Common use of Permitted transfers and withdrawals Clause in Contracts

Permitted transfers and withdrawals. No transfer of all or any part of the money or assets held under this Account is permitted unless such transfer is made to one of the following: 3.1 to another LIRA as defined in section 29 of the Regulation; 3.2 to purchase a Life annuity contract; 3.3 to purchase a RIF as defined in section 29.1 of the Regulation; or 3.4 to a plan on the conditions referred to in Section 32(2) (a) of the Act. (i) where a physician certifies that, due to mental or physical disability, the life expectancy of the Annuitant is shortened considerably, in which event the Annuitant may elect to withdraw the money held under this Account either by way of a lump sum or a series of payments, as the Annuitant will specify in writing; (ii) the Annuitant may withdraw as a lump sum the assets in the Account if that balance of the assets in the LIRA do not exceed an amount mentioned in subsection 29(8.1) of the Regulation. The Trustee shall not permit a withdrawal pursuant to this paragraph unless the Trustee is satisfied that the Annuitant has no other locked-in assets. (iii) the Annuitant may withdraw as a lump sum the assets in the Account if the Annuitant: (i) is a non-resident of Canada as determined for the purposes of the (ii) has not resided in Canada for at least two consecutive years; (iii) provides the issuer with written evidence that the Canada Revenue Agency has determined that the Annuitant is a non-resident of Canada for the purposes of the Income Tax Act (Canada); and (iv) completes and files with the issuer a certificate of non residency in Form 4; and If the Annuitant has a Spouse, the Annuitant obtains the Spouse’s consent to withdrawal and waiver of entitlements in Form 5 and files a copy of the completed form with the Trustee.