What you need to know about your mutual fund accounts

Declarations of Trust – applicable to Nominee only

SLFISI Retirement Savings Plan Declaration of Trust

Sun Life Financial Trust Inc., a trust company continued under the law of Canada (the “Trustee”), hereby declares that it accepts the office of trustee for the annuitant (as defined by the Income Tax Act (Canada)) named in the Application (the “Owner”) for Sun Life Financial Investment Services (Canada) Inc. (SLF Investments) an SLFISI Retirement Savings Plan (the “Plan”) upon the following terms:

1. Delegation
   
   Without limiting the responsibilities of the Trustee under the Plan, the Owner authorizes the Trustee to delegate to Sun Life Financial Investment Services (Canada) Inc. (the “Agent”) any of its administrative or other responsibilities that it may lawfully delegate. The Trustee is ultimately responsible for the administration of the Plan.
   
   
2. Registration
   
   The Trustee will apply for registration of the Plan with the Canada Revenue Agency pursuant to the provisions of the Income Tax Act (Canada) as amended from time to time, and such provincial acts having jurisdiction, as determined by the province of residence of the Owner stated in the application therefore (“Applicable Laws”).
   
   
3. Spouse
   
   Spouse means a spouse or common-law partner as defined by the Income Tax Act (Canada).
   
   
4. Owner’s account
   
   The Trustee will maintain an account for the Owner and will record the contributions of the Owner or the Owner’s Spouse (if applicable) and investments of the Plan as described hereunder.
   
   
5. Investments
   
   The Plan will be held in nominee name by the Agent and the investments in the Plan shall be invested and reinvested by the Trustee on the directions of the Owner without being limited to investments authorized by law for trustees. The Trustee, in its sole discretion, may require the Owner to provide such documentation in respect of any investment or proposed investment, as the Trustee deems necessary in the circumstances. The Trustee reserves the right to decline to make any particular investment if the proposed investment and related documentation do not comply with the Trustee’s requirements at that time.
   
   
6. Contributions
   
   The Owner or the Owner’s Spouse may make contributions to the Plan in such amounts as are permitted under the Income Tax Act (Canada), in cash or such other property as may be permitted in the sole discretion of the Trustee. It shall be the sole responsibility of the Owner or the Owner’s Spouse, as the case may be, to ensure that the amount of the contributions to the Plan are within the limits permitted under the Income Tax Act (Canada).
   
   
7. Refund of contributions
   
   The Trustee shall, upon written application by the taxpayer, refund any amount referred to in paragraph 146(2) (c.1) of the Income Tax Act (Canada) or any amendments thereto. The refund shall not exceed the cash value of the assets of the Plan at the time of the refund.
   
   
8. Income tax receipts
   
   The Trustee shall forward to the Owner or the Owner’s Spouse (if applicable) receipt(s) to be filed with the Owner’s or the Owner’s Spouse (if applicable) personal income tax return with respect to the contributions made under the Plan.
   
   
9. Owner’s birthday
   
   The statement of the Owner’s date of birth on the Application shall be deemed to be a certification by the Owner of such date of birth and an undertaking by the Owner to provide any further evidence or proof of age that may be required.
   
   
10. Withdrawals
    
    Upon request from the Owner, the Trustee will pay to the Owner any amount from the Plan up to the value of the assets of the Plan at the time of the request, less any fees applicable to the Plan and any applicable withholding taxes.
    
    
11. Retirement income
    
    
    1. The Plan will mature on a date (the “Maturity Date”) chosen by the Owner for the provisions of a retirement income as per the Income Tax Act. If the Owner does not choose an earlier date, the Maturity Date will be the latest date as permitted by the Income Tax Act (Canada) for any registered retirement savings plan.
    2. Unless the Owner provides the Trustee with written instructions, at least 60 days prior to the Maturity Date, indicating the type of retirement income that the Owner wishes to receive, the Trustee will provide the Owner with a retirement income fund (“RIF”), or liquidate the investments in the Plan, close the Plan and pay the Plan proceeds to the Owner as determined by the Trustee in its sole discretion.
    3. Upon the transfer of the Plan proceeds to a RIF, the Owner shall be:
       1. deemed to have elected to use his or her age (and not the age of the Owner’s Spouse, if any) to determine the minimum amount under the Income Tax Act (Canada);
       2. deemed to have not elected to designate a beneficiary upon the death of the Owner; and
       3. bound by all of the terms and conditions of the RIF as stated in the documents pertaining thereto as if the Owner had signed the appropriate documents to affect such transfer, and had made or refrained from making the elections and designations as referred to herein.
    4. Notwithstanding paragraph (b) above, on the maturity date of the Plan the Trustee may make a payment of a benefit to the Owner in full or partial commutation of retirement income under this Plan.
    5. Notwithstanding anything else contained in this section 11, any retirement income payments paid to the Owner by the Trustee shall be paid in equal annual or more frequent periodic payments unless there is a payment in full or partial commutation of the retirement income. If a full or partial commutation payment is made by the Trustee, any subsequent payments shall be in equal annual or more frequent periodic installments.
    6. In accordance with the Income Tax Act (Canada), any retirement income payable under the Plan shall not be assigned, either in whole or in part.
    7. In accordance with the Income Tax Act (Canada), the total of the periodic payments of retirement income payable under the Plan in a year after the death of the Owner shall not exceed the total of the periodic payments made under the Plan, in a year before the Owner’s death.
    8. In accordance with the Income Tax Act (Canada), the plan requires the commutation of each annuity payable thereunder that would otherwise become payable to a person other than an annuitant under the Plan.
       
