Digital TFSA Terms and Conditions

You hereby apply for a Coast Capital Savings Federal Credit Union Tax-Free Savings Account and request that Coast Capital Savings Federal Credit Union, located at 800-9900 King George Blvd. Surrey in British Columbia, file an election with the Minister of National Revenue to register the qualifying Arrangement pursuant to the provisions of section 146.2 of the Income Tax Act (Canada) as amended from time to time, and if applicable, under any provincial income tax legislation. You acknowledge that you have the opportunity to download a copy of the Application, the Tax-Free Savings Account Agreement and any applicable attachments (eg. Confirmation of a term deposit certificate) governing the account on the receipt page of this process and you agree to be bound by the Arrangement and the provisions of the Act. You authorize the Depositary to invest the transferred amount stated herein together with amounts earned hereafter, in deposits of Coast Capital Savings Federal Credit Union, as instructed in writing by you from time to time.

COAST CAPITAL SAVINGS FEDERAL CREDIT UNION TAX-FREE SAVINGS ACCOUNT 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 hereby agrees to act as Depositary of a Tax-Free Savings Account for the Holder upon receipt of a completed application, and upon the following terms and conditions.

  1. Defined Terms:

    “Application” means the duly completed and signed application form.

    “Arrangement” means the arrangement established as a Tax-Free Savings Account for the exclusive benefit of the Holder, pursuant to the Application and this Tax-Free Savings Account Agreement.

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

    “Deposit” means any deposit product made available by the Depositary for the Arrangement which has been selected by the Holder as an investment for the Plan.

    “Depositary” means Coast Capital Savings Federal Credit Union in its capacity as Depositary of the Arrangement (“Issuer” for the purposes of the Income Tax Act) and any successor thereof duly qualified and appointed in such capacity pursuant to the provisions of the terms of this Tax-Free Savings Account 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 Holder by any effective designation of beneficiary delivered with the Application, or by any subsequent effective designation of beneficiary.

    “Distribution” means a payment out of, or under, the Arrangement in satisfaction of all, or part of, the Holder’s interest in the Arrangement.

    “Holder” as defined in the Income Tax Act means the Canadian resident over 19 years old, who executed the Application, until their death, and after their death, the Holder’s spouse or common-law partner, or the survivor, as defined under the Income Tax Act if designated as “Successor Holder” by the Holder in accordance with applicable law.

    “Income Tax Act” or the “Act” means the Income Tax Act (Canada), as amended from time to time.

    “Tax-Free Savings Account”, has the meaning assigned under the Income Tax Act.

    “Tax-Free Savings Account Agreement” means, collectively, these provisions, and any additions and amendments made hereto from time to time.

  1. Registration and Compliance with Applicable Tax Laws: The Depositary will file an election on behalf of the Holder with the Minister of National Revenue for the registration of the qualifying Arrangement as a Tax-Free Savings Account pursuant to the Income Tax Act. The Arrangement shall, at all times, comply with all the relevant provisions of the Income Tax Act.

  2. Accounts:

    The Depositary shall establish and maintain an account in respect of the Arrangement for the Holder, wherein shall be recorded all contributions received by the Depositary under the Arrangement, the Arrangement Assets held for the Holder under the Arrangement and the income earned, from time to time, from such Arrangement Assets. The Depositary shall make all information returns required by the Depositary with respect to the Arrangement under the Income Tax Act.

  1. Conditions of the Qualifying Arrangements are as follows:
    1. the Arrangement will be maintained for the exclusive benefit of the Holder (determined without regard to any right of a person to receive a payment out of or under the Arrangement only on or after death of the Holder);
    2. the Arrangement prohibits, while there is a Holder of the Arrangement, anyone that is neither the Holder nor issuer of the Arrangement from having rights under the Arrangement relating to the amount and timing of distributions and the investing of funds;
    3. the Arrangement prohibits anyone other than the Holder from making contributions under the Arrangement;
    4. the Arrangement permits distributions to be made to reduce the amount of tax otherwise payable by the Holder under section 207.02 or 207.03 of the Income Tax Act;
    5. the Arrangement provides that, at the direction of the Holder, the Issuer shall transfer all or any part of the property held in connection with the Arrangement (or an amount equal to its value) to another TFSA of the holder; and
    6. the Arrangement complies with prescribed conditions.
  1. Contributions:

    The Holder is the only person permitted to make contributions to the Arrangement. The Holder may make such contributions to the Arrangement at any time. The Holder shall ensure that the contributions to the Arrangement are not more than is permitted under the Income Tax Act. Contributions are to be held, used and invested by the Depositary for the purpose of making distributions under the Arrangement to the Holder. The Depositary shall accept such contributions as may be made by the Holder from time to time, to be held, used and invested by the Depositary subject to the terms and provisions of this Tax-Free Savings Account Agreement. Such contributions will be kept on deposit (that is, they cannot be self-directed).

