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Finance Quiz

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Question: 

Which of the following federal and provincial income security programs are available for lower-income BC Seniors?

  • a) Canada Pension Plan (CPP)
  • b) Old Age Security (OAS)
  • c) Guaranteed Income Supplement (GIS)
  • d) BC Senior’s Supplement
  • e) All of the above.

Find out which benefits you are eligible for at a certain age and what your options and considerations are for them. You must apply to receive some of these benefits.

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Question: 

True or False. Older adults can reduce the amount of property taxes paid each year by applying for the Home Owner Grant for Seniors.

  • a) True
  • b) False

To receive the Home Owner Grant for Seniors, you must apply each year to the municipal or provincial office that sent you your property tax notice and there are qualifications that must be met.

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Question: 

You are eligible for assistance to cover some or all of the cost of MSP premiums if you earn less than the following amount:

  • a) Less than $50,000 per year
  • b) Less than $45,000 per year
  • c) Less than $35,000 per year
  • d) Less than $20,000 per year

Single seniors are eligible for assistance to cover all or some of the cost of MSP premiums if they earn less than $45,000. A senior couple earning less than $51,000 is eligible for reduced premiums. (Effective January 1, 2017)

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Question: 

True or False. Provincial services including ICBC auto insurance, provincial campgrounds and BC Ferries provide discounts for seniors?

  • a) True
  • b) False

Seniors can get discounts on ICBC auto insurance, fees in provincial campgrounds and on BC Ferries.

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Question: 

What is the best way to protect yourself from becoming a victim of fraud or scams?

  • a) Never answer the phone
  • b) Do not use email
  • c) Educate yourself about the common types of scams and frauds
  • d) All of the above

Learning about common types of scams and fraud can help you protect yourself from questionable situations.

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Question: 

A solid financial plan can help you map your future. What do you need to consider when looking at your financial situation?

  • a) Living expenses
  • b) Sources of income, including government and other benefits
  • c) Assets (now and down the road)
  • d) Tax planning
  • e) Insurance Needs
  • f) Investments
  • g) All of the above

Even if you are a late starter, or don’t have a high income, you can get your financial affairs in order and have a clearer picture of what to expect.

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Question: 

True or False. Most banks and credit unions have staff that can help you with your financial planning.

  • a) True
  • b) False

You can map out your finances on your own or with professional help. Most banks and credit unions have staff that can help with your financial planning.

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Question: 

Creating a will is not worth the expense. It's cheaper not to worry about it.

  • a) True
  • b) False

Having a will helps reduce the costs and effort involved in administering your estate.

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Question: 

What are different sources of income to consider leading up to and during retirement?

  • a) Personal savings
  • b) Real estate
  • c) Employee benefit plans
  • d) Government pensions
  • e) Part-time or temporary employment
  • f) All of the above

It is best to develop more than one source of income during retirement to enhance stability, freedom and choice.

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Question: 

True or False. Only homeowners age 60 and up are eligible to defer property tax.

  • a) True
  • b) False

You can apply to defer your property tax at age 55 and repay it at any time without penalty. You also qualify if you are the surviving spouse of any age, a person with disabilities, or you are financially supporting a child.

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Nice! You have some basic understanding of finance, but you can increase your knowledge by reading more articles in the Aging Well.
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Well done! You definitely have some understanding about finance, but you can increase your knowledge by reading more articles in the Aging Well.
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Congratulations! You definitely have great knowledge about finance. Learn more about our other topics in the Aging Well.