Class Plus 2 Information Folder and Contract Provisions - Empire Life

12. TFSA ENDORSEMENTNOTE: These provisions only apply to this contract if the Ownerhas made an election to register this contract as a TFSA underthe Income Tax Act (Canada).The following provisions form part of the contract, and ifapplicable, override anything to the contrary within theContract Provisions.1) This contract will cease to be a TFSA if it is not administeredin accordance with the conditions in subsection 146.2(2) ofthe Income Tax Act (Canada), when the contract ceases tobe a qualified arrangement, as defined in subsection 146.2(1)or when the last Owner dies.2) The contract will be maintained for the exclusive benefitof the Owner. Any right of a person to receive a paymentout of or under the contract will be disregarded except ifpayment is being made in respect of the Owner’s death.3) No one other than the Owner or the Company will have anyrights under the contract relating to the amount and timingof distributions and the investing of funds.4) A contract ceases to be a TFSA on the death of the Ownerunless the Owner’s spouse or common-law partner hasbeen named successor owner.5) No one other than the Owner may make deposits tothe contract.6) If the Company is given proof that there is tax payableunder section 207.02 or 207.03 of the Income TaxAct (Canada) then the Company will refund to the Ownerall amounts required to reduce the amount otherwisepayable. However, the refund may not exceed the marketvalue of the contract.7) No deposits may be made after the Maturity Date ofthe contract.8) On receipt of notice from the Owner we will transfer,in whole or in part, the market value of this contract asdetermined in accordance with the Contract Provisions toanother TFSA of the Owner.9) This contract is intended to be a TFSA for the purposesof the Income Tax Act (Canada). This contract will beadministered, and all contributions, distributions,transfers, refunds and other payments under thiscontract shall be made in accordance with the IncomeTax Act (Canada), including the conditions applicable toa qualifying arrangement that are set out in subsection146.2(2) of the Income Tax Act (Canada). We reserve theright to amend this contract if such an amendment isrequired for this contract to maintain its TFSA status.59