{"id":13471,"date":"2023-10-03T21:58:18","date_gmt":"2023-10-03T21:58:18","guid":{"rendered":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/create-the-right-retirement-income-plan-copy"},"modified":"2025-09-10T09:37:21","modified_gmt":"2025-09-10T13:37:21","slug":"the-difference-between-payout-annuities-and-rrifs","status":"publish","type":"post","link":"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/the-difference-between-payout-annuities-and-rrifs","title":{"rendered":"The Difference Between Payout Annuities and RRIFs"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/www.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">The Difference Between Payout Annuities and RRIFs<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2023-10-03T21:58:18-04:00\">October 3, 2023<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">10 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"RBC Insurance\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">RBC Insurance<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"930\" height=\"620\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2023\/10\/RBCI_Differences-Between-POA-and-RRIFs.jpg?quality=80&amp;w=930\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Elderly retired couple enjoying a hike by the beach\" style=\"object-fit:cover;\" 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article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=The Difference Between Payout Annuities and RRIFs &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/the-difference-between-payout-annuities-and-rrifs\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcinsurance.com\/en-ca\/advice-learning\/retirement\/the-difference-between-payout-annuities-and-rrifs\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/www.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Key takeaways<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-key-takeaways\">Key takeaways<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-do-payout-annuities-work-in-retirement\">How do payout annuities work in retirement?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-what-are-some-of-the-different-types-of-payout-annuities\">What are some of the different types of payout annuities?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-the-benefits-of-payout-annuities\">The benefits of payout annuities<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-considerations-and-potential-drawbacks-of-annuities\">Considerations and potential drawbacks of annuities<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-how-do-rrifs-work-in-retirement\">How do RRIFs work in retirement?<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-the-benefits-of-rrifs\">The benefits of RRIFs<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-considerations-and-potential-drawbacks-of-rrifs\">Considerations and potential drawbacks of RRIFs<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-choosing-between-payout-annuities-and-rrifs-factors-to-consider\">Choosing between payout annuities and RRIFs\u2014factors to consider<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>Both options offer a way for retirees to create an income stream from their RRSPs to help meet their financial needs, but they differ in the way they operate and the financial situations they best suit.<\/p>\n\n\n\n<p>When planning for your retirement, you\u2019ll want to understand the differences between the two options to determine which one might be the right fit for you. You may even consider a combination of both products.<\/p>\n\n\n\n<p>Once you have a better understanding of the options available to you, you\u2019ll be able to make an informed choice that allows you to enjoy your retirement years to the fullest.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-key-takeaways\">Key takeaways<\/h2>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>There are important differences between payout annuities and RRIFs, and each one has its own set of potential pros and cons.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default default default default default default default default default default default default default default default default default default default default default default default default default default\">Payout annuities provide guaranteed stable income payments for a fixed term or for life.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>RRIFs offer flexibility in terms of when and how much you withdraw (subject to annual minimum withdrawal requirements), as well as control over your investment, but they come with greater risk due to market fluctuations.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your personal circumstances and financial goals in retirement are two key factors to consider before you invest in a specific product.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-do-payout-annuities-work-in-retirement\">How do payout annuities work in retirement?