One difference between CPP and OAS is that Select one: a. OAS has no survivor benefit. b. OAS is covered by a separate account in government revenues. c. CPP is a taxpayer-funded benefit program. d. CPP can be taken early at a reduced amount.

Question 12 A self-employed individual pays Select one: a. both the employer and the employee CPP contributions, or about 7.6 percent. b. both the employer and the employee portions of CPP deductions, or about 9.9 percent. c. the same CPP contributions that an employee would pay. d. both the employer and the employee CPP contributions plus an OAS premium.

Question 13 Morley is retiring on his 66th birthday. How much of a CPP pension will he receive if he is entitled to the maximum monthly benefit of $863.75? Select one: a. $941.49 b. $811.93 c. $863.75 d. $936.31

Question 14 The amount of income you receive from Old Age Security when you retire is dependent on the number of years you were a resident of Canada, a minimum of 10 to a maximum of 40 for full benefits. Select one: True False Question

15 Defined-contribution employer-sponsored retirement plans provide you with a specific amount of income when you retire, based on factors such as your salary and years of employment. Select one: True False

Question 16

Rollie is entitled to a partial CPP benefit of $778. If inflation is 3 percent, what will he receive monthly in two years?

Select one:

a. $819.763

b. $801.34

c. 931.64

d. $825.38

Question 17

Self-employed individuals pay the employee and employer portions of CPP, totalling 9.9 percent on earnings over the YBE and below the YMPE.

Select one:

True

False

Question 18

Luigi and Maria are 65 and have been married for 20 years. Luigi is entitled to a CPP pension of $796 per month. He has been working and paying into CPP ever since he came to Canada 25 years ago. How much of his CPP can he allocate to Maria, who did not work at all?

Select one:

a. $636.80

b. $796.00

c. $318.40

d. $398.00

Question 19

Old Age Security income will be clawed back or reduced if you earn more than $35,000 in retirement.

Select one:

True

False

Question 20

If the average income in Canada maintains a 2.5 percent annual growth rate, how much will the YMPE be in four years? YMPE is $43 700.

Select one:

a. 47 752

b. $43 700

c. $48 236

d. $47 060