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Investment Funds Account Terms Effective September 27, 2019


Account Terms

Introduction

The following pages contain important details you need to know about your Investment Funds Account.

Tangerine Investment Funds are managed by Tangerine Investment Management Inc. and are distributed exclusively by Tangerine Investment Funds Limited. Both companies are wholly-owned subsidiaries of Tangerine Bank. Since Tangerine Investment Funds are proprietary, if you’d like to transfer your Account to another financial institution, you’ll have to sell your units before doing so, transferring the assets “in cash”.

When you open an Account with us, you confirm that the information you’ve provided is true, complete and accurate. You agree to notify us of any changes to your information in a timely manner, and you agree to the terms set out in this Agreement.

If you have any questions we would be pleased to help you. Call us at 1-877-464-5678 or visit our website: tangerine.ca/investments.

A. GENERAL TERMS – Applicable to all Accounts


Our Definitions

The words “you”, “your”, “Account holder” and “Client” mean each individual who opens an Account with Tangerine Investment Funds Limited. The words “we”, “us”, “our” and “Tangerine Investments” refer to Tangerine Investment Funds Limited. “Account” means any and all Tangerine Investment Fund Accounts you have with Tangerine Investment Funds Limited. “External Account” means an account that you hold with another financial institution that has been linked to your Tangerine Investment Fund Account according to the procedures outlined in these Terms and Conditions, excluding Tangerine Account(s).

Mutual Funds Account

The Account Terms apply to all of your Investment Fund Accounts. Additional terms and conditions may also be outlined on the Tangerine Investment Funds Account Enrollment Form and in the Tangerine Investment Funds Limited Privacy Code, and you agree to be bound by those Terms and Conditions in addition to these Account Terms.

The Account Terms apply if your Account is closed, temporarily reopened, or if you’re assigned another Account Number, as well as if there are joint Account holder(s).

You confirm that you’ve reached the age of majority in the province or territory in which you reside. You understand that Retirement Savings Plans, Retirement Income Funds and Tax-Free Savings Accounts are governed by the Declaration of Trust, and if you have one of these Accounts, that you have read and understood this document. You understand that you must provide us with all the required information for registration of these Accounts, including your Social Insurance Number, and if you don’t, the Canada Revenue Agency may refuse to register your Account, in which case you consent to the closing of your Account.

You agree that we don’t provide you with any legal, tax or accounting advice regarding your Investment Funds. You assume full responsibility for all transactions in your Account and all your investment decisions.

Opening an Account

To open an Account with us, you must provide us with an initial investment by way of a personal deposit cheque or an electronic funds transfer from either Tangerine Bank or another financial institution. In all cases, we will establish a link to that External Account, which you may continue to use for future transactions, and which you may also cancel at any time. We may limit the number of External Accounts that can be linked.

All transactions by telephone, computer or other means, electronic or otherwise, will have the same legal effect as if you authorized these transactions in writing. You agree that all further business with us may be conducted on your instructions through any of these channels. We reserve the right not to open an Account if our Account opening requirements are not met. Your Account can’t be opened if you submit an incomplete Tangerine Investment Fund Account Enrollment Form.

Consent to Use of Electronic Signature

Tangerine Investment Funds Limited requires your consent to the use of this online enrollment form and your submission of it with your electronic signature. We therefore ask you to please note the following:

  • In order to be able to complete this online enrollment form, you must be an existing Client of Tangerine;

  • We take ongoing steps to verify your identity through your use of our secure login system, your Client number, password and Personal Identification Number (PIN) which collectively is a reliable method for identifying you to us;

  • This online enrollment form contains all the same information as our paper-based enrollment form and is organized in generally the same manner;

  • When you complete the online enrollment form and then click "I agree", you are denoting consent electronically and our system will imprint your electronic signature onto the completed form, so that your electronic signature will be permanently associated with your completed enrollment form;

  • Tangerine Investment Funds Limited uses reasonable methods to protect the security surrounding this online enrollment system, including using industry standard encryption.


Purchase and Sale Transactions

You may request and/or authorize purchases and redemptions of Investment Funds by telephone, or any other means provided by us. We’ll make electronic funds transfers to or from your External Account(s) upon your request. Before we make an electronic funds transfer for you, we’ll ask you to provide instructions and any, all, or some of the following pieces of identification information: (a) your Client Number; (b) your Account Number(s); (c) your Personal Identification Number (PIN); and/or (d) any other identifying information that is deemed necessary in order to confirm your identity.

Funds usually arrive in your Tangerine Account or your External Account within one to two business days after the settlement date on your redemption order. We are unable to guarantee the date your funds will arrive in your Tangerine Account or External Account.

Purchases and redemptions of Investment Funds may be made by telephone during our regular business hours of 8 a.m. – 8 p.m. Eastern Time, from Monday to Friday, excluding holidays. Purchase and redemption orders received by us prior to 3 p.m. Eastern Time will be processed according to that Investment Fund’s closing net asset value as of that date. Purchase and redemption orders received by us between 3 p.m. – 4 p.m. Eastern Time are processed on a best-efforts basis. This means that you may receive that day’s closing net asset value, however you may receive the following business day’s net asset value if volumes are high. Purchase and redemption orders received by us after 4 p.m. Eastern Time will be processed according to the closing net asset value of that Tangerine Investment Fund on the following business date, without exceptions.

You agree that we are not responsible for a delayed calculation of the net asset value of your purchase or redemption order in the event of any superior force situation that affects us or any other party which is responsible for processing your order (for example the mutual fund company which issues your mutual fund units) that is beyond our control, including but not limited to strikes, lockouts or other work stoppages, any act of God, power outages, weather-related events, earthquakes, floods, fires, civil disturbances, terrorism, breakage of or accident or serious malfunction of machinery or computing and data systems, or any legislative, administrative or judicial action which has been resisted in good faith by all reasonable legal means.

Purchases or redemptions of Investment Funds from your Account may be reversed if the electronic funds transfer can’t be delivered to/from your other financial institution or is returned for any reason. We won’t accept traveller’s cheques, cheques issued by a financial institution located outside of Canada, cash or coinage for purchase orders. If you send cash to us we will not be responsible for any loss that you may incur as a result. Transactions and/or balances may be limited in dollar amounts, or otherwise as may be determined by us, and such limits may be changed in our sole discretion without notice to you.

We won’t be liable for any direct, indirect or consequential loss, damage or inconvenience arising directly or indirectly out of your use of, or inability to access, Tangerine Investment Funds Limited or our services. This includes but is not limited to any fraud committed against your Account or our failure to carry out instructions that you have given to us. We reserve the right to contact you to obtain confirmation of any written or verbal instructions before processing any transaction, but we won’t be liable due to our inability or failure to contact you in order to confirm such instructions. You agree that all telephone calls and other electronic correspondence may be recorded and kept as a record of your instructions. We may change the requirements for and manner of transferring funds into and out of your Account at any time.

You understand that Investment Fund subscriptions are made on the terms and conditions described in the prospectus and that they are subject to approval by us. We reserve the right to accept or reject any purchase order within one (1) business day of receipt of the order. We may refuse to execute any trading order or direction for any reason including if we determine (and we have no obligation to do so) that it would be imprudent to execute it because of our assessment of the state of the Account, the nature of the transaction requested, your financial position, or for your own protection. We may also refuse any trading instruction, order or direction made from outside Canada. You are responsible for all trading instructions given by you. You acknowledge that a trading instruction is final, and you can’t object to the order at a later date.

If you don’t pay for the investment Funds as required under these Account Terms, you’ll be responsible for any losses we sustain or costs we incur and we may, without prior notice to you, do whatever we consider is necessary in order to avoid or minimize any potential loss or inconvenience to us, including without limitation, settling and then reversing the trade, suspending your trading privileges or terminating your Account.

If you trade excessively

We discourage investors from trading excessively and from using market timing strategies on a regular basis. Excessive trading can harm the Fund’s performance and the value of other investors’ holdings in the Fund, and can be particularly problematic when large sums are involved. Excessive trading can include buying and then redeeming or switching a large number of units of a Fund within 30 days of buying them. We have policies and procedures to detect and deter excessive trading and frequent use of market timing strategies that include the ability to refuse your present or future order(s) to buy or switch mutual funds. If, in our sole discretion, we determine that you are trading excessively, in addition to taking other available remedies, the relevant Fund may charge you a short-term trading penalty to be paid directly to the Fund out of the redemption proceeds.

What are your legal rights?

Under securities laws in some provinces and territories, you have the right to:

  1. withdraw from your agreement to buy Investment Funds within two business days of receiving the simplified prospectus

  2. cancel your purchase within 48 hours of receiving confirmation of your order; or

  3. cancel your purchase agreement and get your money back if the simplified prospectus, annual information form or financial statements misrepresent any facts about the Fund. You may also be entitled to get your money back or make a claim for damages if you have suffered a loss.


The time limit to exercise these rights depends on the governing legislation in your province or territory. For more information, refer to the securities legislation of your province or territory, or consult your lawyer.

Evidence Regarding Electronic Communication

A copy of any electronic communication will be admissible in any legal, administrative or other proceedings in the same manner as an original document in writing. You agree to waive any right to object to the introduction of any copy of electronic communications in evidence.

Clearing, Settlement and Payment

We may present and deliver instruments for payment, clearing, collection, acceptance or otherwise through any bank or other party as we deem appropriate. The bank or other party shall be considered to be your agent and we will not, in any circumstances, be responsible or liable to you for the acts or omissions of this bank or other parties, however caused, in the performance of this service. We are also not liable for the loss, theft, destruction or delayed delivery of any instrument while in transit to or from, or in the possession of, any bank or other party. If we or our agent present an instrument to another financial institution for payment on your behalf, and the other financial institution refuses to recognize or provide payment on that instrument for whatever reason, you’ll remain responsible for the amount of that instrument delivered to us.

Indemnity

You agree to indemnify us against any claims, costs or liabilities incurred by us in connection with any services provided to you or any other dealings between us, including any claim or liability resulting from our endorsement on any instrument, arising out of a forged or unauthorized signature on that instrument or otherwise.

Updated/New Personal Information

You agree to promptly advise us if you need to update any information relating to your Account. In particular you agree to advise us immediately if your address, investment objectives and/or risk tolerance change or if there is any significant change in your financial affairs.

