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Important Update Regarding Retirement Income Funds (RIF)

December 16, 2008

RIF plans include Registered Retirement Income Funds (RRIFs), Locked-In Retirement Income Funds (LRIFs), Life Income Funds (LIFs) and Prescribed Retirement Income Funds (PRIFs).

In-Kind Transfers

You have the option of fulfilling your minimum annual RIF payment by transferring your RIF assets in-kind to a non-registered account. This allows you to meet the minimum withdrawal requirement without selling assets in your RIF. This option is available to you at no cost and still allows you to meet your annual withdrawal requirement. Just as with a cash payment, the amount transferred in-kind from your RIF must be included in income.

Minimum RIF Payment Reduction

Legislation has been proposed to reduce the required RIF minimum payment for 2008 by 25 pecent or re-contributing up to 25 percent if this amount was already withdrawn. As the legislation is expected to be approved, you have the option to re-contribute up to 25 percent of your 2008 RIF minimum payment back to your RIF.

If you wish to discuss the options to receive your RIF minimum payment as a transfer in-kind or to adjust your RIF payment by making a re-contribution, please contact your financial advisor.