       
12. Death of owner (beneficiary designation) (Not applicable in Quebec)
    
    If the Owner dies before the purchase of a retirement income and they have designated a beneficiary, upon the receipt of estate documents by the Agent, which are satisfactory to the Trustee:
    1. the Plan proceeds will be paid or transferred to the designated beneficiary, subject to the Applicable Laws. The Trustee and the Agent will be fully discharged by such payment or transfer, even though any beneficiary designation made by the Owner may be invalid as a testamentary instrument; or
    2. if the Owner’s designated beneficiary has died before the Owner, the Trustee will pay the Plan proceeds payable to that beneficiary to the Owner’s estate.
       
       
13. Death of owner (no beneficiary designation)
    
    If the Owner dies before the purchase of a retirement income and they have not designated a beneficiary, upon receipt of estate documents by the Agent which are satisfactory to the Trustee, the Agent shall pay the Plan proceeds to the Owner’s estate or in accordance with the estate documents.
    
    
14. Designation of beneficiary (not applicable in Quebec)
    
    Subject to Applicable Laws, the Owners may designate a beneficiary to receive the Plan proceeds on the Owner’s death prior to the purchase of a retirement income fund. A beneficiary designation may only be made, changed or revoked under the Plan by the Owner in the format required by the Agent for this purpose. Such designation must adequately identify the Plan and be delivered to the Agent prior to any payment by the Agent. The Owner acknowledges that it is his or her sole responsibility to ensure the designation is valid under the laws of Canada, its provinces or territories.
    
    
15. Investment income
    
    Any investment income earned by the Plan shall be reinvested as directed by the Owner in investments permitted under the Plan. If the Owner does not provide such a direction, any investment income shall be invested in an investment permitted under the Plan as the Trustee may determine in its discretion.
    
    
16. Compensation, taxes and expenses
    
    The Trustee and the Agent will be entitled to such reasonable fees and other charges as each may establish from time to time for services rendered in connection with the Plan. All such fees and other charges (together with any goods and services tax or other taxes that may be payable under Applicable Laws and which are not attributable to the trustee) will, unless first paid directly to the Agent, be charged against and deducted from the investments in the Plan in such manner as the Agent and Trustee may determine in their sole discretion.
    
    
17. Sale of property
    
    As permitted under the Income Tax Act, the Trustee and the Agent may, in their sole discretion, sell any of the investments in the Plan for the purposes of paying any expenses, taxes or compensation owing to the Trustee and Agent.
    
    
18. Amendments to the declaration of trust
    
    The Trustee may from time to time upon at least 30 days written notice to the Owner amend this Declaration of Trust with the concurrence of provincial tax authorities; provided, however, that any such amendments shall not have the effect of disqualifying the Plan as a registered retirement savings plan within the meaning of the Income Tax Act (Canada).
    
    
19. Successor trustee
    
    Subject to paragraph (c), the Trustee or any successor trustee of this Plan may resign as trustee by appointing a replacement trustee as provided in paragraph (b) and by giving thirty days prior notice in writing to the Owner advising the Owner of its resignation and the name and address of the replacement trustee to be appointed pursuant to paragraph (b)
    1. A resigning trustee may, in writing, appoint another person to be trustee in its place, provided that such person is a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering its services to the public as trustee.
    2. The Trustee or any successor trustee shall not resign as trustee of this Plan
       1. unless a replacement trustee described in paragraph (b) is appointed and accepts the appointment to replace the resigning trustee, and
       2. if the resignation of the resigning trustee or its replacement by the trustee appointed under paragraph (b) will result in the Plan ceasing to be a registered retirement savings plan under the Income Tax Act (Canada).
    3. A resigning trustee shall transfer to the replacement trustee all property of the Plan and all records related to its duties as trustee and shall do all acts and execute all deeds necessary for the proper vesting of the trust property in the replacement trustee.
    4. Despite anything else contained in this Declaration of Trust, a resigning trustee will continue as trustee of the Plan until the replacement trustee is vested with all of the rights and obligations of the resigning trustee contained in this Declaration of Trust.
       