When we receive new or updated personal information concerning your Account, we may put a hold on your Account in order to verify such information. We may also request supporting documentation so that we can confirm updated or new information, and we may maintain the hold on your Account until your updated or new personal information can be confirmed.

Automatic Savings Program

By requesting that an Automatic Savings Program (“ASP”) be set up for you, you authorize Tangerine Investment Funds Limited and your other financial institutions(s) to transfer money to and from your External Account(s) in accordance with your instructions, and you confirm your understanding, acceptance and participation in the Automatic Savings Program.

Privacy Principles

We are committed to keeping individuals’ personal information accurate, confidential, secure and private. The Tangerine Investment Funds Privacy Code (the “Privacy Code”) reflects that commitment. The Privacy Code is based on the Personal Information Protection and Electronic Documents Act, the Canadian Bankers Association Model Privacy Code and on the Canadian Standards Association Model Code for the Protection of Personal Information (CAN/CSA-Q830-96).

A copy of the Privacy Code will be made available to you when you open an Account. The Privacy Code is also available on our website at tangerine.ca/investments under the Privacy tab or by calling us at 1-877-464-5678. By applying to open an Account with us, you consent to the collection, use and disclosure of your personal information in accordance with the Privacy Code. You also agree that in order to establish your identification and to protect both you and us from fraud, we may collect and use your personal information that has been obtained from credit bureaus, credit reporting agencies, and credit insurers.

You agree that, in order to complete any purchase or redemption of your Investment Funds, your personal information will be transmitted to the mutual fund company that issues your mutual fund investment. You agree that you are also a client of that mutual fund company, and that the mutual fund company requires the same information that you provided us at the time of Account opening. We aren’t responsible for any breach of Canadian privacy laws made by the mutual fund company that issues your mutual fund units at any time that you are a client of that mutual fund company as described in these Account Terms. The Privacy Code will not apply to information that has been sent to a mutual fund company of which you are a client once that information is received by the mutual fund company and is under its control. You agree that any complaints concerning your personal information that was transmitted according to these Account Terms to a mutual fund company that issued your mutual fund investments will be submitted directly to that mutual fund company, and you agree at all times to indemnify, defend and hold harmless Tangerine Investment Funds Limited, its agents, suppliers, affiliates and their respective directors and employees against all actions, proceedings, costs, claims, damages, demands, liabilities and expenses whatsoever (including legal and other fees and disbursements) sustained, incurred or paid by us directly or indirectly in respect of your personal information so transmitted.

Confidentiality and Accessing Your Account with Your PIN

To protect your privacy and your investments, when you open an Account with us, you must select a Personal Identification Number (“PIN”). The PIN allows you access to your Account, and you must always provide it to us before we will follow any instructions regarding your Account. If you forget your PIN, we may accept a combination of alternate pieces of personal identification information. You’re responsible for, and give us your authorization to carry out, all instructions given using your Account Number(s) and/or PIN. We won’t be liable to you for any loss or claim arising out of our relying on verbal or electronic instructions provided to us using your PIN.

Your PIN must be kept confidential. You alone are responsible for your PIN security. When you give us instructions by cellular phone, email, or other non-secure methods, we can’t guarantee confidentiality because third parties can intercept these methods of communication. If any other person becomes aware of your PIN for any reason, you must immediately notify us. You’ll be liable for all transactions that are made before we’re notified.

Right of Set-off

We reserve the right to use all of the money in your Account(s) to pay any debts or other obligations (including any contingent obligations) regardless of how the debt or liability arose, you owe us without notice. (That is what’s known as a “Set-off”). In the case of a joint Account, all Account holders consent to our using all money up to the full amount invested, as payment for any debt or obligations you owe us, regardless of each individual joint Account holder’s contribution to the Account. If you have more than one Account with us, we may, without prior notice and at any time, combine those Accounts whether in respect of Investment Funds or money, and make such adjustments between those Accounts as we deem necessary. For example, we may transfer any credit balance from one Account to offset any debit balance in another Account. We may do this with respect to any Account in which you have an interest, whether jointly or otherwise.

Minimum Amounts

Some Investment Funds may have a minimum balance and/or transaction amount. Details can be found in the simplified prospectus.

Tangerine Investments requires a minimum balance in your Investment Fund Account of $10.00.If minimums are not maintained for a period of 120 days or more, we reserve the right to redeem the balance and close the Account to cover our administrative costs.

Limitation of Liability

We aren’t responsible for any losses, costs, damages or any failure to obtain any profit in connection with your Account or with any optional service related to your Account, without limitation and however caused, unless we were grossly negligent. If we were grossly negligent, you won’t hold us liable for any indirect, special or consequential damages. We’ll make every reasonable effort to provide you with access to your Account or any service. You’ll be responsible for any loss, cost or liability (including reasonable legal charges) incurred by us as a result of your failure to comply with these Account Terms.

Account Statements and Confirmation of Transactions

Account statements will be provided to you on a quarterly basis, either by mail or electronic means. However, we may provide you with Account statements on a more frequent basis. Your Account balances are also available by telephone or online at tangerine.ca. Account statements will be delivered to all Account holder’s last address in our records. You agree that you’ll examine all of your Account statements and other transaction records regularly. If you discover any errors or omissions in your Account statements and/or other transaction records, you must notify us of such errors or omissions within 30 days of the date of the Account statement or the transaction date. We’ll consider Account statements and other transaction records to be accurate if we don’t receive any notice from you to the contrary. We won’t be liable to you for any loss or claim arising as a result of any errors or omissions in Account statements or other transaction records.

Unless we otherwise agree, trade confirmations will be mailed to you for each trade, except for recurring trades that form part of an Automatic Savings Program that you’ve initiated for the purchase of your Investment Funds. In this case, you’ll receive a confirmation of the first transaction only. You’ll examine every trade confirmation sent to you as soon as you receive it, and advise us of any errors. If you don’t object within 10 business days of the settlement date shown on the trade confirmation, then we may consider the trade authorized, correct and complete, and you can’t object to it at a later date.

The Canadian Payments Association

By signing the Tangerine Investment Fund Account Enrollment Form and providing an External Account to link to, you agree that this authorization is provided for the benefit of your other financial institution and you authorize us to process Fund Transfer requests against your Account according to the Rules of the Canadian Payments Association. You authorize and assure us that all individuals who have signed the Tangerine Investment Fund Account Enrollment Form are all those who are required to sign on your chequing account(s) at your other financial institution(s).

You agree that this authorization is provided for our benefit and for the benefit of the other designated financial institution(s). You also agree that this authorization is provided in consideration of us agreeing to process debits against your designated account(s) in accordance with these Account Terms as agreed to with us. Cancelling this authorization does not terminate any other agreement that exists between us. Your authorization applies only to the method of payment and does not otherwise have any bearing on any agreement for services with us. The financial institution(s) at which you maintain your External Account(s) is (are) not required to verify that the debits are drawn in accordance with this authorization.

You further agree that your Client Number and assigned PIN or other security code or other signature equivalents may be used and will constitute valid authorization for Tangerine Investment Funds Limited to process the debits to your account(s) that you have requested. You also agree that delivering this authorization to us also constitutes delivery by you to the designated financial institution(s).

Funds Transfer Pre-Authorized Debits

Your initial request and all such subsequent requests to have money transferred to and/or from your Tangerine Investment Fund Account and your External Account(s) constitutes a Funds Transfer Pre-Authorized Debit (“PAD”). All Funds Transfers are Client-initiated pre-authorized debits where money is moved by the same Client from the account of one financial institution to the account of another financial institution. Tangerine Investment Funds Limited will process a Funds Transfer and move funds only at the Client’s initiation and request and as per the Client’s instructions, including amount, frequency, etc. The timing and amount of Funds Transfers will vary according to the instructions received from you. To arrange a Funds Transfer, you may contact Tangerine Investment Funds Limited at 1-877-464-5678 and provide your instructions and authorization to an Investment Fund Advisor or you may log onto our website to initiate and authorize a Funds Transfer online. It’s your responsibility to either provide us with, or enter online, the correct information in order to process your Funds Transfer. Tangerine Investment Funds Limited will process such transaction in accordance with the Rules of the Canadian Payments Association and these Account Terms. For an overview of your rights and responsibilities with respect to PADs, please visit the Canadian Payments Association at www.payments.ca.

Cancellation

The External Account(s) at your other financial institution(s) which we are authorized to draw funds from upon your request is specified by you by providing an initial investment from that account. You agree to inform us by telephone or other means provided by us from time to time of any change in the account information provided before any request for the transfer of funds. You may cancel this authorization at any time by providing notice to us, in writing or as otherwise stipulated by us. You may cancel or revoke your authorization of an ASP at any time by providing us with at least 10 days notice before your next scheduled Funds Transfer PAD. You agree that your cancellation of this authorization will take effect upon its receipt and confirmation by us. You can obtain a sample cancellation form or further information on your rights to cancel a PAD by visiting the Canadian Payments Association at www.payments.ca.

Contact Us

Tangerine Investment Funds Limited
3389 Steeles Avenue East
Toronto, Ontario
M2H 0A1
Tel.: 1-877-464-5678
Fax: 1-877-464-7797
tangerine.ca/investments

Pre-Notification

You waive your right to receive pre-notification of the amount of the PAD and agree that you do not require advance notice of the amount of PADs before the debit is processed. You acknowledge that you will not receive written notice from us of the amount to be debited or the due dates of the debiting.

Confirmation

You confirm that the information you have provided is correct and accurate and that you have authorized Tangerine Investment Funds Limited to act on your instructions and process your requested Funds Transfer PAD(s).

You may want to print off a copy of these Terms and Conditions for your records.

Recourse

You have certain recourse rights if any debit does not comply with this agreement. For example, you have the right to receive reimbursement for any debit that is not authorized or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, you may contact your financial institution or visit www.payments.ca.

Exception: Please note that a Funds Transfer PAD, being a debit authorized by the Client wherein funds are moved among the Client’s accounts held at different financial institutions, the recourse rights noted above through the Canadian Payments Association are not applicable. However, if a discrepancy occurs in a Funds Transfer PAD that you initiated through Tangerine Investment Funds Limited, please contact us at 1-877-464-5678 and one of our Investment Fund Advisors would be pleased to try and assist you in clarifying the matter.

