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Today's Annuity Quote
Date: December 10, 2013
Company: Canada Life Insurance
Annuity Details: Single Life, male 74, $350,000, RRIF
Annuity Article
How Are Annuities Taxed?
Dec 10, 2013
by
Income from an annuity purchased with registered funds is fully taxable to the policyholder in the year it is received . Income from an annuity purchased with non-registered funds can have one of three different tax treatments – prescribed, accrual or level. continue >
What is a life annuity?
Click here for a Tutorial on | What is an annuity?
Single Premium Immediate Annuities (SPIA) provide a regular income stream.
You will enjoy a steady stream of income for life along with the security that you will never outlive your money. You'll never have to worry about market fluctuations or other investment management decisions.
What is an annuity and how does it work?
How an annuity works: You simply deposit a lump sum of money and receive a guaranteed income stream for life. This income can also be guaranteed for a specified period of time in case the annuitant or annuitants die pre-maturely.
A life annuity is the simplest investment income option. In exchange for a sum of money, an annuity from an insurance company provides you with a stream of income payments for life.
The income payments you receive from the annuity are made up of interest and principal and are determined based on:
Your age (for joint cases, your spouse's age)
Current interest rates
The length of time the payments are guaranteed
The amount of money used to purchase the annuity
Annuities can be purchased with registered funds such as the proceeds of a RRSP or RRIF or with non registered funds from your GIC or savings account.
Annuities at a Glance
Types of Single Premium Immediate Annuities (SPIAs)
Single Life Annuity
Provides a guaranteed income to an individual as long as he or she is living.
Joint Life Annuity
Covers the lives of two individuals, a primary annuitant and a secondary annuitant (usually a husband and a wife). Upon the death of one annuitant, the surviving annuitant will continue to receive the income.
Term Certain Annuity
Provides guaranteed income for a specified period of time.
Maximum Annuitant Issue Age:
Age 90
Income Payment Options:
Monthly, Quarterly, Semi-annual, Annual
Guaranteed Period Explanations:
Life annuities are guaranteed for the lifetime of the annuitant or joint annuitants. You can also add a guarantee period of a number of years say 10 years, that the payments will be made.
Specified length of time (e.g. zero, 5, 10, 15, 20 years)
Or to age 90 (maximum guarantee period)
Taxation:
Annuities purchased with non-registered funds are prescribed to spread the tax-payable evenly throughout the lifetime of the annuity.
Which is better: RRIF or Annuity?
One of the most frequently asked questions in retirement planning is "Which is better for me, a registered annuity or a RRIF?" Aside from the amount of income you would receive from each we provided a summary of other factors you want to consider when making your decision.
Which is better a RRIF or an Annuity.
View the RRIF Minimum Withdrawal Table.
List of Insurance Companies
Get annuitie quotes from all the Canadian life insurance companies in Canada. We provide not just one quote but ALL the annuity quotes in Canada. We deal with all the insurance companies that sell annuities; so that you get the BEST possible income.
We represent the following list of life insurance companies that sell annuities to Canadians.
To request a specialized annuity quote choose from the list of companies below.
Empire Life Insurance
Equitable Life
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