Alberta Gazette, Part I — Wednesday, May 15, 2013
Wednesday, May 15, 2013
Alberta — Gazette
The Alberta Gazette
Part I
Vol. 109 Edmonton, Wednesday, May 15, 2013 No. 09
PROCLAMATION
[GREAT SEAL]
CANADA
PROVINCE OF ALBERTA Donald S. Ethell, Lieutenant Governor.
ELIZABETH THE SECOND, by the Grace of God, of the United Kingdom,
Canada, and Her Other Realms and Territories, QUEEN, Head of the
Commonwealth, Defender of the Faith
P R O C L A M A T I O N
To all to Whom these Presents shall come
G R E E T I N G
Ray Bodnarek Deputy Minister of Justice and
Deputy Attorney General
WHEREAS
section 63 of the Public Interest Disclosure (Whistleblower Protection)
Act provides that that Act comes into force on Proclamation; and
WHEREAS it is expedient to proclaim
section 1 and
Part 6 of the Public Interest
Disclosure (Whistleblower Protection) Act in force:
NOW KNOW YE THAT by and with the advice and consent of Our Executive
Council of Our Province of Alberta, by virtue of the provisions of the said Act
hereinbefore referred to and of all other power and authority whatsoever in Us vested
in that behalf, We have ordered and declared and do hereby proclaim
section 1 and
Part 6 of the Public Interest Disclosure (Whistleblower Protection) Act in force on
April 24, 2013.
IN TESTIMONY WHEREOF We have caused these Our Letters to be made Patent
and the Great Seal of Our Province of Alberta to be hereunto affixed.
WITNESS: COLONEL (RETIRED) THE HONOURABLE DONALD S.
ETHELL, Lieutenant Governor of Our Province of Alberta, in Our City of Edmonton
in Our Province of Alberta, this 17th day of April in the Year of Our Lord Two
Thousand Thirteen and in the Sixty-second Year of Our Reign.
BY COMMAND Jonathan Denis, Provincial Secretary.
APPOINTMENTS
Appointment of Provincial Court Judge
(Provincial Court Act)
April 24, 2013
Gordon Andrew Gerrard Yake, Q.C.
Appointment of Supernumerary Judge
(Provincial Court Act)
May 2, 2013
The Honourable Judge Michael George Stevens-Guille
For a term of 2 years to expire on May 1, 2015.
May 11, 2013
The Honourable Judge Gerald Ross DeBow
For a term of 2 years to expire on May 10, 2015.
Re-appointment of Supernumerary Provincial Court Judge
(Provincial Court Act)
May 26, 2013
Honourable Judge Lawrence Stuart Witten
For a term of two years to expire on May 25, 2015.
_______________
June 15, 2013
Honourable Judge James Clayton McCarthy Spence
For a term of two years to expire on June 14, 2015.
CHANGES OF NAME
Change of Name of Non-Presiding Justices of the Peace
(Justice of the Peace Act)
April 18, 2013
Glassford, Marylee Joy to Boston, Marylee Joy
Zacharuk, Maureen Adell to Harper, Maureen Adell
TERMINATIONS
Terminations of Non-Presiding Justices of the Peace
(Justice of the Peace Act)
April 18, 2013
Julie Ann Carrier of Edmonton
Stacy Ann Deep of Edmonton
Georgina Hecker of Lethbridge
Yadvinder Kaur Kahlon of Calgary
Kuan Lu Loke of Calgary
GOVERNMENT NOTICES
Agriculture and Rural Development
Form 15
(Irrigation Districts Act)
(Section 88)
Notice to Irrigation Secretariat:
Change of Area of an Irrigation District
On behalf of the Bow River Irrigation District, I hereby request that the Irrigation
Secretariat forward a certified copy of this notice to the Registrar for Land Titles for
the purposes of registration under
section 22 of the Land Titles Act and arrange for
notice to be published in the Alberta Gazette.
The following parcels of land should be added to the irrigation district and the
notation added to the certificate of title:
LINC Number
Short Legal Description as shown on title
Title Number
0012 960 457
S.W. 25-14-20-W4M
961 042 562 +2
0022 215 843
N.E. 25-14-20-W4M
961 132 882
0022 259 170
N.W. 31-14-19-W4M
071 262 911
0022 317 473
N.E. 13-14-18-W4M
081 225 143
0022 317 481
N.W. 13-14-18-W4M
131 007 407
0022 441 166
N.W. 30-14-16-W4M
021 183 015 +1
0022 502 240
S.W. 31-14-16-W4M
021 198 079
I certify the procedures required under
part 4 of the Irrigation Districts Act have been
completed and the area of the Bow River Irrigation District should be changed
according to the above list.
Rebecca Fast, Office Administrator,
Irrigation Secretariat.
______________
On behalf of the Western Irrigation District, I hereby request that the Irrigation
Secretariat forward a certified copy of this notice to the Registrar for Land Titles for
the purposes of registration under
section 22 of the Land Titles Act and arrange for
notice to be published in the Alberta Gazette.
The following parcels of land should be added to the irrigation district and the
notation added to the certificate of title:
LINC Number
Short Legal Description as shown on title
Title Number
0018 376 450
4;26;26;21;SW
041 266 871
0021 757 729
4;26;26;16;NW
041 266 871 +1
I certify the procedures required under
part 4 of the Irrigation Districts Act have been
completed and the area of the Western Irrigation District should be changed
according to the above list.
Rebecca Fast, Office Administrator,
Irrigation Secretariat.
Culture
Hosting Expenses Exceeding $600.00
For the Period October 1 to December 31, 2012
Function: 27th Annual Ukrainian Cultural Heritage Village Volunteer Appreciation
Date: October 28, 2012
Amount: $2,857.23
Purpose: To acknowledge the outstanding contributions of the Ukrainian Cultural
Heritage Village's valued volunteers over the past year.
Location: Chateau Louis Hotel and Conference Centre, Edmonton, AB
BU #: 022
Function: American Film Market-Reception
Date: November 2, 2012
Amount: $1,825.00 (Total cost of $14,669.53 was shared with other provinces and
territories)
Purpose: To provide an opportunity to network with key contacts and industry
stakeholders in the Los Angeles region who are critical to sustaining and growing
Alberta's film/tv and digital media industry.
Location: Pizza Antica, Santa Monica Place, Santa Monica, CA, USA
BU #: 022
Function: Annual Donor, Sponsor and Volunteer Recognition
Date: November 3, 2012
Amount: $914.25
Purpose: To acknowledge the outstanding contributions of the Reynolds-Alberta
Museum donors, sponsors, and volunteers in the previous year.
Location: Reynolds-Alberta Museum, Wetaskiwin, AB
BU #: 022
Function: Alberta Historical Resources Foundation Heritage Awards
Date: November 30, 2012
Amount: $3,730.83
Purpose: To recognize eight recipients for their significant contributions to the
protection, preservation and promotion of heritage in the province.
Location: McKay Avenue School, Edmonton, AB
BU #: 028
Function: Annual Elders Volunteer Dinner
Date: December 5, 2012
Amount: $2,700.00
Purpose: To acknowledge the ongoing contributions of the Blackfoot First Nations.
Location: Head-Smashed-In Buffalo Jump World Heritage Site, Fort Macleod, AB
BU #: 024
Education
Hosting Expenses Exceeding $600.00
Paid during the period January 1, 2013 to March 31, 2013
Function: International Education Week 2012 Reception
Date: November 17, 2012
Amount: $2,102.39
Purpose: To host a reception marking the closing of International Education Week
2012 to raise awareness of the importance of international education and to recognize
participants in Alberta's International Exchange programs.
Location: Edmonton, Alberta
Environment and Sustainable Resource Development
Amendment
Code Of Practice For Pipelines And Telecommunication Lines
Crossing A Water Body
Code Of Practice For Watercourse Crossings,
And
Code Of Practice For Outfall Structures On Water Bodies
Pursuant to s. 3 of the Water (Ministerial) Regulation, A.R.205/98, as amended under
the Water Act, R.S.A. 2000, c. W-3, the Code of practice For Pipelines and
Telecommunication Lines Crossing a Water Body and the Code of Practice for
Watercourse Crossings are amended as set out in the attached Appendix "A".
Andy Ridge
APPENDIX A
AMENDMENT TO THE
CODE OF PRACTICE FOR PIPELINES AND TELECOMMUNICATION LINES
CROSSING A WATER BODY
CODE OF PRACTICE FOR WATERCOURSE CROSSINGS, AND
CODE OF PRACTICE FOR OUTFALL STRUCTURES ON WATER BODIES
Pursuant to the Water Act
1. The Code Of Practice For Pipelines And Telecommunication Lines Crossing A
Water Body, Code Of Practice For Watercourse Crossings, and Code Of
Practice For Outfall Structures On Water Bodies are amended as follows:
A. the text in
Schedule 6 of each of the Code Of Practice For Pipelines And
Telecommunication Lines Crossing A Water Body, and Code Of Practice For
Watercourse Crossings is repealed and replaced by the following text: Water
Act Code of Practice Management Area Maps
1. Peace River Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
2. Grande Prairie Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
3. High Prairie Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
4. Edson Management Area - [2006/12], published by Alberta's Queen's Printer,
as amended or replaced from time to time
5. Stony Plain Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
6. Pincher Creek Management Area - [2013/05], published by Alberta's Queen's
Printer, as amended or replaced from time to time
7. Lethbridge Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
8. Medicine Hat Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
9. Fort McMurray Management Area - [2006/12], published by Alberta's
Queen's Printer, as amended or replaced from time to time
10. Lac La Biche Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
11. St. Paul Management Area - [2013/05], published by Alberta's Queen's
Printer, as amended or replaced from time to time
12. Camrose Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
13. Red Deer Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
14. Rocky Mountain House Management Area - [2013/05], published by
Alberta's Queen's Printer, as amended or replaced from time to time
15. Calgary Management Area - [2013/05], published by Alberta's Queen's
Printer, as amended or replaced from time to time
16. Canmore Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
17. Brooks Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
B. the text in
Schedule 5 of the Code of Practice for Outfall Structures onWater
Bodies is repealed and replaced by the following text:
Water Act Code of Practice Management Area Maps
1. Peace River Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
2. Grande Prairie Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
3. High Prairie Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
4. Edson Management Area - [2006/12], published by Alberta's Queen's Printer,
as amended or replaced from time to time
5. Stony Plain Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
6. Pincher Creek Management Area - [2013/05], published by Alberta's Queen's
Printer, as amended or replaced from time to time
7. Lethbridge Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
8. Medicine Hat Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
9. Fort McMurray Management Area - [2006/12], published by Alberta's
Queen's Printer, as amended or replaced from time to time
10. Lac La Biche Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
11. St. Paul Management Area - [2013/05], published by Alberta's Queen's
Printer, as amended or replaced from time to time
12. Camrose Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
13. Red Deer Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
14. Rocky Mountain House Management Area - [2013/05], published by
Alberta's Queen's Printer, as amended or replaced from time to time
15. Calgary Management Area - [2013/05], published by Alberta's Queen's
Printer, as amended or replaced from time to time
16. Canmore Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
17. Brooks Management Area - [2006/12], published by Alberta's Queen's
Printer, as amended or replaced from time to time
Health
Hosting Expenses Exceeding $600.00
For the period January 1, 2013 to March 31, 2013
Function: Multi-Sector Sodium Engagement Dialogue
Purpose: To foster greater commitment and facilitate an exchange of ideas for
reducing sodium levels in the food supply.
Amount: $5,289.57
Date of Function: November 11, 2012
Location: Edmonton, AB
Function: Seniors Tax Deferral Program Stakeholder Consultation
Purpose: To provide an update on the development of the Seniors Property Tax
Deferral program and to explore options to expedite the loan process including
electronic data exchange processes.
Amount: $3,390.95
Date of Function: January 14, 2013
Location: Edmonton, AB
Function: Elder Abuse Train the Trainer ( 3 Days Workshop)
Purpose: To Provide sector trainers with certified training on Elder Abuse.
Amount: $4,560.18
Date of Function: January 22 to 24, 2013
Location: Calgary, AB
Function: Seniors Tax Deferral Program Stakeholder Consultation
Purpose: To provide an update on the development of the Seniors Property Tax
Deferral program and to explore options to expedite the loan process including
electronic data exchange processes.