Closing of Accounts

You may close your Account with us at any time. We also have the right to close your Account for any reason including excessive trading as described above, and pay you the balance, if any, according to our Rights of Set-off described above. On the death of an Account holder, we’re authorized to take such steps or require such documentation (including but not limited to a certified copy of the death certificate, a letter of direction and notarized copy of the Certificate of Appointment of Estate Trustee or Executor) or restrict transactions in the Account as we deem prudent or advisable. Upon receipt of the proper legal documentation following your death, we’ll transfer the balance of your Funds to your legal representative and close your Account. An estate representative of a deceased Account holder will have the same rights, responsibilities and obligations under these Account Terms as the Account holder, unless we determine otherwise in our sole discretion.

A fee will apply to transfer your registered funds to another financial institution. The current fee schedule is available at tangerine.ca/feeschedule.

Miscellaneous Terms


Acceptance of Account Terms

At our discretion we may accept your signature, or other evidence of your acceptance of these Account Terms received by facsimile, telephone or other electronic means, as your original signature or acceptance. We can delay, or refrain from exercising, any of our rights under these Account Terms without losing them.

Communication by Regular Mail

All communications from us to you (including notices that purchases or redemptions of Investment Funds to/from your Account could not be accepted or items have been returned) will be sent by regular mail unless otherwise stipulated by us.

Payment and Clearing Systems

We don’t control the national payments system or other payment system participants used in the process of transferring your money. We can’t guarantee a time of delivery for requested Funds Transfers. However, we will make reasonable efforts to facilitate your Funds Transfer requests.

Language

You have expressly requested that this document, and all related documents to your Account(s) be written in English. Vous avez expressément demandé que ce document, et tout autre document concernant votre (vos) compte(s) soient rédigés en anglais.

Unclaimed Property

The provinces of British Columbia, Alberta and Quebec have regulations respecting the monitoring, reporting and remittance of unclaimed property. As a mutual fund dealer, TIFL is subject to these regulations. If your Account or the mutual fund units in your Account become unclaimed property within the meaning of any applicable legislation governing unclaimed property, we may sell any or all of the mutual fund units in your Account for the purpose of converting your Account holdings into cash and transfer proceeds to:

  1. In British Columbia, the BC Unclaimed Property Society;
  2. In Alberta, the Alberta Treasury Board and Finance, Tax and Revenue Administration; and,
  3. In Quebec, Revenu Quebec’s Register of unclaimed property.

Complaints or Concerns about these Account Terms and your Account

Except where provided elsewhere in these Account Terms, the Tangerine Investment Funds Account Terms are governed by the laws of the province where you have your residence. If you move outside of Canada, the laws of the Province of Ontario will apply to your Account. If you have any questions regarding these Account Terms or you have complaints in connection with your Account, please call us at 1-877-464-5678, or visit the Tangerine Investment Funds website (tangerine.ca/investments).

Summary of Tangerine Investment Funds Limited Complaint Handling Procedures


Tangerine Investment Funds Limited has procedures in place to handle any written or verbal complaint received from Clients in a fair and prompt manner. This is a summary of those procedures, which we provide to new Clients and Clients who have filed a complaint and that we also make available on our website at tangerine.ca/investments.

The Client Complaint Information Form

Tangerine Investment Funds Limited will provide new Clients and Clients who complain with a separate document called the Client Complaint Information Form (“CCIF”) that provides general information about their options for making a complaint.

How to File a Complaint with Tangerine Investment Funds Limited

Clients of a mutual fund dealer who are not satisfied with a financial product or service have a right to make a complaint and to seek resolution of the problem. In many cases, complaints are easily solved by a phone call to Tangerine Investment Funds Limited at 1-877-464-5678. All complaints to Tangerine Investment Funds Limited will be handled by qualified personnel.

If you’ve made a complaint to Tangerine Investment Funds Limited, and your questions or complaints are not resolved to your satisfaction, please write to: The Ombudsman, Tangerine Investment Funds Limited, 3389 Steeles Avenue East, Toronto, Ontario M2H 0A1.

Where Clients have difficulty putting their complaint in writing, they should advise us so that we can provide assistance. For confidentiality reasons, we will only deal with the owner of the Account.

Complaint Handling Procedures

Tangerine Investment Funds Limited will acknowledge receipt of complaints promptly, generally within five days. We review all complaints fairly, taking into account all relevant documents and statements obtained from the Client, our records, our staff members and any other relevant source. Once our review is complete we provide Clients with our response, which will be in writing if the complaint was made in writing. Our response may be an offer to resolve your complaint, a denial of the complaint with reasons or another appropriate response. Where the complaint relates to certain serious allegations, our initial acknowledgement will include copies of this summary and the CCIF. Our response will summarize your complaint, our findings and will contain a reminder about your options with the Ombudsman for Banking Services and Investments.

We’ll generally provide our response within ninety days, unless we’re waiting for additional information from you, or the case is novel or very complicated.

We’ll respond to communications you send us after the date of our response to the extent necessary to implement a resolution or to address any new issues or information you provide.

Settlements

If we offer you a financial settlement, we may ask you to sign a release and waiver for legal reasons.

Contacting Tangerine Investment Funds Limited

Clients may contact us at any time to provide further information or to inquire as to the status of their complaint, by contacting the individual handling their complaint or by contacting:

Tangerine Investment Funds Limited
Chief Compliance Officer
3389 Steeles Avenue East
Toronto, Ontario M2H 0A1
Telephone: 1-877-464-5678

Client Complaint Information Form

Clients of a mutual fund dealer who are not satisfied with a financial product or service have a right to make a complaint and to seek resolution of the problem. Mutual Fund Dealers Association of Canada (“MFDA”) Members have a responsibility to their clients to ensure that all complaints are dealt with fairly and promptly. If you have a complaint, these are some of the steps you can take:

  1. Contact Tangerine Investment Funds Limited. We’re responsible to you, the investor, for monitoring the actions of our representatives to ensure that they are in compliance with by-laws, rules and policies governing our activities. Tangerine Investment Funds Limited will investigate any complaint that you initiate and respond back to you with the results of our investigation within the time period expected of an MFDA Member acting diligently in the circumstances, in most cases within three months of receipt of the complaint. It is helpful if your complaint is in writing.

  2. Contact the MFDA, which is the self-regulatory organization in Canada to which Tangerine Investment Funds Limited belongs. The MFDA investigates complaints about mutual fund dealers and their representatives, and takes enforcement action where appropriate. You may make a complaint to the MFDA at any time, whether or not you have complained to Tangerine Investment Funds Limited. The MFDA can be contacted:

    1. By completing the online complaint form at mfda.ca

    2. By telephone in Toronto at (416) 361-6332, or toll-free at 1-888-466-6332

    3. By email at complaints@mfda.ca

    4. In writing by mail to 121 King Street West, Suite 1000, Toronto, ON M5H 3T9 or by fax at (416) 361-9073

Compensation:

The MFDA does not order compensation or restitution to clients of Members. The MFDA exists to regulate the operations, standards of practice and business conduct of its Members and their representatives with a mandate to enhance investor protection and strengthen public confidence in the Canadian mutual fund industry. If you’re seeking compensation, you may consider the following:

  1. Ombudsman for Banking Services and Investments (“OBSI”): You may make a complaint to OBSI after you have complained to the dealer, at either of the following times:

    1. If the dealer’s Compliance Department has not responded to your complaint within 90 days of the date you complained, or;

    2. After the dealer’s Compliance Department has responded to your complaint and you are not satisfied with the response. Please note that you have 180 calendar days to bring your complaint to OBSI after receiving the dealer’s response.

  2. OBSI provides an independent and impartial process for the investigation and resolution of complaints about the provision of financial services to clients. OBSI can make a non-binding recommendation that your firm compensate you (up to $350,000) if it determines that you have been treated unfairly, taking into account the criteria of good financial services and business practice, relevant codes of practice or conduct, industry regulation and the law. The OBSI process is free of charge and is confidential. OBSI can be contacted:

    1. By telephone in Toronto at (416) 287-2877, or toll free at 1-888-451-4519

    2. By email at ombudsman@obsi.ca

  3. Legal Assistance: You may consider retaining a lawyer to assist with the complaint. You should be aware that there are legal time limits for taking civil action. A lawyer can advise you of your options and recourses. Once the applicable limitation period expires, you may lose rights to pursue some claims.

  4. Manitoba, New Brunswick and Saskatchewan: Securities regulatory authorities in these provinces have the power to, in appropriate cases, order that a person or company that has contravened securities laws in their province pay compensation to a claimant. The claimant is then able to enforce such an order as if it were a judgment of the superior court in that province. For more information, please visit:

    1. Manitoba: msc.gov.mb.ca

    2. New Brunswick: nbsc-cvmnb.ca

    3. Saskatchewan: sfsc.gov.sk.ca

  5. Québec:

    1. If you are not satisfied with the outcome or with the examination of a complaint, the Autorité des marchés financiers (“AMF”) can examine your complaint and may provide dispute resolution services.

    2. If you think you are a victim of fraud, fraudulent tactics or embezzlement, you can contact the AMF to see if you meet the eligibility to submit a claim to the Fonds d’indemnisation des services financiers (“Financial Services Compensation Fund”). An indemnity up to $200,000 can be payable through monies accumulated in the fund for an eligible claim.

    3. For more information:

      1. Contact the AMF by telephone at (418) 525-0337 (in Québec), or toll free at 1-877-525-0337

      2. Visit lautorite.qc.ca.

Jurisdiction of the laws of your province of residence

We don’t currently have a physical location in the following provinces and territories: Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut. We are provincially licensed in each of these provinces and territories, and will service your Account from our Contact Centre(s) located in Ontario. If you ever have a complaint or concern relating to your Account, please contact us first so that we can deal with any matter that may arise.

