Calculating Your CPP Contribution Amount

$1.$ Jamie earns $$48,000$ in $2024.$ How much will he contribute to his CPP in $2024?$ What is the value of his CPP tax credit? What is the value of his CPP tax deduction?

$2.$ Jamie$$s sister Rache; has an income of $$84,000$ in $2024.$ What is the value of her CPP tax credit? What is the value of her CPP tax deduction?

Calculating Your CPP Retirement Pension

Following the $7$ steps in the example I provided on moodle, determine the retirement pension that would be generated given the following information.

Mrs$.$ Bhomi has no kids and will retire on her $60$th birthday, which is October $31$st$,2022.$ She has worked in Canada since the age of $18.$ Her total adjusted pensionable earnings $($TAPE$)$ and her adjusted TAPE are $$1,832,649\mathrm{.}84$ and $$1,629,352\mathrm{.}92,$ respectively.

The year$$s maximum pensionable earnings $($YMPE$)$ for the past few years is as follows:

Year YMPE

$202468500$

$202366600$

$202264900$

$202161600$

$202058700$

$201957400$

$201855900$

$201755300$

$3.$ What is her monthly CPP Retirement Pension?

$4.$ Her husband, Mr$.$ Bhomi, is $7$ years older than his spouse. They share the same birthday and retire on the same day. What is his monthly CPP Retirement Pension? Assume all other information provided in the question also applies to Mr$.$ Bhomi.

Calculating Your Post$-$Retirement Benefit $($PRB$)$

On January $1$st$,2023,$ Mrs$.$ and Mr$.$ Bhomi return to the workforce. Their CPP pensionable earnings for $2023$ are $$48,500$ each.

$5.$ What is her monthly PRB for $2024?$

$6.$ What is his monthly PRB for $2024?$

Calculating OAS Clawback

On October $1$st$,2023,$ at age $65,$ Steve Austin begins to receive monthly OAS benefits of $$685\mathrm{.}50.$ The minimum income threshold for $2024$ is $$86,912.$ Mr$.$ Austin$$s taxable income for $2023$ is $$110,646.$

$7.$ What would be the amount of the OAS clawback?

$8.$ What is the clawback period?

$9.$ What would be the amount deducted from Mr$.$ Austin$$s OAS cheque during the clawback period?

$10.$ At what level of income would Mr$.$ Austin$$s OAS benefits be reduced to zero?

CPP Credit Splitting

$11.$ It$$s $2024$ and Faaz and Hima have been married for $25$ years. Faaz has contributed to the CPP for $30$ years and can collect the full CPP benefit $$1,364\mathrm{.}60.$ Hima has contributed to the CPP for $20$ years and can collect $40\%$ of the full CPP benefit. They would like to split their CPP pension. What will be their respective CPP benefit amounts after the split?