Amount: $1,614.24
Date of Function: January 16, 2013
Location: Calgary, AB
Function: Immunization and Communicable Disease Working Sessions
Purpose: To review the Alberta Immunization Strategy and reviewing the draft
Communicable Disease Regulation.
Amount: $3,446.18
Date of Function: January 23 & 24, 2013
Location: Edmonton, AB
Function: Age-Friendly Information Workshops
Purpose: Informational workshop.
Amount: $970.04
Date of Function: March 6, 2013
Location: Medicine Hat, AB
Function: Premier's Award for Healthy Workplaces
Purpose: To recognize the commitment of Alberta employers that support and
enhance a healthy workplace.
Amount: $1,766.46
Date of Function: February 15, 2013
Location: Calgary, AB
Function: Age-Friendly Information Workshops
Purpose: Informational workshop.
Amount: $807.12
Date of Function: March 14, 2013
Location: Red Deer, AB
Function: FCC (Family Care Clinics) Implementation Support Leadership Team-
Orientation Day
Purpose: Kick-off day and full day orientation and team building.
Amount: $1,760.09
Date of Function: February 4, 2013
Location: Edmonton, AB
Human Services
Office of the Public Trustee
Property being held by the Public Trustee for a period of Ten
(10) Years
(Public Trustee Act)
Section 11 (2)(
b) Name of Person Entitled
to Property
Description
of Property
held and its
value or
estimated value
Property part of
deceased person's
Estate or held under
Court Order:
Deceased's Name
Judicial District Court
File Number
Public Trustee
Office
Additional
Information
Missing Beneficiaries of
Kenneth James Walker
$541.72
Kenneth James Walker
JD of Edmonton
SES03 121235
Dane Thomas Mearns
$7,232.50
Jean Ella Storey
JD of Calgary
$urr# 103673
Children of Pavol
Socovkova
$55,693.85
Mary Choney
JD of Calgary
SES01 091049
Sadie Bell
$2,194.82
Herbert Holt
JD of Calgary
Infrastructure
Sale or Disposition of Land
(Government Organization Act)
Name of Purchaser: Highway 43 East Waste Commission
Consideration: $1.00
Land Description:
First:
Meridian 5, Range 3, Township 55,
Section 19
Quarter south east containing 64.7 hectares (160 acre) More or Less
Excepting thereout:
Hectares
(Acres)
More or Less
A) Plan 6276BB - Railway
3.06
7.56
B) Plan 0023636 - Descriptive
1.87
4.62
C) Plan 0024680 - Descriptive
16.62
41.07
D) Plan 0425905 - Road
5.30
13.10
E) Plan 1024140 - Road
7.29
18.01
Excepting thereout all mines and minerals and the right to work the same
Second:
Meridian 5, Range 3, Township 55,
Section 17, Quarter north west
Excepting thereout:
Hectares
(Acres)
More or Less
A) Plan 6276BB - Railway
2.60
6.41
B) Plan 7820644 - Subdivision
11.10
27.38
C) Plan 0425905 - Road
4.00
9.88
D) Plan 1024140 - Road
4.33
10.70
Excepting thereout all mines and minerals and the right to work the same
_______________
Name of Purchaser: Amazon Hauling Ltd.
Consideration: $225,000.00
Land Description: Plan 9412550, Area 'A'. Containing 0.631 hectares (1.56 acres)
More or Less. Excepting thereout all mines and minerals. Located in the City of
Calgary
Justice and Solicitor General
Designation of Designated Analyst Appointment
Royal Canadian Mounted Police
Chung, Angela
(Date of Designation April 23, 2013)
Safety Codes Council
Corporate Accreditation - Cancellation
(Safety Codes Act)
Pursuant to
section 28 of the Safety Codes Act it is hereby ordered that
Alberta Envirofuels Inc., Accreditation No. C000131, Order No. 0753
Is to cease administration under the Safety Codes Act within its jurisdiction for
Electrical
Consisting of all parts of the Canadian Electrical Code, Code for Electrical
Installations at Oil & Gas Facilities and Alberta Electrical Utility Code.
Issued Date: April 22, 2013.
Alberta Securities Commission
AMENDMENTS TO NATIONAL INSTRUMENT 41-101
GENERAL PROSPECTUS REQUIREMENTS
(Securities Act)
Made as a rule by the Alberta Securities Commission on December 12, 2012 pursuant
to sections 223 and 224 of the Securities Act.
Amendments to National Instrument 41-101
General Prospectus Requirements
1. National Instrument 41-101 General Prospectus Requirements is amended
by this Instrument.
Section 1.1 is amended
(
a) by adding the following definition:
"Form 41-101F3" means Form 41-101F3 Information Required in a
Scholarship Plan Prospectus of this Instrument;,
(
b) by replacing the definition of "long form prospectus" with the
following:
"long form prospectus" means a prospectus filed in the form of Form
41-101F1, Form 41-101F2 or Form 41-101F3;, and
(
c) by adding the following definition:
"plan
summary" means a document prepared in accordance with the
requirements of Part A of Form 41-101F3;.
3. Subsection 1.2(6) is amended by replacing "in Form 41-101F1 and Form 41-
101F2," with "in Form 41-101F1, Form 41-101F2 and Form 41-101F3,".
Section 3.1 is amended
(
a) in subsection (1) by replacing "subsection (2) and (3)" with
"subsections (2), (2.1) and (3)",
(
b) in subsection (2) by adding ", other than a scholarship plan," after
"investment fund", and
(
c) by adding the following subsection:
(2.1) An issuer that is a scholarship plan filing a prospectus must file the
prospectus in the form of Form 41-101F3..
5. The Instrument is amended by adding the following Part:
PART 3A: Scholarship Plan Prospectus Requirements
Plain language and presentation
3.A.1(1) A scholarship plan prospectus must be prepared using plain language
and in a format that assists in readability and comprehension.
(2) A scholarship plan prospectus must
(
a) present all information briefly and concisely,
(
b) present the items listed in Parts A to D of Form 41-101F3 in the
order set out in those parts,
(
c) use only the headings and sub-headings prescribed by Form 41-
101F3 unless stated otherwise,
(
d) contain only information that is specifically mandated or
permitted by Form 41-101F3, and
(
e) not incorporate by reference into the scholarship plan prospectus,
information that is required to be included in a scholarship plan
prospectus.
(3) A plan
summary must
(
a) be prepared for each scholarship plan offered under a scholarship
plan prospectus or multiple scholarship plan prospectus, and
(
b) not exceed 4 pages in length.
Combinations of documents
3A.2(1) Subject to subsection (2), a scholarship plan prospectus may be
consolidated with one or more scholarship plan prospectuses to form a multiple
scholarship plan prospectus.
(2) A scholarship plan prospectus must not be consolidated with one or more
scholarship plan prospectuses to form a multiple scholarship plan prospectus
unless the portions of each scholarship plan prospectus prepared in accordance
with the requirements of Parts B and D of Form 41-101F3 are substantially
similar.
Order of contents of bound documents
3A.3 If documents are attached to, or bound with, a scholarship plan
prospectus or multiple scholarship plan prospectus
(
a) the scholarship plan prospectus or multiple scholarship plan
prospectus must be the first document contained in the package,
and
(
b) no pages must come before the scholarship plan prospectus or
multiple scholarship plan prospectus other than, at the option of
the scholarship plan, a general front cover and table of contents
pertaining to the entire package.
Plan
summary
3A.4(1) Despite
section 3A.3, a plan
summary must not be attached to, or
bound with, any other part of a scholarship plan prospectus, or to any other
document, except as provided in this section.
(2) A plan
summary of a scholarship plan may be attached to or bound with
one or more plan summaries of other scholarship plans if the binding, to a
reasonable person, would help present the information in a simple, accessible
and comparable format.
Documents to be delivered or sent upon request
3A.5(1) On request by a person or company, a scholarship plan must deliver or
send a copy of one or more the following documents free of charge to the
person or company:
(
a) the scholarship plan prospectus or multiple scholarship plan
prospectus;
(
b) any document incorporated by reference into the scholarship plan
prospectus;
(
c) any portion of a document described in paragraph (
a) or (b).
(2) A document requested under subsection (1) must be delivered or sent
within 3 business days of receipt of the request..
6. Subsection 4.2(2) is amended by replacing "the form of Form of 41-101F2"
with "the form of Form 41-101F2 or Form 41-101F3".
7. Paragraph 5.1(
a) is amended by adding the following subparagraph:
(ii.1)
section 9.1 of Part D of Form 41-101F3.
8. Paragraph 5.1(
b) is amended by adding the following subparagraph:
(ii.1)
section 9.3 of Part D of Form 41-101F3.
Section 6.1 is amended by adding the following subsection:
(3) Despite subsections (1) and (2), an amendment to a plan
summary must be
prepared in accordance with Part A of Form 41-101F3 without any further
identification, and dated as of the date the plan
summary is being amended..
10. Paragraph 9.1(
a) is amended by adding the following subparagraph:
(iv.1) if the issuer is a scholarship plan, in addition to the documents filed
under subparagraph (iv), a copy of the scholarship plan contract for the
scholarship plan under the prospectus;.
11. Subparagraph 9.2(a)(iv) is amended by adding "or (iv.1)" after
"subparagraph 9.1(a)(iv)".
Section 15.1 is amended by deleting ", other than scholarship plans".
13. Subsection 15.2(1) is replaced with the following:
(1) An investment fund must incorporate by reference into its long form
prospectus, by means of a statement to that effect, the filed documents listed in
(
a) section 37.1 of Form 41-101F2 for investment funds other than
scholarship plans, and
(
b) subsection 4.1(1) of Part B of Form 41-101F3 for scholarship plans..
14. Subsection 15.2(3) is replaced with the following:
(3) An investment fund must incorporate by reference in its long form
prospectus, by means of a statement to that effect, the subsequently filed
documents referred to in
(
a) section 37.2 of Form 41-101F2 for investment funds other than
scholarship plans, and
(
b) subsection 4.1(2) of Part B of Form 41-101F3 for scholarship plans..
15. Subsection 17.1(2) is amended by replacing "Form 41-101F1 or Form 41-
101F2, as applicable," with "Form 41-101F1, Form 41-101F2 or Form 41-
101F3, as applicable,".
16. The General Instructions of Form 41-101F2 are amended by deleting the
following sentence in General Instruction (7):
However, scholarship plans may make modifications to the disclosure
items in order to reflect the special nature of their investment structure
and distribution mechanism..
17. Subsection 1.3(1) of Item 1 of Form 41-101F2 is amended by deleting ",
scholarship plan".
18. Subsection 1.11(3) of Item 1 of Form 41-101F2 is amended by replacing
"venture capital fund, commodity pool or scholarship plan," with "venture
capital fund or commodity pool,".
Section 1.15 of Item 1 of Form 41-101F2 is amended by deleting "other than
a scholarship plan,".
Section 3.6 of Item 3 of Form 41-101F2 is amended
(
i) by deleting "[for scholarship plans, Fees and Expenses payable by
Subscribers' Deposits]" in the table to subsection (2), and
(ii) by deleting "or by Subscribers' Deposits (for scholarship
plans)" in subsection (3).
21. Item 37 of Form 41-101F2 is amended by deleting "other than a scholarship
plan," in
Section 37.1 and
Section 37.2.
22. The Instrument is amended by adding the following form after Form 41-
101F2:
Form 41-101F3
Information Required in a Scholarship Plan Prospectus
General Instructions
(1) This Form describes the disclosure required in a scholarship plan prospectus.
Each Item of this Form outlines disclosure requirements. Instructions as to how to
complete this Form are printed in italic type.
(2) The objective of the scholarship plan prospectus is to provide information about
the scholarship plan that an investor needs in order to make an informed investment
decision. This Form sets out specific disclosure requirements that are in addition to
the general requirement under securities legislation to provide full, true and plain
disclosure of all material facts relating to the securities to be distributed.
(3) Terms defined in National Instrument 14-101
Definitions, National Instrument 41-
101 General Prospectus Requirements, National Instrument 81-105 Mutual Fund
Sales Practices, National Instrument 81-106 Investment Fund Continuous Disclosure
or National Instrument 81-107 Independent Review Committee for Investment Funds
and used in this Form have the same meanings that they have in those national
instruments except that references in those instruments to "mutual fund" must be
read as references to "investment fund" or "scholarship plan" as the context
requires.
