FINA 200 Lecture Notes - Lecture 10: Savings Account, Registered Retirement Income Fund, Reverse Mortgage

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Old age security (oas): this is a monthly pension payment available to old people of 65 and up. If you lived in canada for 40 years since tunring 18 you receive full oas benefit. If you lived in canada for less than 40 years, but more than 10 years since turning 18, you get partial oas benefit. Oas offers inflation protection; it is adjusted every quarter for inflation. Oas claw back: if your income exceeds certain amount, then the benefits you receive from oas will be subject to clawback (15%) Ex: the minimum income threshold in 2017 is74 788$, so if sally"s net income is 80 000$, then she would have to repay some of the oas benefits and this amount would be 15% of (80 000 -74. Deferring old age security: you can defer your oas pension benefits for up to 5 years after you are eligible.

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