<\/h2>\n\n\n\n<p>A payout annuity is an insurance product that provides guaranteed income for a set term or for life\u2014it\u2019s up to you to decide. When considering options for your RRSP, payout annuities may be a good choice for people who are:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Risk-averse when it comes to market fluctuations<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default default default default default default default default default default default default default default default default default default default default default default default default default default default\">Looking for a guaranteed stream of income for life or for a set period of time<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Looking for fixed and regular payouts<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Concerned about outliving their retirement savings<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Lacking the time and skills to manage their own investments (or simply don\u2019t want to).<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>There are several factors to consider when you\u2019re selecting your payout annuity:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>How often you\u2019d like to receive payouts. Typical payout schedules are monthly, quarterly, semi-annually, or annually.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default default default default default default default default default default default default default default default default default default default default default default default default default default default default\">Do you want to guarantee income for yourself and your spouse\/common-law partner, or just yourself?<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Do you want added protection with a guaranteed period?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<p>Those who choose to invest a portion of their retirement savings into a payout annuity could benefit from a guaranteed income stream with regular payments and a sense of security in knowing how long their income stream will last, whether that\u2019s for a fixed term or for life.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-some-of-the-different-types-of-payout-annuities\">What are some of the different types of payout annuities?<\/h2>\n\n\n\n<p>The type of payout annuity you choose will depend on your financial goals and your family\u2019s needs. There are many options available, and each one deserves careful consideration. Here are three common types of payout annuities.<\/p>\n\n\n\n<p><b>Single Life Annuity<\/b><\/p>\n\n\n\n<p>This type of payout annuity provides a series of guaranteed income payments for the life of one person (known as the \u201cannuitant\u201d). When the annuitant dies, the payments stop.<\/p>\n\n\n\n<p><b>Joint Life Annuity<\/b><\/p>\n\n\n\n<p>A joint life payout annuity provides a series of guaranteed income payments for the lives of two annuitants (usually the individual and their spouse or common-law partner, though sometimes also a financially dependent child) during a joint lifetime. When one of the annuitants dies, the payments will continue to be made to the surviving annuitant until the end of their life. This is also sometimes called a \u201csurvivor annuity.\u201d<\/p>\n\n\n\n<p><b>Term-certain Annuity <\/b><\/p>\n\n\n\n<p>The key difference in this type of payout annuity is right there in the name\u2014instead of providing payments for life, a term-certain annuity ends on a specific date (at the end of the term that was agreed upon when the annuity was initially set up), or until the individual reaches a certain age.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-benefits-of-payout-annuities\">The benefits of payout annuities<\/h2>\n\n\n\n<p>A payout annuity is an effective, easy-to-manage solution that provides you\u2014or you and your spouse\/common-law partner, if you choose\u2014with a guaranteed level of income for the rest of your life or for a specified number of years. It can help cover your fixed expenses during your retirement years. That\u2019s why it\u2019s considered a foundational product for a well-balanced retirement portfolio, as it\u2019s reliable and offers a level of predictability and stability once you retire.<\/p>\n\n\n\n<p>Other benefits include:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Income security:&nbsp;<\/strong>Regular guaranteed payments are unaffected by changes in interest rates or the stock market.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default default default default default default default default default default default default default default default default default default default default default default default default default default default default default\"><strong>Tax benefits:&nbsp;<\/strong>The amount directly transferred from an RRSP to buy an annuity is not considered a taxable income. Only the payouts from the annuity are considered taxable income and, as a result, they provide some degree of continued tax deferral.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Estate planning:<\/strong>&nbsp;A spouse\/common-law partner or beneficiary can be added to receive the remaining payments should the annuitant die before the end of the guarantee period. The amount goes directly to the spouse or beneficiary and does not have to go through probate.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p><strong>Easy management:<\/strong>&nbsp;Once you purchase your fixed payout annuity, you\u2019re set. There are no ongoing investment decisions to make.