Financial Services: Annuities in Canada with LMBF

Annuities are financial “vessels” that can accumulate interest with time in order to help an individual fund their various life expenses after retirement. Annuities are most often used to fund retirement, but there are riders you may purchase that can allow you to transfer any leftover money to your beneficiaries in the event of your death. LMBF’s advisors are here to help inform you on the various types of annuities in Canada, all of which can be used to help you with your financial goals and risk profile. We can help find you great annuity rates and a plan that works for your circumstances.

The Benefits of LMBF’s Annuity Products in Canada

Tailored Advice

Tailored Advice

Depending on your needs, LMBF’s advisors can offer you tailored advice on what type of annuity products may be best for your circumstances. We understand that the world of financial planning can be complex, which is why we are here to help you.

Investment Solutions

Investment Solutions

Outliving your retirement savings is a worrisome thought, which is why LMBF’s advisors are here to help preserve your peace of mind with annuity planning that works for your circumstances. We offer solutions that will help you achieve your financial goals.

  Reasons to need annuities in Canada
  • You want a stream of income after retirement
  • You want peace-of-mind that you won’t outlive your savings
  • You want the flexibility to transfer money to beneficiaries after your death
  Ways that annuities in Canada may benefit you
  • Tax-deferred growth over time
  • No contribution limits
  • Tax advantages
  • Flexibility
  • Safest option for long-term planning
  • Less volatility

What is an annuity?

An annuity’s main purpose is to be used for retirement in order to address the potential risk of individuals and spouses outliving their future savings. Essentially, an annuity is a financial product that helps guarantee a fixed stream of income - typically for retires. There are two main stages to annuities, broken down into the funding or accumulation stage and the annuitization phase, which is the stage when payments begin to kick in.

Our Annuity Product Advisors

Traversing the world of savings and post-retirement funds can be complex, but you don’t have to do it alone. LMBF’s annuity product advisors and partners are top-rated in Canada and can help fit you with a strategy that helps you meet your financial goals - now, or well into the future. Because there are multiple different types of annuities in Canada, LMBF’s advisors can help you narrow down your options and choose a plan that is best suited to your circumstances.

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Looking to Get Started on Annuities in Canada? Get Started By Discussing With LMBF’s Financial Advisors.

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Annuities Canada: Some Frequently Asked Questions

A: A deferred life annuity in Canada is a contract between the insured and the issuer which guarantees a fixed retirement income at a later date. Those who own deferred annuities will not have to pay taxes until once their annuity begins paying out. In addition, any interest that has accumulated is tax-deferred until the withdrawal date.

A: An immediate annuity (which is sometimes referred to as a single payment immediate annuity) is a contract between an issuer and the insured which is funded by a lump sum payment from an individual retirement account or a savings account. The insured decides on the frequency and the duration of the payments upon purchasing the annuity.

A: An annuity income is the fixed monthly income that is guaranteed for your retirement, or whenever you choose to use it, regardless of how markets perform. An annuity income is tailored to replace a lump sum amount for a set monthly or annual payment cash flow.

A: You can purchase annuities in Canada through an issuer or annuity provider, including life insurance companies. LMBF’s advisors are here to help you find the best annuity rates to help preserve your peace-of-mind for after retirement.

A: Annuities that are purchased with non-registered funds may be taxed on the income in the year that you get it, but only a small portion of each income payment you receive will be taxable. If you purchase an annuity with registered funds, you will be taxed on the entire income for the year that you get it.

A: You can buy annuities through any financial issuer. LMBF offers some of the best annuity rates in Canada, and can help you get the financial product you need for guaranteed peace of mind after retirement. You have the option of purchasing an annuity with a lump sum or via multiple payments that continue over time.