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Government Benefits Flashcards

1
Q

What happens when you over contribute to CPP

A

You receive it back

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2
Q

2019 OAS clawback threshold

A

$77,580

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3
Q

6 reasons a client will cease getting GIS

A
  • not filing taxes
  • leaves Canada for more than 6 consecutive months
  • net income above threshold ($18,408)
  • incarcerated in Federal prison for over 2 years
  • passes away
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4
Q

Is CBB taxed

A

No

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5
Q

What age are CBB payments the highest

A

Under 6

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6
Q

EI premium for self employed

A

1.62%

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7
Q

What income is deducted from EI sickness benefits 3

A
  • employment/ self employment income
  • payments from group health insurance
  • retirement pension income
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8
Q

Income that has no effect on EI sickness benefits

A
  • disability benefits
  • survivor benefits
  • retroactive salary increases
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9
Q

What benefit does extended parental benefits pay

A

33% of eligible earnings up to maximum of $337

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10
Q

6 types of EI special benefits

A
  • maternity
  • parental benefits
  • sickness
  • compassionate care
  • family caregiver benefits for children
  • family caregiver benefits for adults
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11
Q

Exchange rate for foreign pension received

A

Bank of Canada’s annual exchange rate

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12
Q

When can clients apply for CPP

A

One months after 59th birthday

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13
Q

CPP applicants can apply to share pension with spouse, this will cease under certain situations 4

A

Both partners request
Divorce
Partner who never contributed starts contributing
One partner dies

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14
Q

CPP Credit split

A

If separated or divorced can apply to have credits split, even if one never contributed
Based on number of years together

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15
Q

Can COP benefits be canceled

A

Yes up to six months after starting

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16
Q

CPP drop out provision

A

Remove worst earning 8 years

- also child rearing until 7; 5 years for adoption

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17
Q

How early can CPP start

A

60

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18
Q

Are CPP benefits taxable

A

Yes

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19
Q

Taxation of CPP employee contributions

A

Eligible for non refundable tax credit

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20
Q

Taxation of CPP contributions of self employed

A

Half contributions receive non refundable tax credit

Other have get tax deduction

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21
Q

Are CPP children benefit taxable

A

Yes to child

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22
Q

How much does OAS increase if delayed past 65

A

0.6% per month, maximum 36%

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23
Q

OAS clawback and upper limit

A

$77,580

$125,937

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24
Q

How much are you required to pay for OAS clawback

A

15% of income above threshold

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25
In order to receive GIS
You must be getting OAS
26
GIS income for individual and combined
$18,408 | $44,112
27
Is OAS taxable
Yes
28
Residency requirements for OAS and CPP
- in Canada, need to have lived here for more than 10 years after 18 - outside Canada, need to have lined here for at least 20 years after 18 - may get it if lived in another country with Canada agreement and contributed
29
What is GIS tied to and when is it updated
Tied to CPI, may increase but never lowered | update every 3 months
30
Reasons GIS would stop 4
Income increase Leave Canada for longer than 6 months Didn’t file taxes Sentence to prison for over 2 years
31
OAS allowance
Spouse or common law partner of OAS recipient can receive this from 60 to 64
32
Eligible individuals can receive OAS allowance from 60 to 64 unless. 5
``` Divorce or separate Income increase Leave Canada for longer than 6 months Prison for over 2 years Haven’t filed taxes ```
33
If OAS beneficiary dies while spouse is 60 to 64
Spouse can receive allowance for survivor benefit
34
Is CCB taxable
No
35
Requirements for CCB 4
Live with Child under 18 Resident of Canada File taxes even if no income Canadian citizen (or spouse)
36
What CCB is based on 5
``` Number of kids Age of kids $550 under 6, $465 over Adjusted family income Marital status - if married joint income. Rate of inflation ```
37
How is adjusted family income calculated for CCB
Net income minus RDSP income, plusRDSP income repaid | Under$31,120 not reduced
38
How to get CCB
Apply at birth to provinces
39
Is child disability benefit taxed
No
40
CDB income threshold
$67, 426
41
What is the annual rate of EI premiums
1.62%. Maximum $860.22 for year
42
Taxation of EI premiums paid
Tax credit
43
When can you get EI benefits
Without work for 7 days in 52 weeks
44
5 reasons not eligible for EI
- left job - dismissed for conduct - unemployment resulting from labour dispute - on leave with previously earned compensation - jail
45
To get EI must remain in country. Except if leaving for less than 7 days due to. 4
Funeral Accompanying family member for medical not available in Canada Visiting ill family Job interview
46
What’s max EI can last
45 weeks
47
What are EI benefits based on
Insurable earnings Regional rate of unemployment Required number of best earnings weeks
48
What is the regional rate of unemployment used for
Determine number of best earnings weeks and calculate hours applicant must have worked last year (420 - 700) Highest unemployment = best 14 weeks Lowest unemployment = best 22 weeks
49
Maximum annual insurable earnings
53,100
50
When do EI benefits and sickness start
28 days after application is accepted
51
Who can apply for EI sickness benefit
Weekly earnings reduced by 40% if worked over 600 hours in last year
52
How long do EI sickness benefits last
15 weeks
53
Can you leave Canada on EI sickness benefits
Only for medical treatment
54
How long can maturity benefit last
15 weeks
55
How long are standard parental benefits
40 weeks
56
What is the maximum that one parent can take off
35 weeks
57
How long are extended parental benefits
69 weeks although one parent can not receive more than 61weeks
58
How long can caregiver benefits last
26 weeks if end of life care needed 35 weeks if critically ill child 15 weeks if critically ill adult
59
What is the benefit for extended parental leave
33% earnings $337 per week max
60
How is foreign pension taxed
Income reported on income tax in Canadian $ If tax treaty with country, then can claim tax credit for foreign

QAFP (12 decks)

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