Managing Financial Data in Conquest
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      Manage Financial Data: Annuities Card

      Learn how to efficiently manage and edit a client’s annuity data

      The Annuities Card is used to model registered annuity payments that your clients are either currently receiving or plan to receive in the future.

      Accessing the Annuities Card

      To access the Annuities Card, navigate to the client’s Current Data page and locate the Financial Data section. This is where you can view, manage, and update all annuity details for the client.

      Adding an Annuity

      Click on the + Add existing life annuity button to create a new annuity. In the Description field, enter a name to identify the annuity across reports, calculations, and the user interface.

      Annuity Features and Properties

      Currently, only Registered life annuity can be selected. The Payment start date defaults to the start of the present year but can be adjusted. The Payment amount and Frequency are customizable, and payments can be indexed using the Payment index rate field.

      More Details:

      • Use the More data icon (Pencil) to specify additional details about the annuity.

      The default percentage Payable to the survivor is 60%, however, this value can also be changed as required.

      For more accurate tax forms (T4A/T4RSP), you can toggle Funded by RRSP/RRIF to Yes.

      Note: This toggle does not affect RRSPs and RRIFs entered on the Accounts card. If disabled, we assume that pension-related funds (LIRA/LIF/etc) were used to purchase the annuity.

      • To delete an annuity, simply click on the Trash Can icon.

      When funded by an RRSP/RRIF source, annuity payments are:

      • Reported on a T4RSP form with no withholding tax

      • Included on Line 12900 of “Step 2 - Total Income”

      • Included in the calculation for the pension income amount (Step 5 - Federal tax, line 31400) only if the member is age 65 or older by the end of the tax year

      • Included in pension splitting (T1032 form - Line A) if the member is age 65 or older by the end of the tax year

      When not funded by RRSP/RRIF, annuity payments are:

      • Reported on a T4A form with withholding taxes deducted

      • Included on Line 11500 of “Step 2 - Total Income”

      • Included in the calculation for the pension income amount (Step 5 - Federal tax, line 31400)

      • Included in pension splitting (T1032 form - Line A)

      These tax forms are available in the Income Withholding Tax Report.

      LIRA, LIF and defined contribution plan accounts can be converted to a registered annuity using the fields available in the Settings tab. The calculation uses the conversion age, Annuity Return Rate (cannot be negative) and a generic annuity formula to generate a pension income stream.