Which of the Following Applies to the CPP

question 27

Multiple Choice

Which of the following applies to the CPP?

• A)You will collect more total CPP if you claim it at age 60.
• B)The amount you qualify for can be increased by up to 42% if you defer claiming it.
• C)Most Canadians qualify for the maximum CPP retirement income.
• D)It is a tax-free benefit that provides an income of roughly $16 000 per year.

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Definitions:

Gross Profit

The difference between revenue and the cost of goods sold, before deducting overheads, salaries, and other operating expenses.

Net Income

After deducting taxes and expenses from its revenues, the resultant profit of a company.