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Question 1. If bob retires at age 60 and take his CPP at age

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Question 1. If bob retires at age 60 and take his CPP at age 60 how much per month CPP will bob receive?2. Mary intends on working to age 67 because she loves her job. How much CPP will she receive at age 67?3. Assume Bob and Mary decide to both retire at age 65. If they assign their CPP benefits how much will each receive in CPP? How much Mary’s assignable portion for her CPP? 4. How much RRSP room will Bob have for 2020?5. How much RRSP room will Mary have for 2020?6. What is Mary’s TFSA room for 2020?7. Should Mary contribute to a personal RRSP or a Spousal RRSP? Why?8. At age 65 what percentage of OAS will Bob and Mary receive? Why?9. Bob is a good candidate for an IPP and why?10. Assume Bob and Mary are both retired. The year is 2030. Assume they are both receiving $800 per month in OAS. Bob’s income in 2029 was $120,000 and Mary’s was $100,000. Bob’s income in 2030 was $125,000. Mary’s income in 2030 was $105,000. If the OAS Threshold for 2030 is $80,000 how much OAS will Bob and Mary receive?11. Bob’s RRSP consists of the following investments.Mutual Funds Canadian Stocks Government of Canada Bonds Futures Commodity Contracts12. Are all of these investments eligible to be part of an RRSP portfolio? If not which one(s) are ineligible?13. Assume the year is 2025. Bob has retired and is now 62 years of age. As of January 1, 2025, his RRSP was valued at $530,000. Bob converted his RRSP to an RRIF at the beginning of 2025. How much is the minimum RRIF withdrawal in that year?14. Mary contributed to a Spousal RRSP for Bob in 2024. The amount of that contribution was $15,000. The value in 2025 was $16,000. Bob decided to cash in the entire Spousal RRSP to buy a car. Who would pay the tax on the $16,000 withdrawal and why?15. Bob and Mary had a retirement plan completed by a professional financial planner in 2019. In that plan, the advisor recommended various strategies that would allow Bob and Mary to live out their retirement in comfort and with little to worry about in terms of money. Bob and Mary are now in their mid 80’s and are starting to run out of money. They have not seen their financial advisor in 10 years. What step in the financial planning process did their advisor fail to follow? Image transcription textThe year is 2019. Bob and Mary Smith have been married for 30 years and have resided in Canada their entirelives. Bob is a self-employed accountant who earned $150,000 in 2019. Mary is a VP at a large toy companyand earned $220,000 in 2019. Bob and Mary have two children, Max and Bob Jr. Both children ha… Show more… Show more AccountingBusinessFinancial Accounting

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