We are legally required to provide you with the following information:

Tangerine Investment Funds Limited agrees to submit and attorn to the jurisdiction of the courts of the following provinces and territories: Manitoba, Saskatchewan, Nova Scotia, New Brunswick, Prince Edward Island, Newfoundland and Labrador, Northwest Territories, Yukon and Nunavut with respect to any disputes which may arise out of our actions or conduct in relation to your Account(s) notwithstanding any provision to the contrary in any contract, agreement or document executed by you at the time your Account is opened or at any time thereafter. Our address for service of legal proceedings in Manitoba is: Pitblado LLP, 2500-360 Main Street, Winnipeg, MB R3C 4H6. Our address for service of legal proceedings in Saskatchewan is: MacPherson Leslie & Tyerman LLP, 1500-1874 Scarth Street, Regina, SK S4P 4E9. Our address for service of legal proceedings in Nova Scotia is: Stewart McKelvey Stirling Scales, 900-1959 Upper Water Street, Halifax, NS B3J 2X2. Our address for service of legal proceedings in New Brunswick is: Stewart McKelvey Stirling Scales, 10th Floor, Brunswick House, 44 Chipman Hill, Saint John, NB E2L 2A9. Our address for service of legal proceedings in Prince Edward Island is: Stewart McKelvey Stirling Scales, 65 Grafton Street, P.O. Box 2140, Charlottetown, PE C1A 8B9. Our address for service of legal proceedings in Newfoundland and Labrador is: W. Les Thistle, Barrister, Solicitor and Notary Public, suite 207, Town Square, 75 Barbour Drive, Mt. Pearl, NL A1N 2P3. Our address for service of legal proceedings in the Northwest Territories is: Davis LLP, Suite 802 Northwest Tower, 5201-50th Avenue, Yellowknife, NT X1A 3S9. Our address for service of legal proceedings in the Yukon is: Davis LLP, 201-4109 4th Avenue, Whitehorse, YT Y1A 1H6. Our address for service of legal proceedings in Nunavut is: c/o Michael H. Penner, P.O. Box 11032, Iqualuit, NU X0A 1H0.

Non-Residents

Tangerine Investment Funds Limited is only permitted to distribute Investment Funds in Canada. If you move outside of Canada temporarily or permanently, we can’t accept trading instructions from you or do business with you. You’ll only be permitted to redeem units in your Account(s). If your country of residence changes, you’ll be responsible for any withholding taxes that you may face. Any transactions you make may also be subject to the laws of your new country of residence.

Neither Tangerine Investment Funds Limited nor any of the mutual fund units it offers are registered with the U.S. Securities and Exchange Commission, and we are not permitted to engage in securities transactions with US Natural Persons.

Our services are not to be seen as an offer or solicitation in the United States of America or its territories or possessions, in the United Kingdom, or in any other country outside of Canada.

Trademark and Copyright

Certain names, words, titles, phrases, logos, icons, graphics or designs on our website or in any other materials provided to you from time to time may constitute trade names, trademarks or service marks of Tangerine Investment Funds Limited or other entities affiliated therewith, the use of which may have been licensed among them. The display of trademarks on our website or in any other materials provided to you from time to time does not imply that a licence of any kind has been granted to anyone else. All such information is protected under the copyright laws of Canada and in other countries. Unless otherwise specified, no one has permission to copy, redistribute, reproduce and republish, in any form, any of this information.

Successors and Assigns

These Account Terms are binding upon you and each of your successors, assigns and legal representatives. You can’t transfer any of your rights or obligations under these Account Terms to anyone else.

Risks of Borrowing to Invest

Here are some risks and factors that you should consider before borrowing to invest:

Is it Right for You?

  1. Borrowing money to invest is risky. You should only consider borrowing to invest if:

    1. You are comfortable with taking risk.

    2. You are comfortable taking on debt to buy investments that may go up or down in value.

    3. You are investing for the long term.

    4. You have a stable income.

  2. You should not borrow to invest if:

    1. You have a low tolerance for risk.

    2. You are investing for a short period of time.

    3. You intend to rely on income from the investments to pay living expenses.

    4. You intend to rely on income from the investments to repay the loan. If this income stops or decreases you may not be able to pay back the loan.

You Can End Up Losing Money

  • If the investments go down in value and you’ve borrowed money, your losses would be larger than had you invested using your own money.

  • Whether your investments make money or not, you’ll still have to pay back the loan plus interest. You may have to sell other assets or use money you had set aside for other purposes to pay back the loan.

  • If you used your home as security for the loan, you may lose your home.

  • If the investments go up in value, you may still not make enough money to cover the costs of borrowing.

Tax Considerations

  • You should not borrow to invest just to receive a tax deduction.

  • Interest costs are not always tax deductible. You may not be entitled to a tax deduction and may be reassessed for past deductions. You may want to consult a tax professional to determine whether your interest costs will be deductible before borrowing to invest.

Tangerine Investment Funds Limited should discuss with you the risks of borrowing to invest.

Changes to this Agreement


We may change these Account Terms at any time, and we’ll provide notice of these changes at least 30 days before they take effect. Notice of changes to the Account Terms may be distributed through Tangerine Investment Fund statements, letters and/or posted on the Tangerine Investment Funds website. If you access or continue to hold Investment Fund investments in any Account with us after the effective date of the change, you automatically accept the change.

Terms that Apply to Joint Accounts and Accounts for the Benefit of Others Only (In addition to General Terms above)


Joint Accounts

For joint Accounts, we may accept instructions for the Account or deliver Investment Fund units, money, property and other information to any person authorized to give instructions in respect of the Account. All Account holders will receive confirmations, statements, Annual Fee and Compensation Reports and Annual Performance Reports. All joint Account holders will be responsible for ensuring that the decision-making process in respect of the Account is properly followed. Tangerine will accept instructions from any joint Account holder, without the express authorization of any other joint Account holder, to (i) update Account information and the Investor Questionnaire, including risk tolerance, investment objectives and investment time horizon all of which are used to assess suitability of your investments; (ii) buy or sell units of Investment Funds; and, (iii) transfer Investment Funds and proceeds of redemptions to any Account holder or other third party. In addition, all joint Account holders are responsible both individually and jointly (solidarily in Quebec), for all of the Account’s debts and liabilities and for all obligations arising from these Account Terms. Each Account holder chooses their own PIN.

In the event of the death of either or any of the joint Account holders, the entire beneficial interest of that joint Account shall vest in the surviving Account holder(s) on the same Terms and Conditions as theretofore held. If one of the joint Account holders dies, the surviving Account holder(s) must immediately inform us in writing, and until such time, we may carry out orders and treat the Account as if all Account holders are living. We’ll require certain documentation in this regard, and we may restrict the Account if the required documentation is not received. The death of one of the joint Account holders will not in any way affect the right of the surviving Account holder(s) to redeem the investments in the Account(s), subject to all applicable laws relating to succession duties and estate and inheritance taxes. For Quebec residents only, any positive balance shall be settled in accordance with the estate of the deceased joint Account holder in keeping with Quebec’s Civil Code and other laws that will apply if one of the Account holders die.

Accounts for the Benefit of Others – “In Trust”, Etc.

We aren’t required to recognize anyone other than you as having any interest in your Account, except joint Account holders when an Account is a joint Account. For example, if you request that we open an Account in your name, but you use “In Trust” or “As Nominee” or some similar designation, whether or not it is for a specified third party, we’ll only accept instructions for that Account from you. We are under no obligation to obtain permission from any other person.

If you open an “In Trust” Account, you agree that you’re liable to us for all liabilities and obligations respecting the Account in your personal capacity, and not as a Trustee, agent or otherwise. We have no obligation to observe the terms of any trust or agency, whether written, verbal, implied, constructive or otherwise, and you are solely responsible for ensuring any restrictions of the trust and any applicable laws are adhered to. You will be liable to us in connection with your Account in your personal capacity and not as a Trustee, agent or otherwise. You will indemnify us against any loss, claim, damages, liability and expenses of any kind whatsoever arising out of operation of the Account.

You’re responsible for making sure that all investment income and capital gains are correctly reported to the CRA, according to the attribution rules set by them. If you have questions about the requirements for reporting investment income, you should contact your local CRA Taxation office or your own personal tax advisor.

All proceeds from redemptions for “In Trust Accounts” will be payable to an account bearing the same name as the Account (e.g. John Smith, ITF Jane Smith) or, by way of direction in the name of the beneficiary.

You’re responsible for ensuring that the assets held “In Trust” are transferred to the beneficiary when they reach age of majority.

Declaration of Trust


Tangerine Investment Funds Limited

Tax-Free Savings Account

We, Concentra Trust, hereby declare that we accept the trust created between us and the Holder when the Application was signed, upon the following terms:

1. DEFINITIONS:

The following definitions apply:

“Contribution”
Any amount paid into your Tax-Free Savings Account (TFSA) by you.

“Holder”
As defined by the Income Tax Act, until your death, is you, and, at and after your death, your Spouse who acquires the rights as successor holder as appointed by you.

“TFSA”
The Tangerine Investment Funds Limited Tax-Free Savings Account consisting of the Application and this Declaration of Trust.

Income Tax Act
The Income Tax Act (Canada), and regulations thereto, both as amended from time to time.

“Spouse”
As recognized in the Income Tax Act as your survivor for the purposes of tax-free savings accounts and, where applicable, incorporates the meaning of the term “common-law partner” as set out in Subsection 248(1) of the Income Tax Act.

“Survivor”
Another individual who is, immediately before the individual’s death, a spouse or common-law partner of the individual.

“Trustee”
Concentra Trust

2. REGISTRATION:

We will file your election to register this arrangement as a TFSA under the Income Tax Act.

3. CONTRIBUTIONS:

We will only accept contributions made by you and we will hold all contributions made to your TFSA, and any income earned on these contributions, as outlined in this Declaration of Trust and as required by the Income Tax Act.

4. WITHDRAWAL OF CONTRIBUTIONS:

Upon receipt of your written application, we will refund to you the amount determined in accordance with Paragraph 146.2(2)(d) of the Income Tax Act.

You are permitted to make withdrawals from the TFSA at any time; however, you may be restricted due to the conditions imposed by terms of the investments held in your TFSA.

5. RECORDKEEPING:

We will record the details of all contributions to your TFSA, their investment, and of all payments from your TFSA. We will supply you with a statement of these details at least annually. We will complete the regulatory reporting as required by the Income Tax Act.

6. INVESTMENT:

All contributions made to your TFSA and all income earned on these contributions will be deposited or invested in eligible deposits distributed by Tangerine Investment Funds Limited, in accordance with the Income Tax Act, as directed by you in your Application.

We will only accept investment instructions for the purchase of qualified investments as permitted under the Income Tax Act. We will not accept investment instructions for the purchase of a non-qualified investment or a prohibited investment. We may request additional documentation from you proving the investment to be purchased is neither a non-qualified investment nor a prohibited investment.

