An annuity is a simple and effective income solution that can only be purchased from an insurance company. In exchange for a single deposit, you will receive guaranteed income for life – just like a pension.

Why get an annuity?

• High, Guaranteed income for life—you’ll never outlive your retirement assets
• Payments are locked in once you buy your annuity – you never have to worry about market fluctuations or interest rates
• You never have to actively manage investments or watch the market

When to get an annuity?

If you’re retired or planning to retire soon, it’s a good time to look into an annuity.

Before December 31 in the year you turn 71, you must convert your RRSP to a retirement income option. You can convert it to an annuity, or roll your funds over to a Registered Retirement Income Fund (RRIF).