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QAFP > Government Benefits > Flashcards

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
Q

In order to receive GIS

A

You must be getting OAS

26
Q

GIS income for individual and combined

A

$18,408

$44,112

27
Q

Is OAS taxable

A

Yes

28
Q

Residency requirements for OAS and CPP

A
  • 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
Q

What is GIS tied to and when is it updated

A

Tied to CPI, may increase but never lowered

update every 3 months

30
Q

Reasons GIS would stop 4

A

Income increase
Leave Canada for longer than 6 months
Didn’t file taxes
Sentence to prison for over 2 years

31
Q

OAS allowance

A

Spouse or common law partner of OAS recipient can receive this from 60 to 64

32
Q

Eligible individuals can receive OAS allowance from 60 to 64 unless. 5

A 
Divorce or separate 
Income increase 
Leave Canada for longer than 6 months 
Prison for over 2 years
Haven’t filed taxes
33
Q

If OAS beneficiary dies while spouse is 60 to 64

A

Spouse can receive allowance for survivor benefit

34
Q

Is CCB taxable

A

No

35
Q

Requirements for CCB 4

A

Live with Child under 18
Resident of Canada
File taxes even if no income
Canadian citizen (or spouse)

36
Q

What CCB is based on 5

A 
Number of kids
Age of kids $550 under 6, $465 over
Adjusted family income 
Marital status - if married joint income. 
Rate of inflation
37
Q

How is adjusted family income calculated for CCB

A

Net income minus RDSP income, plusRDSP income repaid

Under$31,120 not reduced

38
Q

How to get CCB

A

Apply at birth to provinces

39
Q

Is child disability benefit taxed

A

No

40
Q

CDB income threshold

A

$67, 426

41
Q

What is the annual rate of EI premiums

A

1.62%. Maximum $860.22 for year

42
Q

Taxation of EI premiums paid

A

Tax credit

43
Q

When can you get EI benefits

A

Without work for 7 days in 52 weeks

44
Q

5 reasons not eligible for EI

A
  • left job
  • dismissed for conduct
  • unemployment resulting from labour dispute
  • on leave with previously earned compensation
  • jail
45
Q

To get EI must remain in country. Except if leaving for less than 7 days due to. 4

A

Funeral
Accompanying family member for medical not available in Canada
Visiting ill family
Job interview

46
Q

What’s max EI can last

A

45 weeks

47
Q

What are EI benefits based on

A

Insurable earnings
Regional rate of unemployment
Required number of best earnings weeks

48
Q

What is the regional rate of unemployment used for

A

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
Q

Maximum annual insurable earnings

A

53,100

50
Q

When do EI benefits and sickness start

A

28 days after application is accepted

51
Q

Who can apply for EI sickness benefit

A

Weekly earnings reduced by 40% if worked over 600 hours in last year

52
Q

How long do EI sickness benefits last

A

15 weeks

53
Q

Can you leave Canada on EI sickness benefits

A

Only for medical treatment

54
Q

How long can maturity benefit last

A

15 weeks

55
Q

How long are standard parental benefits

A

40 weeks

56
Q

What is the maximum that one parent can take off

A

35 weeks

57
Q

How long are extended parental benefits

A

69 weeks although one parent can not receive more than 61weeks

58
Q

How long can caregiver benefits last

A

26 weeks if end of life care needed
35 weeks if critically ill child
15 weeks if critically ill adult

59
Q

What is the benefit for extended parental leave

A

33% earnings $337 per week max

60
Q

How is foreign pension taxed

A

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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