UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2003

Commission File Number: 001-15116

CANADA LIFE FINANCIAL CORPORATION

(Translation of registrant's name into English)

330 University Avenue, Toronto, Ontario M5G 1R8

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F o Form 40-F x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes o No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes o No x

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

CANADA LIFE FINANCIAL CORPORATION

EXHIBITS TO FORM 6K

Exhibit Press Release "Great-West Lifeco completes acquisition of Canada Life 99.1

~~SIGNATURES~~EXHIBIT 99.1

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CANADA LIFE FINANCIAL CORPORATION
(Registrant)
Date: July 7, 2003 By: /s/ Roy W. Linden
Roy W. Linden Secretary and Chief Compliance Officer
Exhibit 99.1
News Release

Great-West Lifeco ~~and~~completes acquisition of Canada Life

~~announce~~Winnipeg ~~results~~and ofToronto ~~elections~~July by10, ~~Canada Life Shareholders~~2003
- Great-West Lifeco Inc. and Canada Life Financial Corporation announced today that Great-West Lifeco completed its acquisition of Canada Life.

~~WINNIPEG AND TORONTO, July 7, 2003 -~~ Great-West Lifeco ~~Inc~~paid approximately: $4.2 ~~and~~billion ~~Canada~~in ~~Life~~cash; 56 ~~Financial~~million ~~Corporation~~Great-West ~~today~~Lifeco ~~announced the proration calculations with respect to the elections made by holders of Canada Life~~ common shares; 24 ~~for~~million ~~consideration payable in connection with the combination transaction between Canada Life and~~ Great-West Lifeco Series E 4.80% preferred shares;

~~Under~~8 ~~the~~million ~~terms~~Great-West ofLifeco ~~the~~Series ~~transaction,~~F ~~Canada~~5.90% ~~Life~~preferred ~~shareholders~~shares, ~~could elect~~ to ~~receive,~~holders ~~in respect~~ of ~~each~~ Canada Life ~~share~~Financial ~~they~~common ~~held:~~shares.

~~$44.50~~ Commencing inon ~~cash~~July ~~(maximum~~15, 2003, cheques and certificates representing the cash and Great-West Lifeco common and preferred shares issuable pursuant to bethe ~~paid~~transaction ~~limited~~will begin to ~~approximately~~be ~~$4.4~~provided ~~billion);~~to former Canada Life shareholders entitled thereto in accordance with the delivery instructions set out in the election forms.

~~1.1849~~ Great-West Lifeco has transferred all of the common shares of Canada Life Financial Corporation acquired, to its Canadian subsidiary, The Great-West ~~Lifeco~~Life ~~(maximum~~Assurance ~~number~~Company, ofwhich ~~shares~~holds toall beof ~~issued~~the ~~limited~~shares toof ~~approximately~~Canada ~~56.0~~Life ~~million);~~Financial Corporation.

~~1.78~~ Private ~~Great-West Lifeco Series E 4.80% non-cumulative 10-year soft retractable preferred shares (maximum number of shares to be issued limited to 24.0 million);~~placement

~~1.78~~ Great-West Lifeco ~~Series~~completed Fthe ~~5.90%~~previously ~~non-cumulative~~announced ~~perpetual~~private ~~preferred~~placement ~~shares~~issuance of 21,301,523 (~~maximum~~approx. ~~number~~$800 ofmillion) common shares from treasury to bea ~~issued~~subsidiary ~~limited~~of toPower 8Financial Corporation and 2,662,690 (approx.0 $100 million); common shares to Investors Group Inc. in support of this transaction. This news release does not constitute an offer to sell or the solicitation of an offer to buy shares of Canada Life Financial Corporation or Great-West Lifeco Inc.

a Great-West ~~combination~~Lifeco ~~of these alternatives,~~

~~subject~~Great-West toLifeco ~~proration~~Inc. (TSX:GWO) is an international financial services holding company, with interests in the life insurance, health insurance, retirement savings, and ~~maximum~~reinsurance ~~amounts~~businesses. The ~~noted~~company has operations in Canada and internationally through The Great-West Life Assurance Company, London Life Insurance Company and The Canada Life Assurance Company, and in the United States through Great-West Life & Annuity Insurance Company and The Canada Life Assurance Company. Together, the companies serve the financial security needs of more than 14 million people, and have $160 billion in assets under administration, as of year-end 2002.

~~Based on 159,922,619 Canada Life common shares outstanding on July 3, 2003 (which number excludes Canada Life shares held by~~ Great-West ~~Lifeco~~is ~~and~~a ~~its~~member ~~subsidiaries in general accounts), valid elections representing approximately 76 per cent~~ of the ~~outstanding~~Power ~~Canada~~Financial ~~Life~~Corporation ~~common~~group ~~shares~~of ~~were received by the election deadline~~companies.

Of the shares in respect of which valid elections were made, approximately 19.69 million were elected for cash, approximately 4.84 million were elected for Great-West Lifeco Series E shares and approximately 1.68 million were elected for Great-West Lifeco Series F shares. As these elections did not exceed the applicable available maximums, shareholders who elected to receive cash, Series E or Series F shares will be entitled to receive the cash or such shares elected.

