Which of the following statements about CPP survivor's benefits is NOT true?

Study for the Canadian Institute of Financial Planning Exam. Utilize flashcards and multiple choice questions, each equipped with hints and explanations to aid your preparation. Get ready to conquer your exam with confidence!

The statement about CPP survivor's benefits that is not true is that only the spouse is eligible for survivor benefits. In fact, the Canada Pension Plan provides survivor benefits to different classes of beneficiaries, not just the spouse. This includes common-law partners and, under certain conditions, children as well. The plan is designed to ensure that family members who were financially dependent on the contributor may receive support after the contributor's death.

The other statements are accurate representations of the rules surrounding CPP survivor's benefits. For instance, a contributor must have made contributions to the CPP for a minimum of five years to qualify for benefits which ensures a degree of earning history before survivors can access payments. Additionally, children can receive orphan's benefits if they are under a certain age, reflecting the plan’s intention to support dependents. Lastly, the benefits are indeed paid on a monthly basis to beneficiaries, providing ongoing financial support to help them manage their livelihoods after the contributor's passing.

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