Canvas Annuity Reviews 414

I am not sure I have everything correct. I need to be able to review the whole policy and the funding info before it finishes

Right from the beginning I had reservations about purchasing an annuity from Canvas. The process was confusing. There was an initial setup that asked for a password. I did that without too much trouble. Then I got an email with a link that apparently was the actual portal to purchasing a CD. The two funds were fairly straightforward. But when I was asked to create another logon my heart sank. I've seen this before. Canvas is using software that does not gel well with Google's password saving system. When Google suggested a strong password I accepted that I would probably not be able to logon after the process was completed, and that is what happened. I will try customer service tomorrow. Not expecting much. Would not recommend this company.

Great rates. Great (human in the USA) service. Why only 3 stars? The confusing as f* online application and poor to none account status updates. Application required several interactions with Canvas chat bot, several calls to Canvas customer service, and at one point a three way phone conversation between my bank and Canvas (though to be fair, that last was my bank's fault.)

Devon and Lida’s personal service plus the strong annuity rates were the reasons for my initial 5‑star rating. HOWEVER, getting to that point was not easy. Here is what I learned during the process:
1. A website glitch prevented my initial forms submission.
2. Devon walked me through several of the website forms by phone and corrected a few of my mistakes.
3. If you don’t see solid green checkmarks for every step, the process is not complete.
4. Canvas had a $1,000,000 cap per annuity, so additional annuities required repeating the entire application process.
5. Unlike every other annuity I researched, if rates increase within 30 days of your issue date, Canvas will backdate and pay the higher rate.
6. Funds are delivered to their Puritan Life Insurance affiliate, where Sandy and her staff were extremely helpful.

UPDATE — April 2026:
Despite multiple requests over several years, Canvas still cannot provide accurate month‑end balances on their website. As of April 1, 2026, the platform is still showing March 30 balances. Every other financial institution I work with provides month‑end data reliably. Canvas remains the only exception.

Easy process. No issues

During online application I had a few questions and called customer service 888-970-3556 several times, and the representative was knowledgeable and resolved my concerns/issues.

Hated the whole registration process. Gainbridge was MUCH easier and only took about five minutes. They didn't REQUIRE pictures of BOTH sides of DL. I am tempted to go away from Canvas just because of the bad registration process.

The company using the high tech to replace the agents for helping the customers saving a quite bit money.
The whole application process is pretty simple and straight forward.

Very helpful

A few things. I have been with Canvas for 4 years now.
I have a few annuities with them, but one is fixed where I draw the interest monthly. Deposits are supposed to be made on the 28th of each month to my bank account. I have never ever touched the principle just the interest. I had taken out a 3 year fixed at 4.6% I received payments on the 28th each month which varied if it was a 31 day month 30 or 28.
That policy renewed on mid year of 2025 6% interest.Payment started going all over the place different amounts & dates where prior it was steady. I called & was told it was the new 3rd party admin they don't have the capabilities the old one had (keep 3rd party in mind for later).
Now this is a fixed which is simple math it is NOT compounding interest. So this comes down to grade school math Principle X interest rate = interest paid / 365 = amount paid per day.
Now keep in mind that there are no hidden charges so Canvas claims. But there obviously are that they don't disclose. I asked BEN in depth questions on this & he answered the same as that math figure I just demonstrated. I then decided to go to an accountant & he said that is how it should work.
I then decided to take 2 of the 1099r's that they had sent me that were a full physical year & to my surprise I was NOT getting 4.6% but was getting 4,499618%
Now add that up even with the new rate Canvas has shorted me over $620.00 so far to date.
now it is 3/2 no payment I'm supposed to be paid on the 28 of Feb.
I brought this to their attention in real detail showing how their figures are off.
Answer received: Based from a higher level Interest levels can be effected by several factors, Timing, Daily Calculations (what daily calculations it's fixed) Adminastrating processing (there are supposed to be no fees even Ben said so when interviewed) it even states that on their web site. I was told it would be sent to a higher authority for review back on Feb 5, 2026. I have heard nothing.
Now as for the 3rd party today I'm told that it's the accounting dept. I have to deal with which means there is no 3rd party & that is why I was never given there name or phone # after requesting it a few times.
Today I wanted to speak to the head of accounting & was told they don't have their name or phone number.
If you are on a fixed annuity that you are withdrawing interest only I strongly suggest that you check your 1099R that is a full physical year & you will find that you are NOT being paid the monthly interest that you are supposed to be paid.
I'm a senior citizen & I find this disgraceful that there are hidden fees & can't be paid on time & the monthly payout are all over the place in amounts.
When they take your money they are a faduciary & have the responsibility to meet their obligations.

Ease with the application process and rates

Good! I like it

The 1099R forms did not include the federal taxes withheld in Box 4 for three of my MYGA.

Data processing and account managers are incompetent and incapable of correctly servicing accounts.

Most helpful was having an agent to talk to for additional information and orientation.

Easy application process.

I love the generous interest rates that Puritan Life/Canvas Annuities offers. They are way ahead of anything I could find out there.

Their Customer Service is very friendly and knowledgeable. They are also very good about communicating with you on a timely manner.

You can't go wrong with a Canvas Annuity in my opinion.