Life Annuity That Makes Sense
- Guarantee Your Retirement Income
- Minimize Your Taxes
- Enjoy an Easy Investment
- Enjoy your retirement the right way.
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What is a Life Annuity?
An annuity is the simplest retirement income option. In exchange for a sum of money, an annuity from Canada Life provides you with a stream of payments.
The income payments you receive are made up of interest and principal and are determined based on:
- Your age (and in certain cases, your spouse’s age), for life annuities
- Current interest rates
- The length of time the payments are guaranteed
- The amount of money used to purchase the annuity
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A steady stream of payments to you
Select the life income option and you’ll enjoy a steady retirement income from your pension funds along with the security that you’ll never outlive your money.
Your income payments are guaranteed regardless of the ongoing economic conditions.
Your annuity payments will be taxed as income in the year that they are received, for registered funds. For non-registered funds, only a portion of each payment is taxed each year.