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| | REDEMPTION CONDITIONS Return to School
on a full-time basis for a minimum period of one year
The shareholder must make the request, but it may apply to a return to full-time studies by the shareholder or his or her spouse1. In order for the Fund to redeem your shares under the "Return to school for a minimum period of one year" criterion, the student must fulfill the following requirements and provide the required proof.
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| Requirements |
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| The student must have returned to full-time studies, be registered in a program requiring at least one year of schooling and not have been a full-time student in the program at the time of enrollment in the Fund; |
| AND |
| No request may be made if the student is receiving non-repayable income while studying from government or other programs amounting to more than 75% of the student’s income before he began studying; |
| AND |
| In order to take advantage of the government’s Lifelong Learning Plan, the shareholder must agree to repay the Fund RRSP. |
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| Proof required |
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| If the student has already begun studying: |
| The Fund’s "Redemption Request - Return to Full-time Studies" form duly completed and signed; |
| AND |
| The Fund’s "Declaration by Educational Institution" form duly completed and signed; |
| If the student has not yet begun studying: |
| lThe Fund’s "Redemption Request - Return to Full-time Studies" form duly completed and signed; |
| AND |
| Confirmation from the educational institution of registration for full-time studies, the program start date and its duration or the Fund’s "Declaration by Educational Institution" form duly completed and signed; |
| AND IN ALL CASES: |
| A copy of the tuition account, including proof that 50% of the fees or a minimum of $500 was paid. |
| AND |
| To take advantage of the government’s Lifelong Learning Plan (LLP), you must submit the required Canada Customs and Revenue Agency form duly completed and signed in order to avoid the deductions at source that would normally apply. |
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| Eligible shares |
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| All shares held for at least two years. |
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| Payment terms and conditions |
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A maximum of two payments equal to the value of the eligible shares, up to $20,000 gross per year of schooling. The payment will be issued by cheque or by direct deposit.
Shares purchased after returning to school cannot be redeemed under this criterion. |
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| Subsequent acquisition of shares |
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| You may continue to purchase Fund shares any time after the redemption. |
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| Repayment terms (LLP) |
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| If you have taken advantage of the government’s Lifelong Learning Plan: |
You must pay back the amount withdrawn in accordance with applicable tax laws. The payments must be made to the Fund RRSP, failing which you will have to pay a special income tax as prescribed by the Québec Taxation Act.
However, if at the time of repayment you are eligible for redemption or a purchase-by-agreement and submit the required proof, you will not be liable for the special income tax.
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| If you do not repay the Fund, the special tax will apply as follows: |
- For each year that you do not repay the Fund, you will be required to reimburse the Québec federal tax credits for a portion representing 1/10 of the total amount withdrawn from the Fund under the Lifelong Learning Plan.
- If necessary, a tax statement indicating the credits to be repaid will be issued. That statement must be attached to your income tax return for the year in which the repayment was not made.
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1 For convenience, the term "student" refers to the shareholder or his or her spouse.
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