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Hi guys, I need help on the BFIN 341 assignment 1) CPP: Introduction, types of benefits, eligibility of benefits, contribution levels, tax treatment of contributions
Hi guys, I need help on the BFIN 341 assignment
1) CPP: Introduction, types of benefits, eligibility of benefits, contribution levels, tax treatment of contributions and application requirements and deadlines, the rules under which the pensions are calculated (YBE, YMPE, Contribution Rates), portability, survivor benefits, indexation rules and the average and current maximum pensions receivable (in \$ per month), and a heading titled "Other" providing an explanation as to how CPP becomes a part of the Financial Planning discussion. Each of these topics should have their own headers. (15 marks) 2) OAS/GIS: Introduction, eligibility conditions, the most recent pension amounts (in $ per month), the indexation rules, the formula and rules on the CRA's clawback provisions (the government recovers part of OAS from higher income recipients), and a heading titled "Other" providing an explanation as to how OAS/GIS becomes a part of the Financial Planning discussion. Each of these topics should have their own headers. (10 marks) 3) You will be required to answer the following questions and show your steps for your calculations based on the information from your analysis (you must show the applicable details for each question; for example YMPE = \$, YBE = \$, Contribution Rate = \%): (8 marks). Assume the year is 2022. a) Beau who just turned 33 works for Textile Industries and makes an annual income of \$50,200. Calculate both employee and employer contributions. b) Brendan has been employed with Arizona Iced Tea Inc. since 2015. He earned a salary of $76,000 this year. Calculate both employer and employee contributions. c) Harpreet's dad had hired her to work part time for his business while she was in grade 9. He had her doing some filing and answering phones over the summer and paid her $17,500. Calculate both employee and employer contributions. d) Melissa had just turned 18 and made $2,550 while going to school. Calculate both employee and employer contributions. e) Hugo is self-employed and made an income of $226,855 this year. Calculate the total CPP contributions f) Francine has a retirement income of $101,200. Calculate his annual OAS claw back amount. g) Jesper has a retirement income of $165,000. Calculate his annual claw back amount. h) Dave has a retirement income of $66,000. Calculate his annual claw back amount. 4) Fill in the following details in the chart below (4 marks) 5) In 2024 , the CPP plan will be undergoing another major change in terms of calculating a pensioners contribution amount. Explain, in a detailed paragraph, for whom the change will apply, what the change will be, and how it will affect both the employee and employer contributions. Once completed, provide an example of a situation (similar to what you did in question \#3) to demonstrate you understand the calculation. (8 marks)Step by Step Solution
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