(4) A scholarship plan prospectus must contain only the information that is mandated
or permitted under this Form.
(5) A scholarship plan prospectus must present the information in each Part of this
Form briefly and concisely, in the order provided for by this Form, and use only the
headings and sub-headings stipulated in this Form except that sub-headings not
required by this Form may be used where permitted under an Item in this Form.
(6) Specific instructions are sometimes provided in this Form for a single prospectus
and a multiple prospectus. Portions of Part B and Part D of this Form generally refer
to disclosure required for "a scholarship plan" in a "prospectus". This disclosure
must be modified as appropriate to reflect multiple scholarship plans covered by a
multiple prospectus.
(7) National Instrument 41-101 requires that a prospectus be prepared using plain
language and in a format that assists in readability and comprehension. For
additional guidance, see the plain language principles listed in
section 4.1 of
Companion Policy 41-101 CP General Prospectus Requirements. If the use of
technical terms is required, clear and concise explanations of those terms must be
included.
(8) Respond as simply and directly to the requirements of this Form as is reasonably
possible.
(9) No reference need be made to inapplicable items and, unless otherwise required
in this Form, negative answers to items may be omitted.
(10) Certain Items in this Form require that a prospectus include wording that is the
same or substantially the same as set out in those Items. A scholarship plan may
modify the prescribed wording to more accurately reflect its features if the wording
does not apply to the plan.
(11) Unless otherwise stated, this Form does not mandate the use of a specific font
size or style but the font used must be legible. If the prospectus is made available
online, information must be presented in a way that is both readable online and can
be printed in a readable format.
(12) A prospectus may contain photographs and artwork only if they are relevant to
the business of the scholarship plan or members of the organization of the
scholarship plan and are not misleading.
(13) A prospectus must not contain design elements (e.g., graphics, photos, artwork)
that would, to a reasonable person, detract from the information disclosed in the
document.
(14) If disclosure is required as of a specific date and there has been a material
change or a change that is otherwise significant to a reasonable investor to the
required information subsequent to that date, present the information as of the date of
the change or a date subsequent to the change.
Contents of a Scholarship Plan Prospectus
(15) This Form permits two formats: a prospectus for a single scholarship plan and a
multiple prospectus for multiple scholarship plans.
(16) A scholarship plan prospectus must consist of four parts as set out below. Part A
is the Plan
Summary. Parts B, C and D are collectively the Detailed Plan Disclosure.
The Plan
Summary and the Detailed Plan Disclosure together form the scholarship
plan prospectus. The four parts may be further described as follows:
(
a) Part A contains the responses to the Items in Part A of this Form. The
information in this
Part contains a
summary of key information about investing
in a scholarship plan.
(
b) Part B contains the responses to the Items in Part B of this Form and
contains introductory information about the scholarship plan and general
information about the scholarship plan family.
(
c) Part C contains the responses to the Items in
Part C of the Form and
contains plan-specific information about the scholarship plan(
s) offered in the
prospectus.
(
d) Part D contains the responses to the Items in Part D of this Form and
contains information about the scholarship plan organization, the persons and
entities involved in running the scholarship plan, and the prospectus
certificates.
Consolidation of Scholarship Plan Prospectuses into a Multiple Prospectus
(17) Section 3A.2 of National Instrument 41-101 requires that a scholarship plan
prospectus must not be consolidated with one or more scholarship plan prospectuses
to form a multiple prospectus unless the disclosure in each of the Part B and Part D
sections of this Form is substantially similar for each scholarship plan. This provision
permits a scholarship plan organization to create a document that contains the
disclosure for a number of scholarship plans in the same family.
(18) Similar to a single prospectus, a multiple prospectus must consist of four
segments:
(
a) The first segment consists of a number of Part A sections of this Form.
Each Part A
section must contain the information required under Part A of this
Form about a single scholarship plan. The information required by the Part A
section must be disclosed separately for each scholarship plan in the multiple
prospectus. Each Part A
section in a multiple prospectus must start on a new
page.
(
b) The second segment contains the information required under Part B of this
Form for the scholarship plans described in the document. There must not be
more than one Part B
section for all of the scholarship plans in the prospectus.
(
c) The third segment consists of a number of
Part C sections of this Form.
Each
Part C
section must contain the information required under
Part C of this
Form about a single scholarship plan. The information required by the
Part C
section must be disclosed separately for each scholarship plan in the multiple
prospectus. Each
Part C
section in a multiple prospectus must start on a new
page.
(
d) The fourth segment contains the information required under Part D of the
Form for the scholarship plans described in the document. There must not be
more than one Part D
section for all of the scholarship plans in the prospectus.
Part A - Plan
Summary for a Scholarship Plan
Item 1 - Information About the Plan
Include at the top of a new page a heading consisting of
(
a) the title "Plan
Summary",
(
b) the name of the scholarship plan to which the Plan
Summary pertains
and, if the scholarship plan has more than one class or series of
securities, the name of the class or series of securities covered in the
Plan
Summary,
(
c) the type of scholarship plan,
(
d) the name of the investment fund manager of the scholarship plan, and
(
e) the date of the Plan
Summary.
INSTRUCTIONS
(1) The title "Plan
Summary" and the name of the scholarship plan must be in bold
type using a substantially larger font size than the other headings and text in the Plan
Summary.
(2) The "type of scholarship plan" refers to whether the scholarship plan is a group
scholarship plan, individual or family scholarship plan.
(3) The date for a Plan
Summary that is filed as part of a preliminary scholarship
plan prospectus or scholarship plan prospectus must be the date of the certificate of
the scholarship plan required under Part D of this Form.
Item 2 - Withdrawal and Cancellation Rights
Immediately following the disclosure in Item 1, state the following using the same or
substantially similar wording, with the last two sentences in bold type:
This
summary tells you some key things about investing in the plan. You
should read this Plan
Summary and the Detailed Plan Disclosure carefully
before you decide to invest.
If you change your mind
You have up to 60 days after signing your contract to withdraw from your
plan and get back all of your money.
If you (or we) cancel your plan after 60 days, you'll get back your
contributions, less sales charges and fees. You will lose the earnings on your
money. Your government grants will be returned to the government. Keep in
mind that you pay sales charges up front. If you cancel your plan in the
first few years, you could end up with much less than you put in.
INSTRUCTION
The prescribed wording in this Item must be presented using a substantially larger
font size relative to the rest of the text of the Plan
Summary.
Item 3 - Description of the Scholarship Plan
(1) Under the heading "What is the [insert type of scholarship plan] scholarship
plan?", state the following using the same or substantially similar wording:
The [insert name of plan] is a [insert type of plan] scholarship plan designed to
help you save for a child's post-secondary education. When you open your
[insert name of plan], we will apply to the Canada Revenue Agency to register
the plan as a Registered Education Savings Plan (RESP). This allows your
savings to grow tax-free until the child named as the beneficiary of the plan
governments offer government grants to help you save even more. To register
your plan as an RESP, we need social insurance numbers for yourself and the
child you name in the plan as the beneficiary.
In a [insert type of plan] scholarship plan, you are part of a group of investors.
Everyone's contributions are invested together. When the plan matures, each
child in the group shares in the earnings on that money. Your share of those
earnings plus your government grant money is paid to your child as educational
assistance payments (EAPs).
There are two main exceptions. Your child will not receive EAPs, and you
could lose your earnings, government grants and grant contribution room, if:
* your child does not enrol in a school or program that qualifies under this
plan, or
* you leave the plan before it matures.
(2) For a group scholarship plan, state the following using the same or substantially
similar wording, in bold type:
If you leave the plan, your earnings go to the remaining members of the
group. However, if you stay in the plan until it matures, you might share
in the earnings of those who left early.
INSTRUCTION
If the scholarship plan allows a subscriber to name more than one beneficiary at a
time, amend the wording in section (1) to refer to multiple children or beneficiaries.
Item 4 - Suitability
(1) For a group scholarship plan, under the heading "Who is this plan for?", state the
following using the same or substantially similar wording:
A group scholarship plan can be a long-term commitment. It is for investors
planning to save for a child's post-secondary education and who are fairly sure
that:
* they can make all their contributions on time
* they will stay in the plan until it matures
* their child will attend a qualifying school and program under the plan
[Insert, for plan providers that also offer an individual or family scholarship
plan - If this doesn't describe you, you should consider another type of plan.
For example, an individual or family plan has fewer restrictions. See the Plan
Summar[y/ies] for our [insert as applicable - individual plan/family plan/
individual and family plans] or pages [insert applicable page references] in the
Detailed Plan Disclosure for more information.]
(2) For an individual or family scholarship plan, under the heading "Who is this plan
for?", state the following using the same or substantially similar wording:
[Insert, as applicable - An individual/ A family] scholarship plan is for
investors planning to save for a child's post-secondary education and who are
fairly sure that:
* [Insert, for family plans only - they want to save for more than one child
at a time]
* they want more flexibility over when and how much to contribute to
their plan
* [Insert, for individual plans only - their child will attend a qualifying
school and program under the plan]
* [Insert, for family plans only - one or more of their children will attend a
qualifying school or program under the plan]
[Insert, for plan providers that also offer a group scholarship plan - The [insert
name of plan] generally has fewer restrictions and is more flexible than our
group scholarship plan.]
Item 5 - The Plan's Investments
Under the heading "What does the plan invest in?", state the following using the same
or substantially similar wording:
The plan invests mainly in [specify the plan's primary investments]. The plan's
investments have some risk. Returns will vary from year to year.
INSTRUCTION
The disclosure must state the type or types of securities, such as mortgages, bonds,
government treasury bills, or equity securities, as applicable, in which the plan will
be primarily invested under normal market conditions.
Item 6 - Contributions
(1) For a group scholarship plan, under the heading "How do I make contributions?",
state the following using the same or substantially similar wording:
With your contributions, you buy one or more "units" of the plan. These units
represent your share of the plan. You may pay for them all at once, or you may
make [state the most common contribution frequency options] contributions.
You may change the amount of your contribution as long as you make the
minimum contribution permitted under the plan. You may also change your
contribution
schedule after you've opened your plan. [Insert if applicable - A
fee applies.] All of the different contribution options for the plan are described
in the Detailed Plan Disclosure, or you can ask your sales representative for
more information.
(2) For an individual or family scholarship plan, under the heading "How do I make
contributions?", briefly describe how a subscriber can make contributions to their
scholarship plan.
(3) State (
i) the minimum total investment and (ii) the minimum amount per
contribution, permitted under the scholarship plan's rules.
INSTRUCTIONS
(1) The disclosure regarding contribution frequency options in the first paragraph of
subsection (1) of Item 6 must make reference only to the most commonly selected
contribution options, and not to each contribution option that is available to a
subscriber.
(2) If the individual or family scholarship plan uses the concept of "units" or has
prescribed schedules for making contributions, this fact must be described in the
required disclosure for subsection (2) of Item 6, using wording that is similar to the
wording in subsection (1) of Item 6.
(3) For the purposes of the disclosure required under subsection (3) of Item 6, the
"minimum total investment permitted under the scholarship plan's rules" must be
stated as (
i) a dollar amount or (ii) a quantity of units or securities of the scholarship
plan (if applicable) and the "minimum amount per contribution under the plan's
rules" must be stated as a dollar amount.
Item 7 - Payments
(1) Under the heading "What can I expect to receive from the plan?", state the
following using the same or substantially similar wording:
In your child's first year of college or university, you'll get back your
contributions, less fees. You can have this money paid to you or directly to
your child.
(2) For a group scholarship plan, state the following using the same or substantially
similar wording:
Your child will be eligible to receive EAPs in their [state, as applicable - first,
second, third and fourth] year[s] of post-secondary education. [See instruction
(1)] For each year, your child must show proof they are enrolled in a school
and program that qualifies under this plan to get an EAP.
(3) For an individual or family scholarship plan, briefly describe when EAPs can be
paid to a beneficiary, and whether EAPs can be paid in one year or must be paid in
instalments for each year of eligible studies.
