a)Mona, who has just turned 63 years old has just retired. She will have taxable income of
Question:
a)Mona, who has just turned 63 years old has just retired. She will have taxable income of $96,000 this year. She has asked you about collecting her CPP benefits. She would receive $1,000 each month in CPP benefits if she collects at age 65. Explain to her the amount she will receive if she collects at age 63 (24 months early) and the amount she will collect if she collects at age 67 (delays collection for 24 months). Show your calculations. (2 Marks)
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Collect 24 months early
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Delay collecting for 24 months
a)Mona's older sister Monica, is 66 years old, retired, and has an annual taxable income of $97,400. She received OAS of $580 each month. The OAS clawback threshold is $75,910 for this year. What amount will she receive every month after the clawback? Show all calculations (1 Mark)
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Expert Answer:
Collecting 24 months early If Mona collects her CPP benefits at age 63 she will receive a reduced am... View the full answer
