TFSA Sample Clauses

TFSA. A TFSA can have only one Owner and Xxxxxxxxx, who must be the same person. If (i) Income Class Units are allocated to a TFSA, (ii) the Two-Life Income Stream has been selected, and (iii) the Second Life is the sole beneficiary of the Contract on the death of the Annuitant, then the Second Life will be deemed to have elected under the Income Tax Act to become the successor planholder of the Contract on the death of the Annuitant. In such case, the Guaranteed Lifetime Withdrawal Benefit will continue, the Second Life will become the Annuitant for purposes of determining the Death Benefit Date and the Contract Maturity Date and the Death Benefit will not become payable for any Class of Units until the death of the Second Life. If the Second Life is younger than the Annuitant, the Contract Maturity Date will extend based on the age of the Second Life. If the Second Life is not the sole beneficiary of the Contract on the death of the Annuitant, then the Contract, including the Guaranteed Lifetime Withdrawal Benefit, will end on the death of the Annuitant and the Death Benefit related to all Classes will be paid, notwithstanding that the Two-Life Income Stream had been selected. 14.1 reclassifying units between Classes (a) the Aggregate Unit Value of the Class of Units from which the reclassification is occurring will be reduced by the amount of the reclassification (including any Redemption Fee or change fee that is charged); (b) the Aggregate Unit Value of the Class of Units to which the reclassification is occurring will be increased by the amount of the reclassification (less any change fee described below and less any Redemption Fees that may be charged if Units acquired under the Deferred Sales Charge option were reclassified to Units not then available under the Deferred Sales Charge option); (c) the Guaranteed Benefits associated with the Class from which Units are reclassified will be reduced as described in Section 13 of the Contract; and (d) the Guaranteed Benefits associated with the Class to which Units are reclassified will be increased as described in Section 13 of the Contract. If we receive a reclassification request in writing and good order at or prior to 4:00 p.m. (Eastern Time) on a Valuation Date, then the reclassification will be effected using the Unit Values and Guaranteed Benefits in effect on such date. If we receive a reclassification request in writing and good order after that time, then the reclassification will be effected using t...
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