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Lecture 12

INFO 16029 Lecture 12: Week 12 Finance

6 Pages

Faculty of Applied Science & Technology
Course Code
INFO 16029

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Week 12 Finance April 3 2017 Note takers: Monique and Andrea PART 1 Andrea Its a matching pension. You will notice this later on when you start working more hours, there is a maximum income you cap CPP on and they leave it at that. CPP payments will seem to decrease. S: is it possible to take all the amount off at once T: of the government pension plan? No S2: you wouldnt want to take that as a lump sum, lots of tax. If you take it out if that option is available, it would be considered your income T: the idea is we as human beings are not great at planning. Living is expensive, housing is expensive. We arent good at saving, this is a government way to save for you. If anyone is from Quebec, this whole program exists and its called the Quebec Pension Program. Another thing: if you make under 30 thousand a year, this is your yearly basic exemption. You dont pay CPP if you make this. If you're working full time and making less than 35 thousand you have problems. Whos taking their CSC? No one? If you're taking that you need to know these figures. Anyone want to start their own company? You get to pay your portion and the portion for the company. Even if you're self employed. Disability, survivor and Death Benefits under CPP/QPP CPP has that same kind of survivor benefit, this is usually for the spouse. There is also a disability benefit associated with this. If you could no longer work at a job there is a disability benefit funded through the CPP that will help to support you. If that does happen there is a safety net. If youve been contributing and cant work anymore there is a pension plan that comes for you. It can be more than just a spouse. Its a dependent, maybe a disabled child who requires part of that income. Its not just spouses, but that is most common of course. And death benefit, you have to apply for this. Its part of the CPP program, the idea behind it was to help people pay for funerals. Maximum 25 hundred dollars. Itsbeen this sum for as long as I can remember. What does a funeral cost these days? Good luck under 10. Its expensive. The 25 hundred doesnt come close to covering the funeral but you know this benefit is out there to apply for. It can help a little bit. Thats CPP, each comprised of four different elements. S: a funeral cost 4 thousand dollars T: Let me see the site. I have friends who are funeral directors, that is what they want to be called. Employer Pension Plan Benefits One of the benefits is it grows tax free. One really big benefit is most of the time companies also contribute. Thats a god deal, if someone wants to fund your retirement. They are creditor proof as well, in case you were sued. They are separate from your personal assets. What you see when you get a job, one thing will be regarding pension plans. Right at the top it will say what plan it is: Defined Benefit Pension Plan (DBPP) The titles they are given is exactly what they are. These used to be very popular, they are much less so now. If I am a company and you all retire and I give you 1000$/month. But lets say our company didnt
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