Canada Pension Plan B. Old Age Security C. Registered Pension Plan (DB and DC) D. Individual Pension
Question:
Canada Pension Plan B. Old Age Security C. Registered Pension Plan (DB and DC) D. Individual Pension Plan E. Deferred Profit Sharing Plan F. Registered Retirement Savings plan G. Tax free savings account
Part 1: Answer the following based on the above mentioned terms:
1. What is it? 2. How does it work? (pre and post retirement benefits, survivor benefits (if any) etc.) 3. Who can participate? 4. What are the eligibility criteria for each participant 5. What are the key differences/attributes that make it a unique retirement plan option 6. How do you determine the eligible amount for contribution calculated for each plan and is there a formula? a. Demonstrate the formula in an example
Part 2:
A. Registered Retirement income fund (RRIF) B. Lifeincome funds (LIFs) C. Locked-in RIFs(Retirement Income fund)
Based on the above mentioned terms:
1. Briefly explain the differences and under what circumstances a RRIF, LIFs and Locked-in-RIFs can be used as a distribution option? 2. How does Spousal-RRSP work? 3. Explain briefly the home buyers plan(HBP), if you were asked about it by a relative who wants to buy a house a. What happens if the funds are not repaid under the home buyers plan?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill