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Questions and Answers of
Personal Finance
Assuming an inflation rate of 3 percent, calculate the present value, at retirement, of their retirement income need. Calculate the present value, at retirement, of their OAS and CPP pension income.
Over the years, Katrina, 43, has accumulated $400 000 in her RRSP but took a $90 000 withdrawal to build a new home. Calculate the amount of taxes Katrina must pay when she files her tax return if
Gurmeet and Sunny recently reviewed their future retirement income and expenses projections. They hope to retire in 25 years. They have determined that they will have a retirement income of $67 000
Reece is comparing defined-contribution pension plans with prospective employers. ABC Ltd. is offering a salary of $38,000, and will match 75 percent of his monthly contributions up to 10 percent of
In need of extra cash, Troy and Lilly decide to withdraw $8000 from their RRSP. They are in a 30 percent marginal tax bracket. What will the tax consequences of this withdrawal be?
Sandra intends to retire in 25 years and would like to receive $2000 at the end of each month in retirement for 25 years. How much must she deposit at the beginning of each month before retirement in
The balance of your RRSP at retirement is $453 382. You would like to receive a monthly income, at the end of each month, for 20 years. What will be your monthly income if you can earn a rate of
You have earned income of $46 000 for 2016. You have a defined-contribution plan to which your employer contributes $4600 in 2016. How much of an RRSP contribution can you make in 2017, assuming you
Anita currently has 30 years of service with her employer and is ready to retire. Her average best five consecutive years of income are used to calculate her annual pension. Her earnings for the past
Collette is an employee of Dynamex Industries Inc. and earned $51 000 in 2017. How much will her employer deduct in CPP contributions based on an employee contribution rate of 4.95 percent? The YMPE
Describe how you may want to change your investment allocation as you move towards retirement.
Describe a safe approach for determining how much you should contribute towards your retirement.
Should you use an RRSP or a TFSA as a retirement planning option? Explain.
Why is it beneficial to first consider investing in your employer’s defined-benefit or defined-contribution pension plan?
List the three key retirement planning decisions.
What is the difference between a life income fund (LIF) and a locked-in retirement income fund (LRIF)?
List the retirement income conversion options for a LIRA account?
What is the main purpose of a registered retirement income fund (RRIF)?
List the retirement income conversion options for an RRSP account?
What is a tax-free savings account (TFSA)? What are the similarities and differences between RRSPs and TFSAs?
Define and describe the Lifelong Learning Plan (LLP)?
Define and describe the Home Buyers’ Plan (HBP)?
What is a spousal RRSP? What are the advantages of a spousal RRSP?
Describe how you calculate the contribution limit for an RRSP?
List the investments that qualify to be held inside an RRSP account?
List and describe the three main types of RRSP accounts?
What is a registered retirement savings plan (RRSP)? Describe the tax treatment for deposits and withdrawals.
What is pension splitting? What income can be split for individuals over 65 years of age? Under 65 years of age?
What is the benefit of a pension guarantee?
What is the difference between a single life income pension payment and a joint-and-survivor life income pension payment?
What is normal retirement age?
How is a pension adjustment determined for a defined contribution pension plan? How is a pension adjustment determined for a defined-benefit pension plan?
What is a pension adjustment?
Describe the benefits of contributing to a defined contribution pension plan.
List the two types of defined-contribution pension plans. What are the differences between these two types of plans?
Why are defined-contribution pension plans increasing in popularity?
In a defined-contribution pension plan, who makes the investment decisions?
What is a defined-contribution pension plan? Are these plans contributory or non-contributory?
Describe the tax treatment of a defined-benefit pension plan.
If an employee leaves their employer and is fully vested, what are their options with respect to their pension benefits?
What does it mean for an employee to be vested? What is the longest period of time an employee has to work for their employer before they become fully vested?
What is the pension formula for a unit benefit plan?
What are the three types of unit benefit plans? What is the difference among the three types of unit benefit plans?
What is the pension formula for a flat benefit plan?
Explain why a set of actuarial assumptions are used to determine the amount of contributions for a definedbenefit pension plan.
What is a defined-benefit pension plan? Are these plans contributory or non-contributory?
How frequently are CPP benefits adjusted for inflation? Are CPP retirement benefits taxable?
Do CPP benefits begin automatically once you reach retirement age?
