Quiz March 2019, questions and answers PDF

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Download Quiz March 2019, questions and answers PDF

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1 What is the impact of an individual choosing the early take-up of CPP retirement results in a reduced monthly benefit for the individual caps his or her CPP benefit payment period to 25 years increases the tax liability of the individual as he or she will still be taxed on the maximum reduces the CPP benefit entitlement for the spouse or common-law partner of the individu 2 When spouses or common-law partners assign their CPP retirement benefits, wh the month one of the spouses dies 6 months after a separation 6 months after a divorce upon both spouses returning to work 3 What type of pension is exempt from tax? federal government pension veterans allowance pension provincial teachers pension foreign service pension 4 What type of income is eligible for the pension credit? RRSP withdrawals RRIF withdrawals DPSP withdrawals CPP benefits 5 When Jordan left his job with Evergreen Landscaping Company, he received a ch $0 $1,100 $2,500 $3,600 1 Last year, Caroline earned $45,000 and had a pension adjustment of $3,690. This $0 $4,410 $6,410

(($45,000 x 18%) - $3,690).

$8,100 2 Jolie is a 39-year-old disabled taxpayer. He incurred costs of $300 for prescriptio $300 $2,000 $2,667 $4,000 Questions 3 and 4 are based on the following information: 3 Jamie earns a salary of $81,880. In addition, he receives annual CPP benefits of $12,150 $1,543.20 $3,365.70 $4,348.65 $6,553.00

[(($81,880 + $12,150 + $6,553) — $71,592) x 1

4 If Jamie is in a 40% marginal tax bracket, how much does he receive in OAS ben $1,322.61 $2,204.35 $3,679.98

OAS benefits after the clawback and income tax [($6,553.00 – $4,348.65) x (1 – 40%)]

$3,931.80 5 Last year, Cosmo received $3,870 in CPP, $2,700 in OAS, and $3,400 in GIS. His $3,400 $5,870 $6,100 $6,600

benefits?

CPP benefit payable for the year ual hen would that arrangement end?

eque for $3,600. The cheque included $2,500 for his last month’s pay and $1,100

s year, Caroline contributed $6,410 to an RRSP. Assuming she had no RRSP carry

on drugs and $2,000 for attendant services. These expenses enabled Jolie to wor

and OAS benefits of $6,553. If the OAS threshold is $71,592, how much of Jamie's OAS be

15%]

nefits after the clawback (if applicable) and income tax?

calculated as [(OAS benefits – clawback amount) x (1 – MTR)]

wife, Mira received $3,200 from the Allowance. What amount does Cosmo enter o

0 for two weeks vacation pay. Jordan first joined Evergreen in 1983. How much of

y forwards, what is the maximum amount Caroline can deduct as an RRSP contrib

k part-time and earn $4,000. How much can Jolie deduct for attendant care expe

enefit will be clawed back?

on his other payments deduction line on his tax return for last year?

f his final cheque can Jordan rollover into an RRSP?

ution on this year's tax return?

nses from his tax return?...