  1. Transfers:

    The Holder may instruct the Depositary, in writing, to transfer sums into or any of the Arrangement Assets from the Arrangement, as permitted under the Income Tax Act, at any time. The Holder shall provide such further documents as may be required in order for the Depositary to comply with the Holder’s instructions. The Holder acknowledges that the Depositary may be required to sell some, or all, of the Arrangement Assets prior to maturity in order to comply with the Holder’s instructions.

  1. Distributions:

    The Holder may instruct the Depositary, in writing, to make a Distribution from the Arrangement, at any time, subject to any restrictions on the Arrangement Assets. The Holder shall provide such further documents as may be required for the Depositary to comply with the Holder’s instructions. The Holder acknowledges that the Depositary may be required to sell some, or all, of the Arrangement Assets prior to maturity to comply with the Holder’s instructions.

  1. Receipts and Statements:

    At the time of a contribution, transfer or Distribution of the Arrangement Assets, the Depositary may issue a written statement of the Arrangement account to be sent to the Holder. At least annually, the Depositary shall cause a written statement of the Arrangement account to be sent to the Holder.

  1. Designation of a Beneficiary or Successor Holder:

    If the Holder is domiciled in a jurisdiction in which they may validly designate a beneficiary other than by a Will, the Holder may, by instrument in writing form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Holder, designate a person to be entitled to receive the Arrangement Assets, subject to section 18 of this Tax- Free Savings Account Agreement and any applicable laws. The person so designated by the Holder shall be deemed to be the Designated Beneficiary of the Holder unless such person shall predecease the Holder or unless the Holder shall, by instrument in writing form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Holder, revoke such designation. Notwithstanding the foregoing, where the Holder has, in accordance with applicable law, including applicable tax laws, elected to designate a Successor Holder, upon the death of the Holder, the Successor Holder shall become the new holder of the Arrangement, subject to the receipt by the Depositary of documents satisfactory to the Depositary to establish the death of the Holder and the entitlement of the Successor Holder hereunder.

  1. Holder’s Responsibility:

    The Holder certifies that the statements contained in the Application, are correct, and complete and not misleading undertakes to provide any further evidence or proof that may be required by the Depositary when the Arrangement is established. The Holder shall notify the Depositary in writing, without delay, of any change of address so that, at all times, the Depositary has the Holder’s current address. The Holder shall notify the Depositary in writing, without delay, if, at any time, they cease to be a Canadian resident. The Holder is solely responsible for ensuring that they do not exceed the maximum amount permitted to be contributed to the Arrangement under the Income Tax Act. The Holder is solely responsible for ensuring that the Arrangement Assets are, at all times, qualified investments under the Income Tax Act. The Holder acknowledges that they shall be liable for tax consequences if the Arrangement does not comply with the Income Tax Act.

  1. Depositary’s Responsibility:

    The Depositary shall exercise the same degree of care as if the Arrangement Assets were the property of the Depositary. The Depositary shall exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that any of the Arrangement Assets are nonqualified investments under the Income Tax Act. 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 Arrangement Assets a duty to take or refrain from taking any action in connection with any Arrangement Assets. The Depositary shall not be required to determine or advise the Holder with respect to the maximum amount permitted to be contributed under the Income Tax Act, or the type of investments that are permitted under the Income Tax Act.

  1. Depositary’s Liability:

    The Depositary and its officers, employees and agents shall not be liable for loss of or diminution of the Holder’s interest in the Arrangement Assets, except due to acts caused solely by their own negligence or wilful misconduct. The Depositary shall not be liable for any loss or penalty resulting from any act done by the Depository in reasonable reliance upon the authority of the Holder, or the legal personal representative of the Holder. The Holder shall indemnify the Depositary from and against all expenses, liabilities, claims and demands arising out of the holding of the Arrangement Assets, as well as taxes, assessments and charges levied by any governmental authority pertaining to the Arrangement.

