Which statement is true regarding Meredith and Rhys's OAS benefits, considering their combined income?

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!

Meredith's entitlement to both the age credit and Old Age Security (OAS) benefits can be understood within the framework of the eligibility criteria for these benefits. The age credit is available to seniors based on factors such as age and income, and it is designed to provide additional financial support to those over the age of 65. Similarly, OAS benefits are provided to individuals who reach the age of 65, subject to a means test that considers their income.

If Meredith's combined income with Rhys falls within the thresholds set by the government, she will maintain her eligibility for both the age credit and the full OAS benefits. Often, OAS benefits can be affected by high-income thresholds, but if their combined income does not exceed these limits, it affirms that Meredith can receive both benefits.

In contrast, the other statements suggest various outcomes related to Rhys or both individuals not qualifying for OAS. However, the context highlights that if Meredith qualifies, it is specifically because of the criteria being met for both benefits. Thus, the statement indicating Meredith's eligibility for both the age credit and OAS benefits stands as the most accurate reflection of the situation regarding their combined income and governmental guidelines on these benefits.

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