(4) State the following, in a separate paragraph:
EAPs are taxed in the child's hands.
INSTRUCTIONS
(1) If the group scholarship plan has multiple options for paying EAPs, disclose the
other options in the disclosure in subsection (2) of Item 7, using a similar format.
(2) For the disclosure in subsection (3) of Item 7, the format set out for the disclosure
in section (2) must be used.
Item 8 - Risks
(1) Under the heading "What are the risks?", state the following using the same or
substantially similar wording:
If you do not meet the terms of the plan, you could lose some or all of your
investment. Your child may not receive their EAPs.
(2) For a group scholarship plan, state the following using the same or substantially
similar wording:
You should be aware of five things that could result in a loss:
1. You leave the plan before the maturity date. People leave the plan for
many reasons. For example, if their financial situation changes and they can't
afford their contributions. If your plan is cancelled more than 60 days from
signing your contract, you'll lose part of your contributions to sales charges
and fees. You'll also lose the earnings on your investment and your
government grants will be returned to the government.
2. You miss contributions. If you want to stay in the plan, you'll have to
make up the contributions you missed. You'll also have to make up what the
contributions would have earned if you had made them on time. This could be
costly.
If you have difficulty making contributions, you have options. You can reduce
or suspend your contributions, transfer to another of our plans or to an RESP
offered by a different provider, or cancel your plan. Restrictions and fees apply.
Some options will result in a loss of earnings and government grants. [Insert if
applicable - If you miss a contribution and don't take any action within [insert
the number of months] months, we may cancel your plan].
3. You miss or your child misses a deadline. This can limit your options
later on. You could also lose the earnings on your investment. Two of the key
deadlines for this plan are:
* Maturity date - the deadline for making changes to your plan
You have until the maturity date to make changes to your plan. This
includes switching the plan to a different child, changing the maturity
date if your child wants to start their program sooner or later than
expected, and transferring to another RESP. Restrictions and fees apply.
* [Insert date] - the EAP application deadline
If your child qualifies for an EAP, he or she must apply by [insert date]
before each year of eligible studies to receive a payment for that year.
Otherwise, your child may lose this money.
4. Your child doesn't go to a qualifying school or program. For
example, [State the types of programs or institutions that generally do not
qualify for EAPs under the plan] don't qualify for EAPs under this plan.
[Insert, if applicable -Under this plan, fewer programs will qualify for an EAP
than would otherwise qualify under the government's rules for RESPs. See the
Detailed Plan Disclosure for more information.] If your child will not be going
to a qualifying school or program under this plan, you have the option to name
another child as beneficiary, transfer to another of our plans or to an RESP
offered by a different provider, or cancel your plan. Restrictions and fees apply.
Some options can result in a loss of earnings and government grants.
5. Your child doesn't complete their program. Your child may lose
some or all of their EAPs if he or she takes time off from their studies, does not
complete all required courses in a year or changes programs. [Insert if
applicable - In some cases, your child may be able to defer an EAP for up to
[insert number of years] year[s]]. [Insert, if applicable - Deferrals are at our
discretion.]
(3) For an individual or family scholarship plan, list no more than 5 situations that
could result in a loss of earnings in the scholarship plan for subscribers or EAPs for
the beneficiary. Briefly describe the losses that could result in these outcomes as well
as some options to mitigate this loss.
(4) State the following, in bold type:
If any of these situations arise with your plan, contact us or speak with
your sales representative to better understand your options to reduce your
risk of loss.
INSTRUCTIONS
(1) For an individual or family scholarship plan, the disclosure required in
subsection (3) of Item 8 must include the following situations: a subscriber leaving a
scholarship plan before it matures, a beneficiary failing to enrol in a qualifying
school or program, and the subscriber or beneficiary failing to meet the scholarship
plan's key deadlines.
(2) If the individual or family scholarship plan uses the concept of units paid for
under a fixed contribution schedule, or otherwise requires subscribers to follow a
prescribed
schedule for making contributions to the scholarship plan, the disclosure
required in subsection (3) of Item 8 must also include a situation in which a
subscriber misses one or more contributions.
(3) The disclosure in subsection (3) of Item 8 must use a similar format and structure
as the disclosure required for group scholarship plans in section (2).
Item 9 - Cancellation Rate
For a group scholarship plan, using the margin of the page, add a sidebar under the
heading "What are the risks?", and state the following using the same or substantially
similar wording with the title of the sidebar in bold type:
Cancellation Rate
Of the last five beneficiary groups of the [insert name of group scholarship
plan] plan to reach maturity, an average of [see the Instructions]% of the plans
in each group were cancelled before their maturity date.
INSTRUCTIONS
(1) To calculate the average percentage as required under Item 9, do the following:
(
a) for each of the last five beneficiary groups in the group scholarship plan to
reach maturity, calculate the percentage of scholarship plans in the beneficiary
group that were cancelled before their maturity date, and
(
b) calculate the simple average of the five percentages calculated pursuant to
Instruction 1(a).
(2) For a beneficiary group referred to in Instruction (1)(a), calculate the percentage
of the scholarship plans in each beneficiary group that were cancelled before their
maturity date by dividing x by y, where
x = the number of scholarship plans with the same maturity date that were
cancelled before maturity, and
y = the total number of scholarship plans with the same maturity date,
including plans with the same maturity date that were cancelled before
maturity.
(3) For the purposes of the disclosure required under Item 9, a "plan that was
cancelled before maturity" is a scholarship plan that is not eligible to receive a share
of the EAP account as at the maturity date because the total contributions required by
the subscriber's contract have not been made by the maturity date. The number of
scholarship plans with the same maturity date that did not reach maturity will be the
difference between the total number of scholarship plans with the same maturity date
and the number of scholarship plans that matured.
(4) Subject to Instruction (6), the number of scholarship plans with the same maturity
date consists of every scholarship plan sold to subscribers who selected the same
maturity date, including scholarship plans that were cancelled or transferred before
maturity.
(5) For the purposes of calculating the percentage of scholarship plans in a
beneficiary group that were cancelled before maturity, a scholarship plan whose
subscriber changed the maturity date to an earlier date is considered to have the
earlier maturity date and must be included in the calculations for the beneficiary
group with the earlier maturity date. Similarly, a scholarship plan whose subscriber
changed the maturity date to a later date is considered to have the later maturity date
and must be included in the calculations for the beneficiary group with the later
maturity date.
(6) Do not include a plan in the calculation of x or y under Instruction (2) if the
subscriber withdrew from their scholarship plan within 60 days of the signing the
contract to open the scholarship plan and received back all of their contributions and
fees paid.
Item 10 - Costs
(1) Under the heading "How much does it cost?", provide information, in the form of
the following tables, about the fees and expenses of the scholarship plan. Introduce
the tables using the following wording or wording that is the same or substantially
similar:
There are costs for joining and participating in the plan. The following tables
show the fees and expenses of the plan. [Insert, if applicable - The fees and
expenses of this plan are different than the other plans we offer.]
Fees you pay
These fees are deducted from the money you put in the plan. They reduce the
amount that gets invested in your plan, which will reduce the amount available
for EAPs.
Fee
What
you pay
What the fee is for
Who the fee is
paid to
Sales charge
[Specify
amount]
This is the commission
for selling your plan.
[Insert name of
entity]
Account
maintenance fee
[Specify
amount]
[Specify the purpose of
the fee]
[Insert name of
entity]
[Insert if
applicable -
Insurance
Premium]
[Specify
amount]
This is for insurance
that makes sure your
contributions continue
if you die or become
totally disabled.
[Insert name of
entity]
Fees the plan pays
You don't pay these fees directly. They're paid from the plan's earnings.
These fees affect you because they reduce the plan's returns, which reduces
the amount available for EAPs.
Fee
What the
plan pays
What the fee is for
Who the fee
is paid to
Administrative
fee
[Specify
amount]
This is for operating
your plan.
[Insert name of entity]
Portfolio
management
fee
[Specify
amount]
This is for managing
the plan's investments.
[Insert name of entity]
Custodian fee
[Specify
amount]
This is for holding the
plan's investments in
trust.
[Insert name of entity]
Independent
review
committee
[Specify
amount]
This is for the services
of the plan's
independent review
committee. The
committee reviews
conflict of interest
matters between the
investment fund
manager and the plan.
[Insert name of entity]
(2) If the sales charge listed in the "Fees you pay" table required by subsection (1) is
deducted from contributions at a higher rate in the early period of participating in the
scholarship plan, add a sidebar under the heading "How much does it cost", using the
margin of the page adjacent to the table titled "Fees you pay" , and state the following
using the same or substantially similar wording with the title of the sidebar in bold
type:
Paying off the sales charge
If, for example, you buy one unit of the plan on behalf of your newborn child,
and you commit to paying for that unit by making monthly contributions until
your plan's maturity date, then, based on how the sales charge is deducted from
your contributions, it will take [insert number of months] months to pay off the
sales charge. During this time, [insert percentage]% of your contributions will
be invested in the plan.
(3) Using the margin of the page adjacent to the table titled "Fees the plan pays", add
a sidebar under the heading "How much does it cost?", and state the following using
the same or substantially similar wording with the title of the sidebar in bold:
Other fees
Other fees apply if you make changes to your plan. See page [specify page
number] in the Detailed Plan Disclosure for details.
INSTRUCTIONS
(1) The tables must only summarize the most common fees that (
i) all subscribers to
the scholarship plan are required to pay or (ii) the scholarship plan is required to
pay, as applicable. Do not include the entire list of fees required to be disclosed
under Items 14.2 and 14.3 of
Part C of the Form, or any of the fees required to be
disclosed under Item 14.4 and 14.5 of
Part C of the Form. Each fee must be listed in a
separate row of the applicable table.
(2) If there are certain types of fees listed in the tables required under Item 10 above
that are not payable, either by subscribers or the scholarship plan, in respect of the
scholarship plan described in the Plan
Summary, amend the tables as is necessary to
reflect that fact.
(3) If certain fees listed in the tables required under Item 10 above are normally
combined into a single fee payable by either the subscriber or the scholarship plan as
applicable, the tables may be amended as is necessary to accurately reflect that fact.
(4) State the amount of each fee listed in the tables. In the table titled "Fees you pay"
state the amount(
s) in the column titled "What you pay". In the table titled "Fees the
plan pays" state the amount(
s) in the column titled "What the plan pays". The
amount of each fee must be disclosed based on how the fee is calculated. For
example, if a particular fee is calculated as a fixed dollar amount per unit, or a fixed
amount per year, it must be stated as such. Similarly, if a fee is calculated as a
percentage of the scholarship plan's assets, that percentage must be stated. A
statement or note that a fee is subject to applicable taxes, such as goods and services
taxes or harmonized sales taxes, is permitted, if applicable.
(5) For a group scholarship plan or other type of scholarship plan that normally
calculates the sales charge payable as a fixed dollar amount linked to the amount of
contribution by a subscriber (i.e. x.x x$ per unit), in addition to stating the fixed
amount of sales charge per unit as required under Instruction (3), the disclosure of
the amount of the sales charge in the table titled "Fees you pay" in the column titled
"What you pay" must also be expressed as a percentage of the cost of a unit of the
scholarship plan. If the total cost of a unit of the scholarship plan varies depending
on the contribution option or frequency selected, the percentage sales charge must be
expressed as a range, between the lowest and the highest percentage of the unit cost
the sales charge can represent, based on the different contribution options available
to subscribers under the scholarship plan. This must be calculated as follows: (
i) divide the sales charge per unit by the contribution option that has the highest total
cost per unit, and (ii) divide the sales charge per unit by the contribution option that
has the lowest total cost per unit. For example, if a scholarship plan calculates its
sales charge as $200/unit, and the total cost per unit for a subscriber can range from
$1000 to $5000 (based on the different options available to subscribers), the
percentage range of the sales charge disclosed in the table would be 4% (200/5000)
to 20% (200/1000). The disclosure in the table must also state that the exact
percentage of the sales charge per unit for a subscriber will depend on the
contribution option selected for contributing to the scholarship plan and how old
their beneficiary is at the time they open the scholarship plan.
