisfactory to the Depositary establishing the death of the Annuitant and the authority of the Annuitant’s legal personal representative, together with a release and such other documents in form satisfactory to the Depositary as it may reasonably require, after deducting all proper charges, expenses and liabilities of the Plan including any income tax it must withhold, the Depositary shall provide to the Annuitant’s legal personal representative a statement as of the date of the Annuitant’s death containing the information required in a statement as required in Clause 4 and shall pay or transfer the net Plan Assets to the Annuitant’s legal personal representative as a lump sum payment unless otherwise permitted by the Income Tax Act (Canada); provided that if there is a Designated Beneficiary of the Plan the Depositary may pay or transfer the net Plan Assets to such Designated Beneficiary as a lump sum payment unless otherwise permitted by the Income Tax Act (Canada).

    The Depositary shall have no further obligations under this Retirement Savings Plan Agreement upon the payment or transfer of the net Plan Assets, in accordance with this Clause, to the legal personal representative or the Designated Beneficiary.

  12. Designation of a Beneficiary: If the Annuitant is domiciled in any jurisdiction in which a participant in a retirement savings plan may validly designate a beneficiary other than by Will, the Annuitant may, by instrument in writing in form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Annuitant, designate a person to be entitled to receive the net amount of the Plan payable under the provisions of Clause 11. The person so designated by the Annuitant shall be deemed to be the Designated Beneficiary of the Annuitant unless such person shall predecease the Annuitant or unless the Annuitant shall, by instrument in writing in form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Annuitant, revoke such designation.
  13. No Right of Offset or Loan: The Depositary has no right of offset as regards the funds held under the Plan in connection with any debt or obligation owing to the Depositary, and the Plan Assets cannot be pledged, assigned or in any way alienated as security for a loan or for any purpose other than that of providing for the Annuitant, commencing at maturity, a retirement income.
  14. Advantage: Where an “advantage”, as defined in subsection 207.01(1) of the Income Tax Act (Canada), in relation to a Plan is extended to, or is received or receivable by, the Annuitant or any other person who does not deal at arm’s length with the Annuitant, the Annuitant shall be responsible for paying a tax under section 207.05 of the Income Tax Act (Canada), unless the advantage is extended by the Depository.
  15. Annuitant’s Responsibility:
    1. It is the Annuitant’s sole responsibility to ensure that contributions made under the Plan do not exceed the maximum amount deductible under the Income Tax Act (Canada). Nothing herein contained shall create or imply any obligation upon the Depositary to determine or advise the Annuitant with respect to the maximum amount permitted to be contributed as aforesaid.
    2. It is the Annuitant’s sole responsibility to designate whether a deposit to the Plan constitutes a repayment to the Home Buyer’s Plan as defined by Subsection 146.01(3) of the Income Tax Act (Canada).
    3. It is the Annuitant’s sole responsibility to notify the Depositary in writing of any change of address of the Annuitant so that at all times the Depositary has the current address of the Annuitant.
  16. Depositary’s Liability:
    1. The Depositary and its officers, employees and agents shall not be liable for loss or diminution of the Annuitant’s interest in the Plan except due to acts caused solely by their own negligence or willful misconduct.  The Depositary shall be indemnified by the Annuitant and from the Plan against all expenses, liabilities, claims and demands arising out of the holding of the Deposits and other Plan Assets or pertaining to the Plan, as well as taxes, assessments and charges levied by any governmental authority prior to paying the same; and delivery or release of Plan Assets in accordance with the provisions of this Retirement Savings Plan Agreement, provided that the Depositary may comply with the provisions of any applicable law, regulation or order now or hereafter in force which purports to impose on the holder of any of the Plan Assets a duty to take or refrain from taking any action in connection with any Plan Assets.
    2. The Depositary shall have no liability for any loss or penalty resulting from any act done by it in reasonable reliance upon the authority of the Annuitant, or the legal personal representative of the Annuitant.
  17. Depositary’s use of Professionals: The Depositary may employ or engage, pay for the services and expenses of, and rely and act on information or advice received from brokers, advisors, lawyers, accountants and others and shall not be responsible or liable for the acts or omissions of any such persons. To the extent any such services are for the specific dealings of the Annuitant or the Plan, the Depositary shall be entitled to reimbursement of the reasonable costs of such services. In the event any claim or demand is made by any person, or by any federal or provincial authority, for delivery of or payment from the Plan Assets, the Depositary shall notify the Annuitant of such claim or demand. If the Annuitant does not provide written notice to the Depositary instructing the Depositary to make delivery or payment in accordance with such claim or demand, the Depositary may engage legal counsel to provide advice and representation to address the specific dealings of the Annuitant or the Plan.
  18. No further Obligation of Depositary: Upon payment by the Depositary of the entire amount standing to the credit of the Annuitant in the Plan (less all proper charges, including any applicable taxes) in accordance with the terms of the Plan, the Retirement Savings Plan Agreement and the Depositary’s obligations thereunder shall thereupon cease.
  19. Amendments: Notwithstanding anything herein contained, the terms and provisions of this Retirement Savings Plan Agreement may be amended by the Depositary, at its discretion, at any time and from time to time, provided that any such amendments are approved by the Canada Revenue Agency and provided further that such amendments will not disqualify this Plan as a Retirement Savings Plan under the provisions of the Income Tax Act (Canada).

