Annuities in Toronto, Ontario

Canadian Life Insurance Companies in Toronto, ON

The following is a list of Canadian life insurance companies licensed to sell annuities in Toronto.

• BMO Insurance
• Beneva
• Canada Life
• Desjardins Insurance
• Empire Life
• Equitable
• Industrial Alliance
• ivari
• Manulife Financial
• RBC Insurance
• Sun Life Financial

Some of the cities we serve in Ontario

Some of the towns we serve in Ontario

Ajax	Amherstburg	Arnprior	Atikokan	Aurora	Aylmer
Bancroft	Blind River	Bracebridge	Bradford West Gwillimbury	Bruce Mines	Caledon
Carleton Place	Cobalt	Cobourg	Cochrane	Collingwood	Deep River
Deseronto	East Gwillimbury	Englehart	Erin	Espanola>	Essex
Fort Erie	Fort Frances	Gananoque	Georgina	Goderich	Gore Bay
Grand Valley	Gravenhurst	Greater Napanee	Grimsby	Halton Hills	Hanover
Hawkesbury	Hearst	Huntsville	Ingersoll	Innisfil	Iroquois Falls
Kapuskasing	Kearney	Kingsville	Kirkland Lake	Lakeshore	LaSalle
Latchford	Laurentian Hills	Lincoln	Marathon	Mattawa	Midland
Milton	Minto	Mississippi Mills	Mono	Moosonee	New Tecumseth
Newmarket	Niagara-on-the-Lake	Northeastern Manitoulin and the Islands	Oakville	Orangeville	Parry Sound
Pelham	Penetanguishene	Perth	Petawawa	Petrolia	Plympton-Wyoming
Prescott	Rainy River	Renfrew	Saugeen Shores	Shelburne	Smiths Falls
Smooth Rock Falls	South Bruce Peninsula	Spanish	St. Marys	Tecumseh	The Blue Mountains
Thessalon	Tillsonburg	Wasaga Beach	Whitby	Whitchurch-Stouffville	Woodbridge

Canadian Provinces We Serve

List of Canadian provinces and territories

1. Ontario
2. British Columbia
3. Alberta
4. Quebec
5. Manitoba
6. Saskatchewan
7. Nova Scotia
8. New Brunswick
9. Newfoundland and Labrador
10. Prince Edward Island
11. Northwest Territories
12. Yukon Territory
13. Nunavut

Annuity Terminology

Who Sells Annuities in Toronto?

Life insurance companies do not sell annuities direct to the consumer. A life insurance agent or a independent life insurance broker are used to buy annuities.

Ideally it's in the annuitant's best interest to use an independent life insurance agent who specializes in annuities. An independent annuity broker will provide quotes from all the life insurance companies which you can then compare and choose the company with the best income.

Frequently Asked Questions (FAQ)

What is a life annuity?

A life annuity turns your retirement savings into a competitive and secure retirement income, without putting your money at risk. You can receive guaranteed payments that will never decrease and will last a lifetime.

Annuities are ideal for seniors who:

1. Need their income to last a lifetime, for themselves, their spouse or both lives
2. Don’t want to take risks with market volatility
3. Want the guaranteed monthly income to cover basic living expenses through retirement
4. Are looking for tax-efficient income.

How many types of annuities are in Canada?

There are 3 types of annuities in Canada:

1. Single Life annuity – guaranteed payments for life.
2. Joint life annuity – guaranteed payments for two lifetimes.
3. Term certain annuity – guaranteed payments for a specified period

You can purchase an annuity with registered or non-registered investments:

1. Registered funds
• Registered Retirement Savings Plan (RRSP)
• Registered Pension Plan (RPP)
• Registered Retirement Income Fund (RRIF)
• Life Income Fund (LIF)
• Locked-in Retirement Income Fund (LRIF)
• Deferred Profit Share Plan (DPSP)
• Locked-in RRSP/ Locked-in Retirement Account (LIRA)
• Restricted locked-in savings plan (RLSP)
2. Non-registered funds
• Savings
• Investments

How Are Annuities Taxed?

Tax treatment of life and term annuities depends on source of premium (registered/non-registered), and (for non-registered annuities), on whether the contract meets requirements for prescribed taxation.

1. Registered Annuities

Annuities purchased with funds from a registered retirement savings plan (RRSP), spousal RRSP, registered retirement income fund (RRIF), spousal RRIF, deferred profit sharing plan (DPSP), locked-in plan or pension plan are considered registered annuities. Every dollar paid to the client is taxable as income in the year it is received.

2. Non Registered Annuities

The taxation of non-registered annuities depends on whether the requirements for qualification as a prescribed annuity contract are met. It’s important to note the income payment doesn’t change between prescribed and accrual taxation; just the amount of income that’s taxable each year.