A. The annuity amount is based on 4 main factors:
A. A contract in which a life insurance company agrees to pay you a lifetime, periodic payment (annuity) in exchange for your RRSP, locked-in RRSP, LIRA, RRIF, LIF or non-registered savings.
A. A contract in which a life insurance company agrees to pay you a set periodic payment (annuity) in exchange for your RRSP or RRIF savings until age 90.
A. It’s an interesting option for some people.