       
20. Notice
    
    Any notices or filings given to the Trustee in connection with this Declaration of Trust shall be sufficiently given if mailed and addressed to Sun Life Financial Trust Inc., Box 1601, STN Waterloo, Waterloo, Ontario N2J 4C5, and shall be deemed to have been given on the day that such notice is received by Sun Life Financial Trust Inc. Any notices or filings given to the Agent in connection with this Declaration of Trust shall be sufficiently given if mailed and addressed to SLFISI, PO Box 1601, STN Waterloo, Waterloo, Ontario N2J 4C5, and shall be deemed to have been given on the day that such notice is received by SLFISI. Any notice, statement or receipt to be given by the Trustee or the Agent to the Owner shall be sufficiently given if sent by mail, electronically, facsimile, or any other means to any address or online account that the Agent or Trustee has on record for the Owner.
    
    Notice may be delivered personally to the Owner at any address on the Trustee or Agent’s record. Notices, statements, or receipts will be deemed to have been given to and received by the Owner, if mailed, within 5 days of the date it is mailed, or, if sent electronically or by facsimile, on the day sent, or, if delivered in person, when delivered.
    
    
21. Trustee’s liability – Neither the Trustee nor the Agent shall be liable for loss or diminution of the Owner’s investment under the Plan, except due to its willful misconduct or lack of good faith.
    
    
22. Interpretation – This Declaration of Trust will be interpreted, administered and enforced in accordance with the laws of the Province of Ontario and the applicable federal laws of Canada.
    
    

SLFISI Retirement Income Fund Declaration of Trust

Sun Life Financial Trust Inc., a trust company continued under the laws of Canada (the “Trustee”), hereby declares that it accepts the office of trustee for the annuitant (the “Owner”) for Sun Life Financial Investment Services (Canada) Inc. (SLF Investments) as defined by the Income Tax Act (Canada) named in the application for the SLFISI Retirement Income Fund (the “Fund”) upon the following terms:

1. Delegation
   
   Without limiting the responsibilities of the Trustee under the Fund, the Owner authorizes the Trustee to delegate to Sun Life Financial Investment Services (Canada) Inc. (the “Agent”), any of its administrative or other responsibilities that it may lawfully delegate. The Trustee is ultimately responsible for the administration of the Fund.
   
   
2. Registration
   
   The Trustee will apply for registration of the Fund pursuant to the provisions of the Income Tax Act (Canada), as amended from time to time, and any applicable provincial legislation, as determined by the province of residence of the Owner stated in the application (“Applicable Laws”).
   
   
3. Spouse
   
   The term “Spouse” means a spouse or common-law partner as defined by the Income Tax Act (Canada).
   
   
4. Owner’s account and statement
   
   The Trustee will maintain an account for the Owner showing all transfers to and transfers from or payments from the Fund and all investment transactions made at the direction of the Owner. The Agent shall forward to the Owner, annually or more frequently as may be required, a statement showing all such transfers, payments, investment transactions, all income earned, and expenses incurred during such period.
   
   
5. Investments
   
   The Fund will be held in nominee name by the Agent and the investments in the Fund shall be invested and reinvested by the Trustee on the directions of the Owner without being limited to investments authorized by law for trustees. The Trustee, in its sole discretion, may require the Owner to provide documentation in respect of any investment or proposed investment, as the Trustee deems necessary in the circumstances. The Trustee reserves the right to decline to make any particular investment if the proposed investment and related documentation do not comply with the Trustee’s requirements at that time.
   
   If the Trustee does not receive investment direction from the Owner, it will maintain the Owner’s transfers to the Fund in cash until the Trustee receives such investment direction.
   
   Any investment income earned by the Fund shall be reinvested as directed by the Owner in investments permitted under the Fund. If the Owner does not provide such a direction, the investment income earned by the Fund will be maintained in cash until the Trustee receives instructions from the Owner.
   
   Without limiting the generality of the foregoing, the Owner has a responsibility to:
   1.  select the investments of the Fund;
   2. determine whether any such investment is or remains a “qualified investment” for a registered retirement income fund (RRIF) within the meaning of the Income Tax Act (Canada);
   3. determine whether any such investment would result in the imposition of any penalty under the Income Tax Act (Canada); and
   4. determine whether any investments should be purchased, sold or retained by the Trustee as part of the Fund.
      
