Annuities
What is an Annuity?
An annuity is a financial product that pays you a regular income for a fixed period or for the rest of your life.
Types of Annuities:
- Single Life Annuity provides a level or indexed amount of income for as long as you live.
- Joint & Survivor Life Annuity provides a level or indexed amount of income for as long as you or your spouse are living. When one spouse dies, the survivor can continue receiving the same income stream or elect to reduce the payment by a given percentage.
- Term Certain Annuity guarantees payments for a fixed period of time chosen at the time of purchase.

Annuity Options:
- Prescribed Annuities – subject to legislative restrictions, you may be eligible to have income from your non-registered annuity taxed in equal amounts for the life of your annuity. Prescribed annuities level out tax payments and yield more after-tax income up front.
- Accrual Annuities – interest income is reported as it is earned. This means that the taxable portion is larger in the initial years and becomes smaller over time similar to the interest portion of a mortgage payment.
- Indexed Annuities – to help offset inflation, you may choose to have income payments increase at a fixed annual rate. Registered annuities have a maximum of 4%.
Contact Us
Karen Mason is a Certified Financial Planner, a Chartered Life Underwriter and a Certified Health Insurance Specialist. She has been involved in Financial Services since 1983. Her background includes management roles such as trainer of financial advisors and development manager. She has worked extensively in the fields of tax and estate planning, retirement planning, business succession planning, farm transfer planning, charitable giving, life, disability, critical illness and long term care insurance.
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Sooke, BC, V9Z 0C4
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Sooke, Langford, Colwood, Metchosin, Victoria, Oak Bay, Royal Oak, Sidney, Brentwood Bay, Vancouver Island, British Columbia
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