Textbook Notes (368,588)
Canada (161,988)
Business (2,391)
BU353 (31)
Chapter 16

Chapter 16.docx

2 Pages
84 Views
Unlock Document

Department
Business
Course
BU353
Professor
Heather Graham
Semester
Fall

Description
Chapter 16 Retirement PlanningRetirement planning is the process used to ensure that sufficient financial resources are available to provide support when paycheques stopThe retirement benefit as a percentage of preretirement salary is called the replacement ratio When a retirement plan qualifies for favorable tax treatment it is called a registered planThe two important aspects of the Income Tax Act that have the greatest influence on the accumulation of retirement savings arecontributions to registered plans are tax deductible at the time they are madeinvestment earnings on assets held in registered plans are not taxed until they are receivedThe Old Age Security OAS system is financed from the federal governments general tax revenuesEligibility for the OAS is limited to persons considered residents of Canada under Canadas Income Tax Act and its benefits are fully indexed to inflationRecipients must include the basic OAS pension in their taxable income when determining the amount of federal and provincial income tax they paySome of the largest tax implications in the existing OAS system are found in its clawbacksincome tested benefit reductions for higher income taxpayersThe Guaranteed Income Supplement GIS is a welfare program designed to support low income seniorsThe Canadian Pension Plan CPP is the primary element of the soc
More Less

Related notes for BU353

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit