|
Type of Annuity |
Term |
Guarantees |
Registered/
non-reg. |
Prescribed/
non-presc. |
Notes |
| Guaranteed
Investment Annuity (GIA) |
Wide
variety of fixed number of years |
Consumer
Protection organization CompCorp |
yes |
|
In
essence the same as GICs issued by banks |
| Term
Certain |
Wide
variety of fixed number of years |
Consumer
Protection organization CompCorp |
No.Can
be used under RRSP pay out options |
Available
on both bases |
Income
is a blend of interest and principal paid over a pre-selected
term |
|
Life
|
Life |
Guaranteed
for life but in case of early death can be guaranteed for selected
number of payments |
Not
an accumulation vehicle but often used for RRSP pay out options |
Available
on both bases |
|
| Joint
Life and Survivor |
Life |
Guaranteed
for life but in case of early death of the survivor can be guaranteed
for selected number of payments |
Usually
none. |
Available
on both bases |
After
the first death payments continue to the survivor for selected
% of original payment |
