Final answer:
Joe is the annuitant of the segregated fund contract within his RRSP, meaning that he is the individual on whose life the contract is based, and he will receive retirement benefits or the death benefit from this investment.
Step-by-step explanation:
The annuitant of a segregated fund contract that is purchased within an individual's RRSP (Registered Retirement Savings Plan) is typically the account holder of the RRSP. In this case, if the RRSP is owned by Joe, then Joe is the annuitant of the segregated fund contract. The annuitant is the person on whose life the contract is based, meaning that the retirement income that will be provided or the death benefit that is paid out is contingent upon Joe's life.
The term segregated fund refers to a type of investment option that combines the growth potential of mutual funds with the security of insurance products. Upon Joe's retirement or other contractually specified event, the annuitant, Joe in this instance, will receive benefits according to the terms of the segregated fund contract that exist within his RRSP.