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FINA 2 4 8 Review Questions - Unit 1 and 2 In what countries did the baby boom occur? During what years did the baby

FINA 248 Review Questions - Unit 1 and 2
In what countries did the baby boom occur?
During what years did the baby boom occur?
What caused the baby boom?
What are the 6 steps to the financial planning process?
Under which Prime Minister and in what year did OAS begin in Canada?
Joseph and Lisa retained a financial planner. The financial planner met with them and
established a client planner letter of engagement. The planner then gathered all of their
financial information and discussed their retirement objectives thoroughly. A plan was then
written and presented to Joseph and Lisa. What, in order, are the next steps in the process?
What does YBE stand for and how much is it?
What does YMPE stand for and how much is it in 2019?
The year is 2019, Jose works for Bell Canada and earns 55,750. If the YMPE for 2019 is 57,400
how much in contributory earnings did Jose have in 2019?
Andrew earns $89,000 per year as a self- employed carpenter. If the YMPE is $63,000 how much
are Andrew's contributory earnings?
If the year is 2019 how much will Andrew have to contribute to CPP in if his income is $89,000?
Susan is eligible to receive $1200 per month in CPP at age 65. If she retires and takes her CPP at
age 62 how much will Susan receive in CPP per year?
If Susan delavs her CPP to age 68 how much will she receive in CPP per month?
Susan and Mary are a same sex couple that have been married for 30 years. They both
contributed to CPP for 40 years. Mary and Susan decide to split (assign) their CPP benefits. If
Mary is entitled to receive $1000 per month and Susan is entitled to receive $800 per month
how much will each receive in CPP after the assignment process is completed?
Jose and Mario are a same sex couple. They have been married for 20 years and have been
contributing to CPP for 25 years. Jose receives $800 per month in CPP and Mario receives $550
per month in CPP. Please answer the following questions
What percentage of their CPP can be assigned?
How much of Mario's CPP is unassignable?
How much of Jose's CPP is assignable?
What is the total assignable amount?
How much CPP will Mario and Jose receive after the assignment process is complete?
Lorna has pensionable employment earnings of $32,800. If the year's maximum pensionable
earnings are $55,300, what are Lorna's CPP contributory earnings?
Canada Pension Plan benefits are indexed by how much and when?
Flora, who is 64 years of age, enjoys working and sees no reason to retire prior to age 70. If she
does in fact defer collecting her CPP retirement benefits until age 70, by what percentage will
her basic benefit increase relative to Flora collecting her pension at the standard age
(disregard the possibility of a post-retirement CPP benefit)?
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