      
6. Transfers to the Fund
   
   The Trustee shall accept only transfers of cash or of assets in a form acceptable to it, which are “qualified investments” for a RRIF within the meaning of the Income Tax Act (Canada), as may be directed by or on behalf of the Owner. Such cash or assets to be transferred to the Trustee to be held in the Fund may only be transferred from:
   1. select the investments of the Fund; either a RRIF or a registered retirement savings plan (RRSP) under which the Owner is the annuitant within the meaning of the Income Tax Act (Canada);
   2. the Owner to the extent only that the amount of consideration was an amount described in subparagraph 60(l)(v) of the Income Tax Act (Canada);
   3. an RRSP or a RRIF of the Owner’s Spouse or former Spouse, where the Owner and the Owner’s Spouse or former Spouse are living separate and apart and the transfer is made under a decree, order or judgment of a competent tribunal, or under a written separation agreement relating to a division of property between the Owner and the Owner’s Spouse or former Spouse in settlement of rights arising out of, or on the breakdown of the Owner’s marriage or common-law partnership;
   4. a registered pension plan pursuant to subsection 147.1(1) of the Income Tax Act (Canada) under which the Owner is a member;
   5. a registered pension plan pursuant to subsection 147.3(5) and (7) of the Income Tax Act (Canada);
   6. a specified pension plan circumstances to which subsection 146(21) of the Income Tax Act (Canada) applies; or
   7. any other source permitted by the Income Tax Act (Canada) from time to time.
      
      The Owner has a responsibility to ensure that all transfers to the Fund comply with this section 6.
      
      
7. Income tax slips
   
   The Trustee shall forward to the Owner or the Owner’s Spouse (if applicable) the appropriate tax slips in prescribed form required to be filed with the applicable income tax authorities for the previous calendar year.
   
   
8. Owner’s or Owner’s Spouse’s date of birth
   
   The statement of the Owner’s or Owner’s Spouse’s (if applicable) date of birth on the application shall be deemed to be a certification by the Owner of such date of birth and an undertaking by the Owner to provide any further evidence or proof of age that may be required.
   
   
9. Payments from the Fund
   
   The Fund assets shall be held in trust for the Owner and shall be converted into cash from time to time to provide for one or more payments each year to the Owner as directed by the Owner, in accordance with the following provisions:
   1. Subject to the terms of this Declaration of Trust and the Applicable Laws, the whole of the Fund shall be used and applied by the Trustee only for the provision of payments to the Owner or, if applicable, to the surviving Owner’s Spouse in each year commencing not later than the first complete calendar year after the Fund is established, the Trustee shall make one or more payments, the aggregate of which shall be not less than the minimum amount as defined in subsection 146.3(1) of the Income Tax Act (Canada), and not more than the value of the Fund immediately before any payment.
   2. All payments must be included in and will be taxed as the Owner’s income in the year of receipt. Tax shall be withheld on all payments by the Trustee in accordance with the Income Tax Act (Canada). The Trustee reserves the right to liquidate the assets of the Fund, in its absolute discretion to meet payment obligations of the Fund.
   3. For the purposes of valuing the Fund for this Section 9, the Trustee shall include the assets of the Fund at their net asset value.
   4. No payment required to be made in accordance with the provisions hereof may be assigned in whole or in part.
   5. At the direction of the Owner, and in accordance with paragraph 146.3(2)(e) of the Income Tax Act (Canada), the Trustee shall transfer all or part of the property held in connection with the Fund together with all information necessary for the continuance of the Fund to any person who has agreed to be a carrier of another RRIF of the Owner, provided that the Trustee shall retain sufficient property of the Fund in order that the minimum amount for the calendar year shall be paid to the Owner in the year of transfer.
   6. The Trustee shall transfer all or part of the property held in connection with the Fund to a Spouse or former Spouse who is entitled to the amount under a decree, order or judgment of a competent tribunal or under a written agreement that relates to division of property in settlement of a breakdown of marriage or common- law partnership in accordance with subsection 146.3(14) of the Income Tax Act (Canada).
      
      
10. Conversion of assets into cash
    
    If the Trustee deems that the amount of cash held in the Fund is or shall not be sufficient to permit the required annual retirement income payments, the Trustee shall, in its discretion, convert sufficient assets in the Fund into cash to make such annual payments.
    
    The Trustee and the Agent may, in their sole discretion, sell any of the investments in the Fund for the purposes of paying any expenses, taxes or compensation owing to the Trustee or Agent.
    
    The Trustee and the Agent shall not be responsible for any losses arising from the conversion of Fund assets for the above-stated purposes.
    
11. Death of Owner (Not applicable in Quebec)
    
    The Owner may elect, on the application or on a form satisfactory to the Trustee, to have the Owner’s Spouse be the successor annuitant of the Fund upon the death of the Owner. In such a case and upon receipt of estate documents satisfactory to the Trustee, such Owner’s Spouse shall become the Owner of the Fund and the Agent shall continue to make payments in accordance with the terms of the Fund and this Declaration of Trust to the Owner’s Spouse.
    
