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| | REDEMPTION CONDITIONS Death
A written request must be made to the Fund for a withdrawal following the death of a shareholder.
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This request is normally made by the person in charge of settling the estate (executor, liquidator).
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| If the beneficiary of the estate is the spouse: |
Following death, the shares may devolve to the spouse of the deceased shareholder, if permitted by will.
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If an RRSP is involved, the spouse of the deceased shareholder
has three options: |
- The spouse may transfer the shares into an RRSP of the Solidarity Fund QFL in his or her name;
- The spouse may opt to redeem the shares, in which case we will issue a cheque in the name of the estate;
- The spouse can also request a redemption, and transfer
some or all of the proceeds into an RRSP in his or her name at another institution, in which case a cheque is issued to the estate and the T2019 (federal) and TP930 (Québec) forms
must be submitted with the tax returns of the deceased and the surviving spouse.
N.B:
For a direct transfer (T2033 or other form produced by the financial
institution) to be eligible between two financial institutions, the plans must have the same annuitant.
If the shares are not registered, they may be transferred into the account of the spouse, or a cheque may be issued in the name of the estate. |
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| If the beneficiary of the estate is a person other than the spouse: |
- If the shares which devolved by will to a person other than the spouse are registered in an RRSP, the transfer is possible only in exceptional cases. For information on such cases, consult the RRSP Guide and Other Registered Retirement Plans available at all Revenue Canada taxation offices. However, the executors of the estate may elect to keep the shares in the name of the beneficiary (the new owner) subject to settling the assessment resulting from the withdrawal of shares from the RRSP.
- If the shares are not registered, they may be transferred to the beneficiary or a cheque may be issued in the name of the estate, subject to payment of the assessment resulting from the deemed disposition of these shares and capital gains obtained on behalf of the deceased.
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| Proof required |
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| Proof of the shareholder’s death: a copy of the death certificate issued by the government, a certificate from the funeral home, or a statement of death by a coroner; |
| AND |
| the original or true copy (a certified photocopy) of the will or marriage contract if it contains a testamentary provision. Validation of the will by a notary of a court judgment in the case of a holograph will or a will made in the presence of witnesses; |
| AND |
| a testamentary search by the Chambre des notaires du Québec and the Barreau du Québec; |
| OR |
failing any of the previously mentioned documents, a sworn declaration of transmission, completed by the heirs or liquidator. To obtain this form, contact the Fund’s Shareholder Services.
If there is more than one designated heir, or if the designated heir does not act as liquidator, a statement naming the liquidator and signed by a majority of the heirs must be included with the declaration. |
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| Eligible shares |
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All the shares are eligible for redemption or transfer to the
new shareholder. |
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| Payment terms and conditions |
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Payment will be issued by cheque, direct deposit or transferred to another financial institution using form T2033, available at all financial institutions.
Note that in the case of death, shares are transferred and purchased without tax being deducted at source. However, those in charge of settling the estate must analyze the tax consequences of these transactions on the tax returns of the deceased person and of the beneficiaries of the estate. |
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