  1. Powers of the Depositary:

    As Depositary, the Depositary is owner of the Arrangement Assets and has, and is, entitled to exercise any and all rights, powers and privileges that may be exercised by a Holder thereof, including the right to vote or give proxies to vote in respect thereof and to pay any assessments, taxes or charges in connection therewith or the income or gains derived therefrom. Without limitation, the Depositary may hold any investment in its own name, in the name of its nominee, in such other name as the Depositary may determine, or in bearer form. The Depositary may retain any property belonging to, or forming part of, the Arrangement Assets in the form in which the same shall be received by the Depositary for so long as the Depositary deems proper.

  1. Resignation and Replacement of Depositary:

    The Depositary may, upon sixty (60) days notice in writing to the Holder or such shorter notice as the Holder accepts as sufficient, retire as the Depositary of the Arrangement whereupon the Depositary shall be discharged from any further duties and/or liabilities hereunder. At its sole discretion, the Depositary may designate as its successor as Depositary a person or corporation having full powers to accept the Tax-Free Savings Account Agreement and qualified to administer the Arrangement pursuant to the provisions of the Income Tax Act. If such a successor is designated, the Depositary shall be discharged of any duties and liabilities and will deliver to the successor all records, books and accounts together with all other property held according to the Arrangement to ensure the continued and uninterrupted operation of the Arrangement.

  1. Discharge of Depositary:

    Upon payment by the Depositary of the entire amount standing to the credit of the Holder in the Arrangement (less all proper charges, including any applicable taxes) in accordance with the terms of the Arrangement, the Depositary shall thereupon be discharged of any further duty and liability under the Arrangement.

  1. Use of Agents:

    The Depositary may, from time to time, appoint agents to perform certain administrative duties relating to the operation of the Arrangement. The Depositary acknowledges and confirms that the ultimate responsibility for administration of the Arrangement will remain with the Depositary.

  1. 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 such persons. To the extent any such services are for the specific dealings of the Holder of the Arrangement, the Depositary shall be entitled to reimbursement by the Holder from the Arrangement Assets, 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 Arrangement account, the Depositary shall notify the Holder, in writing, of such claim or demand. If the Holder 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 Holder or the Arrangement. 

  1. Fees:

    The Depositary may establish a schedule of fees and/or service charges related to the operation of the Arrangement and may, at its sole discretion, adjust and amend such schedule, from time to time, after providing the Holder not less than thirty (30) days written notice. The Depositary may charge to, and deduct from, the Arrangement account in payment of such fees and/or service charges. In lieu of fees payable from the Arrangement account, the Depositary may charge fees directly to the Holder.

  1. Amendments:

    Notwithstanding anything hereinbefore contained, the terms and provisions of this Tax-Free Savings Account Agreement may be amended by the Depositary, at its discretion, at any time and from time to time, without notice to the Holder, provided that any such amendments are approved by the Canada Revenue Agency and provided further that such amendments will not disqualify the Arrangement as a Tax-Free Savings Account. In the event of changes to the Income Tax Act or to the taxation legislation of the province or territory in which the Holder resides, the terms of this Tax-Free Savings Account Agreement may be amended without notice to the Holder to ensure that the Arrangement continues to comply with such legislation.

  2. Notices:

    Any specific notice required or permitted to be given by the Depositary to the Holder 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 Holder at the Holder’s address set out in the Application, or such other address the Holder 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 Holder 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.

  3. 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 Arrangement and this Tax-Free Savings Account Agreement shall be governed by the laws of the Province of British Columbia.
    3. This Tax-Free Savings Account Agreement shall enure to the benefit of and be binding upon the Holder, and the Holder’s heirs, executors, administrators and legal representatives and upon the successors and assigns of the Depositary.
    4. The effective date of this Tax-Free Savings Account Agreement is the date set forth in the Application.
    5. If any provision of this Tax-Free Savings Account Agreement shall to any extent be or become invalid or unenforceable, such provision, to such extent, shall be considered separate and severable from this Tax-Free Savings Account Agreement, and the remainder of this Tax-Free Savings Account Agreement shall not be affected and shall be valid and enforceable.

