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1. Mary moved to Canada and became a Permanent Resident at age 40. She worked in Canada now, her age 60, and wishes to retire.
1. Mary moved to Canada and became a Permanent Resident at age 40. She worked in Canada now, her age 60, and wishes to retire. She earns $29,000 annually and has always earned that amount relative to YMPE. She has no other savings. Estimate approximately how much retirement income she would get now (at age 60), and if she worked until age 65 or 70, and fill in the chart below. For both questions assume YMPE is $58,700, maximum monthly CPP is $1,175 and maximum monthly OAS is $613. OAS Claw back is .15/$1 for income above $77,580. OAS CPP GIS Ignore Total Age 60 Annual Income Age 65 Annual Income Age 70 Annual Income
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