- Internal Code :
- Subject Code : FIN1035
- University : George Brown College
- Subject Name : Accounting and Finance
Retirement Planning - Question 1
Your spouse's current balance of RRSP is $45,000. Alejandro was 62 years old on December 31, 2027. For 2028, the minimum RRIF withdrawal amounts are:
$45,000 (FMV on January 1)/ (90-62) = $1,607.14
Retirement Planning - Question 2
For the spouse's RRIF, the Income Entitlement Rule applies to excess funds. Therefore, in Alejandro, because he's taking out $5,000, he's over 1,607.14, the minimum annual withdrawal amount, which causes a problem with belonging.
The status of income for a donor spouse (Mercedes) is as follows:
$ 5,000-$ 1,607.14 = $ 3,392.86
Retirement Planning - Question 3
Some companies provide special lump-sum payments to senior executives who have worked for the company as a long-time loyal employee at the time of retirement.
Retirement Planning - Question 4
The eligible portion of the retirement benefit must be transferred directly to the employee's RRSP or RPP without tax. This is not determined or affected by the employee's regular RRSP contribution room. Transferring the retirement money directly to the RPP can result in a pension adjustment (PA) that can affect the RRSP deduction limit for employees in subsequent years. Employees cannot transfer part of eligible retirement payments directly to their spouse or common law partner RRSP.
Retirement Planning - Question 5
Transferring a retirement directly to the RPP can result in a pension adjustment (PA) that can affect the subsequent RRSP deduction limits. Contact your plan administrator for more information. In addition, if you were over 71 at the end of the tax year, you cannot remit the amount to RRSP.
Retirement Planning - Question 6
RRSP Contribution Limit is the maximum amount that taxpayers can deposit in RRSP every year. The contribution limit is specific to you as well as will take into account the limitation of this year's deductions as well as any previous unused donations from the previous year.
Retirement Planning - Question 7
The employee is now 37 years old. With an annual income of 52,000 dollars, the next 28 years are expected to have a 1% raise at the end of each year. Employees decide to contribute 6% of their annual income to the retirement plan at the beginning of each year for the next 28 years.
Retirement Planning - Question 8
Assume logit= b0+ b1* independent variable1+ b2* independent variable 2 , take values of b0=0.1, b1=0.1, b2=0.1, note that these values of b0, b1 and b2 are just taken for calculation, one could assume any values here for bo , b1 and b2
logit as -14.72+ 89.83* 0.11+ 8.37*0.6
The value is $ 9248.
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