Asked by Ayanna Akbar on May 31, 2024
Verified
Which of the following are all Canadians entitled to?
A) Old Age Security
B) defined pension plans
C) defined contribution plans
D) deferred profit-sharing plans
Old Age Security
A government-funded pension program in certain countries designed to provide a basic level of income to seniors.
Defined Pension Plans
A retirement plan where an employer promises a specified pension payment upon retirement, based on the employee's earnings history, tenure of service, and age.
Deferred Profit-sharing Plans
Retirement plans where a portion of the company's profits is contributed to the employees' retirement savings accounts, typically vested over time.
- Comprehend the government-regulated and mandatory benefits within Canada.
Verified Answer
Learning Objectives
- Comprehend the government-regulated and mandatory benefits within Canada.
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