OAS Pension Benefits
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Determine how each of the factors may impact the amount of an OAS pension.1
- Age at which it is commenced
- Length of residency in Canada
- Inflation as measured by the Consumer Price Index (CPI)
- Identify the current annual maximum OAS pension payable.2
- Explain the automatic increase in OAS pension that begins at age 75.3
- Estimate an OAS pension.
- Explain the impact of deferring the OAS pension.4
- Estimate the impact of deferring the OAS retirement pension.5
- Explain the tax treatment of receiving OAS pension income.
- Explain the OAS Pension Recovery tax (i.e., the OAS clawback)
- Definition of net income for OAS pension recovery tax purposes
- Minimum and maximum income recovery thresholds
- Pension recovery tax rate.
- Estimate the OAS Pension Recovery Tax.
- Define an OAS Return of Income as required by the Canada Revenue Agency (CRA).6
- Determine how each of these factors may impact the decision of when to commence receiving the OAS pension:
- Income requirements
- Income and OAS Pension Recovery Tax impact
- Impact on GIS and Allowance eligibility
- Stability of income
- Life expectancy
- Tax impact
- Individual attitudes
- Evaluate how each of the factors may impact the decision of when to commence receiving the OAS pension.
REFERENCES
1 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html
2 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html
3 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html
4 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html
KNOWLEDGE EXPECTED OF: CFP® Professionals
Highest Knowledge Level: Evaluation
Knowledge Levels and Associated Verbs
|
Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
|
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
|
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
|
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
|
||||||
|---|---|---|---|---|---|---|---|---|---|
|
Define
To state exactly the meaning of
|
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
|
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
|
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
|
Compare
To note the similarities and differences between two or more things
|
Estimate
To determine an approximate value for
|
Calculate
To find the value using mathematics
|
Convert
To change from one form or purpose to another
|
Evaluate
To reach a conclusion or make a through careful study
|
Interpret
To give the meaning of / to construe or understand / to translate orally
|
Hold cursor over or click on each term to read its definition.
- Determine how each of the factors may impact the amount of an OAS pension.1
- Age at which it is commenced
- Length of residency in Canada
- Inflation as measured by the Consumer Price Index (CPI)
- Identify the current annual maximum OAS pension payable.2
- Explain the automatic increase in OAS pension that begins at age 75.3
- Estimate an OAS pension.
- Explain the impact of deferring the OAS pension.4
- Estimate the impact of deferring the OAS retirement pension.5
- Explain the tax treatment of receiving OAS pension income.
- Explain the OAS Pension Recovery tax (i.e., the OAS clawback)
- Definition of net income for OAS pension recovery tax purposes
- Minimum and maximum income recovery thresholds
- Pension recovery tax rate.
- Estimate the OAS Pension Recovery Tax.
- Define an OAS Return of Income as required by the Canada Revenue Agency (CRA).6
- Determine how each of these factors may impact the decision of when to commence receiving the OAS pension:
- Income requirements
- Income and OAS Pension Recovery Tax impact
- Impact on GIS and Allowance eligibility
- Stability of income
- Life expectancy
- Tax impact
- Individual attitudes
- Evaluate how each of the factors may impact the decision of when to commence receiving the OAS pension.
REFERENCES
1 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html
2 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/payments.html
3 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html
4 https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/benefit-amount.html
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