    The Owner may, in a form satisfactory to the Trustee, designate any person as beneficiary of the Fund, provided such beneficiary designation is permitted by Applicable Laws. Subject to Applicable Laws, a beneficiary designation may only be made, changed or revoked by the Owner in a form acceptable to the Trustee. Such designation must adequately identify the Fund and be delivered to the Trustee prior to any payment by the Trustee. The Owner acknowledges that it is his or her sole responsibility to ensure the beneficiary designation is valid under the laws of Canada, its provinces or territories. If the Owner dies prior to the making of the final payment under the Fund and the Owner’s Spouse at the time of the Owner’s death is not designated as a successor annuitant of the Fund or has predeceased the Owner, the Trustee shall, upon receipt of estate documents satisfactory to the Trustee, pay the proceeds of the Fund to the designated beneficiary.
    
    The Owner acknowledges that if the Owner has elected that the Owner’s Spouse be the successor annuitant of the Fund, a beneficiary designation will only become effective where the Owner’s Spouse predeceases the Owner or is not the Owner’s Spouse on the date of the Owner’s death.
    
    Subject to Applicable Laws, the Trustee and Agent shall be fully discharged upon making payments to an Owner’s Spouse as successor annuitant of the Fund or designated beneficiary in accordance with this section 11, even though any such election or beneficiary designation made by the Owner may be invalid as a testamentary instrument.
    
    If, on the date of the death of the Owner, the Owner’s Spouse is not elected as successor annuitant of the Fund or if the individual elected as successor annuitant is not the Owner’s Spouse or has predeceased the Owner and there is no living designated beneficiary at the date of death of the Owner, all proceeds of the Fund shall be paid to the Owner’s estate upon receipt of estate documents satisfactory to the Trustee.
    
    Any payment from the Fund in accordance with this section 11 will be subject to the deduction of all sales costs, interest, penalties, income tax and other related charges.
    
    
12. Compensation, taxes and expenses
    
    The Trustee and the Agent will be entitled to such reasonable fees and other charges as each may establish from time to time for services rendered in connection with the Fund. All such fees and other charges (together with any other taxes that may be payable under Applicable Laws and which are not attributable to the Trustee) will, unless first paid directly to the Agent, be charged against and deducted from the investments in the Fund in such manner as the Agent and Trustee may determine in their sole discretion.
    
    
13. Amendments to the Declaration of Trust
    
    The Trustee may from time to time upon at least 30 days written notice to the Owner amend this Declaration of Trust with the concurrence of the Canada Revenue Agency, and if applicable the concurrence of provincial tax authorities; provided, however, that any such amendments shall not have the effect of disqualifying the Fund as a RRIF within the meaning of the Income Tax Act (Canada).
    
    
14. Successor trustee
    1. Subject to paragraph c), the Trustee or any successor trustee of this Fund may resign as trustee by appointing a replacement trustee as provided in paragraph b) and by giving 30 days prior notice in writing to the Owner advising the Owner of its resignation and the name and address of the replacement trustee to be appointed pursuant to paragraph b).
    2. A resigning trustee may, in writing, appoint another person to be trustee in its place, provided that such person is a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering its services to the public as trustee.
    3. The Trustee or any successor trustee shall not resign as trustee of this Fund
       1. unless a replacement trustee described in paragraph b) is appointed and accepts the appointment to replace the resigning trustee, and
       2. the resignation of the resigning trustee or its replacement by the trustee appointed under paragraph b) will not result in the Fund ceasing to be a RRIF under the Income Tax Act (Canada).
    4. A resigning trustee shall transfer to the replacement trustee all property of the Fund and all records related to its duties as trustee and shall do all acts and execute all deeds necessary for the proper vesting of the trust property in the replacement trustee.
    5. Despite anything else contained in this Declaration of Trust, a resigning trustee will continue as trustee of the Fund until the replacement trustee is vested with all the rights and obligations of the resigning trustee contained in this Declaration of Trust.
       