<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-considerations-and-potential-drawbacks-of-annuities\">Considerations and potential drawbacks of annuities<\/h2>\n\n\n\n<p>A payout annuity is a product designed for those who prefer predictability and security over liquidity and market risks. Most annuities cannot be surrendered or altered after you start taking income. Why? You\u2019re exchanging control for the assurance of guaranteed income payments for life or for a set term.&nbsp;<\/p>\n\n\n\n<p>People who think they can get a better rate of return over time than the insurance company provides and wish to continue managing their investments might find other options that better suit their needs. Also, while a payout annuity provides stable payments and security, inflation can eat away at the purchasing power of the annuity payouts.<\/p>\n\n\n\n<p>When considering any payout annuity, make sure to consult with a licensed insurance advisor. Ask lots of questions and invest plenty of time in going over the terms and conditions of the payout annuity you choose, so you fully understand it.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-do-rrifs-work-in-retirement\">How do RRIFs work in retirement?<\/h2>\n\n\n\n<p>If flexibility is a priority for your retirement years, then a RRIF may be an option to consider when your RRSP matures. They\u2019re a popular choice when converting RRSPs into a retirement income plan, as they offer flexibility and allow you to continue to make and manage all your investment decisions.<\/p>\n\n\n\n<p>You\u2019ll need to convert your RRSP to a RRIF by the end of the year you turn 71 (or sooner, if you need income). Your investments transfer directly and don\u2019t have to be liquidated. And similar to an RRSP, the growth earned in a RRIF is not subject to annual taxation. Only the amounts withdrawn are subject to taxation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-benefits-of-rrifs\">The benefits of RRIFs<\/h2>\n\n\n\n<p>If you\u2019re looking for greater financial choice in your retirement years, RRIFs might be able to offer you that. In addition to flexibility, they can also provide more control if you wish to make specific choices about where and how to invest your savings. Those decisions might result in growth and a higher income within a RRIF. Smart investments within a RRIF can also lead to a greater potential to leave behind a legacy for your family and beneficiaries.<\/p>\n\n\n\n<p>Instead of fixed and regular payments, if you invest in a RRIF, you can withdraw variable amounts from your plan (subject to minimum annual withdrawal rules) as your financial needs change.<\/p>\n\n\n\n<p>There are many variables to consider when withdrawing money from your RRIF, so speak to your financial advisor to understand the benefits and risks.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-considerations-and-potential-drawbacks-of-rrifs\">Considerations and potential drawbacks of RRIFs<\/h2>\n\n\n\n<p>As anyone who\u2019s ever invested money knows, greater flexibility and potential for growth typically come with greater financial risk. Market volatility can affect or cause irreversible damage to your RRIF investments. It may not be a wise strategy to opt for high-risk investing in your retirement years. Careful attention needs to be paid to your investment strategies within your RRIF.<\/p>\n\n\n\n<p>Consider consulting an investment professional for monitoring and advice on where to invest your RRIF funds. Depending on market activity, adjustments should be made to your RRIF portfolio, so your retirement savings remain as secure as possible and your financial needs can be met as they change over time.<\/p>\n\n\n\n<p>Another potential drawback is that your RRIF might not provide a guaranteed income for life. There\u2019s a chance you\u2019ll outlive the savings in your RRIF.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-choosing-between-payout-annuities-and-rrifs-factors-to-consider\">Choosing between payout annuities and RRIFs\u2014factors to consider<\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-personal-circumstances-and-financial-goals\">Personal circumstances and financial goals<\/h3>\n\n\n\n<p>Here are some things to consider when choosing an income stream strategy for your retirement years:<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list default is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Your (and, if applicable, your spouse or partner\u2019s) age and health, expected longevity, and possibility of surviving beyond that age.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"is-style-default default default default default default default default default default default default default default default default default default default default default default default default default default default\">Your retirement goals, including your desired lifestyle, expenses, and what you hope to leave behind for your family and beneficiaries.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your own abilities for monitoring your investments and making investment decisions on a regular basis as you age. Assess these honestly.<\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p>Your tolerance for risk in terms of market fluctuations. Would the negative impact of a market downturn on your investments be financially devastating?