17 Richard has just received his first paycheque. He notices a deduction for Canada Pension Plan (CPP) contributions and asks his father to explain the CPP. All of the following statements are true, EXCEPT: O a) For an individual who earns less than the YMPE, the Canada Pension Plan retirement benefit at 65 is calculated as one-third of his or her average pensionable earnings adjusted for inflation. b) The Canada Pension Plan provides monthly pensions to widows, widowers and orphaned children of deceased contributors. Oc) Richard will not make any CPP contributions on income over the YMPE. Od) Richard will not be eligible for any retirement benefits unless he continues to tontribute to the program for at least five years.

17 Richard has just received his first paycheque. He notices a deduction for Canada Pension Plan (CPP) contributions and asks his father to explain the CPP. All of the following statements are true, EXCEPT: O a) For an individual who earns less than the YMPE, the Canada Pension Plan retirement benefit at 65 is calculated as one-third of his or her average pensionable earnings adjusted for inflation. b) The Canada Pension Plan provides monthly pensions to widows, widowers and orphaned children of deceased contributors. Oc) Richard will not make any CPP contributions on income over the YMPE. Od) Richard will not be eligible for any retirement benefits unless he continues to tontribute to the program for at least five years.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter14: Planning For Retirement

Section: Chapter Questions

Problem 4FPE

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