Catholic Mission In Canada

No! Canada Revenue Agency does not allow the roll-over of "registered" funds into gift annuities.

Your RRSP funds must either converted into a commercial annuity or RRIF before the end of the year in which you reach age 71.

An RRIF is like a continuation of your RRSP. Your funds remain tax sheltered, and you or your financial advisor continues to choose how your funds are invested. But instead of continuing to invest funds into a RRSP, the RRIF is designed to pay you an income for a set number of years.

An annuity is a sum of money payable to a person through monthly or annual payments. You can choose a term annuity with a financial institution or a life annuity with an insurance company which then pays you a regular income for the rest of your life.

The annuity income payments are fixed at the time the annuity is established.