(6) For the table titled "Fees you pay", in the column titled "What you pay" describe
how the fee is deducted from contributions if the amount deducted from each
contribution is not the same. For example, if deductions for sales charges are not
made from each contribution at a constant rate for the duration of a subscriber's
investment in the scholarship plan or the duration for which contributions are
required to be made if it is less than the scholarship plan's duration, describe the
amounts from contributions that are deducted for sales charges.
(7) In both tables, in the column titled "What the fee is for" provide a concise
explanation of what the fee is used for, using the same or substantially similar
wording provided above in the tables.
(8) In both tables, in the column titled "Who the fee is paid to", state the name of the
entity to which the fee is paid, e.g. the investment fund manager, the portfolio
manager, the principal distributor or dealer, the foundation, etc.
(9) For the table titled "Fees the plan pays", the independent review committee fee
must be disclosed as the total dollar amount paid in connection with the independent
review committee for the most recently completed financial year of the scholarship
plan.
(10) Disclosure of insurance premiums in the "Fees you pay" table is permitted only
if the scholarship plan requires a subscriber to purchase insurance coverage in a
jurisdiction in which the scholarship plan's securities are being distributed. If the
scholarship plan's rules only require insurance coverage to be purchased by
subscribers in some, but not all jurisdictions in which the scholarship plan's
securities are distributed, then include disclosure stating the jurisdictions in which
the scholarship plan requires subscribers to purchase insurance, under the heading
titled "What the fee is for" in that table.
(11) The disclosure required under subsection (2) of Item 10 must be based on the
following assumptions: (
i) the beneficiary is a newborn, (ii) the subscriber is
purchasing one unit of the scholarship plan, (iii) the subscriber has agreed to a
monthly contribution
schedule with contributions payable until the scholarship plan's
maturity date, and (iv) all of the mandatory fees that are normally deducted from a
subscriber's contributions are deducted during the relevant period.
(12) For the disclosure required in subsection (2) of Item 10, if the scholarship plan
does not offer units but uses a similar method for deducting sales charges as is
described under subsection (2) of Item 10, the wording may be amended as is
necessary to properly reflect the scholarship plan's features.
(13) The "Other fees" sidebar required under subsection (3) of Item 10 refers to fees
for specific transactions, such as changing a beneficiary, that are described in the
table titled "Transaction Fees" in Item 14.4 of
Part C of the Form.
Item 11 - Guarantees
Under the heading "Are there any guarantees?", state the following using the same or
substantially similar wording:
We cannot tell you in advance if your child will qualify to receive any
payments from the plan or how much your child will receive. We do not
guarantee the amount of any payments or that the payments will cover the full
cost of your child's post-secondary education.
Unlike bank accounts or GICs, investments in scholarship plans are not
covered by the Canada Deposit Insurance Corporation or any other government
insurer.
Item 12 - For More Information
(1) Under the sub-heading "For more information", state the following using the same
or substantially similar wording:
The Detailed Plan Disclosure delivered with this Plan
Summary contains
further details about this plan, and we recommend you read it. You may also
contact [insert name of investment fund manager] or your sales representative
for more information about this plan.
(2) State the name, address and toll-free telephone number of the investment fund
manager of the plan and, if applicable, state the e-mail address and website of the
investment fund manager of the plan.
Part B - Detailed Plan Disclosure - General Information
Item 1 - Cover Page Disclosure
1.1 - Preliminary Prospectus Disclosure
A preliminary prospectus must have printed in red ink and in italics at the top of the
cover page of the Detailed Plan Disclosure immediately above the disclosure required
section 1.2 the following:
A copy of this preliminary prospectus has been filed with the securities
regulatory authorit[y/ies] in [insert, as applicable the names of the provinces
and territories of Canada] but has not yet become final for the purpose of the
sale of securities. Information contained in this preliminary prospectus may
not be complete and may have to be amended. The securities may not be sold
until a receipt for the prospectus is obtained from the securities regulatory
authorit[y/ies].
INSTRUCTION
A scholarship plan must complete the bracketed information by:
(
a) inserting the names of each jurisdiction in which the scholarship plan intends to
offer securities under the prospectus,
(
b) stating that the filing has been made in each of the provinces of Canada or each of
the provinces and territories of Canada, or
(
c) identifying the filing jurisdictions by exception (i.e., every province of Canada or
every province and territory of Canada, except [insert excluded jurisdictions]).
1.2 - Required Statement
State in italics at the top of the cover page the following:
No securities regulatory authority has expressed an opinion about these
securities and it is an offence to claim otherwise.
1.3 - Basic Disclosure about the Distribution
(1) State the following immediately below the disclosure required under sections 1.1
and 1.2:
[Insert as applicable - PRELIMINARY/ PRO FORMA] PROSPECTUS
CONTINUOUS OFFERING
DETAILED PLAN DISCLOSURE
[Insert Date]
[Insert Name of Scholarship Plan(s)]
[State the type of securities qualified for distribution under the prospectus, and the
price per security or minimum subscription amount]
(2) State the following:
[Insert, as applicable - This/These] investment fund[s] [insert, as applicable -
is a/are] scholarship plan[s] that [Insert, as applicable - is/are] managed by
[state the name of the investment fund manager of the scholarship plan].
INSTRUCTION
Write the date in full with the name of the month in words. A pro forma prospectus
does not have to be dated, but may reflect the anticipated date of the prospectus.
Item 2 - Inside Cover Page
2.1 - Introduction
Starting on a new page on the inside cover page under the heading "Important
information to know before you invest", include an introduction to the information
provided in response to sections 2.2, 2.3, and 2.4 of this Part using the following
wording:
The following is important information you should know if you are considering
an investment in a scholarship plan.
2.2 - No Social Insurance Number
Under the sub-heading "No social insurance number = No government grants, no tax
benefits", state the following using the same or substantially similar wording with the
last paragraph in bold type:
We need social insurance numbers for you and each child named as a
beneficiary under the plan before we can register your plan as a Registered
Education Savings Plan (RESP). The Income Tax Act (Canada) won't allow us
to register your plan as an RESP without these social insurance numbers. Your
plan must be registered before it can:
* qualify for the tax benefits of an RESP, and
* receive any government grants.
You can provide the beneficiary's social insurance number after the plan is
open. If you don't provide the beneficiary's social insurance number when you
sign your contract with us, we'll put your contributions into an unregistered
education savings account. During the time your contributions are held in this
account, we will deduct sales charges and fees from your contributions as
described under "Costs of investing in this plan" in the prospectus. You will be
taxed on any income earned in this account.
If we receive the beneficiary's social insurance number within [insert the
number of months - see Instruction (1)] months of your application date, we'll
transfer your contributions and the income they earned to your registered plan.
If we do not receive the social insurance numbers within [insert number of
months - see Instruction (1)] months of your application date, we'll cancel your
plan. You'll get back your contributions and the income earned, less sales
charges and fees. Since you pay sales charges up front, you could end up with
much less than you put in.
If you don't expect to get the social insurance number for your beneficiary
within [insert number of months - see Instruction (1)] months of your
application date, you should not enrol or make contributions to the plan.
INSTRUCTIONS
(1) State the maximum number of months after the application date of a subscriber's
plan the following which the investment fund manager will cancel the scholarship
plan for failure to provide the social insurance numbers required for registering the
scholarship plan as an RESP.
(2) If the scholarship plan's rules do not permit a subscriber to open the plan or
accept contributions without the beneficiary's social insurance number, amend the
disclosure in this
section to reflect that fact.
2.3 - Payments Not Guaranteed
(1) Following the disclosure required under
section 2.2, state the following, on the
inside cover page under the sub-heading "Payments not guaranteed", using the same
or substantially similar wording:
We cannot tell you in advance if your beneficiary will qualify to receive any
educational assistance payments (EAPs) [insert, if applicable - or any
discretionary payments] from the plan or how much your beneficiary will
receive. We do not guarantee the amount of any payments or that they will
cover the full cost of your beneficiary's post-secondary education.
(2) For a group scholarship plan, under the sub-heading "Payments from group plans
depend on several factors", state the following using the same or substantially similar
wording:
The amount of the EAPs from a group plan will depend on how much the plan
earns and the number of beneficiaries in the group who do not qualify for
payments.
(3) If the scholarship plan provides for any discretionary payments, immediately
following the disclosure required under subsection 2.3(1) or 2.3(2), as applicable, list
the discretionary payments that may be provided and state the following using the
same or substantially similar wording with the first sentence in bold type:
Discretionary payments are not guaranteed. You must not count on
receiving a discretionary payment. The [insert the name of the entity funding
the discretionary payment] decides if it will make a payment in any year and
how much the payment will be. If the [insert the name of the entity funding the
discretionary payment] makes a payment, you may get less than what has been
paid in the past.
(4) Under the sub-heading "Understand the risks", state the following using the same
or substantially similar wording in bold type:
If you withdraw your contributions early or do not meet the terms of the
plan, you could lose some or all of your money. Make sure you understand
the risks before you invest. Carefully read the information found under
"Risks of investing in a scholarship plan" and "Risks of investing in this
plan" in this Detailed Plan Disclosure.
2.4 - Withdrawal and Cancellation Rights
Under the sub-heading "If you change your mind", state the following using the same
or substantially similar wording with the last two sentences in bold type:
You have up to 60 days after signing your contract to withdraw from your plan
and get back all of your money.
If you (or we) cancel your plan after 60 days, you'll get back your
contributions, less sales charges and fees. You will lose the earnings on your
money. Your government grants will be returned to the government. Keep in
mind that you pay sales charges up front. If you cancel your plan in the
first few years, you could end up with much less than you put in.
Item 3 - Table of Contents
3.1 - Table of Contents
(1) Include a table of contents.
(2) Begin the table of contents on a new page.
(3) Include in the table of contents, under the heading "Specific information about our
plan[s]", a list of all of the scholarship plans offered under the prospectus, with a
reference to the page numbers where the plan-specific information about each
scholarship plan required to be provided under
Part C of this Form can be found.
Item 4 - Introduction and Glossary
4.1 - Introduction and Documents Incorporated by Reference
(1) On a new page or immediately after the table of contents, under the heading
"Introduction", incorporate by reference the following documents in the prospectus
by using the following wording or wording that is substantially similar:
This Detailed Plan Disclosure contains information to help you make an
informed decision about investing in our scholarship plan[s] and to understand
your rights as an investor. It describes the plan[s] and how [it/they] work[s],
including the fees you pay, the risks of investing in a plan and how to make
changes to your plan. It also contains information about our organization. The
prospectus is comprised of both this Detailed Plan Disclosure and each Plan
Summary that was delivered with it.
You can find additional information about the plan[s] in the following
documents:
* the plan's most recently filed annual financial statements,
* any interim financial reports filed after the annual financial statements,
and
* the most recently filed annual management report of fund performance.
These documents are incorporated by reference into the prospectus. That means
they legally form part of this document just as if they were printed as part of
this document.
You can get a copy of these documents at no cost by calling us at [insert the
toll-free telephone number or telephone number where collect calls are
accepted] or by contacting us at [insert the scholarship plan's e-mail address].
[Insert if applicable - You'll also find these documents on our website at
[insert the scholarship plan's website address]].
These documents and other information about the plan[s] are also available at
www.sedar.com.
(2) State that any documents of the type described in subsection 4.1(1) above, if filed
by the scholarship plan after the date of the prospectus and before the termination of
the distribution, are deemed to be incorporated by reference in the prospectus.
(3) Include a description of each of the documents referred to in subsection 4.1(1)
above and briefly explain the importance each document.
4.2 - Terms Used in the Prospectus
Under the heading "Terms used in this prospectus", provide the following list of
defined terms using the same or substantially similar wording:
In this document, "we", "us" and "our" refer to [name of entities involved in
the administration and distribution of scholarship plan securities]. "You"
refers to potential investors, subscribers and beneficiaries.
The following are
definitions of some key terms you will find in this
prospectus:
Accumulated income payment (AIP): the earnings on your contributions
and/or government grants that you may get from your plan if your beneficiary
does not pursue post-secondary education and you meet certain conditions set
by the federal government or by the plan.
AIP: see Accumulated income payment.
Application date: the date you opened your plan with us, which is the date you
sign your contract.
