Options for seniors with 250000 CAD in the kitty

[newcanadian2700]

Hello,

My parents shall move to Canada soon. I already own two homes adjacent to each other and they shall be moving to one of the homes. I will be paying the mortage for both the homes( 3500 CAD in total, a month )
My annual income is 180000 CAD a year and Canada taxes me to death already.

I was wondering what investment options are available for my parents who are on a super visa.

My father is 70 and my mother is 62...I was thinking of buying an annuity for my mother for 100000 CAD which will give them an income of 530 CAD a month.
My questions are,

1) Are my parents eligible to buy an annuity from a Canadian bank as non-canadians on a super visa?
2) What other options are available with the remaining 150000 CAD? A second annuity wont make sense to me.

Please note my parents are not canadians. I don't want anything on me since i am already taxed to death.

 

[canuck78]

Hello,

My parents shall move to Canada soon. I already own two homes adjacent to each other and they shall be moving to one of the homes. I will be paying the mortage for both the homes( 3500 CAD in total, a month )
My annual income is 180000 CAD a year and Canada taxes me to death already.

I was wondering what investment options are available for my parents who are on a super visa.

My father is 70 and my mother is 62...I was thinking of buying an annuity for my mother for 100000 CAD which will give them an income of 530 CAD a month.
My questions are,

1) Are my parents eligible to buy an annuity from a Canadian bank as non-canadians on a super visa?
2) What other options are available with the remaining 150000 CAD? A second annuity wont make sense to me.

Please note my parents are not canadians. I don't want anything on me since i am already taxed to death.

Your parents are only visiting and if thry get sick and can't secure suprrvisa insurance one year they will need to return home. They will also have to return home after 5 years. You are looking for longterm plans but their future in Canada isn't guaranteed.