January 2004
Are you converting your RRSP funds
into a retirement income fund this year?


Here are a few points of interest. Firstly, dealing with some numbers check out the Retirement Income Fund interest rates taken from the Money Centre. We have produced a special survey showing you Annuity quotation's and current RRIF rates. This snapshot highlights the highs and low offering - but more importantly it proves that you need to be shopping the market for the best deal! Thousand of dollars of potential income would be lost by accepting what is on offer at your local financial institution. For current quotations and information that would reflect your situation please contact your Fiscal Agents Advisor or 1-905-844-7700.

Our Retirement Income section contains information on the ins and outs of retirement products. For a quick overview of some of the options see Converting your RRSP: Choosing a LIF, LRIF or Life Annuity.
What your savings earn - GIC type Retirement Income Funds
Interest Paid Annually
Invested for # years 1 2 3 4 5 10 15 20
Group High 3.25 3.50 3.85 4.05 4.35 4.46 4.62 4.70

Monthly Interest income on the above sample rates $100,000

270.83 291.66 330.83 337.50 362.50 395.83 385.00 391.66
Group Ave 1.99 2.43 2.85 3.25 3.62 3.98 4.10 4.05
Group Low 1.15 1.60 2.10 2.25 2.80 2.80 3.38 3.38

Rates subject to change without notice. Data reflects rates surveyed Jan. 12th 2004.
Copyright Fiscal Agents - (905) 844-7700

What your savings earn - Annuity Quotations

Annuity Company What your S100,000 deposit pays monthly
Annuity Type /
Annuitant(s) Age		 Female Male Joint
60 65 71 60 65 71 60 65 71
Canada Life 545.50 595.54 677.00 589.07 659.32 736.10 506.67 548.74 621.41
Desjardins Financial 563.48 614.96 698.73 607.82 670.52 763.88 523.31 566.81 641.94
Empire Life 564.67 622.01 702.85 608.44 677.04 762.25 517.88 564.70 636.33
Equitable Life 565.24 616.14 698.87 606.66 667.35 759.09 523.50 566.24 640.30
Great-West Life 524.54 571.34 647.80 564.18 620.61 705.19 484.12 521.30 585.61
Manulife Investments 443.25 599.02 684.26 588.43 650.24 741.81 500.02 547.27 623.23
Standard Life 549.60 604.40 694.45 587.67 650.51 744.66 508.67 553.96 623.68
Sun Life Assurance 558.63 602.40 680.46 598.90 655.58 740.57 518.41 560.30 626.68
Transamerica Life 561.24 612.51 697.00 603.46 665.96 759.30 528.00 570.42 645.01

 Top Rate  2nd Place  3rd Spot

Annuity: A series of regular periodic payments comprising principal and interest. An annuity is a contract providing for a series of payments. In the case of retirement, an annuity is usually purchased from an insurance company who then pays the purchaser a monthly amount while still alive. Annuities may have more complicated features such as indexing, guarantee periods and benefits payable to a spouse or other beneficiary after death.

When an individual purchases an annuity, they usually pay a lump sum from their RRSP, or other source of funds, to an insurer. The insurer then takes this (premium) and divides by an annuity factor based on mortality, current interest rates and payment features.

Income to commence one month from Jan. 12, 2004 Rates subject to change without notice. Annuity quotes Jan. 12th 2004 Compliments The MoneyGuide Network Inc. with data from Canadian Annuity Exchange.