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Questions and Answers of Personal Finance

Referring to Question 5, what other factors should Maria consider with regard to her retirement goal? What recommendations would you give Maria regarding her goal?Data from question 5:Maria, a
Maria, a 22-year-old recent college graduate, wants to retire a millionaire. How much will she need to set aside annually to achieve her goal, assuming she will retire at age 67 and earns an 8
You have some extra cash in your budget that you wish to invest. You have narrowed your choices to a single stock, Government of Canada bonds, or stock mutual funds. What characteristics of each
Discuss some methods for maintaining and protecting your wealth. What is the insurance trade-off? What is the retirement account trade-off?
Describe some advantages and disadvantages of using financing to achieve your financial goals. What is the financing trade-off?
1. With regard to Brad’s revised retirement plans:a. How much will he have in 30 years if he takes full advantage of his employer’s definedcontribution pension plan and invests $300 per month at
Cindy and Nate were recently married, each for the second time. Both are concerned about leaving assets to the adult children from their previous marriages and are reluctant to combine their
a. Discuss how ethical you believe the presenter is being by not telling the full story about CRTs. Keep in mind that what the presenter says is true, but not the whole truth.b. If these presenters
Describe how you should maintain estate planning documents.
Define and differentiate between a general power of attorney and an enduring (continuing) power of attorney.
Define and describe a limited (non-continuing) power of attorney.
What is a living will? What is the purpose of a living will?
Define and describe a testamentary trust.
What is an alter ego trust? What are the benefits of creating an alter ego trust? What are the qualifying criteria for an alter ego trust?
Define and differentiate between a revocable inter vivos trust and an irrevocable inter vivos trust.
What is an inter vivos trust? Describe the advantages and disadvantages of an inter vivos trust.
What is a trust? Describe the role of the settlor of a trust.
What is joint tenancy with rights of survivorship (JTWROS)? What are its disadvantages?
What are rights or things? Provide an example.
In addition to a final tax return, what three optional tax returns may be filed? Explain.
What is the deadline for filing a final tax return?
How is the tax payable on estate assets determined?
With respect to taxes, what is deemed to have happened to your assets when you die?
What is probate? Describe the probate process. What are probate fees?
What is a codicil?
What is the impact of the act of marriage on your will?
Which events should trigger a review of your will?
What is the purpose of the liability clause?
Describe the purpose for the administration of the estate clause.
What is the residue of an estate? What is the purpose of the distribution of residue clause?
What is a bequest?
Describe the responsibilities of a guardian for minor children.
What are the duties of the executor?
What is the purpose of the revocation of previous willsclause?
Define and describe a holograph will.
Define and describe a notarial will.
Define and describe an English form will.
What is a preferential share? Do all provinces have a provision for a preferential share? Explain.
What does it mean to die intestate? Who will distribute your estate if you die intestate?
What is an executor?
What is a beneficiary? What happens if a beneficiary is under the age of 18 and inherits assets?
What is a will? What does a will give you the opportunity to do?
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?

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