What does the a.g.m vote mean? It clears the way for Canada Life's 25,000 Irish shareholders to receive a payment worth Canadian $44.50 for each Canada Life share that they currently own.

What will shareholders get?

Great-West Lifeco are buying Canada Life with a mixture of 60 per cent cash and the remainder in shares, so shareholders are being asked to choose whether they want an all-cash payout, or a mixture of cash and shares.

What should shareholders do?

All shareholders will receive notification from the company shortly and be asked to reply with details of how they want to be paid. The firm will attempt to meet each shareholder's request.

Is there a tax liability?

Yes. Shareholders who chose the cash payout and make a profit of more than 1,270 will be liable to capital gains tax at a rate of 20 per cent.