Do Annuities result in a tax receipt?
The amount of the receipt and the level of taxation of the income are determined by the rules set out by the Canada Revenue Agency (CRA). The calculation is done using appropriate life expectancy tables, and the amount expected to be paid out on the agreement. All Annuitants will receive an up front charitable donation receipt for at least 20% of the amount donated. In most cases only a small portion of the income will be taxable.
