The GLWB Bonus Rate, which will apply on December 31, 2022, will be the rate calculated using the following formula: the 10-year Government of Canada benchmark bond yield (CANSIM Identifier V39055) as at the last business day of November of the current calendar year, plus 1.5%. This rate is subject to a minimum of 2.5% and a maximum of 8%.
The benchmark rate as at November 30 was 2.96%. With the 1.5% added to this rate, the GLWB Bonus Rate for clients who did not make any withdrawals in 2022 will be 4,46%.
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