Provide a summary, (NO Copying & Pasting-submissions will be run through plagiarising software), of the most important features of the Canada Pension Plan and the Old Age Security and Guaranteed Income Supplement Plans. Your report should include the following headings followed by an explanation and a table in areas that require any numbers. You are to use theMOST RECENT RULES (2024)only. Any other versionWILL NOT BE ACCEPTEDand result in a zero.

1) CPP:Introduction, types of benefits, eligibility of benefits, contribution levels, tax treatment of contributions and application requirements and deadlines, the rules under which the pensions are calculated (YBE, YMPE, Contribution Rates), portability, survivor benefits, indexation rules and the average and current maximum pensions receivable (in $ per month), and a heading titled "Other"providing an explanation as to how CPP becomes a part of the Financial Planning discussion.Each of these topics should have their own headers. (15 marks)

2) OAS/GIS:Introduction, eligibility conditions, the most recent pension amounts (in $ per month), theindexation rules, the formula and rules on the CRA's clawback provisions (the government recovers part of OAS from higher income recipients), and a heading titled"Other"providing an explanation as to how OAS/GIS becomes a part of the Financial Planning discussion.Each of these topics should have their own headers. (10 marks)

3) You will be required to answer the following questions andshow your stepsfor your calculations

based on the information from your analysis (you must show the applicable details for each question; for example YMPE = $, YBE = $, Contribution Rate = %):(8 marks). Assume the year is 2024.

a) Monica who just turned 34 works for Farber Corp and makes an annual income of $32,500. Calculate both employee and employer contributions.

b) Leo has been employed with Nitro Corp since 2016. He earned a salary of $84,000 last year and $104,000 this year. Calculate both employer and employee contributions.

c) Gina, 13, works for the family business. Her responsibilities include filing and answering phones. This year she earned $17,900. Calculate both employee and employer contributions.

d) Peter had just turned 18 and made $4,650 while going to school. Calculate both employee and employer contributions.

e) Viktor is a sole proprietor earning an income of $407,850 this year. Calculate the total CPP contributions for the year.

f) Markus has a retirement income from all his sources totaling of $97,550. Calculate his annual OAS claw back amount.

g) James has a retirement income of $168,100. Calculate his annual OAS claw back amount. h) Vader has a retirement income of $77,000. Calculate his annual OAS claw back amount.

4) Fill in the following details in the chart below (4 marks) Old Age Security

How are benefits funded?
What are the two main qualifying criteria for each program?
Do I have to apply or does the government send me a cheque?
Are benefits taxable?
Are benefits annually adjusted for inflation?
Can benefits be clawed back?
If one program were to be discontinued, which one would it likely be and why?

5) Currently, Alberta is considering removing itself from the Federally governed CPP and operating a similar under its own jurisdiction (APP). Provide a table listing 4 advantages and four disadvantages of a decision to move towards the APP. Finally, in your own words, provide what do you think is the best move for Alberta, to stay in the CPP or move towards the APP.(3 marks)

This link will get you started:

https://www.canada.ca/en/employment-social-development/services/my-account/cpp-oas.html

Citation/Referencing http://libguides.sait.ca/apa