Canadian Government Annuities - Frequently Asked Questions
Table of Contents
- What is an Annuity?
- Can you still buy Canadian Government Annuities?
- How do I change the mailing address for my Annuity payments or correspondence?
- How do I have my payments deposited directly to my bank account or change my Direct Deposit information?
- I did not receive my Annuities tax slip. What should I do?
- What is the procedure regarding the death of an Annuitant?
- My Annuity payments are due to start soon. What do I have to do?
What is an Annuity?
An Annuity is an amount payable at regular intervals (i.e. monthly, quarterly, or yearly) to an Annuitant commencing on a specified maturity date. The amount of Annuity received after maturity is dependent upon the contributions (premiums paid) made during the deferred period.
Can you still buy Canadian Government Annuities?
No. In 1975, an Act of Parliament formally ended the sale of Government Annuities. Employers could still register new employees under group contracts until 1979. However, since many Canadians still have Annuity contracts and certificates, the Annuities Branch continues to administer those under payment and those due to mature over the next twenty to thirty years.
How do I change the mailing address for my Annuity payments or correspondence?
Contact the Annuities Branch as soon as possible with your Annuity Contract Number or your Social Insurance Number, along with your new information. If the request is from a legal representative, a copy of the legal document authorizing them to act on behalf of the Annuitant is required.
How do I have my payments deposited directly to my bank account or change my Direct Deposit information?
Contact the Annuities Branch by phone or in writing. You will need to provide:
- your Annuity Contract Number or your Social Insurance Number
- the name and number of your bank or financial institution
- the number of the branch where you have your account
- your bank account number
If you opt to phone the Branch, you will need to later confirm this information by sending in a blank cheque with the word "VOID" written across it. Please do not sign the cheque.
If you opt to mail the information, please print, complete and send in the Direct Deposit Request form. When you fill out the form, you can make the process even simpler by attaching a voided cheque. Please do not sign the cheque. If you do not have a chequing account, take the form to your bank or financial institution where they will fill in your banking information and stamp it.
I did not receive my Annuities tax slip. What should I do?
Notify the Annuities Branch and you will be sent a duplicate copy, or the original if it has been returned to our office by Canada Post.
What is the procedure regarding the death of an Annuitant?
The Annuities Branch should be notified as soon as possible. A proof of death document will be requested. The Executor will be contacted in writing if any additional documentation is required. The Estate should not negotiate any Annuity payments after the death. These payments should be returned for cancellation or for re-issuance to the correct payee, if there is entitlement.
My Annuity payments are due to start soon. What do I have to do?
Approximately three months before the maturity date, you should receive a Certificate of Identity form. Complete it as indicated and return it along with any other documents that are requested. It is very important that the Annuities Branch always has your current address.
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