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When I take money out of my RRSP to buy an annuity, do I pay tax at source?



Our response:

If you use your RRSP savings to buy an annuity directly you do not pay tax at the time of buying the annuity. You would pay tax on the income received from the annuity. Find out more about getting retirement income from your RRSP, how annuities work and what happens when you withdraw from your RRSP before you retire.

Speak to a registered financial advisor or tax professional for advice about the options that work best for your retirement plan.

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