Joint and survivor annuities
A joint and survivor annuity is an annuity that pays income for the lives of two people, usually spouses, and continues to the survivor after the first death, often at a reduced amount. It is a retirement and financial product rather than a legal concept, sold mainly by life insurers.
How BC law treats it
Life insurers selling annuities are supervised for solvency by OSFI if federally incorporated, while market conduct in BC is regulated by the BC Financial Services Authority. Canada has no estate tax; annuity payments are taxed as income under the Income Tax Act.
What it means for your business
Business owners planning retirement income should consider how annuities fit with company withdrawals and estate planning.
Risks and common mistakes
Choosing a single-life annuity when a spouse depends on the income can leave the survivor without payments.
Browse the full Fulcrum Law Dictionary for related terms.
General information about British Columbia and Canadian law, current to October 2026. It is not legal advice.
