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

Select one:

True

False

2. Morley is retiring on his 70th birthday. How much of a CPP pension will he receive if he is entitled to the maximum monthly benefit of $700?

Select one:

a. $952

b. $994

c. $765

d. $700

3. 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

4. You have worked for a company for 20 years and it provides a two percent final average earnings defined-benefit plan. Your average income on retirement was $70 000. What will your annual pension be?

Select one:

a. Unknown

b. $35 000

c. $42 000

d. $28 000

5. 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. $398.00

d. $318.40