Solidarity Fund QFL - REDEMPTION CONDITIONS

REDEMPTION CONDITIONS

Access to Home Ownership

In order for the Fund to redeem your shares under the "Access to home ownership" criterion, you must fulfill the following requirements and provide the required proof.

Requirements

You must:

be eligible for the Home Buyers’ Plan (HBP) by withdrawing funds from an RRSP;

AND

have first used up all your other RRSPs;

AND

undertake to make the repayments to the Fund RRSP.

Proof required

The Fund’s "Home Ownership" form duly completed and signed;

AND

Canada Customs and Revenue Agency form T1036 (if applicable);

AND

proof that a request to cash in all you other RRSPs was submitted to all the institutions concerned;

AND

one of the following proofs of purchase indicating the address of the dwelling:

an accepted offer to purchase
the construction contract
the construction permit with proof of land ownership.

Eligible shares

All shares held for at least 90 days, up to the maximum allowed by the plan.

Payment terms and conditions

Eligible shares can be redeemed in a maximum of two payments. The purchase authorized will correspond to the value inscribed on form T1036, and the payment will be issued by cheque or by direct deposit.

Subsequent acquisition of shares

You may continue to purchase Fund shares any time after the redemption.

Repayment terms

You must pay back the amount withdrawn in accordance with applicable tax laws.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 be required to pay a special income tax as prescribed by the Qu�bec Taxation Act.

However, if at the time of repayment you are eligible for a redemption or a purchase-by-agreement and submit the required proof, you will not be liable for the special income tax.

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you will be required to reimburse the Qu�bec federal tax credits for a portion representing 1/15 of the total amount withdrawn from the Fund under the Home Buyers’ Plan.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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