Category Archives: Uncategorized

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Advanced Life Deferred Annuity

Category : Uncategorized

The 2019 Federal budget introduced the concept of the Advanced Life Deferred Annuity [ALDA]. This product is the biggest change in the Canadian retirement planning landscape in quite some time. Starting in 2020, an Advanced Life Deferred Annuity could be an investment option available to anyone with a Registered Retirement Savings Plan [RRSP], Registered Retirement Income Fund [RRIF], or similar registered plans such as a Defined Contribution pension plan.

Choosing an Advanced Life Deferred Annuity would permit up to 25 per cent of an individual’s registered investment accounts to be used to purchase an annuity that begins payments at the very latest by the end of the year in which they turn 85. There would be a lifetime maximum investment into such a plan of $150,000 that would be indexed to inflation and rounded to the nearest $10,000. Withdrawals from an ALDA would be fully taxable, and upon death any remaining funds in such an account would become fully taxable to the owner unless left to a surviving spouse, common law partner, or financially dependent child or grandchild.

While not necessarily for everyone, an Advanced Life Deferred Annuity could be an important option for the right retiree. For those retirees with significant registered savings, being able to defer up to 25 per cent of those savings to age 85 would reduce minimum required RRIF withdrawals during one’s 70s up until age 85 when the Advanced Life Deferred Annuity payments start. If high registered retirement income has the adverse consequence of Old Age Security clawback, then the Advanced Life Deferred Annuity might solve the problem for you. Look for further announcements about this new retirement annuity proposal.


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What To Expect from Beaton Annuity Services

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Most of my permanent annuity clients originate from the internet, although some do call me. Initially these clients are curious about current annuity market conditions. My response is to provide a free annuity market survey comparing current payout rates for the type of annuity that has been requested. After providing this information and further questions are asked by the inquiring person, my main agenda is always making sure the client gets what he or she wants. I’m focused on discovering what the client needs and providing services that meet those needs. If the client decides to go ahead with the purchase of an annuity that suits his or her need, I follow through the process to make certain that everything runs smoothly and that I’ve given best advice to maximize annuity payouts. After the sale, I’m available for follow up service.


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The Value of an Annuity Broker

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Why do so many Canadians seniors rely on an annuity broker like John Beaton? They have learned that there is no cost for the services of an annuity broker and the added value of unbiased information received is priceless. While the concept of an annuity is simple, there are many options not normally well known that can increase the value of one’s annuity purchase. Some tweaking of your purchase might increase your lifetime income. And don’t you agree, more income is good. For specific questions, call me at 604-535-2404 or toll free within Canada at 1-800-667-8818.