Find the Best Annuity Rates In Canada.

Annuities are great way to create a stream of guaranteed lifetime retirement income if you're looking for fixed income.  Your annuity rates and income are are steady for the period you buy them.

Annuity rates in Canada

Annuity basics

Annuity Rates 101

  • What is an annuity?
  • Types of Annuities
  • Best tips to buy annuities in Canada
Find annuity rates Toronto

When it comes to getting the best annuity rates, there is no one size fits all solution. A lot depends on how much guaranteed income you are looking for, when you need it and how much you want to put towards the annuity contract. Depending on your retirement income needs and situation, you may need 20% or maybe 40% of your retirement nest-egg to give you the income you need.

You may need a short term solution like income for 10 years or lifetime coverage. Regardless, your annuity rates all depend on the nature of your situation and need for retirement income. 

The Basics

The best way to understand annuities is to think of them as the opposite of life insurance. While life insurance is meant to protect or insure your family in the event of your premature death, an annuity is meant to protect you or insure your retirement in the event you live too long. Simply put, you buy life insurance because you will die too soon and you buy annuities because you worry about running out of money due to long life.

  • what is an annuity?

  • types of annuities

  • best tips to buy annuities

Annuity is like a pension

Similar to coveted public pension plans that provide iron-clad guarantees, annuities provide individuals with a regular stream of income for life. Unlike GICs, the amount you receive is not dependent on interest rates and unlike equities, there is no worry of volatility in prices.  While a rise in stock market prices protects against inflation better than GICs and interest rates, annuities also provide protection against inflation through indexing.  The nice thing about buying an annuity is that it's a one-time purchase giving you a lifetime of guaranteed payments. You also won't have to worry about fluctuating GIC rates.

Best annuity rates in Canada

Are you living a "just-in-case" retirement?

Are you worried about running out of money and keeping money in a bank account just in case you run out of money or perhaps you need money for medical expenses? Just in case you don't have enough to leave an inheritance to your loved ones, are you not living the retirement you always dreamed of and wanted?  Annuities are a great way to take away the anxiety of living a just-in-case retirement.  We can help you find the best annuity rates to suit your lifestyle and income needs. GET AN ANNUITY QUOTE BELOW.

How to use an annuity in retirement

2 Key Questions To Ask Yourself Regarding Retirement

Most people and particularly those nearing or in retirement can tell you how much money they have in their portfolio. The problem, however, is that most can't tell you how much they can get from that nest-egg.

It's important because retirement is when you replace the income you've made during your working years with the nest-egg you've built up.

What this guaranteed income will help you do is remove the key retirement risks namely:

  • Stock market risk
  • Risk of living too long
  • Risk of withdrawing your assets too quick
  • Risk of not having enough time to recoup market losses
  • Risk of inflation

The success of your retirement planning will NOT depend on your assets or how big your nest-egg is.

  1. 1
    How much guaranteed lifetime income do I have or need?
  2. 2
    Have I removed or addressed the key retirement risks?

Make sure to cover basic expenses in your retirement plan

When working with a retirement planner one of the most important things to address is how you will comfortably cover the expenses you need to live out your retirement. Most people focus on accumulation in pre-retirement years but most retirement planners don't focus on the equally important distribution phase once you stop working. The best way is to use an annuity whereby you convert a portion of your nest-egg to meet this need. The image shows what to consider and how to think about covering all aspects of your retirement plan.

Retirement planning Canada
  • Calculate what you'll get from CPP/OAS and employer pensions.
  • Determine if there is a shortfall to cover your basic expenses based on what your number is.
  • Use a portion of your nest-egg to buy some form of guaranteed income for the amount of shortfall.
Retirement Planner Toronto

Get An Annuity Quote

  • An annuity can be bought using a portion of your nest-egg, e.g. 25%, to create a guaranteed income stream.
  • Annuities are typically used to cover your fixed basic living expenses in retirement for life.
  • An annuity is insurance in case you live too long and risk running out of money.
  • Greatest risk in retirement is longevity risk...the risk you'll live too long. Annuities take away this risk.
  • Get a quote and Blue Alpha Wealth will review your options with you, no obligation.

Annuities from top life insurance companies

  • Province
  • Alberta
  • British Columbia
  • Manitoba
  • New Brunswick
  • Newfoundland & Labrador
  • Nova Scotia
  • Northwest Territories
  • Nunavut
  • Ontario
  • Prince Edward Island
  • Quebec
  • Saskatchewan
  • Yukon
How Long Do You Need Guaranteed Income For?
Lifetime Income
  • 5 Years
  • 10 Years
  • 20 Years
  • Lifetime Income
When Would You Like Income To Start?
  • Immediately
  • Next Year
  • 5-10 Years From Now
Account Type
  • RRSP
  • RRIF
  • Non-Registered
  • Registered Pension Plan 
  • Locked In Retirement Account (LIRA)
  • DPSP
Deposit Amount
Primary Person
  • Gender
  • Female
  • Male
Secondary Joint Person (OPTIONAL)
  • Gender
  • Female
  • Male
By submitting this form I confirm that my information is accurate

Do You Have A Defined Contribution Pension?

Transferring Your Defined Contribution Pension to An Annuity

A Defined Contribution (DC) Plan is a type of Group RRSP workplace pension plan most commonly used in Canada. It allows the employee to save for retirement through payroll deductions with the hope that it helps the employee save for retirement. Typically an employer matches a percentage of the contribution and in some cases they may not. The main difference between a defined contribution pension plan and defined benefit plan is the responsibility for the success of the plan to fund your retirement.

Why you should consider transferring your DC Pension Plan to an annuity:

  • When you retire you have to find a way to create an income stream from your DC pension.
  • It allows you to create a personal pension using a portion of the funds to cover basic expenses in retirement.
  • It mimics a defined benefit pension plan by defining exactly how much money you will get a month for life.
  • It ensures you don't run out of money by taking away the responsibility from you to seek out good consistent returns.
  • Your money will not be subject to market risks.

The happiest people in retirement are those who have some kind of pension-like income.

CPP and OAS Guidelines