We currently provide a specialized annuity service for Canadians who have retired to countries other than Canada and may still have some registered investments in Canada, such as RRSPs or RRIFS. A registered annuity might be a valuable retirement option. We can help you as long as you have registered investments in Canada. Please note that if you are already a Canadian non-resident, you cannot purchase non-registered [after tax dollars] Canadian annuities from any Canadian source that we represent.
Be advised that Canadian insurance companies require that annuity applications be signed in Canada and the resulting annuity payments will only be deposited in Canadian funds into a Canadian bank. If you don’t have a Canadian bank account and wish to have one, you need to apply for an account in person. If you live in the U.S. we are currently aware of at least one Canadian bank that will facilitate withdrawal of funds through a U.S. bank in U.S. funds.
Please let me be clear. Generally, if you are a Canadian citizen, planning to move to another country upon reirement, it will be far easier to go through the process of finalizing retirement options before leaving Canada. If you have non-registered funds, and you wish to turn some or all of these funds into annuities, do it before you leave Canada. The Canadian life insurance companies that are in the business of issuing either non-registered or registered retirement annuities generally require that their annuities are issued to Canadians who are residing permanently in Canada, have a permanent Canadian address and have a Canadian bank account. If you follow the proper steps and your annuity contract has been issued and is locked in, then you can move to any other country of choice. The insurance company that issued it is then obligated to deposit future annuity payments into your Canadian bank.
If you are currently 71 years of age or younger, you own an RRSP and you plan to retire to another country, then at least transfer your RRSP investments into a Canadian life insurance company before you leave. The reason for this is to set up a contractual obligation between you and the insurance company you choose to offer you an annuity as a retirement option. We can help you find an appropriate insurance company for this purpose. As an aside, there is a whole separate issue about insurance companies and banks and the way they interpret the term beneficiary. Under the Canadian insurance act, a beneficiary has a special meaning and money is paid directly to that beneficiary without fanfair upon death but under the Canadian bank act, banks require a public probated copy of a will to honor a beneficiary designation.
We are located in White Rock, British Columbia, just a few miles [kilometers] from the U.S./Canadian border. If you are living in the U.S. and it is necessary for you to travel to British Columbia where we are located, we will pay for one night accomodations at a hotel on the beach in White Rock and help you with introductions to a local Bank in White Rock. The maximum we will pay for your local accomodation is $200CDN which should cover the cost of hotel accomodations and some or all out of pocket money transfer expenses you may incur.
Please tell us your circumstances and we will let you know whether or not we can help you. Our e-mail address is firstname.lastname@example.org or Canadian telephone 604-535-2404. Sorry, our toll free number only works in Canada. If you provide your U.S. phone number in an e-mail, we will call you back at our expense.