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Maximum deferral periods

Clients can defer start of income subject to restrictions based on the source of the premium used to purchase the annuity. Deferring income results in higher income than income that begins immediately.

Source  of premium

Maximum deferral period

When income payments must begin

Locked-in RRSP, LIRA, RLSP

10 years from purchase date.

During the annuitant's 72nd year.1

Non-locked-in RRSP

10 years from purchase date.

During the annuitant's 72nd year.1

Non-registered (prescribed and level taxation)2

Up to Dec. 31 of the year following year of purchase.

No age restrictions.

Non-registered (accrual taxation)

10 years from purchase date. Deferral periods of greater than
10 years and less than 15 years can be requested.

No age restrictions.

DPSP

10 years from purchase date.

By the end of the year in which the annuitant turns 71.

RPP

10 years from purchase date.

Between the age allowed in the plan and by the end of the year in which the annuitant turns 71.

LIF/RLIF/LRIF/RRIF

One year from purchase date.

No age restrictions but must be within one year after purchase.

1  A full year's income must be received by December 31 of the year the annuitant turns  72.
2 An annuity must qualify for prescribed or level taxation. If it doesn't, it will receive accrual tax treatment and income accrued during the deferral period will be taxed on an annual basis. See Taxation section for details on the criteria for prescribed and level taxation.