Will the monthly payouts from an annuity bought with SRS funds be paid into my SRS account, or can they be paid into my bank account directly?
If your SRS account is still open, your monthly annuity payouts must be returned to the SRS account before you withdraw them. If your SRS account is closed, your monthly annuity payouts may be paid into your bank account directly. After reaching the prevailing statutory retirement age at the point of first SRS contribution, an SRS member is taxed on only 50% of the total annuity payouts each year, perpetually.
Related questions
Can I surrender my annuity policy after my SRS account is deemed closed?
If I have made a withdrawal from my SRS account, can I still make SRS contributions?
As savings withdrawn from SRS are subject to tax, would I not be paying a lot of tax when I retire?
Do I have to withdraw all my SRS funds at the end of the ten-year withdrawal period?
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