In determining the dollar value of your contributions, do you have to include all of the contributions you have made starting at age 18? Explain.
At what rate does an employee make CPP contributions? At what rate does a self-employed person make CPP contributions?
What are pensionable earnings? What is the year’s maximum pensionable earnings (YMPE)?
What is the year’s basic exemption (YBE)?
In general, at what age and at what level of income must you start making CPP contributions?
What is a pension assignment?
Does your benefit decrease and/or increase if you receive your CPP pension sooner and/or later? Explain.
What are the qualifying criteria for the Canada Pension Plan (CPP)? At what age do you become eligible to receive CPP retirement benefits?
How frequently are OAS benefits adjusted for inflation? Which OAS program benefits are taxable and which ones are tax-free?
Do OAS benefits begin automatically once you reach age 65?
What is the purpose of the allowance for the survivor benefit?
Who is eligible for the allowance benefit? What is the purpose of the allowance benefit?
Who may qualify for a Guaranteed Income Supplement (GIS)?
What is an OAS clawback?
In order to receive a full OAS benefit, how long must you have lived in Canada after turning age 18? What is the minimum number of years that you must have lived in Canada after turning age 18 in
Does your benefit increase if you defer your OAS pension? Explain.
What are the qualifying criteria for Old Age Security (OAS)? At what age do you become eligible to receive OAS retirement benefits?
What two programs can be thought of as the foundation of retirement planning?
1. Comment on each of the following elements of Brad’s plan:a. Level of diversificationb. View on bonds and not including them in his portfolioc. View on mutual funds and/or ETFs, and not
Rick recently received $15000 for the movie rights to his new book. He has always been interested in investing, but until now lacked sufficient resources. Rick has followed several telecommunications
Match the following types of mutual funds to the appropriate investments that would be found in each portfolio. 1) Growth funds a) Stocks of foreign companies 2) Canadian bond funds b) Stocks of
a. Discuss the ethics of this practice.b. As a consequence of this practice, what is the impact on the MER over the long term? Discuss fully.To obtain more business, mutual fund companies have made
Tamara purchased 500 shares of an international equity mutual fund at $9.00 per share. During the past year, the mutual fund paid dividends of $0.88 per share and had a capital gains distribution of
Rena purchased 200 shares of an equity mutual fund. During the year she received $3 per share in dividend distributions, $2 per share in capital gain distributions, and capital gains of $1100 when
Almost three years ago, Forrest purchased shares in Numera Canadian Equity Fund, a back-end load mutual fund. Forrest’s investment is currently worth $34 400. He has decided that he would like to
The market value of securities and the current liabilities for a mutual fund are $483 450 000 and $18 070 900, respectively. What is the net asset value per share (NAVPS) for this mutual fund if
Describe the three unique features of segregated funds relative to mutual funds.
List the similarities and differences between ETFs and mutual funds.
What nine categories of information are covered in a Fund Facts document?
What is a Fund Facts document? How soon must a Fund Facts document be provided to an investor who has invested in a mutual fund?
What three things should an investor determine before choosing mutual fund investments?
Describe the trade-off between the expected return and risk of bond funds.
What is default risk? What types of bond funds are the most sensitive to default risk?
What is interest rate risk? What type of bond is the most sensitive to interest rate risk?
Describe the trade-off between the expected return and risk of equity funds.
Is an equity mutual fund’s past performance necessarily an indicator of future performance?
How do you calculate the capital gain from redeeming shares?
List the four ways in which a mutual fund can generate returns for investors. In what two ways can these distributions be given to investors?
What are the different maturity classifications for bond mutual funds?
What is exchange rate risk? How does it impact the value of a global bond fund for a Canadian investor?
What are global bond funds?
What is an index bond fund? What types of indices are tracked by an index bond fund?
Why may a high-yield bond fund offer a higher than expected?
Describe the types of investments that may be held in a Canadian bond fund.
Define and describe international funds. What is the difference between a global fund and an international fund?
Explain how index funds can also offer tax advantages.
What is tracking error? What does a relatively high tracking error suggest?
What are index funds? Why has their popularity increased?
Define and describe sector funds.
Differentiate among growth, small-cap, mid-cap, dividend, and balanced growth and income funds.
List and describe the components of the MER.
What is the management expense ratio (MER)? How is it calculated?
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