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Our response:

Once you are ready to close and convert a Registered Retirement Savings Plan (RRSP) or a Locked-in Retirement Account (LIRA) to receive income in retirement, one of your options is to purchase an annuity. For more information:

• RRSP rules are set by the Canada Revenue Agency (CRA). You can learn more about receiving income from an RRSP from the CRA.
• LIRA rules are set by the Financial Services Regulatory Authority of Ontario (FSRA). You can learn more about LIRAs from FSRA (formerly FSCO).
• An annuity is a contract with a life insurance company. Insurance companies in Ontario are regulated by FSRA.

Speak to a registered financial advisor lisenced to sell insurance products or a licensed insurance agent to learn more about your options to purchase an annuity.