Worth 15 Marks answer accordingly

Liza is 62 years old. Liza retired from her job at a retail store 5 years ago and she has been collecting Canada Pension Plan (CPP) since age 60. Over the past 2 years Liza only source of income has been CPP as she has no Employer Pension Plan or RRSP. Liza supplements her cash flow by withdrawing $1,500 per month from her TFSA.

Noting that she has been draining her TFSA over the past 5 years, Liza decided to go back to work last month.

REQUIRED

1. Explain how Lizas new job and employment income will impact her situation, with regards to her CPP receipts and payments.
2. Explain Lizas options when she reaches age 65, assuming that she is still working at that time.