The federal government announced in the 2024 budget that it's looking at how to modernize the rules around which investments can be included in registered accounts.The Department of Finance’s consultation on qualified investments within registered plans closed last month, and industry associations argued that crypto funds and annuities should remain on the government’s list of what’s allowed.
One issue under consideration is whether annuities – which can only be held in RRSPs, RRIFs and RDSPs – should continue to be qualified investments. “Balances in TFSAs continue to grow and are being used increasingly as a source of savings to support retirement needs,” CLHIA’s submission to Finance states.
“The lack of readily available fair market value is irrelevant as cannot cash in an annuity,” Ms. Simon says. Annuities are illiquid as insurance companies have contracted to pay out a guaranteed sum for life. Ms. Simon adds Finance should not reintroduce foreign content limits on investments because of the administrative burden for providers and forcing more Canadian investments by force doesn’t serve retirees well.
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