Digital TFSA Terms and Conditions

You hereby apply for a Coast Capital Savings Federal Credit Union Tax-Free Savings Account and request that Coast Capital Savings Federal Credit Union, located at 800-9900 King George Blvd. Surrey in British Columbia, file an election with the Minister of National Revenue to register the qualifying Arrangement pursuant to the provisions of section 146.2 of the Income Tax Act (Canada) as amended from time to time, and if applicable, under any provincial income tax legislation. You acknowledge that you have the opportunity to download a copy of the Application, the Tax-Free Savings Account Agreement and any applicable attachments (eg. Confirmation of a term deposit certificate) governing the account on the receipt page of this process and you agree to be bound by the Arrangement and the provisions of the Act. You authorize the Depositary to invest the transferred amount stated herein together with amounts earned hereafter, in deposits of Coast Capital Savings Federal Credit Union, as instructed in writing by you from time to time.

COAST CAPITAL SAVINGS FEDERAL CREDIT UNION TAX-FREE SAVINGS ACCOUNT 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 hereby agrees to act as Depositary of a Tax-Free Savings Account for the Holder upon receipt of a completed application, and upon the following terms and conditions.

  1. Defined Terms:

    “Application” means the duly completed and signed application form.

    “Arrangement” means the arrangement established as a Tax-Free Savings Account for the exclusive benefit of the Holder, pursuant to the Application and this Tax-Free Savings Account Agreement.

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

    “Deposit” means any deposit product made available by the Depositary for the Arrangement which has been selected by the Holder as an investment for the Plan.

    “Depositary” means Coast Capital Savings Federal Credit Union in its capacity as Depositary of the Arrangement (“Issuer” for the purposes of the Income Tax Act) and any successor thereof duly qualified and appointed in such capacity pursuant to the provisions of the terms of this Tax-Free Savings Account 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 Holder by any effective designation of beneficiary delivered with the Application, or by any subsequent effective designation of beneficiary.

    “Distribution” means a payment out of, or under, the Arrangement in satisfaction of all, or part of, the Holder’s interest in the Arrangement.

    “Holder” as defined in the Income Tax Act means the Canadian resident over 19 years old, who executed the Application, until their death, and after their death, the Holder’s spouse or common-law partner, or the survivor, as defined under the Income Tax Act if designated as “Successor Holder” by the Holder in accordance with applicable law.

    “Income Tax Act” or the “Act” means the Income Tax Act (Canada), as amended from time to time.

    “Tax-Free Savings Account”, has the meaning assigned under the Income Tax Act.

    “Tax-Free Savings Account Agreement” means, collectively, these provisions, and any additions and amendments made hereto from time to time.

  1. Registration and Compliance with Applicable Tax Laws: The Depositary will file an election on behalf of the Holder with the Minister of National Revenue for the registration of the qualifying Arrangement as a Tax-Free Savings Account pursuant to the Income Tax Act. The Arrangement shall, at all times, comply with all the relevant provisions of the Income Tax Act.

  2. Accounts:

    The Depositary shall establish and maintain an account in respect of the Arrangement for the Holder, wherein shall be recorded all contributions received by the Depositary under the Arrangement, the Arrangement Assets held for the Holder under the Arrangement and the income earned, from time to time, from such Arrangement Assets. The Depositary shall make all information returns required by the Depositary with respect to the Arrangement under the Income Tax Act.

  1. Conditions of the Qualifying Arrangements are as follows:
    1. the Arrangement will be maintained for the exclusive benefit of the Holder (determined without regard to any right of a person to receive a payment out of or under the Arrangement only on or after death of the Holder);
    2. the Arrangement prohibits, while there is a Holder of the Arrangement, anyone that is neither the Holder nor issuer of the Arrangement from having rights under the Arrangement relating to the amount and timing of distributions and the investing of funds;
    3. the Arrangement prohibits anyone other than the Holder from making contributions under the Arrangement;
    4. the Arrangement permits distributions to be made to reduce the amount of tax otherwise payable by the Holder under section 207.02 or 207.03 of the Income Tax Act;
    5. the Arrangement provides that, at the direction of the Holder, the Issuer shall transfer all or any part of the property held in connection with the Arrangement (or an amount equal to its value) to another TFSA of the holder; and
    6. the Arrangement complies with prescribed conditions.
  1. Contributions:

    The Holder is the only person permitted to make contributions to the Arrangement. The Holder may make such contributions to the Arrangement at any time. The Holder shall ensure that the contributions to the Arrangement are not more than is permitted under the Income Tax Act. Contributions are to be held, used and invested by the Depositary for the purpose of making distributions under the Arrangement to the Holder. The Depositary shall accept such contributions as may be made by the Holder from time to time, to be held, used and invested by the Depositary subject to the terms and provisions of this Tax-Free Savings Account Agreement. Such contributions will be kept on deposit (that is, they cannot be self-directed).