       
15. Notice
    
    Any notice or filings given to the Trustee in connection with this Declaration of Trust shall be sufficiently given if mailed and addressed to Sun Life Financial Trust Inc., PO Box 1601, STN Waterloo, Waterloo, Ontario N2J 4C5, and shall deemed to have been given on the day that such notice is received by Sun Life Financial Trust Inc. Any notices or filings given to the Agent in connection with this Declaration of Trust shall be sufficiently given if mailed and addressed to SLFISI, PO Box 1601, STN Waterloo, Waterloo, Ontario N2J 4C5, and shall be deemed to have been given on the day that such notice is received by Sun Life Financial Investment Services (Canada) Inc. Any notice, statement or receipt to be given by the Trustee or the Agent to the Owner shall be sufficiently given if sent by mail, electronically, facsimile, or any other means to any address or online account that the Agent or Trustee has on record for the Owner. Notice may be delivered personally to the Owner at any address on the Trustee or Agent’s record. Notices, statements, or receipts will be deemed to have been given to and received by the Owner, if mailed, within 5 days of the date it is mailed, or, if sent electronically or by facsimile, on the day sent, or, if delivered in person, when delivered.
    
    
16. Trustee’s liability
    
    Neither the Trustee nor the Agent shall be liable for loss or diminution of the Owner’s investment under the Fund, except due to its own willful misconduct or lack of good faith.
    
    
17. Heirs, Executors and Successors
    
    The terms of this Declaration of Trust will bind the heirs, executors, administrators, and successors of the Owner and upon their respective successors.
    
    
18. Interpretation
    
    This Declaration of Trust will be interpreted, administered and enforced in accordance with the laws of the Province of Ontario and the applicable federal laws of Canada.
    
    

SLFISI Tax-Free Savings Account Declaration of Trust

Sun Life Financial Trust Inc., a trust company continued under the law of Canada (the “Issuer”), hereby declares that it accepts the office of Issuer for the Holder (as defined by the Income Tax Act (Canada)) named in the Application (the “Holder”) for SLFISI Tax-Free Savings Account (the “Qualifying Arrangement”) upon the following terms:

1. Definition of Terms
   
   The following definitions apply in this Declaration of Trust:
   
   “SFL Investments” means Sun Life Financial Investment Services (Canada) Inc.
   
   “Qualifying Arrangement” means an arrangement that
   1. is entered into between the issuer and an individual who is at least 18 years of age that is an arrangement in trust with the issuer, Sun Life Financial Trust Inc., a company authorized under the laws of Canada to carry on in Canada the business of offering to the public its services as an Issuer;
   2. provides for contributions to be made under the arrangement to the issuer in consideration of, or to be used, invested or otherwise applied for the purpose of, the issuer making distributions under this arrangement to the holder;
   3. under which the issuer and the individual agree, at the time the arrangement is entered into, that the issuer will file with the Minister of National Revenue an election to register the arrangement as a TFSA; and
   4. that, at all times throughout the period that begins at the time the arrangement is entered into and that ends at the particular time, complies with the conditions in section 146.2 (2) of the Income Tax Act (Canada).

“Holder” means

1. until the death of the individual who entered into the arrangement with the issuer, the individual;
2. at and after the death of the individual, the individual’s survivor, if the survivor acquires
   1. all of the individual’s rights as the holder of the arrangement, and
   2. to the extent it is not included in the rights described in subparagraph (i), the unconditional right to revoke any beneficiary designation made, or similar direction imposed, by the individual under the arrangement or relating to property held in connection with the arrangement; and
3. at and after the death of a holder described in paragraph (b) or in this paragraph, the holder’s survivor, if the survivor acquires
   1. all of the holder’s rights as the holder of the arrangement, and
   2. to the extent it is not included in the rights described in subparagraph (i), the unconditional right to revoke any beneficiary designation made, or similar direction imposed, by the holder under the arrangement or relating to property held in connection with the arrangement.
      
      “Spouse” means a spouse or common-law partner for the purpose of the Income Tax Act.
      
      “Issuer” means Sun Life Financial Trust Inc., identified as the issuer in the definition of “qualifying arrangement” above.
      
      “Survivor” means another individual who is, immediately before the Holder’s death, a spouse or common-law partner of the Holder.
      
      “Distribution” under an arrangement of which an individual is the holder means a payment out of or under the arrangement in satisfaction of all or part of the holder’s interest in the arrangement.
      
      
4. Delegation
   
   Without limiting the responsibilities of the Issuer under the Qualifying Arrangement, the Holder authorizes the Issuer to delegate to Sun Life Financial Investment Services (Canada) Inc. (the “Agent”) any of its administrative or other responsibilities that it may lawfully delegate. The Issuer is ultimately responsible for the administration of the Qualifying Arrangement.
   
   
5. Registration
   
   The issuer will file an election to register the Qualifying Arrangement with the Minister of National Revenue pursuant to the provisions of the Income Tax Act (Canada) as amended from time to time, and such provincial acts having jurisdiction, as determined by the province of residence of the Holder stated in the application therefore (“Applicable Laws”).
   
   
6. Holder’s account
   
   The Issuer will maintain an account for the Holder and will record the contributions of the Holder and investments of the Qualifying Arrangement as described hereunder.
   