    The Depositary shall remain at all times obligated to provide the Annuitant a current copy of this Retirement Savings Plan Agreement as amended.

  20. Notices: Any specific notice required or permitted to be given by the Depositary to the Annuitant shall be valid and effective if sent by personal delivery or by mail, or transmitted by electronic means of communication addressed (or email address) to the Annuitant at the Annuitant’s address set out in the Application, or such other address the Annuitant may in writing advise the Depositary, and shall be deemed received on the earlier of actual receipt or the second day after the mailing or transmittal. Any general notice required or permitted to be given by the Depository relating to this and other arrangements, may be posted on the Depositary’s website - and will be deemed given when posted.  Any notice required or permitted to be given by the Annuitant to the Depositary shall be valid and effective if given by registered mail at its registered office or such address as the Depositary may permit and shall be deemed received on the day actually received by the Depositary.
  21. Use of Agents: The Depositary may from time to time appoint Agents to perform certain administrative duties relating to the operation of the Plan. The Depositary acknowledges and confirms that the ultimate responsibility for administration of the Plan will remain with the Depositary.
  22. Withdrawals: Subject to any agreement with the Annuitant to provide limitations upon withdrawals from the funds transferred to the Plan, the Depositary shall, upon written application of the Annuitant received by the Depositary at least thirty (30) days prior to the Maturity of the Plan, as defined in Clause 9, pay to the Annuitant prior to Maturity in cash out of the Plan Assets or the realization thereof, the amount specified in the Annuitant’s written application.
  23. Contributions from Pension Plans: Notwithstanding any other provisions herein, if, as a condition of receiving a transfer to the Plan from a pension or superannuation fund or plan, the Depositary is required to enter into any agreement with the Annuitant to provide limitations upon withdrawals from funds so transferred to the Plan, transfers to other issuers and/or the earliest date upon which a retirement income may commence, the rights and responsibilities of the Annuitant and the Depositary hereunder shall be modified accordingly.
  24. Fees: The Depositary may establish a schedule of fees and/or service charges related to the operation of the Plan and may, at its sole discretion, adjust and amend such schedule after providing the Annuitant not less than thirty (30) days’ written notice.

    The Depositary may charge to, and deduct from, the Plan in payment of such fees and/or service charges. In lieu of fees payable from the Plan, the Depositary may charge fees directly to the Annuitant.

  25. General:
    1. Words importing the singular number only shall include the plural and vice versa unless the context clearly indicates to the contrary.
    2. The Plan and Retirement Savings Plan Agreement shall be governed by the laws of the Province of British Columbia.
    3. This Retirement Savings Plan Agreement shall enure to the benefit of and be binding upon the Annuitant, and the Annuitant’s heirs, executors, administrators and legal representatives and upon the successors and assigns of the Depositary.
    4. The effective date of this Retirement Savings Plan Agreement is the date set forth in the Application for the Plan.
    5. If any provision of this Retirement Savings Plan Agreement shall to any extent be or become invalid or unenforceable, such provision, to such extent, shall be considered separate and severable from this Retirement Savings Plan Agreement, and the remainder of this Retirement Savings Plan