Annuities For Expatriates Living Abroad

For Expatriates and Non-residents of Canada

Clients living outside Canada or intending to retire abroad need to know the tax obligations they may incur when presently holding or intending to purchase, life annuities with funds from their registered retirement savings plans (RRSP), registered retirement income funds (RRIF), registered pension plans (RPP) and locked-in registered accounts (LIRA).

If you're a Canadian citizen living outstide Canada or planning to move abroad here are a few things to consider before purchasing an annuity.

What Expatriates Need To Consider Before Buying An Annuity

1. Currency Fluctuations: Depending where the expatriate resides, they need to conisder currency fluctuations. Exchange rates fluctuate which could increase or decrease annuity payments.
2. Tax Considerations: Consider the annuity tax implications both in Canada and in the country the expatriate resides.
3. Cost of Living: Is the annuity payment enough to cover basic living expenses? The cost of living may differ and increase over time.
4. Inflation Protection: Expatriates can consider purchasing an index annuity to protect them from inflation.
5. Spousal Income After Death: A joint-life annuity is a good option if you have a spouse. The annuity payments would continue to the surviving annuitant.

Expatatriate and Non-Resident Annuity Illustrations

Below are 2 examples of a single life and joint life annuity illustration which includes the monthly income quote and a tax schedule. The taxable portion is an estimation only and is based on the Income Tax Act (Canada) and regulations in effect at the time of this quoation.

Annuity Illustration for a Single-Life Expatriate

Annuity Illustration for a Joint-Life Expatriate

Annuity Services for Expatriate Canadians

We offer special annuity services for Canadians who now live in other countries but still have retirement savings or locked-in accounts back in Canada.

Get an Expatriate and Non-Resident Annuity Quote!