Most Canadians Rely to Some Extent on the Retirement Income

question 18

Multiple Choice

Most Canadians rely to some extent on the retirement income system,which is based on established pillars.Which pillar's goal relied on a mandatory contribution from workers and their employers to make during their working years?

• A)Pillar 1: Old Age Security (OAS)and Guaranteed Income Supplement (GIS)
• B)Pillar 2: The Canada Pension Plan (CPP)
• C)Pillar 3: Private pension plans and savings
• D)Pillar 3: Workplace pension plans and savings

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Definitions:

Executed

Completed or carried out; in legal terms, it can mean a contract or document that has been signed and made legally binding.

Contingent

Depending on certain conditions or circumstances.

Unilateral

Pertaining to an action or decision made by one party without agreement or consultation with others.

Executory

Pertaining to a contract or deal that has not yet been completed or fully executed by all parties involved.