Attrition: under a group plan, a reduction in the number of beneficiaries who
qualify for EAPs in a beneficiary group. See also pre-maturity attrition and
post-maturity attrition.
Beneficiary: the person you name to receive EAPs under the plan.
Beneficiary group: beneficiaries in a group plan who have the same year of
eligibility. They are typically born in the same year.
Contract: the agreement you enter into with us when you open your education
savings plan.
Contribution: the amount you pay into a plan. Sales charges and other fees are
deducted from your contributions and the remaining amount is invested in your
plan.
Discretionary payment: a payment, other than a fee refund, that beneficiaries
may receive in addition to their EAPs, as determined by [insert name of entity
funding the discretionary payment] in its discretion.
Discretionary payment account: any account that holds money used to fund
discretionary payments to beneficiaries.
EAP: see Educational Assistance Payment.
EAP account: for group plans, an account that holds the income earned on
contributions made by subscribers. There is a separate EAP account for each
beneficiary group. An EAP account includes the income earned on
contributions of subscribers who have cancelled their plan or whose plan was
cancelled by us. The money in this account is distributed to the remaining
beneficiaries in the beneficiary group as part of their EAPs.
Earnings: any money earned on your (
i) contributions and (ii) government
grants, such as interest and capital gains. For group plans, it does not include
any income earned in the discretionary payment account, such as interest
earned on income after the maturity date.
Educational assistance payment (EAP): in general, an EAP is a payment
made to your beneficiary after the maturity date for eligible studies. An EAP
consists of your earnings and your government grants. [Insert, if the prospectus
includes a group scholarship plan - For a group plan, an EAP consists of your
government grants, earnings on your government grants and your beneficiary's
share of the EAP account.] EAPs do not include discretionary payments or fee
refunds.
Eligible studies: a post-secondary educational program that meets the plan's
requirements for a beneficiary to receive EAPs.
Government Grant: any financial grant, bond or incentive offered by the
federal government, (such as the Canada Education Savings Grant, or the
Canada Learning Bond), or by a provincial government, to assist with saving
for post-secondary education in an RESP.
Grant contribution room: the amount of government grant you are eligible
for under a federal or provincial government grant program.
Income: has the same meaning as Earnings.
Maturity date: the date on which the plan matures. In general, it is in the year
your beneficiary is expected to enrol in their first year of post-secondary
education.
Plan: means [list the name(
s) of each of scholarship plan sold under this
prospectus], [insert for a multiple prospectus - each] a scholarship plan that
provides funding for a beneficiary's post-secondary education.
Post-maturity attrition: under a group plan, a reduction in the number of
beneficiaries who qualify for EAPs in a beneficiary group after the maturity
date. See also Attrition.
Pre-maturity attrition: under a group plan, a reduction in the number of
beneficiaries who qualify for EAPs in a beneficiary group before the maturity
date. See also Attrition.
Subscriber: the person who enters into a contract with [insert legal name of
entity entering into contract with subscribers] to make contributions to a plan.
Unit: under a group plan, a unit represents your beneficiary's proportionate
share of the EAP account. The terms of the contract you sign determine the
value of the unit.
Year of eligibility: the year in which a beneficiary is first eligible to receive
EAPs under a plan. For a group plan, it is typically the year the beneficiary will
enter his or her [insert as applicable - first or second] academic year of eligible
studies. In general, the year of eligibility is [insert as applicable - one year
after/ the same year as] the maturity date. For other types of plans, the year of
eligibility can be any time after the maturity date.
INSTRUCTIONS
(1) The list of defined terms must not contain material information not found
elsewhere in the prospectus. The glossary must be limited to the terms provided.
(2) Use the terms set out in
section 4.2 in the prospectus to facilitate comparability
between scholarship plans.
(3) Include only the terms that are applicable to a scholarship plan included in the
prospectus. For example, a prospectus that does not include a group scholarship plan
must not include those terms that would be applicable only to a group scholarship
plan.
Item 5 - Overview of Scholarship Plans
5.1 - Introductory Heading
Provide, at the top of a new page, the heading "Overview of our scholarship plan[s]".
5.2 - Description of Scholarship Plans
Under the heading "What is a scholarship plan?", state the following using the same
or substantially similar wording:
A scholarship plan is a type of investment fund that is designed to help you
save for a beneficiary's post-secondary education. Your plan must be
registered as a Registered Education Savings Plan (RESP) in order to qualify
for government grants and tax benefits. To do this, we need social insurance
numbers for you and the person you name in the plan as your beneficiary.
You sign a contract when you open a plan with us. You make contributions
under the plan. We invest your contributions for you, after deducting
applicable fees. You will get back your contributions, less fees, whether or not
your beneficiary goes on to post-secondary education. Your beneficiary will
receive educational assistance payments (EAPs) from us if they enrol in
eligible studies and all the terms of the contract are met.
Please read your contract carefully and make sure you understand it before you
sign. If you or your beneficiary does not meet the terms of your contract, it
could result in a loss and your beneficiary could lose some or all of their EAPs.
5.3 - List of Scholarship Plans Offered
(1) If the investment fund manager offers more than one type of scholarship plan,
under the heading "Types of plans we offer", list the scholarship plans offered.
(2) State, as applicable, that there are differences in the enrolment criteria,
contribution requirements, fees, eligible studies, payments to beneficiaries, options
for receiving EAPs and options if the beneficiary does not pursue eligible studies
among the scholarship plans offered. For a multiple prospectus, include a cross-
reference to the plan-specific disclosure for each scholarship plan provided under
Part
C of this Form.
INSTRUCTION
For each scholarship plan listed under subsection 5.3(1), state the name of the issuer
of the securities.
Item 6 - General Information about Scholarship Plan Life Cycle
6.1 - Overview of Scholarship Plan Life Cycle
(1) Using the heading "How our plan[s] work[s]", provide a brief description of the
life cycle of the plan(
s) offered under the prospectus, from enrolment in the plan(
s) to
EAPs being paid to the beneficiary.
(2) Using the margin of the page, add a sidebar under the heading "How our plan[s]
work[s]", and state the following using the same or substantially similar wording with
the title of the sidebar in bold type:
Make sure your contact information is up to date
It is important that you keep your address and contact information up to date.
We will need to communicate important information to you throughout the life
of your plan. We will also need to find you and the beneficiary when the plan
matures so we can return your contributions and make payments to the
beneficiary.
INSTRUCTIONS
(1) The disclosure provided under
section 6.1 must not exceed one page in length, and
may be provided by means of a table or diagram.
(2) In providing the disclosure required under
section 6.1, briefly describe the life
cycle of the scholarship plan(
s) offered under the prospectus, including significant
stages such as enrolling and registering the scholarship plan as an RESP under the
Income Tax Act (Canada), making contributions and paying fees from contributions,
investing contributions and government grants, ceasing investments in accordance
with the scholarship plan's investment objectives and strategies upon plan maturity,
returning contributions to subscribers at maturity and paying EAPs to beneficiaries
for eligible studies.
(3) Do not provide a separate life cycle description for each scholarship plan offered
under a multiple prospectus. Provide one life cycle description containing the
elements that are common to the life cycle of each of the scholarship plans offered
under the prospectus.
6.2 - Enrolling in a Scholarship Plan
(1) Under the sub-heading "Enrolling in a plan", describe the enrolment process for
the scholarship plan(
s) offered under the prospectus, including the requirement that
the subscriber provide a social insurance number at the time of enrolment to register
the plan as an RESP under the Income Tax Act (Canada).
(2) Describe the requirements for designation of a beneficiary of the scholarship plan,
including Canadian residency and social insurance number requirements.
6.3 - Unregistered Accounts
(1) Under the sub-sub-heading "If your beneficiary does not have a social insurance
number", list the options available to a subscriber whose beneficiary does not yet
have a social insurance number, including the option to wait until the beneficiary has
a social insurance number to purchase a scholarship plan that is eligible to be held in
an RESP.
(2) If the scholarship plan provider offers an unregistered education savings account,
describe
(
a) the features of the unregistered education savings account, including what
happens to contributions made to the account,
(
b) whether the account is eligible to receive government grants, and
(
c) the tax treatment of the account.
(3) State the deadline for providing the beneficiary's social insurance number after
which the investment fund manager will close the account.
INSTRUCTION
Any plan or account offered by the scholarship plan provider that is not eligible for
registration by the federal government as an RESP or is not held in a registered
education savings account must be referred to and described as an "unregistered
education savings account".
6.4 - Government Grants
(1) Under the sub-heading "Government grants", list the government grants that the
investment fund manager will apply for on a beneficiary's behalf. For each
government grant program, provide
(
a) a brief description of the program,
(
b) the maximum amount that may be granted under the program annually and
over the duration of an RESP,
(
c) if applicable, the annual contribution amount that would attract the
maximum annual government grant, and
(
d) any requirement to repay government grants.
(2) Describe what happens to the government grants received by the investment fund
manager on behalf of a beneficiary, including
(
a) the legal ownership of the money throughout the life span of an investment
in the scholarship plan,
(
b) whether the money is pooled with the government grants of other
beneficiaries,
(
c) whether the money is invested together with subscriber contributions or
separately from contributions, and
(
d) how the money is allocated on distribution to a qualified beneficiary.
(3) State that a subscriber may contact their sales representative or the investment
fund manager about the applications that the investment fund manager will make on
behalf of the subscriber and disclose where a subscriber can obtain more information
about available government grants.
INSTRUCTION
The disclosure provided under
section 6.4 must not exceed two pages. The disclosure
may be provided in the form of a table.
6.5 - Contribution Limits
(1) Under the sub-heading "Contribution limits", disclose whether the scholarship
plan imposes a cumulative limit for contributions and indicate whether this is
exclusive of any government grants.
(2) Disclose whether a subscriber can make contributions annually beyond the
amount(
s) that would result in the receipt of the maximum annual amount in
government grants.
(3) If a subscriber is permitted to make additional contributions as described in
subsection (2), disclose that the additional contributions are not eligible to attract
further government grants and disclose how the additional contributions are invested.
(4) Disclose the maximum amount that may be contributed to an RESP under the
Income Tax Act (Canada), and provide a cross-reference to the tax consequences of
contributions beyond the limit set by the Income Tax Act (Canada) as disclosed under
section 11.3 of this Part of this Form.
6.6 - Additional Services
If applicable, under the sub-heading "Additional services", describe additional
services relating to an investment in the scholarship plan that are available to
subscribers from the investment fund manager or the principal distributor.
INSTRUCTION
If insurance for contributions is offered for purchase by the principal distributor,
provide a brief description of the insurance coverage, including the name of the
insurer and whether the insurance is mandatory or optional for the subscriber.
Include a cross-reference to the disclosure provided under
section 14.5 of
Part C of
this Form.
6.7 - Fees and Expenses
(1) Under the sub-heading "Fees and expenses", state the following using the same or
substantially similar wording:
There are costs for joining and participating in our plan[s]. You pay some of
these fees and expenses directly from your contributions. The plan[s] pay[s]
some of the fees and expenses, which are deducted from the [plan's/plans']
earnings. See "Costs of investing in this plan" in this Detailed Plan Disclosure
for a description of the fees and expenses of [each of] our plan[s]. Fees and
expenses reduce the plan's returns which reduces the amount available for
EAPs.
(2) If the investment fund manager offers more than one type of scholarship plan,
state, if applicable, that each scholarship plan offered requires the subscriber to pay
different fees and expenses and, if applicable, that the choice of scholarship plan
affects the amount of compensation paid to the dealer by a member of the
organization of the scholarship plan or a subscriber.
6.8 - Eligible Studies
Under the sub-heading "Eligible studies", state the following using the same or
substantially similar wording:
EAPs will be paid to your beneficiary only if he or she enrols in eligible
studies. For a
summary of the educational programs that qualify for EAPs
under our plan[s], see "Summary of eligible studies" in this Detailed Plan
Disclosure. [Insert if applicable -The plans offered under the prospectus each
have their own criteria for what post-secondary programs qualify as eligible
studies for receiving EAPs. We recommend that you carefully read the
"Specific information about the plan" sections for each plan in this Detailed
Plan Disclosure to better understand the differences among the plans.]
