MD Management Limited (MDM) will match an Eligible MDM Client’s ongoing pre-authorized contribution (a “PAC”) into his/her registered or non-registered investment account with MDM, with a minimum of $25 up to a maximum amount of $250 (the “MD Match Amount”) for each Eligible MDM Client, subject to the terms below (the “MD Early Career Investment Program” or the “Program”).
The Program is available only to MDM clients who are medical residents or fellows in 2021; physicians in their first or second year of practice (completed residency or fellowship in 2019 or 2020 or 2021); or spouses/partners of any of the foregoing (each an Eligible MDM Client). An Eligible MDM Client must have a tax-free savings account (TFSA), registered retirement savings plan (RRSP) or non-registered investment account opened, active and in good standing with MDM on June 1, 2021 or by September 8, 2021 (each an “Eligible Account”).
The program is open to all Eligible MDM Clients who have an ExO Direct account and set up a new PAC of at least $25, or who increase an existing PAC by at least $25.
The Program is also open to all eligible MDM Clients who have an existing MD Plus account that was opened prior to June 1st 2021 and set up a new PAC of at least $25 in MD Plus or who increase an existing PAC by at least $25.
In the case of an increase to an existing PAC, the MD Match Amount will be calculated based on the amount of the increase only. For example, if the PAC is $25 and is increased to $75, the match would be made on the increase amount of $50 (i.e., a total match of $50 would be paid).
The MD Match Amount must be deposited exclusively into a TFSA, RRSP or non-registered investment account.
The MD Match Amount will apply to all PACs that have been set-up from the commencement date of the Match Program up to September 8, 2021 inclusive, where pre-established client and account eligibility requirements, as specified above, have been met and a scheduled deposit has been made by September 15, 2021.
The MD Match Amount credited to the Eligible Account will be held in cash until instructions on how to invest the funds are received from the account holder or a person whom the client has designated as having trading authority for the account. The MD Match Amount will be distributed by October 15, 2021. The MD Match Amount must remain invested in the client account for a minimum of 90 Days before the MD Match can be withdrawn by the client.
There is a limit of one (1) MD Match Amount per Eligible MDM Client regardless of the number of Eligible Accounts or PACs he/she holds. If an Eligible MDM Client has more than one Eligible Account with a new or increased PAC, he/she must contact his/her MD Advisor* before September 15, 2021 to determine the account to which the MD Match Amount will be credited, failing which MDM will credit The Eligible Account in the following order:
- to the Eligible MDM Client’s TFSA; if no TFSA, then
- to the Eligible MDM Client’s RRSP; if no RRSP, then
- to the Eligible MDM Client’s non-registered investment account.
Each Eligible MDM Client agrees to be solely responsible for ensuring that any match amount credited to his/her registered investment account does not result in any over-contribution to such account and he/she expressly acknowledges that MDM will not be in any way liable or responsible for any tax consequences or liability incurred by him/her should it be determined by the Canada Revenue Agency or any tax authority that he/she has over-contributed to his/her registered account.
