IFIC (Unit 9 Quiz) UPDATED
ACTUAL Exam Questions and
CORRECT Answers
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Terms in this set (61)
,Two Two government-Sponsored
government- Retirement Programs
Sponsored 1. Old Age Security (OAS)
Retirement - Funded by tax revenue
Programs Means test: when a clients income
1. Old Age exceeds a minimum, OAS benefits
Security (OAS) will be reduced (or "clawed back")
- Funded by 2. Canada Pension Plan
___________ (CPP)/Québec Pension Plan (QPP)
Means test: - Federal program designed to
when a clients provide:
income retirement/survivor/disability/deat
exceeds a h benefits
minimum, OAS - Mandatory contributions made
benefits will be by workers and their employers
reduced (or
"clawed back")
2. Canada
Pension Plan
(CPP)/Québec
Pension Plan
(QPP)
- Federal
program
designed to
,des g ed to
provide:
retirement/survi
vor/disability/d
eath benefits
- Mandatory
contributions
made by
__________ and
____________
_____________ test: Means test:
- When a - When a clients income exceeds
clients income a minimum, OAS benefits will be
exceeds a reduced
minimum, OAS - If income reaches a pre-
benefits will be determined maximum, any earned
reduced OAS pension must be paid back
- If income
reaches a pre-
determined
maximum, any
earned OAS
pension must
be paid back
, Four public Four public pension benefits (of
pension AOS)
benefits (of 1. Old Age Security (OAS) pension
AOS) - Monthly payment (taxable
1. Old Age income)
Security (OAS) - Deferring OAS: Delaying
pension pension payment (for up to 5
- Monthly years) for a higher monthly
payment amount (0.6% monthly increase,
(taxable max of 36% at 70 yo)
income) 2. Guaranteed Income
- Deferring Supplement (GIS)
OAS: Delaying - Tax-free benefit and is paid on
pension top of the OAS pension
payment (for up - GIS payments are reduced by $1
to _______________ for every $2 of base income
years) for a 3. Allowance
higher monthly - Available to low-income
amount (0.6% individuals aged 60 to 64 (stops
monthly after 65th birthday)
increase, max - Must be spouse of a GIS
of 36% at 70 yo) recipient
2. Guaranteed 4. Allowance for the Survivor (tax
Income free)
Supplement - All conditions of "allowance," but
ACTUAL Exam Questions and
CORRECT Answers
Save
Terms in this set (61)
,Two Two government-Sponsored
government- Retirement Programs
Sponsored 1. Old Age Security (OAS)
Retirement - Funded by tax revenue
Programs Means test: when a clients income
1. Old Age exceeds a minimum, OAS benefits
Security (OAS) will be reduced (or "clawed back")
- Funded by 2. Canada Pension Plan
___________ (CPP)/Québec Pension Plan (QPP)
Means test: - Federal program designed to
when a clients provide:
income retirement/survivor/disability/deat
exceeds a h benefits
minimum, OAS - Mandatory contributions made
benefits will be by workers and their employers
reduced (or
"clawed back")
2. Canada
Pension Plan
(CPP)/Québec
Pension Plan
(QPP)
- Federal
program
designed to
,des g ed to
provide:
retirement/survi
vor/disability/d
eath benefits
- Mandatory
contributions
made by
__________ and
____________
_____________ test: Means test:
- When a - When a clients income exceeds
clients income a minimum, OAS benefits will be
exceeds a reduced
minimum, OAS - If income reaches a pre-
benefits will be determined maximum, any earned
reduced OAS pension must be paid back
- If income
reaches a pre-
determined
maximum, any
earned OAS
pension must
be paid back
, Four public Four public pension benefits (of
pension AOS)
benefits (of 1. Old Age Security (OAS) pension
AOS) - Monthly payment (taxable
1. Old Age income)
Security (OAS) - Deferring OAS: Delaying
pension pension payment (for up to 5
- Monthly years) for a higher monthly
payment amount (0.6% monthly increase,
(taxable max of 36% at 70 yo)
income) 2. Guaranteed Income
- Deferring Supplement (GIS)
OAS: Delaying - Tax-free benefit and is paid on
pension top of the OAS pension
payment (for up - GIS payments are reduced by $1
to _______________ for every $2 of base income
years) for a 3. Allowance
higher monthly - Available to low-income
amount (0.6% individuals aged 60 to 64 (stops
monthly after 65th birthday)
increase, max - Must be spouse of a GIS
of 36% at 70 yo) recipient
2. Guaranteed 4. Allowance for the Survivor (tax
Income free)
Supplement - All conditions of "allowance," but
