Eligibility Of Benefits

Prepare a summary, in your own words (NO Copying & Pasting – submissions will be ran plagiarising software), of the most important features of the Canada Pension Plan and the Old Age Security and Guaranteed Income Supplement Plans. Your report should include the following headings followed by an explanation and a table in areas that require any numbers. You are to use the MOST RECENT RULES only. Any other version WILL NOT BE ACCEPTED and result in a zero.CPP: Introduction, types of benefits, eligibility of benefits, contribution levels, tax treatment of contributions and application requirements and deadlines, the rules under which the pensions are calculated (YBE, YMPE, Contribution Rates), portability, survivor benefits, indexation rules and the average and current maximum pensions receivable (in $ per month), and a heading titled “Other” providing an explanation as to how CPP becomes a part of the Financial Planning discussion. Each of these topics should have their own headers. (15 marks)OAS/GIS: Introduction, eligibility conditions, the most recent pension amounts (in $ per month), the indexation rules, the formula and rules on the CRA’s clawback provisions (the government recovers part of OAS from higher income recipients), and a heading titled “Other” providing an explanation as to how OAS/GIS becomes a part of the Financial Planning discussion. Each of these topics should have their own headers. (10 marks)3) You will be required to answer the following questions and show your steps for your calculations based on the information from your analysis (you must show the applicable details for each question; for example YMPE = $, YBE = $, Contribution Rate = %): (2 marks each). Assume the year is 2021.a) Rachel who just turned 28 works for Tech Industries and makes an annual income of $52,000. Calculate total employee and employer contributions.b) Sasha has been employed with Planters Inc. since 2012. She earned a salary of $85,000 this year. Calculate total employer and employee contributions.c) Angela’s dad had hired her to work part time for his business while she was in grade 8. He had her doing some filing and answering phones over the summer and paid her $22,500. Calculate total employee and employer contributions.d) Qui had just turned 18 and made $2,495 while going to school. Calculate total employee and employer contributions.e) Terence is self-employed and made an income of $222,000 this year. Calculate both the employer and employee contribution.f) Franco has a retirement income of $77,500. Calculate his annual OAS claw back amount.g) Jessica has a retirement income of $157,000. Calculate her annual claw back amount.h) Marty has a retirement income of $16,000. Calculate his annual claw back amount.4) List two promises that the Liberal government made in the most recent election that will affect both the CPP and OAS retirement benefits. (One for CPP, and one for OAS). Do you agree or disagree? Support your answer. (4 marks)The primary information source for this project is the Department of Human Resources and Skills Development – Government of Canada (HRSD) / Service Canada. The link below will get you started:http://www.hrsdc.gc.ca/eng/home.shtml.

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