   
7. Investments
   
   The Qualifying Arrangement will be held in nominee name by the Agent and the investments in the arrangement shall be invested and reinvested by the Issuer on the directions of the Holder without being limited to investments authorized by law for issuers. The Issuer, in its sole discretion, may require the Holder to provide such documentation in respect of any investment or proposed investment, as the Issuer deems necessary in the circumstances. The Issuer reserves the right to decline to make any particular investment if the proposed investment and related documentation do not comply with the Issuer’s requirements at that time.
   
   
8. Contributions
   
   The Holder may make contributions to the Qualifying Arrangement in such amounts as are permitted under Applicable Laws, in cash or such other property as may be permitted in the sole discretion of the Issuer. It shall be the sole responsibility of the Holder to ensure that the amount of the contributions to the Qualifying Arrangement is within the limits permitted under Applicable Laws.
   
   
9. Refund of contributions
   
   The Issuer shall, upon written application by the Holder, refund any amount which would reduce the amount of tax otherwise payable under section 207.02 or 207.03 of the Income Tax Act (Canada) as amended from time-to-time. The refund shall not exceed the cash value of the assets of the Qualifying Arrangement at the time of the refund.
   
   
10. Holder’s birthdate
    
    The statement of the Holder’s date of birth on the Application shall be deemed to be a certification by the Holder of such date of birth and an undertaking by the Holder to provide any further evidence or proof of age that may be required. The Holder must be at least 18 years of age in order for the arrangement to qualify as a tax-free savings account under the Income Tax Act (Canada).
    
    
11. Qualifying Arrangement held for sole benefit of the Holder
    
    The Qualifying Arrangement will be maintained for the exclusive benefit of the Holder during his or her lifetime. During the lifetime of the Holder, no other person has any rights under the arrangement.
    
    
12. Death of Holder (not applicable in Quebec)
    
    The Holder may elect, on the application or on a form satisfactory to the Issuer, to have the Holder’s Spouse (the “Survivor”) be the successor holder of the Qualifying Arrangement upon the death of the Holder. In such a case, and upon receipt of estate documents satisfactory to the Issuer, such Holder’s Spouse shall become the Holder of the Qualifying Arrangement.
    
    The Holder may, in a form satisfactory to the Issuer, designate any person as beneficiary of the Qualifying Arrangement, provided such beneficiary designation is permitted by Applicable Laws. Subject to Applicable Laws, a beneficiary designation may only be made, changed or revoked by the Holder in a form acceptable to the Issuer. Such designation must adequately identify the Qualifying Arrangement. The Holder acknowledges that it is his or her sole responsibility to ensure the beneficiary designation is valid under the laws of Canada, its provinces or territories.
    
    The Holder acknowledges that if the Holder has elected that the Holder’s Spouse be the successor holder of the Qualifying Arrangement, a beneficiary designation will only become effective where the Holder’s Spouse predeceases the Holder or is not the Holder’s Spouse on the date of the Holder’s death.
    
    Subject to Applicable Laws, the Issuer and Agent shall be fully discharged upon making payments to an Holder’s Spouse as successor holder of the Qualifying Arrangement or designated beneficiary in accordance with this section 10, even though any such election or beneficiary designation made by the Holder may be invalid as a testamentary instrument.
    
    If, on the date of the death of the Holder, the Holder’s Spouse is not elected as successor holder of the Qualifying Arrangement or if the individual elected as successor holder is not the Holder’s Spouse or has predeceased the Holder and there is no living designated beneficiary at the date of death of the Holder, all proceeds of the Qualifying Arrangement shall be paid to the Holder’s estate upon receipt of estate documents satisfactory to the Issuer.
    
    Any distribution from the Qualifying Arrangement in accordance with this section 10 will be subject to the deduction of all sales costs, interest, penalties, income tax and other related charges.
    
    
13. Complying with income tax legislation
    
    The Issuer must ensure that this Qualifying Arrangement is administered in accordance with the provisions of income tax legislation, which includes (with amendments from time-to-time) the Income Tax Act (Canada) and provincial or territorial income tax legislation. These provisions include but are not limited to the following:
    1. Any amendment to the Qualifying Arrangement must comply with the requirements of the Income Tax Act (Canada).
    2. The Qualifying Arrangement will be maintained for the exclusive benefit of the Holder only, during the Holder’s lifetime.
    3. During the Holder’s lifetime, no other person has any rights under the Qualifying Arrangement relating to the amount or timing of withdrawals or payments from the arrangement or in relation to the investment of the funds.
    4. This Qualifying Arrangement prohibits anyone but the Holder from making contributions.
    5. If the Holder has over-contributed to the arrangement, the Holder may withdraw any amount necessary to reduce the penalty.
    6. The arrangement provides that, at the direction of the Holder, the Issuer will transfer all or any part of the property held in connection with this arrangement (or an amount equal to its value) to another TFSA with the same Holder.
    7. If the arrangement is an arrangement in trust, it prohibits the trust from borrowing money or other property for the purposes of the arrangement.
       
