Question 7 A person would like to retire now and take up CPP pensions. He has started working at the age of 21 and has lived and worked in Canada for the last 40 years until he is 60, which is now. His salary was $25,000 when he started working at 21 and has been increasing by 2% per year for his 40 years career. Calculate his annual CPP income from the government assuming the YMPE started at $30,000 when he started working and the YMPE has been increasing by $1000 per year for the last 40 years. Based your calculations on the CPP system as of 2017. Hint: You should use Excel to calculate the answer. Question 8 For the same person in question '7, how much OAS and GIS benefits would he get when he retires using the 2017 numbers? Assume the person has no other income other than CPP and is single