Question: Eric is 65 years old. Over the years, Eric has been able to amass a number of income-producing assets. As a result, Eric plans on

Eric is 65 years old. Over the years, Eric has been able to amass a number of income-producing assets.

As a result, Eric plans on delaying the receipt of OAS and CP until he turns 69. at age 65. According to Services Canada, if Eric where to apply for AS and CP today, he would receive the maximum benefit ($642.25 and $1,253.59).

Answer the following questions:

If Eric applies for OAS and CPP when he turns 69, how much would he receive? (4 marks)

If Eric's income producing assets (excluding AS and (PP provide Eric with income of $91,000, what is the OAS recovery tax Eric will have to pay?

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