An Easy Way To Save Money On A Prescribed Annuity

If you’re in the market for a prescribed annuity, buying before December 31, 2016 could save you a significant amount of money. After that, the tax Canadians pay on this popular option for retirees is going up. Bill C-43, which introduced changes to the exemption test on non-registered annuities, takes effect on Jan 1, 2017. Annuity income is partially based on your age and your life expectancy. The formula used to calculate the taxable portion of a prescribed annuity payment has...