7. TRANSFERS:

At your direction, we will transfer all investments held in your TFSA, or such portion as you direct, together with all information necessary for the continuance of the TFSA, to another TFSA registered in your name, or in the name of your spouse, or former spouse, pursuant to a decree, order or judgment of a competent tribunal or a written separation agreement, relating to a division of property between yourself and your spouse or former spouse in settlement of rights arising out of your marriage/common-law partnership, on or after the breakdown of your marriage/common-law partnership.

8. SUCCESSOR HOLDER ELECTION:

You may elect to have your surviving spouse become the holder of your TFSA after your death. This election may be restricted by provincial legislation governing designations of beneficiary on TFSA.

9. BENEFICIARY DESIGNATION:

You may designate a beneficiary, in those provinces and territories where the law so permits, to receive the remaining proceeds of your TFSA in the event of your death while your TFSA continues to exist and where your spouse did not become entitled to all future rights under the TFSA as permitted under Clause 8. Details of our requirements for making, changing or revoking such a designation are available from our offices.

10. DEATH:

Where you have not properly elected to have your spouse become the holder of your TFSA as provided for by Clause 8, we will, once we have received the documentation we require, pay the TFSA proceeds by a single payment, less required income tax deductions, to your designated beneficiary and notify your estate representative of any resulting tax liability. In instances where you have not designated a beneficiary as provided for by Clause 9, the TFSA proceeds will be paid by a single payment, less required income tax deductions, to your estate. When we have made the payment of the fund proceeds to your designated beneficiary or to your estate, we will be considered as fully discharged from any further liability with respect to your TFSA.

11. YOUR RESPONSIBILITIES:

It is your responsibility to keep us advised, in writing, at all times of any changes in your address and/or residency status.

12. RESTRICTION OF TRUSTEE (ADVANTAGE):

We cannot give you or any person related to you any benefit, loan or advantage if the benefit, loan or other advantage is conditional upon the existence of your TFSA.

13. AMENDMENTS:

We may from time to time amend your TFSA by giving you notice in writing. Any amendment cannot, however, be contrary to the provisions of the Income Tax Act. In the event of changes to the Income Tax Act the terms of your TFSA may be amended without notice to you to ensure that your TFSA continues to comply with all applicable legislation.

14. NOTICES:

Any notices given to us by you under this TFSA shall be sufficiently given if mailed, postage prepaid by you, to any of our offices and shall be deemed to have been given on the day that such notice is received by us. Any notices given by us to you shall be sufficiently given if mailed, postage prepaid by us, to you at your last address supplied by you and shall be deemed to have been given on the day of mailing.

15. LIMITS OF OUR LIABILITY:

We shall not be responsible for any loss or damage suffered or incurred by your TFSA, by you or by any beneficiary designated by you, unless caused by or resulting from our dishonesty, negligence, wilful misconduct or lack of good faith.

In the event a qualified investment becomes non-qualified, you and the CRA will be notified of details of that investment and you will be liable for payment of taxes owing to the CRA under Part XI.01 of the Income Tax Act. In the event a qualified investment or a non-qualified investment is deemed to be a prohibited investment, you are responsible for reporting details of that prohibited investment to the CRA and responsible for the payment of taxes under Part XI.01 of the Income Tax Act.

16. TFSA TRUST BORROWING PROHIBITED:

This TFSA is a trust arrangement and is prohibited from borrowing money or other property for the purpose of this TFSA.

17. USE OF TFSA AS SECURITY FOR A LOAN:

You may not use your interest or, for civil law, right in the TFSA as security for a loan or other indebtedness unless agreed by us in writing. If agreed to, then

  1. the terms and conditions of the indebtedness must be those which persons dealing at arm’s length with each other would have entered into;

  2. it must be reasonable to conclude that none of the main purposes for such use is to enable a person (other than you) or a partnership to benefit from the exemption from tax provided by the TFSA; and

  3. to the extent that the provisions of the second paragraph of Section 4, Section 7 and the first paragraph of Section 18 hereof are inconsistent with using an interest or right in the TFSA as security for a loan or other indebtedness, they will not apply.


18. OTHER CONDITIONS:

We shall maintain this TFSA for the exclusive benefit of you and while you are the Holder under your TFSA, no one other than you or us shall have rights to the TFSA relating to the amount and timing of distributions and the investment of funds.

If applicable, we shall provide you with a copy of the fee schedule in effect from time to time. We shall be entitled to such fees and to reimbursement for all expenses reasonably incurred by it in administering the TFSA as may be provided for in any fee schedule in effect at that time. The fees payable to us are subject to change provided that you shall be given at least 60 days notice prior to any change in such fees becoming effective. Notwithstanding any other provision contained herein, we shall be entitled to additional fees for extraordinary services performed by it from time to time commensurate with the time and responsibility involved. We are fully authorized by you to sell investments of the TFSA in order to realize sufficient monies for the payment of the above fees and expenses and to withdraw payment from the assets of the TFSA without seeking the prior approval or instruction of you.

19. NON-RESIDENT:

In the event that you are no longer a resident of Canada, for purposes of the Income Tax Act, you authorize us to liquidate the investments held within this TFSA and you agree to make arrangements to transfer the funds remaining in the TFSA to another issuer.

20. RESIGNATION OF TRUSTEE:

We may resign at any time by delivering 60 days notice of our resignation to you. In the event of our resignation, you shall appoint a successor trustee who shall be acceptable to us. We shall deliver the property comprised of the investments within the TFSA and the records relating thereto, and shall execute such deeds and assurances and do such things as may be requisite in order to ensure the continued and uninterrupted operation of the TFSA. Should you neglect or refuse to appoint a successor trustee who shall be acceptable to us, we reserve the right to transfer assets in specie to you as a withdrawal from your TFSA.

If we wish to resign as trustee of the TFSA or for any reason are incapable of acting as trustee of the TFSA, Tangerine Investment Funds Limited may appoint a successor trustee of the TFSA. Upon acceptance of the office, the successor trustee will be the trustee of the TFSA for all purposes as if it had been the original declarant of the TFSA. In the event you do not make the necessary arrangements as outlined under Clause 19 above, you authorize us to resign as trustee and transfer the funds remaining in your TFSA to another issuer.

21. ULTIMATE RESPONSIBILITY:

We have entered into an Agency Agreement with Tangerine Investment Funds Limited, named in the Application, which provides that Tangerine Investment Funds Limited acts as our Agent for the purposes of administration of this TFSA. However, we are ultimately responsible for the administration of the TFSA.

Self-Directed Retirement Savings Plan


Concentra Trust, a trust company incorporated under the laws of Canada (hereinafter referred to as the “Trustee“, “we“ or “us“), hereby declares that it agrees to act as Trustee for the Annuitant as defined in the Income Tax Act (hereinafter referred to as “you“) named under the Tangerine Investment Funds Limited Self-Directed Retirement Savings Plan Application which, with the Declaration of Trust and the addendum or addenda thereto, where applicable, (hereinafter referred to as the “Plan“), forms the application for the accumulation of mutual fund securities (hereinafter referred to as “Securities“) specified by you from time to time.

1. REGISTRATION:

We will apply for registration of the Plan in accordance with the Income Tax Act (Canada), (the “Act”), and if applicable, the provisions of any income tax legislation of the province or territory indicated by you as your address on the Application. The Plan will at all times comply with all relevant provisions of the Act, and if applicable, the Taxation Act (Quebec), with respect to RRSPs. You agree to be bound by the terms and conditions imposed on the Plan by the aforementioned legislation.

2. APPOINTMENT OF AGENT:

We have appointed Tangerine Investment Funds Limited (the “Agent“) to perform certain administrative duties relating to the operation of the Plan hereunder. However, we shall remain ultimately responsible for the administration of the Plan pursuant to the provisions of this Declaration of Trust.

3. CONTRIBUTIONS:

We shall accept contributions of cash or Securities as may be made by you or your spouse, which together with the investment income thereon shall constitute a trust fund (the “Trust Fund“) to be used, invested and held subject to the terms hereof. If Securities are not available for investment, we may suspend or terminate your right to make further contributions to the Plan.

4. INVESTMENT OF DEPOSITS:

Each cash deposit received by us under the Plan shall be invested as indicated by you in units of a mutual fund(s) (the “Fund“ or the “Funds“) named on the application at the net asset value thereof on the valuation date next following receipt by us of such deposit. All cash dividends or distributions received by us with respect to any investments made by us pursuant to the provisions hereof shall be reinvested by us in units of the Fund or Funds from which such dividends or distribution were received at the net asset value thereof. All investments made by us for you shall be credited to your Account. We will only accept investment instructions for the purchase of qualified investments as permitted under the Act. We will not accept investment instructions for the purchase of a non-qualified investment or a prohibited investment. We may request additional documentation from you proving the investment to be purchased is neither a non-qualified investment nor a prohibited investment.

5. ANNUITANT’S ACCOUNT:

We will maintain an Account in your name showing all contributions made to the Plan and all investment transactions made at your direction. We shall forward to you, at least annually, a statement showing all contributions and investment transactions made and all income earned and expenses incurred during such period.

6. CONTRIBUTION RECEIPTS:

If applicable, we shall provide you or your spouse with a receipt, or receipts, showing contributions by you or your spouse during the preceding calendar year and within 60 days thereafter.

7. PAYMENT BEFORE MATURITY:

You may at any time before the commencement of a retirement income request that we pay to you, as a payment or refund of premiums as permitted under paragraph 146(2)(a) of the Act, all or any part of the assets held under the Plan, subject to applicable withholding tax, and we may liquidate any investments held under the Plan to the extent deemed necessary for that purpose.

8. EXCESS CONTRIBUTIONS:

It is the responsibility of you or your spouse, if applicable, to ensure that no contribution exceeds the maximum permitted under the Act. We shall, upon receipt of an approved application by you or your spouse, as the case may be, in accordance with the Act, refund to that applicant an amount as defined in paragraph 146(2)(c.1) of the Act required to reduce the amount of tax otherwise payable under Part X.1 of the Act. We may liquidate investments held under the Plan to the extent deemed necessary for that purpose.

9. RETIREMENT INCOME:

The value of the property held in the Plan maintained by us for you shall be invested, used and applied by us for the purposes of providing you with a retirement income.

