Question
Zoe's annual contributory earnings are $79,673. She is a member of a stepped pension plan with contributory rates of 7% up to the YMPE and
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Zoe's annual contributory earnings are $79,673. She is a member of a stepped pension plan with contributory rates of 7% up to the YMPE and 8.5% above the YMPE. If the YMPE is $55,300, what amount is Zoe required to contribute to her pension plan?
a) $5,379.98
b) $5,577.11
c) $5,942.71
d) $6,772.21
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Akash is a member of a defined contribution pension plan at work. He earns $60,000 a year. His pension plan calls for both him and his employer to contribute 6% of his salary to his pension plan. Calculate his pension adjustment for the current year if the money purchase limit is $24,270.
a) $3,600
b) $7,200
c) $16,500
d) None of the above.
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James earned $80,000 in 2013 and $85,000 in 2014. He has a pension adjustment for 2013 of $7,500. What is his RRSP contribution limit for 2014?
a) $6,900
b) $7,800
c) $14,400
d) $15,300
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