6.9 - Payments from the Scholarship Plan
(1) Under the sub-heading "Payments from the plan" with the sub-sub-heading
"Return of contributions", state the following using the same or substantially similar
wording:
We always return your contributions less fees to you or to your beneficiary.
Earnings from the plan will generally go to your beneficiary. If your
beneficiary does not qualify to receive the earnings from your plan, you may be
eligible to get back some of those earnings as an "accumulated income
payment (AIP)". See the "Accumulated income payments" section(
s) in this
Detailed Plan Disclosure for more information about AIPs.
(2) Under the sub-sub-heading "Educational assistance payments", state the following
using the same or substantially similar wording:
We will pay EAPs to your beneficiary if you meet the terms of your plan, and
your beneficiary qualifies for the payments under the plan. The amount of each
EAP depends on the type of plan you have, how much you contributed to it, the
government grants in your plan and the performance of the plan's investments.
You should be aware that the Income Tax Act (Canada) has restrictions on the
amount of EAP that can be paid out of an RESP at a time. [See Instruction].
INSTRUCTION
For the disclosure under subsection (2), briefly describe the restrictions under the
Income Tax Act (Canada) on the amount of EAPs that can be paid at a time.
6.10 - Unclaimed Accounts
(1) Under the sub-heading "Unclaimed accounts", briefly describe what an unclaimed
account is.
(2) Describe the steps that the investment fund manager will take to contact the
subscriber and the beneficiary with respect to an unclaimed account.
(3) Describe what will happen to any unclaimed contributions, unclaimed earnings on
contributions, government grants and earnings on government grants if the investment
fund manager is unable to locate the subscriber or the beneficiary.
(4) Describe how a subscriber or beneficiary can obtain payments of any unclaimed
money.
Item 7 - Scholarship Plans with Same Investment Objectives (Multiple
Prospectus)
7.1 - Investment Objectives
(1) This
section applies to a multiple prospectus for scholarship plans that have the
same investment objectives, investment strategies and investment restrictions.
(2) Set out, under the heading "How we invest your money" with the sub-heading
"Investment objectives", the fundamental investment objectives of the scholarship
plans, including any information that describes the fundamental nature of the
scholarship plans or the fundamental features of the scholarship plans that distinguish
them from other types of scholarship plans.
(3) Describe the nature of any securityholder or other approval that may be required
to change the investment objectives of the scholarship plans.
(4) Describe any of the material investment strategies to be used to achieve those
investment objectives.
(5) If each scholarship plan purports to arrange a guarantee or insurance in order to
protect all or some of the principal amount of the investments made by subscribers,
include this fact as a fundamental investment objective of the scholarship plans and
(
a) identify the person or company providing the guarantee or insurance,
(
b) provide the material terms of the guarantee or insurance, including the
maturity date of the guarantee or insurance, and
(
c) provide the reasons for which the guarantor or insurer, as applicable, could
limit or avoid execution of the guarantee or insurance policy.
INSTRUCTIONS
(1) State the type or types of securities, such as money market instruments, first
mortgages and bonds, in which the scholarship plans will be primarily invested under
normal market conditions.
(2) If a particular investment strategy is an essential aspect of the scholarship plans,
as evidenced by the manner in which the scholarship plans are marketed, disclose this
strategy as an investment objective.
Item 8 - Scholarship Plans with Same Investment Strategies (Multiple
Prospectus)
8.1 - Investment Strategies
(1) This
section applies to a multiple prospectus for scholarship plans that have the
same investment objectives, investment strategies and investment restrictions.
(2) Describe under the sub-heading "Investment strategies" the following:
(
a) the principal investment strategies that the scholarship plans intend to use in
achieving the investment objectives, and
(
b) the process by which the scholarship plans' portfolio adviser selects
investments for the portfolios of the scholarship plans, including any
investment approach, philosophy, practices or techniques used by the portfolio
adviser or any particular style of portfolio management that the portfolio
adviser intends to follow.
(3) Indicate the types of investments, other than those held by the scholarship plans in
accordance with their fundamental investment objectives, which may form part of the
portfolio assets of the scholarship plans under normal market conditions.
(4) If the scholarship plans may depart temporarily from their fundamental investment
objectives as a result of adverse market, economic, political or other considerations,
disclose any temporary defensive tactics the portfolio adviser may use or intends to
use in response to such conditions.
INSTRUCTION
Scholarship plans may, in responding to subsection 8.1(2), provide a discussion of the
general investment approach or philosophy followed by the portfolio adviser of the
scholarship plan.
Item 9 - Scholarship Plans with Same Investment Restrictions (Multiple
Prospectus)
9.1 - Investment Restrictions
(1) This
section applies to a multiple prospectus for scholarship plans that have the
same investment objectives, investment strategies and investment restrictions.
(2) Under the sub-heading "Investment restrictions", describe any restrictions on
investments adopted by the scholarship plans, beyond what is required under
securities legislation.
(3) If the scholarship plans have received the approval of the securities regulatory
authorities to vary any of the investment restrictions and practices contained in
securities legislation, provide details of the permitted variations.
(4) Describe the nature of any securityholder or other approval that may be required
in order to change the investment restrictions of the scholarship plans.
Item 10 - Risks of Investing in a Scholarship Plan
10.1 - Risks of Investing in a Scholarship Plan
(1) Under the heading "Risks of investing in a scholarship plan", include an
introduction using the following wording or wording that is substantially similar:
If you or your beneficiary does not meet the terms of your contract, it could
result in a loss and your beneficiary could lose some or all of their EAPs.
Please read the description of the plan-specific risks under "Risks of investing
in this plan" in this Detailed Plan Disclosure.
(2) Under the sub-heading "Investment risks", include an introduction using the
following wording or wording that is substantially similar:
The prices of the investments held by the scholarship plan[s] can go up or
down. [State, as applicable - [Refer to "Risks of investing in this plan" in this
Detailed Plan Disclosure for a description of/Below are [some of]] the risks
that can cause the value of the scholarship plan ['s/s'] investments to change,
which will affect the amount of EAPs available to beneficiaries.] Unlike bank
accounts or guaranteed investment certificates, your investment in a
scholarship plan is not covered by the Canada Deposit Insurance Corporation
or any other government deposit insurer.
(3) For a multiple prospectus, list and describe the investment risks applicable to each
of the scholarship plans offered under the prospectus.
(4) For a multiple prospectus that contains the disclosure required by
section 7.1 of
this Part of the Form, if, at any time during the 12-month period immediately
preceding the date of the prospectus, more than 10% of the net assets of a scholarship
plan were invested in the securities of an issuer other than a government security,
disclose
(
a) the name of the issuer and the securities,
(
b) the highest percentage of the net assets of the scholarship plan that
securities of that issuer represented during the 12-month period, and
(
c) the risks associated with the investments, including the possible or actual
effect on the liquidity and diversification of the scholarship plan.
INSTRUCTIONS
(1) Each risk factor listed must be described under a separate sub-sub-heading.
(2) Describe the risks in the order of the most serious to the least serious.
(3) Do not de-emphasize a risk factor by including excessive caveats or conditions.
(4) Include a discussion of general market, political, market sector, liquidity, interest
rate, foreign currency, diversification and credit risks that apply to the portfolio of
the scholarship plan, as appropriate.
(5) The term "government security" has the same meaning as in National Instrument
81-102 Mutual Funds.
Item 11 - Income Tax Considerations
11.1 - Status of the Scholarship Plan
Under the heading "How taxes affect your plan", briefly describe the status of the
scholarship plan for income tax purposes.
11.2 - Taxation of the Scholarship Plan
Under the sub-heading "How the plan is taxed", state in general terms the basis upon
which the income and capital received by the scholarship plan are taxed.
11.3 - Taxation of the Subscriber
(1) Under the sub-heading "How you are taxed", state in general terms how the
subscriber will be taxed. State in general terms, as applicable to the scholarship
plan(
s) offered under the prospectus, using sub-sub-headings, the income tax
consequences of
(
a) a return of contributions at the maturity date,
(
b) a withdrawal of contributions before the maturity date,
(
c) a refund of sales charges or other fees,
(
d) any other distributions to the subscriber in the form of income, capital or
otherwise,
(
e) a cancellation of units prior to the maturity date,
(
f) a purchase of additional units,
(
g) a transfer between scholarship plans,
(
h) an additional contribution made to address backdating of a plan,
(
i) an additional contribution made to cure defaults under the scholarship plan,
and
(
j) a contribution beyond the limit set by the Income Tax Act (Canada).
(2) Under the sub-sub-heading "If you receive an Accumulated income payment
(AIP)",
(
a) state the tax consequences of receiving an AIP,
(
b) describe how an AIP may be transferred to a registered retirement savings
plan, and
(
c) describe the tax consequences of a transfer of an AIP to a registered
retirement savings plan.
11.4 - Taxation of the Beneficiary
Under the sub-heading "How your beneficiary is taxed", state in general terms the
income tax consequences to a beneficiary of a payment made to the beneficiary under
the scholarship plan, including, as applicable, an EAP, a discretionary payment and a
fee refund.
Item 12 - Organization and Management Details of the Scholarship Plan
12.1 - Organization and Management Details
(1) Provide in a diagram or table, under the heading "Who is involved in running the
plan[s]", information about the entities involved in operating the scholarship plan,
including the investment fund manager, foundation, trustee, portfolio adviser,
principal distributor, independent review committee, custodian, registrar and auditor
of the scholarship plan.
(2) For each entity listed in the diagram or table, briefly describe the services
provided by that entity, and the relationship of that entity to the investment fund
manager. Include a description of how each of the following aspects of the operations
of the scholarship plan is administered and who administers those functions:
(
a) the management and administration of the scholarship plan, including
valuation services, fund accounting and securityholder records, other than the
management of the portfolio assets;
(
b) the management of the portfolio assets, including the provision of
investment analysis or investment recommendations and the making of
investment decisions;
(
c) the purchase and sale of portfolio assets by the scholarship plan and the
making of brokerage arrangements relating to the portfolio assets;
(
d) the distribution of the securities of the scholarship plan;
(
e) if the scholarship plan is a trust, the trusteeship of the scholarship plan;
(
f) if the scholarship plan is a corporation, the oversight of the affairs of the
scholarship plan by the directors of the corporation;
(
g) the custodianship of the assets of the scholarship plan;
(
h) the oversight of the investment fund manager of the scholarship plan by the
independent review committee;
(
i) the oversight of the scholarship plan by any other body.
(3) For each entity listed in the diagram or table, other than the investment fund
manager, provide, if applicable, the municipality and the province or country where it
principally provides its services to the scholarship plan. Provide the complete
municipal address for the investment fund manager of the scholarship plan.
INSTRUCTION
The "foundation" refers to the not-for-profit entity that is the sponsor of the
scholarship plan.
Item 13 - Statement of Rights
13.1 - Statement of Rights
Under the heading "Your rights as an investor", state the following using the same or
substantially similar wording:
You have the right to withdraw from an agreement to buy scholarship plan
securities and get back all of your money (including any fees or expenses paid),
within 60 days of signing the agreement. If the plan is cancelled after 60 days,
you will only get back your contributions, less fees and expenses.
Any government grants you've received will be returned to the government.
In several provinces and territories, securities legislation also gives you the
right to withdraw from a purchase and get back all of your money, or to claim
damages, if the prospectus and any amendment contain a misrepresentation or
are not delivered to you. You must act within the time limit set by the securities
legislation in your province [insert if the scholarship plan(
s) is/are distributed
in one or more territories of Canada - or territory].
You can find out more about these rights by referring to the securities
legislation of your province [insert if the scholarship plan(
s) is/are distributed
in one or more territories of Canada - or territory] or by consulting a lawyer.
Item 14 - Other Material Information
14.1 - Other Material Information
(1) Under the heading "Other important information", state any other material facts
relating to the securities being offered that are not disclosed under any other item in
this Form and are necessary for the prospectus to contain full, true and plain
disclosure of all material facts about the securities to be distributed.
(2) Provide any specific disclosure required to be disclosed in a prospectus under
securities legislation that is not otherwise required to be disclosed by this Form.
(3) Subsection (2) does not apply to requirements of securities legislation that are
form requirements for a prospectus.
INSTRUCTIONS
(1) Sub-headings that are not mandated by this Form may be used in this Item.
