If you are planning to transfer money for your annuity, remember that you need to get it filed well in advanced of December 31st. In fact, I suggest a deadline of November 10th to make sure the funds do actually get transferred.
Last year a client waited until mid December. The T2033 transfer form was not received or lost by the bank and now she is trying to reverse a Canada Revenue ruling that the $120,000 is income for this year.
Posted by: Phil Barker: Phil is a leading expert in life annuities in Canada. His website Life Annuities.com is a recognized authority on annuities. Recently, he's been redefining how annuities are sold in Canada.