Common use of Obligations of the Trustee Clause in Contracts

Obligations of the Trustee. The Trustee will forward notification of any change in Accountholder under the Plan to the Specified Minister in prescribed form containing prescribed information on or before the day that is 60 days after the later of: (i) the day on which the Trustee is advised of the change in Accountholder; and (ii) the day on which the Trustee is provided with the social insurance number or business number of the new Accountholder. The Minister of National Revenue must approve amendments to the specimen plan under which this Plan is based before the Trustee can amend the Plan terms and conditions. If the Trustee discovers that the Plan is or will likely become noncompliant, the Trustee will notify both the Minister of National Revenue and the Specified Minister of this fact within 30 days after the Trustee becomes aware of possible or factual non-compliance. If the Trustee enters into the Plan with a Qualifying Family Member (who is a Qualifying Person solely because of conditions a) to e) under the Qualifying Person definition) the Trustee will be required to: a) so notify the Beneficiary under the Plan without delay in writing and include in the notification information setting out the circumstances in which the Accountholder of the Plan may be replaced under section 146.4(1.5) or 146.4(1.6) of the ITA. b) collect and use any information provided by the Accountholder that is relevant to the administration and operation of the Plan. If the Trustee fails to comply with these obligations, the Trustee is liable to penalties as set out in subsection 162(7) of the ITA. The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that the Plan holds a non-qualified investment. The Trustee will not be held liable for entering into the Plan with a Qualifying Family Member if at the time the Plan was entered into, the Trustee had made reasonable enquiry into the Beneficiary’s contractual competence and it was the Trustee’s opinion that the Beneficiary’s contractual competence was in doubt.

Obligations of the Trustee. The Trustee will forward notification of any change in Accountholder under the Plan to the Specified Minister in prescribed form containing prescribed information on or before the day that is 60 days after the later of: (i) the day on which the Trustee is advised of the change in Accountholder; and (ii) the day on which the Trustee is provided with the social insurance number or business number of the new Accountholder. The Minister of National Revenue must approve amendments to the specimen plan under which this Plan is based before the Trustee can amend the Plan terms and conditions. If the Trustee discovers that the Plan is or will likely become noncompliant, the Trustee will notify both the Minister of National Revenue and the Specified Minister of this fact within 30 days after the Trustee becomes aware of possible or factual non-compliance. If the Trustee enters into the Plan with a Qualifying Family Member (qualifying family member who is a Qualifying Person solely because of conditions a) to e) -e under the definition of Qualifying Person definition) Person, above, the Trustee will be required to: a) so notify the Beneficiary beneficiary under the Plan without delay in writing and include in the notification information setting out the circumstances in which the Accountholder of the Plan may be replaced under section 146.4(1.5) or 146.4(1.6) of the Income Tax Act (Canada) (ITA). b) collect and use any information provided by the Accountholder holder that is relevant to the administration and operation of the Plan. If the Trustee fails to comply with these obligations, the Trustee is liable to penalties as set out in subsection 162(7) of the ITA. The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that an Accountholder of the Plan holds a non-qualified investment. The Trustee will not be held may become liable for entering into to pay tax under Part XI of the Plan ITA in connection with a Qualifying Family Member if at the time the Plan was entered into, the Trustee had made reasonable enquiry into the Beneficiary’s contractual competence and it was the Trustee’s opinion that the Beneficiary’s contractual competence was in doubtPlan.

Obligations of the Trustee. The Trustee will forward notification of any change in Accountholder under the Plan to the Specified Minister in prescribed form containing prescribed information on or before the day that is 60 days after the later of: (i) the day on which the Trustee is advised of the change in Accountholder; and (ii) the day on which the Trustee is provided with the social insurance number or business number of the new Accountholder. The Minister of National Revenue must approve amendments to the specimen plan under which this Plan is based before the Trustee can amend the Plan terms and conditions. If the Trustee discovers that the Plan is or will likely become noncompliant, the Trustee will notify both the Minister of National Revenue and the Specified Minister of this fact within 30 days after the Trustee becomes aware of possible or factual non-compliance. If the Trustee enters into the Plan with a Qualifying Family Member (qualifying family member who is a Qualifying Person solely because of conditions a) to e) -e under the definition of Qualifying Person definition) Person, above, the Trustee will be required to: a) a. so notify the Beneficiary beneficiary under the Plan without delay in writing and include in the notification information setting out the circumstances in which the Accountholder of the Plan may be replaced under section 146.4(1.5) or 146.4(1.6) of the Income Tax Act (Canada) (ITA). b) b. collect and use any information provided by the Accountholder holder that is relevant to the administration and operation of the Plan. If the Trustee fails to comply with these obligations, the Trustee is liable to penalties as set out in subsection 162(7) of the ITA. The Trustee will exercise the care, diligence and skill of a reasonably prudent person to minimize the possibility that an Accountholder of the Plan holds a non-qualified investment. The Trustee will not be held may become liable for entering into to pay tax under Part XI of the Plan ITA in connection with a Qualifying Family Member if at the time the Plan was entered into, the Trustee had made reasonable enquiry into the Beneficiary’s contractual competence and it was the Trustee’s opinion that the Beneficiary’s contractual competence was in doubtPlan.