Registered and Non-Registered Annuities

When you retire, you and your spouse will need to have a guaranteed income for the rest of your lives. Again made life annuities are a popular retirement income choice They are being talked about as they never expire.

Why buy a life annuity?

A life annuity provides a guaranteed income for you and your partner forever.

Life Annuities are purchased with registered and non-registered funds

Registered Fund sources are:

  1. Registered Retirement Savings Plan (RRSP)
  2. Registered Retirement Income Fund (RRIF)
  3. Registered Pension Plan (RPP)
  4. Locked-in RSP (LRSP),
  5. Locked-in Retirement Account (LIRA),
  6. Deferred Profit Sharing Plan (DPSP)
  7. Locked-in Retirement Income Fund (LRIF).

Non-registered Funds:

An annuity with non-registered funds can be on a “prescribed” or “non-prescribed” taxation basis.