Financial Services _Çô Client Services RFC126 Lecture Notes - Lecture 9: Old Age Security, Income Splitting, Mutual Fund

• School: Seneca College
• Department: Financial Services _Çô Client Services
• Course: Financial Services _Çô Client Services RFC126
• Professor: marie

Document Summary

Government pensions: cpp/qpp (2013 max ,012/month) i. contribute from 18 to retirement (70) on income from ,500 to ,100 (ympe) (2013) 4. 95% employee & 4. 95% employer ii. start receiving benefits between 60 & 70 years, 65 is norm iii. designed to replace 25% of pre-retirement income iv. benefits reduced 0. 6%/month for each month started before 65, increase by. 0. 7%/month for every month started after 65 v. benefits fully indexed to inflation: also survivor, disability & death benefits (,500, old age security (oas) (2013 max /month) 40 years" residence in canada after 18 years (for max), 10 years continuous residence in. Available to recipients of oas, subject to income test: meet oas conditions, to the poorest seniors, hence income test. Supplement reduced by for each full of other monthly income over & above. If you receive oas & gis & spouse is between 60 & 64 & meets residency requirements. Allowance (2013 max . 037) & survivor allowance (2013 max ,161)