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 |
2.15 |
2.70 |
3.25 |
3.25 |
3.75 |
3.375 |
4.150 |
4.150 |
|
Interest income on the above sample rates $100,000
|
$2,120 |
$2,710 |
$3,250 |
$3,250 |
$3,750 |
$3,750 |
$4,150 |
$4,150 |
| Group
Ave |
1.234 |
1.799 |
2.263 |
2.528 |
2.948 |
3.359 |
3.585 |
3.592 |
| Group
Low |
.200 |
0.600 |
1.200 |
1.425 |
2.00 |
2.300 |
3.000 |
3.000 |
Rates subject to change without notice. Data
reflects rates surveyed Thursday, July 22, 2010.
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 |
Male |
Female |
Joint |
| 60 |
65 |
71 |
60 |
65 |
71 |
60 |
65 |
71 |
| BMO Insurance |
574.32 |
630.45 |
717.64 |
538.51
|
584.31
|
657.81 |
498.45
|
536.53 |
601.96 |
| Canada Life |
592.77 |
648.07 |
729.81 |
532.19
|
590.28
|
662.83 |
482.22
|
542.97
|
613.25 |
| Desjardins
Fin |
561.85
|
628.06 |
725.55 |
511.44
|
565.15
|
652.13 |
472.21
|
518.40 |
597.45 |
| Empire Life |
567.93
|
634.66
|
719.19 |
526.37
|
581.77 |
661.10 |
481.51
|
526.16 |
595.40 |
| Equitable Life |
556.77
|
618.05 |
697.57 |
526.08
|
568.22
|
651.89 |
478.16
|
520.42
|
579.35 |
| Great-West Life |
592.77
|
648.07 |
729.81 |
532.19
|
590.28
|
662.83 |
482.22
|
542.97
|
613.25 |
| Manulife Investments |
591.20 |
644.84 |
713.53 |
557.29
|
604.50 |
665.91 |
505.59
|
541.84
|
594.53 |
| Standard Life |
499.50
|
558.91 |
648.60 |
484.11
|
541.09 |
611.40 |
433.49
|
478.53
|
544.50 |
| Sun Life Assurance |
553.35
|
611.19
|
699.00 |
521.38
|
571.77 |
650.12 |
479.84
|
522.45
|
591.93 |
| Transamerica Life |
536.08
|
599.79
|
695.10 |
494.79
|
545.02
|
631.12 |
462.35
|
504.27
|
580.10 |
|
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 Aug. 22, 2010 Rates subject to
change without notice. Annuity quotes July 22 2010 Compliments
The MoneyGuide Network Inc. with data from Canadian Annuity
Exchange. E & OE. The contents of this bulletin are presented for illustration purposes only and no guarantees are made regarding the accuracy of its contents.
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