1. David and his wife Beatrice has a disabled adult son, Cole, age 21. Last year, David retired after a 30 year career with RPG Inc. David was a member of the firm's defined contribution pension plan (DCPP), and upon retirement, purchased a joint life annuity for $485,000. The annuity was structured with this wife, Beatrice, named as co-annuitant. The annuity has no guarantee period and provides a retirement benefit of $3,000 per month with a 100% survivor option. Last week, David died in a car accident. What of the following statements correctly describes the outcome in this situation? a. Beatrice will continue to receive $3,000 per month for the rest of her life. b. David's DCPP balance can be rolled into Beatrice's RRSP on a tax-deferred basis. c. The remaining balance of the $485,000 can be rolled into an RDSP for Cole on a tax-deferred basis. d. Beatrice's annuity payments will cease if she gets re-mairried 2. Which of the following is true about inflation? a. a. It will always go down in the future. b. Real amounts are amounts that include inflation c. Inflation is not a big concern in retirement planning. d. Future inflation rates are difficult to predict or even estimate. 3. Veronica turns 60 this year and will be entitled to a CPP retirement pension of $900 per month. She decides to begin receiving CPP right away at age 60. a)How much will her monthly pension benefit be? (2 marks) b) What factors should Veronica consider when deciding when is the appropriate time to take CPP? (2 marks)

4. Andrew was recently diagnosed with prostate cancer. Andrew is almost 65, and as a result of this health scare has decided to retire. Andrew's employer has given him a number of options on how he may elect to receive his pension income. Andrew has no children, but he is married and wants to ensure that he provides for his wife during her lifetime. Based on Andrew's objective, what is the best option for him? a. d. Life income pension. b. Joint and survivor pension c. Joint and survivor pension with a guarantee period. d. c. Life income with a guarantee period. 5.Which of the following is true for GIS a. It is reported on your tax return and is taxable income. b. It is reported on your tax return and is not taxable income. c. It is not reported on your tax return and is not taxable income. d. It is not reported on your tax return and is taxable income. 6.Linda has just died. She was a member of a pooled registered pension plan(PRPP),and had named her brother, Ken, as beneficiary on the plan. At the time of death, Linda's PRPP had a balance of $330,000. Linda's will indicates that she wanted any taxes owing on the PRPP to be paid from the assets in the plan itself. Your client, Ken, age 60, is now wondering about any potential tax consequences and what he must do to receive the assets from Linda's plan. Which statement properly describes this situation? a. The estate cannot use the assets in a registered pension plan to cover the tax liability on the de-registration of the fund's assets. b. The $330,000 can be rolled over on a tax-deferred basis into Ken's RRSP. c. $330,000 from the PRPP is included in Linda's final tax return and Ken can receive net proceeds as cash. d. Ken must transfer the $330,000 into a locked-in plan such as a LIRA, LIF, or LRIF. 7.Annie's salary is $50,000. Using a contribution rate of 5.10% with a YMPE of $57,400, her CPP contribution is: a. $2,550.00 b. $2,728.50 c. $2,748.90 d. 2371.50