Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Ednaworked part-time her whole life as a seamstress and has no savings. Her husband Donald had beenworking as a greeter at the local box store until his death 2 months ago at the age of 67. Since hispassing, Edna has been struggling financially.She would like to know which of the following organizations will immediately pay her a benefit?Select one correct answer from the list1. Workers' Compensation.2 Old Age Security (OAS) allowance for surviving spouse3. Canada Pension Plan (CPP) survivor benefits.4.She will not receive any benefit.ΟΟΟ Amal, a dentist with her own practice, earns $175,000 yearly and has an excellent credit score. Sheowns a $250 000 whole life insurance policy with a cash surrender value of $105 000. As she sets outto remodel her kitchen, Amal discovers that her house is in urgent need of major renovations estimatedto cost $60 000. She would like to use the money in her life insurance policy to fund the renovations.Which of the following solutions would be the best option for her?Select one correct answer from the list1. Use the policy's cash value as collateral for a loan from a third party.2.3.4.Obtain a policy loan from her life insurance company.Withdraw funds from her cash value.Reduce her death benefit to gain access to a portion of her cash value.00

OAS and CPP are two important Canadian programs that assist seniors: Starting at the age of 65, OAS…

Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Edna worked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit? Select one correct answer from the list 1 Workers' Compensation. 2 Old Age Security (OAS) allowance for surviving spouse 3. Canada Pension Plan (CPP) survivor benefits. 4. She will not receive any benefit. 4 ΟΟΟΟ

Edna is a 62-year-old widow living in Quebec. She meets with Yolanda, her insurance agent. Edna worked part-time her whole life as a seamstress and has no savings. Her husband Donald had been working as a greeter at the local box store until his death 2 months ago at the age of 67. Since his passing, Edna has been struggling financially. She would like to know which of the following organizations will immediately pay her a benefit? Select one correct answer from the list 1 Workers' Compensation. 2 Old Age Security (OAS) allowance for surviving spouse 3. Canada Pension Plan (CPP) survivor benefits. 4. She will not receive any benefit. 4 ΟΟΟΟ

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter10: Individuals: Income, Deductions, And Credits

Section: Chapter Questions

Problem 20P

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