  1. Transfers:

    The Holder may instruct the Depositary, in writing, to transfer sums into or any of the Arrangement Assets from the Arrangement, as permitted under the Income Tax Act, at any time. The Holder shall provide such further documents as may be required in order for the Depositary to comply with the Holder’s instructions. The Holder acknowledges that the Depositary may be required to sell some, or all, of the Arrangement Assets prior to maturity in order to comply with the Holder’s instructions.

  1. Distributions:

    The Holder may instruct the Depositary, in writing, to make a Distribution from the Arrangement, at any time, subject to any restrictions on the Arrangement Assets. The Holder shall provide such further documents as may be required for the Depositary to comply with the Holder’s instructions. The Holder acknowledges that the Depositary may be required to sell some, or all, of the Arrangement Assets prior to maturity to comply with the Holder’s instructions.

  1. Receipts and Statements:

    At the time of a contribution, transfer or Distribution of the Arrangement Assets, the Depositary may issue a written statement of the Arrangement account to be sent to the Holder. At least annually, the Depositary shall cause a written statement of the Arrangement account to be sent to the Holder.

  1. Designation of a Beneficiary or Successor Holder:

    If the Holder is domiciled in a jurisdiction in which they may validly designate a beneficiary other than by a Will, the Holder may, by instrument in writing form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Holder, designate a person to be entitled to receive the Arrangement Assets, subject to section 18 of this Tax- Free Savings Account Agreement and any applicable laws. The person so designated by the Holder shall be deemed to be the Designated Beneficiary of the Holder unless such person shall predecease the Holder or unless the Holder shall, by instrument in writing form and execution satisfactory to the Depositary and delivered to the Depositary prior to the death of the Holder, revoke such designation. Notwithstanding the foregoing, where the Holder has, in accordance with applicable law, including applicable tax laws, elected to designate a Successor Holder, upon the death of the Holder, the Successor Holder shall become the new holder of the Arrangement, subject to the receipt by the Depositary of documents satisfactory to the Depositary to establish the death of the Holder and the entitlement of the Successor Holder hereunder.

  1. Holder’s Responsibility:

    The Holder certifies that the statements contained in the Application, are correct, and complete and not misleading undertakes to provide any further evidence or proof that may be required by the Depositary when the Arrangement is established. The Holder shall notify the Depositary in writing, without delay, of any change of address so that, at all times, the Depositary has the Holder’s current address. The Holder shall notify the Depositary in writing, without delay, if, at any time, they cease to be a Canadian resident. The Holder is solely responsible for ensuring that they do not exceed the maximum amount permitted to be contributed to the Arrangement under the Income Tax Act. The Holder is solely responsible for ensuring that the Arrangement Assets are, at all times, qualified investments under the Income Tax Act. The Holder acknowledges that they shall be liable for tax consequences if the Arrangement does not comply with the Income Tax Act.

  1. Depositary’s Responsibility:

    The Depositary shall exercise the same degree of care as if the Arrangement Assets were the property of the Depositary. The Depositary shall exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that any of the Arrangement Assets are nonqualified investments under the Income Tax Act. 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 Arrangement Assets a duty to take or refrain from taking any action in connection with any Arrangement Assets. The Depositary shall not be required to determine or advise the Holder with respect to the maximum amount permitted to be contributed under the Income Tax Act, or the type of investments that are permitted under the Income Tax Act.

  1. Depositary’s Liability:

    The Depositary and its officers, employees and agents shall not be liable for loss of or diminution of the Holder’s interest in the Arrangement Assets, except due to acts caused solely by their own negligence or wilful misconduct. The Depositary shall not be liable for any loss or penalty resulting from any act done by the Depository in reasonable reliance upon the authority of the Holder, or the legal personal representative of the Holder. The Holder shall indemnify the Depositary from and against all expenses, liabilities, claims and demands arising out of the holding of the Arrangement Assets, as well as taxes, assessments and charges levied by any governmental authority pertaining to the Arrangement.