You will, upon 90 days’ written notice to us, specify the date for the commencement of a retirement income, which date shall not be later than the maturity date provided in the Act (such date being referred to herein as “the Maturity Date”). Such notice shall indicate the name of the company from which such retirement income shall be purchased and shall instruct us to liquidate in the Plan and to apply the proceeds for the provision of a retirement income. You may choose to receive income from any one of, or any combination of, a life annuity, a fixed term annuity providing benefits for a term of years equal to 90 minus the age in whole years of the annuitant at the maturity of the Plan (or the annuitant’s spouse if the spouse is younger and the annuitant so elects to use the spouse’s age), a registered retirement income fund or other retirement income option that may be provided for in the Act. If the retirement income you choose to receive is an annuity, it must meet the following conditions:

  1. It must be paid out in a single lump sum if it becomes payable to someone other than your spouse upon or after your death.

  2. It must be paid in equal annual or more frequent periodic payments until such time as you fully or partially commute this retirement income and, where such commutation is partial, equal annual or more frequent periodic payments thereafter.

  3. It must not provide for any increase in the amount of the periodic payments as a result of your death where payments are to continue to your spouse following your death.

  4. It may not be assigned in whole or in part.


If you fail to notify us at least 60 days prior to the Maturity Date, we may liquidate the assets in the Plan and, subject to the requirements of the Act, may hold such proceeds in an interest-bearing deposit account with us on your behalf prior to the purchase of a retirement income, as defined herein. If you fail to provide us with such written notice as specified under this Section on or before the Maturity Date, we shall, at our discretion, provide you with a retirement income fund in accordance with this Declaration of Trust and the Act. If the funds in the Plan are not sufficient to produce an annual retirement income of greater than $250.00, the funds in the Plan will be paid to you as a single lump sum in the year of maturity.

10. DEATH OF ANNUITANT:

If you die prior to the provision of a retirement income, we shall, upon receipt of satisfactory evidence thereof, realize your interest in the Plan, and subject to the deduction of all proper charges, including income tax, if any, required to be withheld, the proceeds of such realization shall be held by us in trust. The proceeds shall be paid in a lump sum to your legal personal representatives upon such representatives furnishing us with documentation as may be required or as counsel may advise, unless there is a validly designated beneficiary, as provided in Section 11 hereof, or by will, in which case the proceeds shall be payable in a lump sum to such designated beneficiary upon receipt of such releases and other documents as may be required or as counsel may advise. Where we have made the payment to your designated beneficiary, we will be considered fully discharged from any further liability with respect to the Plan.

11. DESIGNATION OF BENEFICIARY:

If you are domiciled in a jurisdiction in which according to applicable law, a participant in a retirement savings plan may validly designate a beneficiary, you may, by instrument in writing in a form prescribed by us and delivered to us prior to your death, designate your spouse or any other person as beneficiary to be entitled to receive the value of your property in the Trust Fund on your death. Such person shall be deemed to be the designated beneficiary for the purposes of the Plan unless such person shall predecease you or unless you shall, by instrument in writing in a form prescribed by us and delivered to us prior to your death, revoke such designation.

12. OWNERSHIP:

We may generally exercise the power of an owner with respect to the units of the Fund or Funds or any other securities registered in the name of the Trustee and credited to your account, including the right to vote or give proxies as herein provided.

13. VOTING RIGHTS:

The voting rights attached to the units of the Fund or Funds or to any other securities registered in the name of the Trustee and credited to your account shall be exercised by us by proxy given in favour of the Manager of the Fund or Funds or in favour of the management of the issuer of such other securities. However, you may, by written notice received by us at least forty-eight hours prior to any meeting, request us to authorize you to act as our representative for the purpose of exercising the voting rights attached to any Securities registered in the name of the Trustee and credited to your account, at any meeting of security holders whereupon we shall give such authorization to you.

14. TRANSFERS:

You may, at any time before the purchase of a retirement income and upon written notice to us, or upon such notice period as we may in our sole discretion permit, request that we transfer all or such portion of the property of the Plan specified by you to the issuer or carrier of a registered pension plan, RRSP, a RRIF or a life annuity that provides for a retirement income in conformity with the Act. You, or where applicable, your spouse, must be the annuitant of the recipient plan. Upon receipt of a direction from you in a form satisfactory to us and subject to the conditions set out herein, the Act and applicable provincial legislation, we will transfer the property of the Plan requested to be transferred, together with all the necessary information for the continuance of the Plan, to the issuer of the recipient plan. You may instruct us to sell or transfer specific Securities to effect the transfer. If you fail to provide us with written instructions in a form satisfactory to us, we may sell or transfer the Securities we deem appropriate, in our sole discretion, to effect the transfer. We will endeavour to effect a transfer within 30 days after receiving your written direction.

15. ADVISORS:

We shall be entitled to employ such person or persons including but not limited to, lawyers and auditors, as we may determine. We may rely and act upon information and advice furnished by such person or persons or refrain from acting thereon and shall not be liable to you as a result of so acting or refraining from so acting.

16. TRUSTEE FEES AND EXPENSES:

If applicable, we shall provide you with a copy of the fee schedule in effect from time to time. We shall be entitled to such fees and to reimbursement for all expenses reasonably incurred by us in administering the Plan as may be provided for in any fee schedule in effect at that time. The fees payable to us are subject to change provided that we have given you at least 60 days notice prior to any change in such fees becoming effective. Notwithstanding any other provision contained herein, we shall be entitled to additional fees for extraordinary services performed by us from time to time commensurate with the time and responsibility involved. We are fully authorized by you to sell investments of the Plan in order to realize sufficient monies for the payment of the above fees and expenses and to withdraw payment from the assets of the Plan without seeking prior approval or instruction from you.

17. AMENDMENTS:

We may, from time to time at our discretion, amend this Declaration of Trust with the concurrence of the Agent and of the authorities administering the Act by giving 60 days’ notice in writing to you; provided, however, that any such amendments shall not have the effect of disqualifying the Plan as a registered retirement savings plan within the meaning of the Act. In the event of changes to the Act or any pension legislation governing your Plan, the terms of your Plan and any addendum thereto, may be amended without notice to you to ensure that your Plan continues to comply with all applicable legislation.

18. NOTICE:

Any notice given by you to us shall be sufficiently given if mailed, postage prepaid, addressed to us or our Agent, in either case, addressed to us at the principal office of the Agent in the City of Toronto, in the Province of Ontario, and shall be deemed to have been given on the day that such notice is received by the Agent. Any notice, statement or receipt given by us to you shall be sufficiently given if mailed, postage prepaid, to you at the address set out in the Application or at any subsequent address of which you shall have notified us and any such notice shall be deemed to have been given on the third business day following the day of mailing.

19. LIABILITY:

In the event a qualified investment becomes non-qualified, you and the CRA will be notified of details of that investment and you will be liable for payment of taxes owing to the CRA under Part XI.01 of the Act. In the event a qualified investment or a non-qualified investment is deemed to be a prohibited investment, you are responsible for reporting details of that prohibited investment to the CRA and responsible for the payment of taxes under Part XI.01 of the Act. We shall not otherwise be liable for the making, retention or sale of any investment or reinvestment as herein provided or for any loss or diminution of the assets comprising the Plan except due to our own negligence or wrongful act. You and your heirs, executors and administrators shall at all times indemnify and save harmless the Trustee in respect of any taxes, interest, penalties or charges levied or imposed upon the Trust Fund in respect of the Plan, excluding taxes, interest, penalties or charges imposed against the Trustee under the Act.

20. PROOF OF AGE:

The statement of your date of birth on the Application shall constitute your certification and an undertaking to furnish such further evidence of proof of age as may be required for the provision of a retirement income.

21. NO ADVANTAGE:

No advantage that is conditional in any way on the existence of the Plan may be extended to you or to any person with whom you do not deal at arm’s length other than those advantages or benefits which may be permitted from time to time under the Act.

22. NON-RESIDENT:

In the event that you are no longer a resident of Canada, for purposes of the Act, you authorize us to liquidate the investments held within this Plan and you agree to make arrangements to transfer the funds remaining in the Plan to another issuer/carrier.

23. SUCCESSOR TRUSTEE:

We may resign at any time by delivering 60 days notice of our resignation to you. In the event of our resignation, you shall appoint a successor trustee who shall be acceptable to us. We shall deliver the property comprised of the investments within the Plan and the records relating thereto, and shall execute such deeds and assurances and do such things as may be requisite in order to ensure the continued and uninterrupted operation of the Plan. Should you neglect to appoint a successor trustee who shall be acceptable to us, we reserve the right to transfer assets in specie to you as a withdrawal from your Plan. If we wish to resign as trustee of the Plan or for any reason are incapable of acting as trustee of the Plan, Tangerine Investment Funds Limited may appoint a successor trustee of the Plan. Upon acceptance of the office, the successor trustee will be the trustee of the Plan for all purposes as if it had been the original declarant of the Plan. In the event you do not make the necessary arrangements as outlined under Clause 22 above, you authorize us to resign as trustee and transfer the funds remaining in your Plan to another issuer/carrier.

24. DEFINITION OF SPOUSE:

The term “spouse” shall have the meaning of “spouse” as recognized in the Act for the purposes of registered retirement savings plans and, where applicable, incorporates the meaning of the term “common law partner” as set out in Sub-section 248(1) of the Act.

25. ASSIGNMENT BY AGENT:

The Agent may assign its rights and obligations hereunder to any other corporation resident in Canada and authorized to assume and discharge the obligations of the Agent under the Plan, provided that such corporation shall execute any agreement which is necessary or advisable for the purpose of assuming such rights and obligations and further provided that no such assignment may be made without prior written notice to us.

26. GOVERNING LAW:

This Declaration of Trust shall be construed and enforced according to the laws of the Province of Ontario, and all provisions hereof shall be administered according to the laws of that province.

Concentra Trust

Self-Directed Retirement Income Fund


Concentra Trust, a trust company incorporated under the laws of Canada (hereinafter referred to as the “Trustee“, “we“ or “us“), hereby declares that it agrees to act as Trustee for the Annuitant as defined in the Income Tax Act (hereinafter referred to as “you“) named under the Tangerine Investment Funds Limited Self-Directed Retirement Income Fund Application which, with the Declaration of Trust and the addendum or addenda thereto, where applicable, (hereinafter referred to as the “RIF“) on the following terms and conditions:

1. REGISTRATION:

We will apply for registration of the RIF in accordance with the Income Tax Act (Canada) (hereinafter referred to as the “Act”), and if applicable, the provisions of any income tax legislation of the province or territory indicated by you as your address on the Application. The RIF will at all times comply with the Act and if applicable, the Taxation Act (Quebec), with respect to retirement income funds. Any amendment to the RIF, which is necessary to ensure such compliance, may be made by us without notice to you and without further action.

