Answer

Only you can make that decision.

Some winners prefer the peace of mind that comes with a guaranteed payment every month (annuity option), while others prefer to take the lump sum payment and invest it to generate a return. It all depends on the level of risk you are comfortable with.

What do we always recommend? That you consult a financial advisor to help you make the decision that best suits your lifestyle and needs. But before you make any decision, here’s a few of the things that may prevent you from taking the annuity option.

• You live outside of Atlantic Canada;

• You’re claiming the prize with another person or as part of a group; or

• Your age. According to Canada Revenue Agency restrictions, any individual over the age of 90 can’t take the annuity. This also means if you’re over 65 receiving a 25-year annuity is not an option.

For more details on other factors that may prevent you from taking the annuity option, please contact our Winners Coordinator at our toll-free number 1-800-561-3942.

2 Comments

geno

03/06/2019

So I'm 67 and If I won Daily Grand I can't take the annuity option. I'm being forced to take the lump sum. Do you know the reasoning behind this decision? and was it always like this? Discrimanation against Seniors I would think.

Atlantic Lottery

03/06/2019

Hello Geno, thank you for your question. As you may be aware, annuity providers undertake the administration and allocation of prizes for games like Daily Grand and Set for Life when the winner opts to enjoy the winnings, in installments, over a 25 year period. There exist Canada Revenue Agency restrictions where the annuity installments must be paid before the recipient reaches a certain age. As such, ALC is not able to purchase an annuity for 25 years and the winner would not be able to taking the annuity. We do regret this a point of concern for you but always appreciate your feedback and inquiries. Regards, James https://www.canada.ca/en/financial-consumer-agency/services/retirement-planning/annuities.html