Annunity Rates
Canadian Annuities
   Canadian Annuity Rates | Canadian Taxes


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Canadian Annuity Rates



Canadian annuity rates pay out to annuitants based on a variety of factors that can include the type of annuity, the amount paid for the annuity, interest rates, age, condition of health, bond rates. Note that these factors are highly dependent upon the kind of annuity purchased. The Canadian government halted the selling annuities in 1975, although new employees could be registered by employers under the same group up til 1979. The government will continue paying out annuities as annuitants reach the age where they are eligible to begin receiving benefits over the next 20 to 30 years. Those approaching the age where payments are due to start should contact their Canadian government annuities branch, obtain a Certificate of Identity form, complete it, and return. They should be sure to include their Annuity Contract Number and Social Insurance Number. But there are other types of annuities, too.



The Life Annuity is sold by one insurance company. They also offer the Single Life Annuity, the Joint and Last Survivor Annuity, and the Term Certain Annuity. Of course the single life annuity is for one person and terminates as soon as that person dies. The survivor annuity is for a couple and continues when one spouse dies. The Term Certain annuity will make payouts for a specified period of time, or until a certain age. Let's hope for the sake of the insurance executive that you don't have a single life annuity and end up living to 200 years of age. That would be a hefty total payout over the years, but the bright side of the equation is that the tax burden under annuity payments is much less than when one invests in bonds and other financial securities.

When one purchases an annuity with a registered savings funds such as an RRIF, LIRA, RRSP, locked-in RPP, DPSP or LIF, one is guaranteed payments up to age 90, and is not taxed. But when one purchases a non-registered annuity, he is purchasing with funds that are from non-registered savings, and this can be capital from the sale of any asset. This annuity is not allowed payout benefits past the age of 90, and only a portion is taxed.
   Research the best CD rates in NC before investing. Be certain that your accountant follows professional auditing standards.