2. APPOINTMENT OF AGENT:

We have appointed Tangerine Investment Funds Limited (the “Agent”) as our agent to perform certain administrative duties relating to the operation of the RIF hereunder. However, we shall remain ultimately responsible for the administration of the RIF pursuant to the provision of this Declaration of Trust.

3. TRANSFERS TO THE RIF:

We shall accept only such transfers of cash or of units of mutual funds (the “Fund“ or “Funds“) managed by the Agent in a form acceptable to it, which are “qualified investments“ for registered retirement income funds within the meaning of the Act, as may be directed by you or on your behalf to be transferred to us to be held in your RIF, provided that such cash or mutual fund securities may only be transferred from:

  1. either a registered retirement income fund or a registered retirement savings plan under which you are the annuitant; or

  2. you to the extent only that the amount of the consideration was an amount described in paragraph 60(l)(v) of the Act; or

  3. either a registered retirement savings plan or a registered retirement income fund pursuant to a decree, order or judgment of a competent tribunal or a written separation agreement, relating to a division of property between you and your spouse or former spouse in settlement of rights arising out of your marriage/common-law partnership on or after the breakdown of your marriage/common-law partnership; or

  4. amounts transferred directly from certain registered and prescribed pension plan funds, as permissible under sub-paragraphs 146.3(2)(f)(v), (vi), (vii) and (viii) of the Act.


Such transfers to the RIF, together with any income therefrom, shall constitute a Trust Fund (the “Trust Fund“) to be used, invested and held subject to the terms of this Declaration of Trust.

4. INVESTMENT OF DEPOSITS:

Subject as hereinafter provided, each deposit received by us under the RIF shall be invested in units of the Fund or Funds as indicated by you at the net asset value thereof on the valuation date next following receipt by us of such deposit.

All cash dividends or distributions received by us with respect to any investments made by us pursuant to the provisions hereof shall be reinvested by us in units of the Fund or Funds from which such dividends or distributions were received at the net asset value thereof. In the event that units of such Fund or Funds are not, at the time that we are required to make any investment under the provisions hereof, available for purchase or are not “qualified investments“ for registered retirement income funds within the meaning of such term as such term may then be used in the Act, we may, at your direction, invest such deposits or such cash dividends or distribution in units of another Fund or Funds managed by the Agent that are qualified investments for registered retirement income funds within the meaning of such term as such term may then be used in the Act. All investments made by us for you shall be credited to your Account. We will only accept investment instructions for the purchase of qualified investments as permitted under the Act. We will not accept investment instructions for the purchase of a non-qualified investment or a prohibited investment. We may request additional documentation from you proving the investment to be purchased is neither a non-qualified investment nor a prohibited investment.

5. ANNUITANT’S ACCOUNT:

We will maintain an Account in your name showing all deposits made to the RIF and all investment transactions made at your direction. We shall forward to you, at least annually, a statement showing all deposits and investment transactions made and all income earned and expenses incurred during such period.

6. INCOME TAX INFORMATION:

We shall provide you with appropriate information slips, in prescribed form, by the end of February of each year showing the total of all payments made from the RIF during the preceding calendar year to enable you to report such payments on your income tax return.

7. PAYMENTS FROM THE RIF:

The whole of the Trust Fund shall be invested, used and applied by us only for the provision of payments to you or, if applicable, to a surviving spouse as follows:

In each year, commencing not later than the first complete calendar year after the RIF is established, we shall make one or more payments, the aggregate of which is not less than the minimum amount set forth below, and not exceeding the value of the Trust Fund immediately before any payment. The minimum amount for the year in which the RIF commences is nil and for each subsequent year is the minimum amount obtained in accordance with the definition therein contained in Subsection 146.3(1) of the Act as amended from time to time.

No payment required to be made in accordance with the provisions hereof shall be capable of assignment in whole or in part. At your direction, we shall transfer all or part of the Trust Fund together with all information necessary for the continuance of the RIF in accordance with paragraph 146.3(2)(e) of the Act, to another Retirement Income Fund registered in your name, or in the name of your spouse, or former spouse, pursuant to a decree, order or judgment of a competent tribunal or a written separation agreement, relating to a division of property between yourself and your spouse or former spouse in settlement of rights arising out of your marriage/common-law partnership, on or after the breakdown of your marriage/common-law partnership. If you have directed transfer of the entire Trust Fund and we have not paid the minimum amount required for the year, we shall retain sufficient property of the RIF in order that the minimum amount for the calendar year shall be paid to you in that year.

Notwithstanding the provisions of this Section 7, we may pay from the Trust Fund any taxes imposed by the Act, including any penalties which may arise with respect to the investments held in the Trust Fund which may be non-qualified or “foreign property” as defined in the Act, excluding those taxes and penalties imposed against the Trustee under the Act.

8. DEATH OF ANNUITANT:

In the event of your death prior to the making of the final payment as provided in Section 7 hereof, we shall, upon receipt of satisfactory evidence of such death, realize your interest in the RIF, and subject to the deduction of all proper charges including income tax, if any, required to be withheld, the proceeds of such realization shall be held by us for payment in a lump sum to the beneficiary, if any, designated pursuant to Section 9 hereof, or to your legal personal representatives, upon such beneficiary or representatives furnishing us with such release and other documents as may be required or as counsel may advise, unless your spouse has been designated specifically as the successor annuitant as provided for in Section 9 hereof, or by will, in which case we shall continue the payments to your spouse in accordance with the provisions of Section 7 hereof, upon your spouse providing us with such documents as may be required or as counsel may advise. Where we have made the payment to your designated beneficiary, we will be considered fully discharged from any further liability with respect to the RIF.

9. DESIGNATION OF SUCCESSOR ANNUITANT OR BENEFICIARY:

If you are domiciled in a jurisdiction in which, according to applicable law, a participant in a retirement income fund may validly designate a beneficiary or a successor annuitant, you may, by instrument in writing in a form prescribed by us and delivered to us prior to your death, designate your spouse as successor annuitant or any person as beneficiary to be entitled to receive the value of your property in the Trust Fund on your death. Such person shall be deemed to be the successor annuitant or designated beneficiary, as the case may be, for the purposes of the RIF, unless such person shall predecease you or unless you shall, by instrument in writing in a form prescribed by us and delivered to us prior to your death, revoke such designation.

10. OWNERSHIP:

We may generally exercise the power of an owner with respect to the units of the Fund or Funds or any other securities registered in the name of the Trustee and credited to your Account, including the right to vote or give proxies as herein provided.

11. VOTING RIGHTS:

The voting rights attached to the units of the Fund or Funds registered in the name of the Trustee and credited to your Account shall be exercised by us by proxy given in favour of the Manager of the Fund or Funds or in favour of the management of the issuer of such Securities. However, you may, by written notice received by us at least forty-eight hours prior to any meeting, request us to authorize you to act as our representative for the purpose of exercising the voting rights attached to any Securities registered in the name of the Trustee and credited to your Account, at any meeting of security holders, whereupon we shall give such authorization to you.

12. ADVISORS:

We shall be entitled to employ such person or persons including, but not limited to, lawyers and auditors, as you may determine. We may rely and act upon information and advice furnished by such person or persons or refrain from acting thereon and shall not be liable to you as a result of so acting or refraining from so acting.

13. TRUSTEE FEES AND EXPENSES:

If applicable, we shall provide you with a copy of the fee schedule in effect from time to time. We shall be entitled to such fees and to reimbursement for all expenses reasonably incurred by us in administering the RIF as may be provided for in any fee schedule in effect at that time. The fees payable to us are subject to change provided that we have given you at least 60 days notice prior to any change in such fees becoming effective. Notwithstanding any other provision contained herein, we shall be entitled to additional fees for extraordinary services performed by us from time to time commensurate with the time and responsibility involved. We are fully authorized by you to sell investments of the RIF in order to realize sufficient monies for the payment of the above fees and expenses and to withdraw payment from the assets of the RIF without seeking prior approval or instruction from you.

14. AMENDMENT:

We may, from time to time at our discretion, amend this Declaration of Trust with the concurrence of the Agent and the authorities administering the Act by giving 60 days’ notice in writing to you; provided, however, that any such amendments shall not have the effect of disqualifying the RIF as a registered retirement income fund within the meaning of the Act. In the event of changes to the Act or any pension legislation governing your RIF, the terms of your RIF and any addendum thereto, may be amended without notice to you to ensure that your RIF continues to comply with all applicable legislation.

15. NOTICE:

Any notice given by you to us shall be sufficiently given if mailed, postage prepaid, to us or to our Agent, in either case, addressed to us at the principal office of the Agent in the City of Toronto, in the Province of Ontario, and shall be deemed to have been given on the day that such notice is received by the Agent. Any notice, statement or receipt given by us to you shall be sufficiently given if mailed, postage prepaid, to you at the address set out in the Application or at any subsequent address of which you shall have notified us and any such notice shall be deemed to have been given on the third business day following the day of mailing.

16. LIABILITY:

In the event a qualified investment becomes non-qualified, you and the CRA will be notified of details of that investment and you will be liable for payment of taxes owing to the CRA under Part XI.01 of the Act. In the event a qualified or a non-qualified investment is deemed to be a prohibited investment, you are responsible for reporting details of that prohibited investment to the CRA and responsible for the payment of taxes under the Act. We shall not otherwise be liable for the making, retention or sale of any investment or reinvestment as herein provided or for any loss or diminution of the assets comprising the RIF except due to our own negligence or wrongful act. You and your heirs, executors and administrators shall at all times indemnify and save harmless the Trustee in respect of any taxes, interest, penalties or charges levied or imposed upon the Trust Fund in respect of the RIF, excluding taxes, interest, penalties or charges imposed against the Trustee under the Act.

17. PROOF OF AGE:

The statement of your date of birth on the application shall constitute a certification by you and an undertaking to furnish such further evidence of proof of age as may be required for the provision of a retirement income.

