On November 3, 2021, Great-West Lifeco announced that it intends to redeem all of its outstanding 5.90% Non-Cumulative First Preferred Shares, Series F, on December 31, 2021. On November 25, 2021 the following documents were mailed to registered holders of the Series F First Preferred Shares, as applicable:
Documents
Further information regarding the adjusted cost base of the Series F First Preferred Shares for holders resident in Canada, Ireland, the United Kingdom and the United States can be found below.
Cost Base for Residents in Canada
Cost Base for Residents in Ireland
Cost Base for Residents in the United Kingdom
Cost Base for Residents in the United States
For further information regarding the Canadian withholding tax that applies to a portion of the December 31, 2021 Lifeco Series F redemption proceeds please refer to the letter dated November 25, 2021, that was mailed to shareholders with the redemption materials.
The information below is general information and should not be taken as tax advice. Your situation may vary therefore you should consult a tax advisor.
For residents of Canada
If you… |
Your Adjusted Cost Base per Series F Preferred Share would be… |
|
…received your Lifeco Series F preferred shares in exchange 1 for Canada Life Financial Corporation (CLFC) shares that you had received on demutualization 2 and you filed a form T2057 (an election to defer the capital gain for 2003) |
$0.00 (zero) |
|
…received your Lifeco Series F preferred shares in exchange 1 for CLFC shares that you had received on demutualization 2 and you did not file a form T2057 (an election to defer the capital gain for 2003) |
$25.00 |
|
…received your Lifeco Series F preferred shares in exchange 1 for CLFC shares that you had purchased before July 10, 2003 and you filed a form T2057 (an election to defer the capital gain for 2003) |
the elected amount in your election form |
|
…received your Lifeco Series F preferred shares in exchange 1 for CLFC shares that you had purchased before July 10, 2003 and you did not file a form T2057 (an election to defer the capital gain for 2003) |
$25.00 |
|
…purchased your Lifeco Series F preferred shares after July 10, 2003 |
the amount you paid for those shares |
For residents of Ireland
If you… |
Your Adjusted Cost Base per Series F Preferred Share would be… |
|
…received your Lifeco Series F preferred shares in exchange 1 for Canada Life Financial Corporation (CLFC) shares that you had received on demutualization 2 |
$0.00 (zero) |
|
…received your Lifeco Series F preferred shares in in exchange 1 for CLFC shares that you had purchased before July 10, 2003 |
the cost base of those CLFC shares, prorated among the various amounts received on the takeover of CLFC |
|
…purchased your Lifeco Series F preferred shares after July 10, 2003 |
the amount you paid for those shares |
For residents of the United Kingdom
If you… |
Your Adjusted Cost Base per Series F Preferred Share would be… |
|
…received your Lifeco Series F preferred shares in exchange 1 for Canada Life Financial Corporation (CLFC) shares that you had received on demutualization 2 |
$0.00 (zero) |
|
…received your Lifeco Series F preferred shares in in exchange 1 for CLFC shares that you had purchased before July 10, 2003 |
the cost base of those CLFC shares, prorated among the various amounts received on the takeover of CLFC |
|
…purchased your Lifeco Series F preferred shares after July 10, 2003 |
the amount you paid for those shares |
For residents of the United States
If you… |
Your Adjusted Cost Base per Series F Preferred Share would be… |
|
…received your Lifeco Series F preferred shares in exchange 1 for Canada Life Financial Corporation (CLFC) shares that you had received on demutualization 2 |
$25.00 CDN per share |
|
…received your Lifeco Series F preferred shares in in exchange 1 for CLFC shares that you had purchased before July 10, 2003 |
$25.00 CDN per share |
|
…purchased your Lifeco Series F preferred shares after July 10, 2003 |
the amount you paid for those shares |
1 In 2003 Lifeco acquired the shares of CLFC at an agreed price of $44.50 CDN per share. The $44.50 was paid out in a variety of forms including cash, common shares of Lifeco, and Series E and Series F preferred shares of Lifeco. The value attributed to the Lifeco Series F preferred shares was $25.00 CDN per share.
2 In 1999 The Canada Life Assurance Company (CLA) demutualized, which means it changed from being a mutual company owned by its policyholders to a company with share capital owned by its shareholders. As part of the demutualization, common shares of CLFC were issued to certain participating policyholders of CLA at no additional cost and a cost of $nil for Canadian federal tax purposes.