Section 85 Election Assistant

Welcome

Terms & Conditions of Use

Introduction

Preliminary Information

Transaction Details

Deferral Options

Shareholder Identification

Review

 

Please contact your financial advisor or a tax specialist if you require assistance regarding the decision to make a Tax Election. If you require technical assistance in completing this Election Assistant, please contact the Technical Assistance Helpline at 1-800-860-0751. We are open from Monday to Friday from 9:00am to 5:00pm EST.

 

Welcome

Overview

On February 13, 2020 Power Corporation of Canada ("PCC") and Power Financial Corporation ("PFC") effected a reorganization transaction under a statutory Plan of Arrangement, pursuant to which each common share of PFC held by holders of PFC common shares ("PFC Shares") other than PCC were exchanged for 1.05 Subordinate Voting Shares of PCC ("PCC Shares") and $0.01 in cash.

Full details of the Transaction are included in PFC's Management Proxy Circular ("Circular") dated January 10, 2020. A copy of the circular can be found here.

Although the information in the "Tax Election Filing Deadline – Time Sensitive" section below indicates a deadline of June 13, 2020, pursuant to the press release dated May 15, 2020, please note that PCC is extending the deadline to submit the required information to PCC to October 31, 2020 and will make this website available until that date. Please note that this extension does not change the statutory due date for the elections.

 

Purpose of the Election

An Eligible Holder (as defined in the Circular) is entitled to make an election ("Tax Election") jointly with PCC under section 85 of the Income Tax Act (Canada) (the "Act") and if applicable, the corresponding provisions of the Taxation Act (Quebec) and may thereby obtain a full or partial deferral for Canadian income tax purposes in respect of the capital gain that would otherwise be realized on the exchange of the PFC Shares for PCC Shares and cash, pursuant to the Plan of Arrangement.

 

Tax Election Filing Deadline – Time Sensitive

Please note that PCC has only agreed to jointly elect with Eligible Holders whose information necessary to complete the Tax Election is received by PCC ON OR BEFORE 120 days after the effective date of the Plan of Arrangement. The effective date of the Plan of Arrangement is February 13, 2020, such that the deadline for PCC to receive the necessary information is June 13, 2020. (Subsequently extended to October 31, 2020)

Please ensure you have all the information to complete the Tax Election. It is important that you carefully read the Tax Instruction Letter which describes the process and the information required in this Election Assistant. The Tax Instruction Letter is available here.

If you exit this Election Assistant without completing and submitting the required information, and confirming the accuracy of the information, a Tax Election will not be prepared and your information will be deleted from the system. If you still wish to make a Tax Election, you will have to re-enter all the information in this Election Assistant.

Please note that this Election Assistant is available in both English and French; however, users will be given the option in a later step herein to produce either English or French Tax Election forms regardless of the language used for this Election Assistant.