Of the shares in respect of which valid elections were made, approximately 96.0 million were elected for Great-West Lifeco common shares, resulting in total elections of approximately 113.75 million Great-West Lifeco common shares, being approximately 203 per cent of the maximum amount available. All holders who validly elected Great-West Lifeco common shares in respect of some or all of their Canada Life common shares will, as a result of proration, receive Great-West Lifeco common shares for approximately 49 per cent of their common share elections.

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~~Holders will be entitled to receive, in respect of each~~ Canada Life share which remains unallocated as a result of this proration (and holders of shares in respect of which a valid election was not submitted prior to the election deadline will also be entitled to receive) the following approximate per-share consideration: $38.65, 0.1763 Great-West Lifeco Series E shares and 0.0575 Great-West Lifeco Series F shares.

~~Shareholders~~The ~~who~~Canada ~~hold~~Life ~~certificates~~Assurance ~~for~~Company, ~~their~~a ~~shares~~subsidiary ~~must~~of ~~submit~~The ~~those~~Great-West ~~certificates~~Life toAssurance Company, and a member of the ~~depositary~~Power Financial Corporation group of companies, ~~Computershare~~provides ~~Trust~~insurance ~~Company~~and wealth management products and services through its offices located in Canada, the United States, the United Kingdom, the Republic of Ireland, Germany, Brazil, Bermuda and Hong Kong. Founded in 1847 as Canada's first domestic life insurance company, toCanada ~~receive~~Life ~~payment~~had ~~for~~total ~~their~~assets ~~shares~~under administration in excess of $68 billion, as of year-end 2002.

~~The~~For ~~transaction~~information isplease ~~expected to close on July 10, 2003.~~contact:

~~About~~ Marlene ~~Canada~~Klassen Director, ~~Life~~Media and Public Relations Great-West Lifeco Inc. 100 Osborne St. North Winnipeg, MB R3C 1V3 Tel: (204) 946-7705 E-mail: marlene.klassen@gwl.ca

~~Canada~~ Brian ~~Life~~Lynch Vice ~~Financial Corporation~~President, ~~established~~Investor inRelations ~~1999,~~and isCorporate ~~the holding company for The~~ Communications Canada Life ~~Assurance~~Financial ~~Company. The Canada Life Assurance Company~~Corporation Tel: (416) 597-1440, ~~Canada's~~ext. ~~first domestic life insurance company founded in 1847, had total assets under administration in excess of $68 billion at year~~6693 E-~~end~~mail: ~~2002~~brian_lynch@canadalife. ~~Headquartered in Toronto, Canada Life operates in Canada, the United States, the Republic of Ireland, the United Kingdom, Germany, Brazil, Hong Kong and the Caribbean.~~com

~~About Great-West Lifeco~~SIGNATURES

~~Great-West~~ Pursuant ~~Lifeco~~to ~~Inc.~~the ~~(TSX:GWO)~~requirements isof ~~a financial services holding company with interests in~~ the ~~life~~Securities ~~insurance,~~Exchange ~~health~~Act ~~insurance,~~of ~~retirement savings~~1934, ~~and reinsurance businesses, primarily in Canada and~~ the ~~United~~registrant ~~States.~~has ~~Lifeco's~~duly ~~subsidiaries~~caused -this ~~The~~report ~~Great-West~~to ~~Life~~be ~~Assurance~~signed ~~Company~~on ~~and London Life Insurance Company in Canada and Great-West Life & Annuity Insurance Company in the United States - serve the financial security needs of more than 13 million people. Lifeco and~~ its ~~companies~~behalf ~~have~~by ~~$96 billion in assets under administration. Great-West Lifeco is a member of~~ the ~~Power~~undersigned, ~~Financial~~thereunto ~~Corporation~~duly ~~group of companies~~authorized.

This release contains forward-looking statements which are based on current expectations and projections about future events and are subject to, among other things, risks, uncertainties and assumptions that could cause actual events and results to differ materially from those expressed or implied by forward-looking statements. Neither Great-West Lifeco Inc. nor Canada Life Financial Corporation undertake to update these forward-looking statements whether as a result of new information, future events or otherwise. Readers are cautioned against undue reliance on these forward-looking statements.


		CANADA LIFE FINANCIAL CORPORATION

		(Registrant)

Date: July 10, 2003		By: /s/ Roy W. Linden

		Roy W. Linden Secretary and Chief Compliance Officer

This news release does not constitute an offer to sell or the solicitation of an offer to buy shares of Canada Life Financial Corporation or Great-West Lifeco Inc.

- end -

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For information, please contact:

Marlene Klassen

Director, Media and Public Relations

Great-West Lifeco Inc.

Tel: (204) 946-7705

E-mail: marlene.klassen@gwl.ca

Brian Lynch

Vice President, Investor Relations and Corporate Communications

Canada Life Financial Corporation

Tel: (416) 597-1440, ext. 6693

E-mail: brian_lynch@canadalife.com

		CANADA LIFE FINANCIAL CORPORATION
		(Registrant)
Date: July 7, 2003		By: /s/ Roy W. Linden
		Roy W. Linden Secretary and Chief Compliance Officer

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