(2) For a single prospectus, provide this disclosure either under this Item or under
Item 23 of
Part C of this Form, whichever is more appropriate.
(3) For a multiple prospectus, provide this disclosure under this Item if the disclosure
pertains to all of the scholarship plans described in the document. If the disclosure
does not pertain to all of the scholarship plans, provide the disclosure under Item 23
Part C of this Form.
Item 15 - Back Cover
15.1 - Back Cover
(1) State on the back cover of the Detailed Plan Disclosure the name of the
scholarship plan(
s) offered under the prospectus, and the name, address and telephone
number of the investment fund manager of the scholarship plan(s).
(2) State the following using the same or substantially similar wording:
You can find additional information about the plan[s] in the following
documents:
the plan's most recently filed annual financial statements,
any interim financial reports filed after the annual financial statements, and
the most recently filed annual management report of fund performance.
These documents are incorporated by reference into this prospectus. That
means they legally form part of this document just as if they were printed as
part of this document.
You can get a copy of these documents at no cost by calling us at [insert the
toll-free telephone number or telephone number where collect calls are
accepted] or by contacting us at [insert the scholarship plan's e-mail address].
[Insert if applicable - You'll also find these documents on our website at
[insert the scholarship plan's website address]].
These documents and other information about the plan[s] are also available at
www.sedar.com.
Part C - Detailed Plan Disclosure - Plan-Specific Information
Item 1 - General
The Items in this Part apply to each type of scholarship plan unless otherwise stated.
Item 2 - Introductory Disclosure
2.1 - For a Single Prospectus
Include at the top of the first page of the
Part C
section of the prospectus the heading
"Specific information about the [insert the name of the scholarship plan]".
2.2 - For a Multiple Prospectus
Include,
(
a) at the top of the first page of the first
Part C
section of the prospectus, the
heading "Specific information about our plans", and
(
b) at the top of each page of a
Part C
section of the prospectus, a heading
consisting of the name of the scholarship plan described on that page.
Item 3 - Plan Description
3.1 - Plan Description
Under the heading "Type of plan", disclose in the form of a table
(
a) the type of scholarship plan, and
(
b) the date on which the scholarship plan was started.
INSTRUCTION
In disclosing the date on which the scholarship plan was started, use the date on
which the securities of the scholarship plan first became available for offer to the
public, which will be on or about the date of the issuance of the first receipt for a
prospectus of the scholarship plan.
Item 4 - Eligibility and Suitability
4.1 - Eligibility and Suitability
(1) Under the heading "Who this plan is for", list the eligibility requirements for
enrolment in the scholarship plan.
(2) Provide a brief statement of the suitability of the scholarship plan for particular
investors, describing the characteristics of the subscriber and beneficiary for whom
the scholarship plan may be an appropriate investment and for whom it may not be an
appropriate investment.
INSTRUCTION
The disclosure provided under subsection 4.1(2) must be consistent with the
disclosure provided under Item 4 of Part A of this Form. Discuss whether the
scholarship plan is particularly suitable for certain types of investors. Conversely, if
the scholarship plan is particularly unsuitable for certain types of investors,
emphasize this aspect of the plan and disclose the types of investors who should not
invest in the scholarship plan, on both a short- and long-term basis.
Item 5 - Beneficiary Group
5.1 - Beneficiary Group
(1) This Item applies to a group scholarship plan.
(2) Under the sub-heading "Your beneficiary group", describe
(
a) what a beneficiary group is and the significance of belonging to a
beneficiary group, and
(
b) how the maturity date and year of eligibility are determined and the
significance of the dates.
(3) Include the table below, introduced using the following wording or wording that is
substantially similar:
The table below can help you determine your beneficiary group. In general, the
beneficiary group is determined by the age of the beneficiary when you sign
your contract.
Age of beneficiary when
the plan is purchased
Beneficiary group
[Insert age of oldest
beneficiary eligible to join
the group scholarship plan]
years old
[Insert year of eligibility for oldest beneficiary]
[Insert age corresponding to
next year of eligibility in
descending order] years old
[Insert year of eligibility for next oldest beneficiary]
0 years old
[Insert year of eligibility for youngest beneficiary]
INSTRUCTIONS
(1) In responding to subsection 5.1(2), provide disclosure regarding the sharing of
earnings on contributions based on the number of beneficiaries in a beneficiary
group, including the sharing of earnings on contributions where there is pre-maturity
and post-maturity attrition.
(2) The table required under subsection 5.1(3) is used to demonstrate how the year of
eligibility relates to the age of the beneficiary on the application date. The disclosure
in the column of this table titled "Age of beneficiary when the scholarship plan is
purchased" must present the ages of the beneficiaries for whom subscribers may
purchase a group scholarship plan, starting from the oldest to the youngest. For
example, if a beneficiary cannot join the group scholarship plan after age 12, then
that must be the age disclosed in the top row of that column. The ages disclosed in the
subsequent row must follow in descending order.
(3) For the column titled "Beneficiary Group" in the table required under subsection
5.1(3), the "year of eligibility" disclosed in each row must be based on the year of
eligibility that would typically correspond to a beneficiary of the age described in
adjacent column of that table titled "Typical age of beneficiary when the scholarship
plan is purchased" as of the date of the prospectus. For example, if the age of the
beneficiary listed in the table is 12, the disclosure under "Beneficiary Group" must
show the typical year of eligibility for a 12 year old beneficiary joining the
scholarship plan as of the date of the prospectus.
Item 6 - Eligible Studies
6.1 -
Summary of Eligible Studies
Under the heading "Summary of eligible studies", state the following using the same
or substantially similar wording:
The following is a description of the post-secondary programs that are eligible
studies and qualify for EAPs under the [insert name of the scholarship plan].
Contact us or your sales representative to find out if the educational programs
your beneficiary is interested in are eligible studies. We can provide you with a
current list of qualifying institutions and programs on request. This list is also
available on the plan's website.
For more information about receiving EAPs, see "Educational assistance
payments" on page [insert page reference to the disclosure provided under
section 19.2 of
Part C of this Form] of this Detailed Plan Disclosure.
6.2 - Description of Eligible Programs
Under the sub-heading "What's eligible", briefly describe the types of programs that
qualify for EAPs under the scholarship plan.
6.3 - Description of Ineligible Programs
(1) Under the sub-heading "What's not eligible", briefly describe the types of
programs that do not qualify for EAPs under the scholarship plan.
(2) If any post-secondary program that would qualify for an EAP under the Income
Tax Act (Canada) would be considered eligible studies under the scholarship plan,
state this fact. If there are differences between the types of programs eligible for
payment of an EAP under the Income Tax Act (Canada) and programs recognized as
eligible studies under the scholarship plan, state this fact and describe how the
scholarship plan's requirements are different than the Income Tax Act (Canada)
requirements.
(3) State, if applicable, that beneficiaries who do not enrol in eligible studies under
the requirements of the scholarship plan will also not receive payments of government
grants.
(4) If the scholarship plan does not recognize all of the same post-secondary programs
that would qualify for an EAP under the Income Tax Act (Canada), then state the
following using the same or substantially similar wording:
If you are interested in a post-secondary program that doesn't qualify for EAPs
under the [insert the name of the scholarship plan] but would qualify for an
EAP under the Income Tax Act (Canada), you should consider another type of
plan. [Insert if applicable - For example, in our [insert, as applicable the name
of the scholarship plan(s)], any post-secondary program that would qualify for
an EAP under the Income Tax Act (Canada) is considered eligible studies for
receiving an EAP under the plan.]
INSTRUCTIONS
(1) The list of institutions and programs that are "eligible studies" under the
scholarship plan and are referred to in
section 6.1 must be provided in a format that
facilitates comprehension by the investor. The list must also be available on the
plan's website in a location that does not have restricted access, i.e., it does not
require a password or login account.
(2)The disclosure required by sections 6.2 and 6.3 may be provided in the form of a
table to assist readability.
(3) Describe the programs required to be disclosed under sections 6.2 and 6.3 based
on characteristics such as the type of educational institutions offering the programs,
the duration of the programs and the location of the educational institutions.
Item 7 - Investment Objectives
7.1 - Investment Objectives
(1) This
section does not apply to a scholarship plan that is required to provide the
disclosure under
section 7.1 of Part B of this Form.
(2) Under the heading "How we invest your money" with the sub-heading
"Investment objectives", state the fundamental investment objectives of the
scholarship plan, including any information that describes the fundamental nature of
the scholarship plan or the fundamental features of the scholarship plan that
distinguish it from other types of scholarship plans.
(3) Describe the nature of any securityholder or other approval that may be required
to change the investment objectives of the scholarship plan.
(4) Describe any of the material investment strategies to be used to achieve the
scholarship plan's investment objectives.
(5) If the scholarship plan purports to arrange a guarantee or insurance in order to
protect all or some of the principal amount of the investments made by subscribers,
include this fact as a fundamental investment objective of the scholarship plan and
(
a) identify the person or company providing the guarantee or insurance,
(
b) provide the material terms of the guarantee or insurance, including the
maturity date of the guarantee or insurance, and
(
c) provide the reasons for which the guarantor or insurer could limit or avoid
execution of the guarantee or insurance policy.
INSTRUCTION
In providing the disclosure required by this Item, follow the Instructions that apply to
section 7.1 of Part B of this Form.
Item 8 - Investment Strategies
8.1 - Investment Strategies
(1) This
section does not apply to a scholarship plan that is required to provide the
disclosure under
section 8.1 of Part B of this Form.
(2) Describe under the sub-heading "Investment strategies" the following:
(
a) the principal investment strategies that the scholarship plan intends to use in
achieving its investment objectives, and
(
b) the process by which the scholarship plan's portfolio adviser selects
investments for the scholarship plan's portfolio, including any investment
approach, philosophy, practices or techniques used by the portfolio adviser or
any particular style of portfolio management that the portfolio adviser intends
to follow.
(3) Indicate the types of investments, other than those held by the scholarship plan in
accordance with its fundamental investment objectives, which may form part of the
scholarship plan's portfolio assets under normal market conditions.
(4) If the scholarship plan may depart temporarily from its fundamental investment
objectives as a result of adverse market, economic, political or other considerations,
disclose any temporary defensive tactics the scholarship plan's portfolio adviser may
use or intends to use in response to such conditions.
INSTRUCTION
A scholarship plan may, in responding to subsection 8.1(2), provide a discussion of
the general investment approach or philosophy followed by the portfolio adviser of
the scholarship plan.
Item 9 - Investment Restrictions
9.1 - Investment Restrictions
(1) This
section does not apply to a scholarship plan that is required to provide the
disclosure specified under
section 9.1 of Part B of this Form.
(2) Under the sub-heading "Investment restrictions", describe any restrictions on
investments adopted by the scholarship plan, beyond what is required under securities
legislation.
(3) If the scholarship plan has received the approval of the securities regulatory
authorities to vary any of the investment restrictions and practices contained in
securities legislation, provide details of the permitted variations.
(4) Describe the nature of any securityholder or other approval that may be required
in order to change the investment restrictions of the scholarship plan.
Item 10 - Plan-Specific Risks
10.1 - Plan Risks
(1) Under the heading "Risks of investing in this plan" with the sub-heading "Plan
risks", include an introduction using the following wording or wording that is
substantially similar:
You sign a contract when you open a plan with us. Read the terms of the
contract carefully and make sure you understand the contract before you sign.
If you or your beneficiary does not meet the terms of your contract, it could
result in a loss and your beneficiary could lose some or all of his or her EAPs.
Keep in mind that payments from the plan are not guaranteed. We cannot tell
you in advance if your beneficiary will qualify to receive any EAPs from the
plan or how much your beneficiary will receive. We do not guarantee the
amount of any payments or that the payments will cover the full cost of your
beneficiary's post-secondary education.
In addition to the investment risks described under "Investment risks" on
page(s) [insert a page reference to the investment risks disclosed under
section
10.1(3) of Part B of this Form or
section 10.2 of this Part of the Form, as
applicable] of the prospectus, the following is a description of the risks of
participating in this plan:
(2) List and describe any material risks associated with an investment in the
scholarship plan, other than the investment risks associated with the portfolio held by
the scholarship plan that are disclosed under