If You Were 28 Years Old When You Moved to Canada

question 84

Multiple Choice

If you were 28 years old when you moved to Canada and became a resident,at age 65 you would be entitled to

• A)a full OAS pension if your income is below $74 000.
• B)an OAS pension of 27/30 if your income is below approximately $115 000.
• C)an OAS pension depending on your life time YMPE earnings.
• D)an OAS pension of 37/40 if your income is below approximately $74 000.

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Definitions:

Maximum Loan

The highest amount of money that a borrower can obtain from a lender under a specific loan agreement.

Insured

A person or entity covered under an insurance policy receiving protection against specified risks.

Loan Available

The amount of money that a lender is willing to provide to a borrower under agreed conditions.

Life Policy

An insurance agreement that provides financial compensation to a designated beneficiary upon the insured individual’s death.