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 CPP until he turns 69. at age 65. According to Services Canada, if Eric where to apply for OAS and CPP today, he would receive the maximum benefit ($642.25 and $1,2 53.59).

Answer the following questions:

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

2.  If Eric's income producing assets (excluding OAS and CPP) provide Eric with income of $91,000, what is the OAS recovery tax Eric will have to pay? (3 marks)

Answer rating: 100% (QA)

Erics Future OAS and CPP and Recovery Tax 1 OAS and CPP at 69 Since Eric delays applying for OAS and ... View the full answer