18. NO BENEFIT OR LOAN:

No benefit or loan that is conditional in any way on the existence of the RIF may be extended to you or to any person with whom you do not deal at arm’s length other than those benefits or loans which may be permitted from time to time under the Act.

19. NON-RESIDENT:

In the event that you are no longer a resident of Canada, for purposes of the Act, you authorize us to liquidate the investments held within this RIF and you agree to make arrangements to transfer the funds remaining in the RIF to another issuer/carrier.

20. SUCCESSOR TRUSTEE:

We may resign at any time by delivering 60 days notice of our resignation to you. In the event of our resignation, you shall appoint a successor trustee who shall be acceptable to us. We shall deliver the property comprised of the investments within the RIF and the records relating thereto, and shall execute such deeds and assurances and do such things as may be requisite in order to ensure the continued and uninterrupted operation of the RIF. Should you neglect to appoint a successor trustee who shall be acceptable to us, we reserve the right to transfer the assets in specie to you as a withdrawal from your RIF.

If we wish to resign as trustee of the RIF or for any reason are incapable of acting as trustee, Tangerine Investment Funds Limited is nominated to appoint a successor trustee of the RIF. Upon acceptance of the office, the successor trustee will be the trustee of the RIF for all purposes as if it had been the original declarant of the RIF. In the event you do not make the necessary arrangements as outlined under Clause 19 above, you authorize us to resign as trustee and transfer the funds remaining in your RIF to another issuer/carrier.

21. DEFINITION OF SPOUSE:

The term “spouse” shall have the meaning of “spouse” as recognized in the Act for the purposes of registered retirement income funds and, where applicable, incorporates the meaning of the term “common law partner” as set out in Subsection 248(1) of the Act.

22. ASSIGNMENT BY AGENT:

The Agent may assign its rights and obligations hereunder to any other corporation resident in Canada and authorized to assume and discharge the obligations of the Agent under the RIF, provided that such corporation shall execute any agreement which is necessary or advisable for the purpose of assuming such rights and obligations and further provided that no such assignment may be made without prior written notice to us.

23. GOVERNING LAW:

This Declaration of Trust shall be construed and enforced according to the laws of the Province of Ontario, and all provisions hereof shall be administered according to the laws of that province.

Concentra Trust

Client relationship disclosure


(a) The Nature of our Relationship with you as our Client

Our Investment Fund Advisors are dedicated to helping you with your investment decisions, but these decisions belong entirely to you, and are your sole responsibility. This means that although our Investment Fund Advisors will be happy to provide guidance concerning the nature of an investment, the risks involved and other related factors, it is ultimately your responsibility to make investment decisions. We do perform a suitability assessment upon your initial purchase, as well as on a per transaction basis, and will fulfill our obligation to advise you of trades that we believe to be unsuitable, based on your investment needs and objectives.

(b) The Nature of the Products and Services We Offer

We are the sole distributor of the Tangerine Investment Funds, which are managed by Tangerine Investment Management Inc. Both Tangerine Investment Management Inc. and Tangerine Investment Funds Ltd. are wholly-owned subsidiaries of Tangerine Bank. Tangerine Investment Funds can’t be transferred to other Dealers, and as a result, must be redeemed to a cash position in order to transfer to another dealer. A cash transfer may result in tax consequences for non-registered accounts and may trigger tax on earned income or capital gains. There are no tax consequences if cash transfers are from one registered account to another registered account. Tangerine Investment Funds Limited Investment Fund Advisors are licensed across Canada, and will supply information as needed to assist Clients with their investment decisions. Services offered by Investment Fund Advisors include account opening and maintenance of Client Accounts for both the Tangerine Investment Funds and any other Mutual Fund products that continue to be a part of our existing portfolio.

Partners, directors, officers, compliance officers, branch managers, alternate branch managers, employees or agents of Tangerine Investment Funds Limited who conduct or participate in the dealer business of Tangerine Investment Funds Limited may hold other positions of gainful employment outside of and separate from their occupations at Tangerine Investment Funds Limited. Such activities related to other gainful occupations are neither the business nor the responsibility of Tangerine Investment Funds Limited. Tangerine Investment Funds Limited has Conflict of Interest policies and procedures in place to ensure that there are no real or perceived conflicts of interest, and that any identified or perceived conflicts are addressed.

(c) Our Procedures Regarding Handling of Cash and Cheques

Tangerine Investment Funds Limited doesn’t accept cash transactions under any circumstances. A Client may transact with Tangerine Investment Funds Limited using a pre-printed cheque drawn on a bank account with a recognized Canadian financial institution, made payable to Tangerine Investment Funds Limited, or by an established domestic link (EFT) in Canadian currency only.

Non pre-printed cheques (i.e., cheques that do not detail Client name, address, or phone number) are accepted after the funds have been cleared with the financial institution. We use our Clients’ cheques as a way to confirm their identity, so third party cheques cannot be used for this purpose. However, for a spousal Investment Fund RSP contribution or for a contribution to employee registered Accounts, if both parties are Clients of Tangerine, an appropriate third party cheque can be presented.

Tangerine Investment Funds Limited won’t accept endorsed cheques for deposit/purchase or to set up links to an account under any circumstances. We also won’t accept cheques payable to an Investment Fund Advisor, and Investment Fund Advisors are prohibited from accepting cash for settlement of transactions.

(d) Suitability of Orders and Recommendations

When a Client opens an Account with Tangerine Investment Funds Limited, we obtain information about the Client’s investment objectives, risk tolerance, time horizon and general financial condition; we use this to create a “Know Your Client” profile. Regulations require us to maintain Client records and revisit their profile on a per transaction basis, but at a minimum annually, as well as whenever we become aware of a material change in their circumstances. Any guidance provided by Investment Fund Advisors will be based on the Client’s profile, so it is necessary that Client information be kept up-to-date and accurate at all times. Investment Fund dealers are required by law to ensure that each recommendation or trade proposed by the Client is suitable for them, based on their investment objectives, risk tolerances, and other personal circumstances.

(e) “Know Your Client” Terms & Definitions

Once a year, Tangerine Investment Funds Limited will contact Clients in order to ensure that the Investor Profile Information on file remains current and accurate. The following terms (based on their definitions) are what is being confirmed.

Risk Tolerance – your willingness and ability to assume risk, or the degree of uncertainty you can handle regarding a negative change in the value of your portfolio.

Time Horizon – the amount of time from Account opening to when you will need to access a significant portion of the money invested in the Account.

Investment Objective – a financial goal that helps determine the type of investments you make. For example, if you want a source of regular income, you might select a portfolio of high-rated bonds and dividend-paying stocks, or if you had growth as an objective, your portfolio might consist of equities.

(f) Content and Frequency of Reporting

Clients are sent Trade Confirmations promptly, within 2 business days after a trade has been completed. For an Automatic Savings Program, a single trade confirmation is sent after the initial purchase. Each trade confirmation details the following:

  1. the quantity of units and name of the Tangerine Investment Fund

  2. the price per unit effective at the time of the trade

  3. the amount of the transaction

  4. our name

  5. the type of Account through which the trade was conducted

  6. the commission, if any, charged in respect of the trade

  7. the amount deducted by way of sales and service

  8. the amount, if any, of deferred sales charges

  9. the trade date

  10. the settlement date


Account Statements will be delivered to all Clients on a quarterly basis. Clients with an Automatic Savings Program will receive an Account statement quarterly. Account statements detail the following:

  1. the opening and closing balances

  2. all debits and credits

  3. the quantity of units and description of each Investment Fund purchased, sold or transferred and the dates of each transaction

  4. the quantity of units and description and market value of each Investment Fund held for the Account

  5. the type of Account and Account Number

  6. the period covered by the statement

  7. name, address and telephone number for Tangerine Investment Funds Limited.


The Annual Fee and Compensation Report will be delivered to all Clients within 10 days of the year-end statement, described above. That Report provides a summary of all the costs and compensation you paid to Tangerine Investment Funds Limited over the previous year.

The Annual Investment Performance Report will be also delivered to all Clients within 10 days of the year-end statement. That Report provides information on the performance of your Account holdings, highlighting the change in value of your investment and including a personal rate of return.

(g) Cost

Tangerine Investment Funds offer some of the lowest fees available, consisting of a management fee and operating expenses. Investors don’t pay these fees directly. The fees are deducted from their investment and therefore have some effect on their returns. As of November 2, 2016 the Funds’ management expense ratio was 1.07%.

The trailing commission is paid out of the management fee, for as long as investors own the Funds. November 2016, the Fund Manager, Tangerine Investment Management Inc., pays Tangerine Investment Funds Limited a trailing commission of 0.4% in recognition of the services provided. As an example, if Clients invest $1,000 annually, a 0.4% commission would equal $4.00. The trailing commission is part of, and not in addition to the Portfolio expenses quoted above.

(h) Referral Arrangements

You may have been referred to Tangerine Investment Funds Limited by participating in the Refer a Friend program administered by Tangerine Bank. Under this referral arrangement, Clients of Tangerine Bank can refer other Clients to Tangerine Bank and Tangerine Investment Funds Limited, and receive $25 for each referral, or such other nominal promotional amount in effect from time to time. The referred Client will also receive the same referral Bonus as a credit to an Account held at Tangerine Bank or with an affiliate. All activities requiring registration with the provincial securities commissions in servicing Clients’ Accounts are performed by Tangerine Investment Funds Limited. Persons participating in the Refer a Friend program may not be registered to provide investment advice. Before accepting a referral, investors should ensure that the product or service fulfills their requirements. For additional details on how this arrangement works, and how to participate, please see tangerine.ca/referafriend.

A nominal one-time referral fee may also be received by a referring employee of Tangerine Bank. The amount of any referral fee paid will not affect the fees paid or payable by investors, and is generally less than $10 for each referral received from the employee.

(i) Trust Account Interest Rates

Current rates on Tangerine Investment Funds Limited Trust Account – 0.00%.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. There can be no assurances that any mutual fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Mutual fund units are not deposits or obligations of any bank, are not guaranteed by any bank or other Canadian financial institution, are not insured by the Canada Deposit Insurance Corporation or any government deposit insurer, and investment in mutual fund units involves risk, including the possible loss of principal. Using borrowed money to finance the purchase of mutual fund units involves greater risk than a purchase using cash resources only. If you borrow money to purchase mutual fund units, your responsibility to repay the loan and pay interest as required by its terms remains the same even if the value of the mutual fund units purchased declines.

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