<\/p>\n<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-risk-and-return-analysis\">Risk and return analysis<\/h3>\n\n\n\n<p>Finding a balance between risk and return that suits both your personal preferences and your financial position is important. Of course, higher-risk investing might be enticing with the possibility of higher potential returns. Good decisions and the right market can offer growth within your RRIF, but how much risk are you willing to tolerate?<\/p>\n\n\n\n<p>With a payout annuity, the market can\u2019t affect the retirement income. But you\u2019re giving up growth potential and control over your money in exchange for stability.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tax-considerations\">Tax considerations<\/h3>\n\n\n\n<p>Withdrawals from RRIFs and payouts from registered payout annuities are considered fully taxable income for the year in which they take place.<\/p>\n\n\n\n<p>When a RRIF annuitant passes away, the fair market value of the RRIF investments will be included as income in the final tax return of the deceased annuitant, unless it can be rolled over to the surviving spouse or common-law partner, child, or even a grandchild.<\/p>\n\n\n\n<p>If the annuity does not have a guarantee period, or the guarantee period has ended, the payout ends when the annuitant (or the surviving annuitant, in the case of joint life annuity) dies. As a result, there\u2019s no additional income reporting.<\/p>\n\n\n\n<p>If the guarantee period hasn\u2019t ended when the annuitant dies, and the surviving spouse or partner is the beneficiary, the payouts made for the remainder of the guarantee period will be taxable income to the receiving spouse.<\/p>\n\n\n\n<p>However, when a lump sum payment of a commuted value (the present value of the future payouts for the remainder of the guaranteed period) is made to the beneficiary, it\u2019s considered taxable income to the deceased annuitant.<\/p>\n\n\n\n<p>The tax considerations discussed here are general in nature. It\u2019s important to seek professional independent tax and legal advice before taking any action.<\/p>\n\n\n\n<p>If you\u2019re planning your estate and have a RRIF and\/or a payout annuity, make sure your financial advisor knows your wishes and that you understand the tax implications of the various options available for you and your beneficiaries.<\/p>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-a1717cac-9590-43ae-ab1c-fcc9b6c1c331 {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-a1717cac-9590-43ae-ab1c-fcc9b6c1c331 {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-a1717cac-9590-43ae-ab1c-fcc9b6c1c331\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-section-inner-block  section-inner block-wpr bg-light-blue rounded-corners pos-rel pad-l pad-r mob-pad-r centered-block mob-pad-l pad-t mob-pad-t pad-b mob-pad-b\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading has-text-align-center mar-t mar-b-hlf mob-mar-b-hlf mob-mar-t\" id=\"h-rbc-retirement-investment-solutions\">RBC Retirement Investment Solutions<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Whether you\u2019re building up your nest egg or ready to turn your hard-earned savings into retirement income, our solutions can help you make the most of your money. Have an RBC Insurance Advisor call you to learn more.<\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button has-custom-font-size aligncenter btn is-style-primary primary has-text-lg-font-size\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html\" rel=\"noreferrer noopener\" data-dig-id=\"LP-290-476a44f4\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Request a Call-https:\/\/www.rbcinsurance.com\/request-a-call\/retirement\/index.html \">Request a Call<\/a><\/div>\n<\/div><\/div>\n<\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-ad0d81bb-8be6-41d4-8677-ee43de3d841f {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-ad0d81bb-8be6-41d4-8677-ee43de3d841f {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-ad0d81bb-8be6-41d4-8677-ee43de3d841f\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-HomeInsurance-14506-2de7ba0a\" data-dig-category=\"LP-HomeInsurance\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n<div style=\"height:31px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\t<style type=\"text\/css\">\n\t\t.wp-block-tk-spacer.id-cce6f680-251b-4e17-ac93-146e91c3ca18 {\n\t\theight: 30px;\n\t}\n\n\t@media ( max-width: 480px ) {\n\t\t.wp-block-tk-spacer.id-cce6f680-251b-4e17-ac93-146e91c3ca18 {\n\t\t\theight: 15px;\n\t\t}\n\t}\t<\/style>\n\t<div class=\"wp-block-tk-spacer id-cce6f680-251b-4e17-ac93-146e91c3ca18\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What is a Registered Retirement Income Fund (RRIF)? How are payout annuities taxed in Canada? Find the answers to some of your retirement investment questions right here.  <\/p>\n","protected":false},"author":109,"featured_media":13473,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[30,21,31,25],"article-type":[80],"ppma_author":[],"class_list":["post-13471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retirement","tag-financial-planning","tag-managing-money","tag-retirement","tag-wealth-management","article-type-advice-learning"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The Difference Between Payout Annuities and RRIFs<\/title>\n<meta name=\"description\" content=\"What is a Registered Retirement Income Fund (RRIF)? 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How are payout annuities taxed in Canada? 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