life annuity contract definition

life annuity contract means an arrangement made to purchase, through a person authorized under the laws of Canada or a province to sell annuities as defined in the Income Tax Act, a non-commutable pension, in accordance with Directive No. 6, that will not commence before that person attains the age of 55 years, or if that person provides evidence to the satisfaction of the financial institution that the plan or any of the plans from which the money was transferred provided for payment of the pension at an earlier age, that earlier age;

life annuity contract means an arrangement made to purchase through a person authorized under the laws of Canada or a province to sell annuities as defined in the Tax Act, a non-commutable pension, in accordance with Directive No. 6, that will not commence before that person attains the age of 55 years, or, if that person provides evidence to the satisfaction of the Financial institution that the plan or any of the plans from which the money was transferred provided for payment of the pension at an earlier age, that earlier age;

life annuity contract means a contract with an insurance business under which the insurance business guarantees the payment of a pension that is not commutable to the owner of a contract who attains at least:

Examples of life annuity contract in a sentence

• The fair market value of the assets held under the Fund as determined by the Trustee in good faith shall be used to calculate the balance of the money and assets held under this Fund for any particular time, including on the death of the Annuitant, on the establishment of a Life Annuity Contract or on a transfer of assets from the Fund.

• Where the commuted value of a pension benefit which was transferred to the Fund was determined in a manner that did not differentiate on the basis of sex, the Life Annuity Contract purchased with the money in the Fund shall not differentiate on the basis of the sex of the recipient.

• Where the commuted value of a pension benefit which was transferred to the Account was determined in a manner that did not differentiate on the basis of sex, the Life Annuity Contract purchased with the funds in the Account shall not differentiate on the basis of the sex of the recipient.

• If, as of the Annuity Starting Date, the Participant is not married, a QJSA is an immediate Life Annuity Contract for the Participant which is purchasable with the Participant's Vested Account Balance.

• The fair market value of the assets held under the Fund as determined by the Financial institution in good faith shall be used to calculate the balance of the money and assets held under this Fund for any particular time, including on the death of the Annuitant, on the establishment of a Life Annuity Contract or on a transfer of assets from the Fund.

More Definitions of life annuity contract

life annuity contract means a life annuity that complies with the relevant provisions of the Tax Act and is an agreement that is provided by a person authorized under the laws of Canada or a province to sell annuities as defined in the Tax Act under an insurance contract that meets the requirements of Directive no. 4 and Directive No. 6, commencing not before the person who is to receive the pension benefit obtains the earlier of:

life annuity contract means an arrangement that (i) complies with the relevant provisions of the Income Tax Act (Canada), (ii) does not take into account the sex of the person or the co-annuitant, if any, in determining the amount of the pension, (iii) is made with an insurance business, and (iv) under which the insurance business guarantees the payment of a non-commutable pension not later than the end of the calendar year in which the person who is to receive the pension attains the maximum age prescribed under the Income Tax Act (Canada) where money is being transferred from a LIRA and, being a pension that will not commence before that person attains 55 years of age or, if that person provides evidence to the satisfaction of the financial institution that the plan or any of the plans from which the money was transferred provide for payment of the pension at an earlier age, that earlier age;

life annuity contract means a life annuity contract under the Pension Regulations that complies with the requirements for an annuity under paragraph 60(l) of the Tax Act;

life annuity contract means an agreement with an insurance company for a pension that is not commutable, commences at retirement age and meets the applicable requirements of the Act and the new regulation.

life annuity contract means an Annuity Contract that provides for payments over the

life annuity contract means an Annuity Contract that provides for payments over the life or lives of one or more individuals.

life annuity contract means an arrangement made to purchase, through a person authorized under the laws of Canada or a province to sell annuities as defined in the Income Tax Act (Canada), a non- commutable pension, in accordance with Directive No. 6, that will not commence before that person attains the age of 55 years, or,