March 2019- Stay tuned for more details on the 2019 Federal Budget proposal for two new types of annuities for registered plans introduced to focus on addressing longevity risk and providing more flexibility. Currently we must convert our RRSP to a RRIF or life annuity (single or joint with your spouse) by the end of the year we reach the age of 71, and then start taking (taxable) income the following year. The budget proposes two new annuity options for RRSPs, RRIFs, DPSPs, and RPPs. An Advanced Life Deferred Annuity will allow us to defer taking income on a certain amount of our registered funds until we reach age 85. A Variable Payment Life Annuity will provide payments that vary based on investment performance. Both proposed measures will apply starting 2020.