An annuity is a financial product that provides a guaranteed stream of income for a specified period or for life. It is typically purchased with a lump sum payment or a series of payments, and the income can start immediately or at a later date. Annuities are often used as a retirement income strategy, providing a steady stream of income during retirement.

Segregated funds are investment funds that combine features of mutual funds with insurance products. They offer principal guarantees and death benefits, providing a level of protection for investors' capital while offering potential growth opportunities. They are sold by insurance companies and can be a good option for investors seeking a balance between growth potential and capital protection

Proper estate planning involves setting up a trust, writing a will, and developing a retirement and succession strategy. Trusts can help manage assets and reduce taxes, while wills ensure your assets are distributed according to your wishes. Retirement and succession strategies can help you plan for the future and ensure your assets are passed down to the next generation in a way that aligns with your values and goals. Proper estate planning is essential to protect your assets and provide for your loved ones after you pass away.

At retirement, Registered Retirement Savings Plans (RRSPs) must be converted into a Registered Retirement Income Fund (RRIF) or used to purchase an annuity. A RRIF is a tax-deferred investment account that provides regular income payments, with the flexibility to withdraw varying amounts each year. If the retirement savings are from a pension plan, they may need to be transferred to a Locked-in Retirement Account (LIRA) instead of an RRSP. LIRAs also require conversion to a Life Income Fund (LIF) or a Locked-in RRIF (LRIF) to provide retirement income. It's important to work with a financial advisor to determine the best options for your retirement savings and to ensure compliance with tax and regulatory requirements.