Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Chris and Krista have been married for 35 years and both will be turning 65 at the end of November 2023. Krista is the CEO

Chris and Krista have been married for 35 years and both will be turning 65 at the end of November 2023. Krista is the CEO of the company that she founded upon graduating from university. This took enormous energy and travel time to run both Montreal and Toronto offices. She delayed having children until she was 36 years old (twins Gerry and Mary who are now 29 years old). Chris and Krista have always lived in Quebec. Chris never worked and was a stay-at-home dad, taking care of their two children growing up and now taking care of their grandchildren. Chris and Krista need your help regarding the following questions. Highlight and underline the correct response: g) Will Chris be eligible for Old Age Security (OAS) at age 65? Yes or No h) Will Chris be eligible for Quebec Pension Plan (QPP) at age 65? Yes or No i) Is Chris eligible to contribute to a Tax-Free Savings Account? Yes or No j) Is Chris eligible to contribute to a Registered Retirement Savings Account (RRSP)? k) Yes or No l) Krista had not decided when to retire but as they just bought a yacht, she is tempted to retire now and sail throughout the Caribbean in December. Krista knows that she is eligible to receive the maximum QPP at age 65 and wants to know what the monthly amount would be if she applied for her QPP pension benefit in 2023? Assume she is not part of the enhanced plan for 2024. $_______________. m) Knowing that the OAS clawback threshold is $90,997 for 2024, how much would Krista keep of her OAS if her retirement income, including her OAS pension for 2024 was $130,000 in total? Assume no deductions. The OAS clawback rate is 15% and the maximum monthly OAS amount at age 65 is $707.68. n) Kristas best friend, Anna, is also aged 65. In January 2024, it will have been 30 years since Anna moved to Canada from the United States. Anna knows the maximum monthly OAS amount in 2024 at age 65 is $707.68 but does not know how much monthly OAS she would qualify for?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Principles of Accounting

Authors: Needles, Powers, crosson

11th Edition

1439037744, 978-1133626985, 978-1439037744

More Books

Students also viewed these Accounting questions

Question

Discuss the importance fo Group Technology in CIM.

Answered: 1 week ago

Question

2. What steps lead to the initiation of a voluntary movement?

Answered: 1 week ago