  1. Powers of the Depositary:

    As Depositary, the Depositary is owner of the Arrangement Assets and has, and is, entitled to exercise any and all rights, powers and privileges that may be exercised by a Holder thereof, including the right to vote or give proxies to vote in respect thereof and to pay any assessments, taxes or charges in connection therewith or the income or gains derived therefrom. Without limitation, the Depositary may hold any investment in its own name, in the name of its nominee, in such other name as the Depositary may determine, or in bearer form. The Depositary may retain any property belonging to, or forming part of, the Arrangement Assets in the form in which the same shall be received by the Depositary for so long as the Depositary deems proper.

  1. Resignation and Replacement of Depositary:

    The Depositary may, upon sixty (60) days notice in writing to the Holder or such shorter notice as the Holder accepts as sufficient, retire as the Depositary of the Arrangement whereupon the Depositary shall be discharged from any further duties and/or liabilities hereunder. At its sole discretion, the Depositary may designate as its successor as Depositary a person or corporation having full powers to accept the Tax-Free Savings Account Agreement and qualified to administer the Arrangement pursuant to the provisions of the Income Tax Act. If such a successor is designated, the Depositary shall be discharged of any duties and liabilities and will deliver to the successor all records, books and accounts together with all other property held according to the Arrangement to ensure the continued and uninterrupted operation of the Arrangement.

  1. Discharge of Depositary:

    Upon payment by the Depositary of the entire amount standing to the credit of the Holder in the Arrangement (less all proper charges, including any applicable taxes) in accordance with the terms of the Arrangement, the Depositary shall thereupon be discharged of any further duty and liability under the Arrangement.

  1. Use of Agents:

    The Depositary may, from time to time, appoint agents to perform certain administrative duties relating to the operation of the Arrangement. The Depositary acknowledges and confirms that the ultimate responsibility for administration of the Arrangement will remain with the Depositary.

  1. 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 such persons. To the extent any such services are for the specific dealings of the Holder of the Arrangement, the Depositary shall be entitled to reimbursement by the Holder from the Arrangement Assets, 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 Arrangement account, the Depositary shall notify the Holder, in writing, of such claim or demand. If the Holder 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 Holder or the Arrangement. 

  1. Fees:

    The Depositary may establish a schedule of fees and/or service charges related to the operation of the Arrangement and may, at its sole discretion, adjust and amend such schedule, from time to time, after providing the Holder not less than thirty (30) days written notice. The Depositary may charge to, and deduct from, the Arrangement account in payment of such fees and/or service charges. In lieu of fees payable from the Arrangement account, the Depositary may charge fees directly to the Holder.

  1. Amendments:

    Notwithstanding anything hereinbefore contained, the terms and provisions of this Tax-Free Savings Account Agreement may be amended by the Depositary, at its discretion, at any time and from time to time, without notice to the Holder, provided that any such amendments are approved by the Canada Revenue Agency and provided further that such amendments will not disqualify the Arrangement as a Tax-Free Savings Account. In the event of changes to the Income Tax Act or to the taxation legislation of the province or territory in which the Holder resides, the terms of this Tax-Free Savings Account Agreement may be amended without notice to the Holder to ensure that the Arrangement continues to comply with such legislation.

  2. Notices:

    Any specific notice required or permitted to be given by the Depositary to the Holder 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 Holder at the Holder’s address set out in the Application, or such other address the Holder 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 Holder 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.

  3. 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 Arrangement and this Tax-Free Savings Account Agreement shall be governed by the laws of the Province of British Columbia.
    3. This Tax-Free Savings Account Agreement shall enure to the benefit of and be binding upon the Holder, and the Holder’s heirs, executors, administrators and legal representatives and upon the successors and assigns of the Depositary.
    4. The effective date of this Tax-Free Savings Account Agreement is the date set forth in the Application.
    5. If any provision of this Tax-Free Savings Account Agreement shall to any extent be or become invalid or unenforceable, such provision, to such extent, shall be considered separate and severable from this Tax-Free Savings Account Agreement, and the remainder of this Tax-Free Savings Account Agreement shall not be affected and shall be valid and enforceable.