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Q1. Which of the following best describes a budget-based financial plan? Identifies the amount of money you are able to allocate towards savings on a
Q1. Which of the following best describes a budget-based financial plan?
- Identifies the amount of money you are able to allocate towards savings on a regular basis.
- Determines your income goal at retirement, then what amount you will need at retirement.
- Calculate what you need to save to obtain your desired retirement income.
- Calculate amount that you can afford to save based on current income
Q2. Tony earned $80,000 last year, and there was a $4,800 pension adjustment. He will earn $84,000 this year. How much can he contribute to his TFSA this year, and what is his taxable income this year?
Q3: f Anastasia owns a home worth $1,500,000 and she purchases a $750,000 annuity with the proceeds of the reverse mortgage, how will the earned income be taxed?
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