       
14. Investment income
    
    Any investment income earned by the Qualifying Arrangement shall be reinvested as directed by the Holder in investments permitted under the arrangement. If the Holder does not provide such a direction, any investment income shall be invested in an investment permitted under the arrangement as the Issuer may determine in its discretion, except where the default distribution of the investment is cash.
    
    
15. Compensation, taxes and expenses
    
    The Issuer and the Agent will be entitled to such reasonable fees and other chargers as each may establish from time to time for services rendered in connection with the Qualifying Arrangement. All such fees and other charges (together with any goods and services tax or other taxes that may be payable under Applicable Laws which are not attributable to the Issuer) will, unless first paid directly to the Agent, be charged against and deducted from the investments in the arrangement in such manner as the Agent and Issuer may determine in their sole discretion.
    
    
16. Sale of property
    
    The Issuer and the Agent may, in their sole discretion, sell any of the investments in the Qualifying Arrangement for the purposes of paying any expenses, taxes or compensation owing to the Issuer and Agent.
    
    
17. Amendments to the declaration of trust
    
    The Issuer may from time to time upon at least 30 days written notice to the Holder amend this Declaration of Trust with the concurrence of provincial tax authorities; provided, however, that any such amendments shall not have the effect of disqualifying the arrangement as a tax-free savings account within the meaning of the Income Tax Act (Canada).
    
    
18. Successor Issuer
    1. Subject to paragraph c), the Issuer or any successor Issuer of this Fund may resign as Issuer by appointing a replacement Issuer as provided in paragraph b) and by giving 30 days prior notice in writing to the Holder advising the Holder of its resignation and the name and address of the replacement Issuer to be appointed pursuant to paragraph b).
    2. A resigning Issuer may, in writing, appoint another person to be Issuer in its place, provided that such person is a corporation licensed or otherwise authorized under the laws of Canada or a province to carry on in Canada the business of offering its services to the public as Issuer.
    3. The Issuer or any successor Issuer shall not resign as Issuer of this Qualifying Arrangement
       1. unless a replacement Issuer described in paragraph (b) is appointed and accepts the appointment to replace the resigning Issuer, and
       2. if the resignation of the resigning Issuer or its replacement by the Issuer appointed under paragraph (b) will result in the Qualifying Arrangement ceasing to be a tax-free savings account under Applicable Laws.
    4. A resigning Issuer shall transfer to the replacement Issuer all property of the Qualifying Arrangement and all records related to its duties as Issuer and shall do all acts and execute all deeds necessary for the proper vesting of the trust property in the replacement Issuer.
    5. Despite anything else contained in this Declaration of Trust, a resigning Issuer will continue as Issuer of the Qualifying Arrangement until the replacement Issuer is vested with all of the rights and obligations of the resigning Issuer contained in this Declaration of Trust.
       
       
19. Notice
    
    Any notices or filings given to the Issuer in connection with this Declaration of Trust shall be sufficiently given if mailed and addressed to Sun Life Financial Trust Inc., PO Box 1601, STN Waterloo, Waterloo, Ontario N2J 4C5, and shall be deemed to have been given on the day that such notice is received by Sun Life Financial Trust Inc. Any notices or filings given to the Agent in connection with this Declaration of Trust shall be sufficiently given if mailed and addressed to Sun Life Financial Investment Services (Canada) Inc., PO Box 1601, STN Waterloo, Waterloo, Ontario N2J 4C5, and shall be deemed to have been given on the day that such notice is received by SLFISI. Any notice, statement or receipt to be given by the Issuer or the Agent to the Holder shall be sufficiently given if sent by mail, electronically, facsimile, or any other means to any address or online account that the Agent or Issuer has on record for the Holder. Notice may be delivered personally to the Holder at any address on the Issuer or Agent’s record. Notices, statements, or receipts will be deemed to have been given to and received by the Holder, if mailed, within 5 days of the date it is mailed, or, if sent electronically or by facsimile, on the day sent, or, if delivered in person, when delivered.
    
    
20. Issuer’s liability
    
    Neither the Issuer nor the Agent shall be liable for loss or diminution of the Holder’s investment under the Qualifying Arrangement, except due to its willful misconduct or lack of good faith.
    
    
21. Interpretation
    
    This Declaration of Trust will be interpreted, administered and enforced in accordance with the laws of the Province of Ontario and the applicable federal laws of Canada