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CSI AFP-Exam-1 Exam Syllabus Topics:

CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:

1. Justis, age 62, and his wife Jen, age 58, are meeting with their financial planner, Luke. They are both planning to retire by age 65. Their goals are to minimize debt and reduce taxes. The couple's financial situation is outlined below.

Justis' annual income is $25,000. He has a $15,000 RRSP, $30,000 single non-registered account and a
$25,000 TFSA. Jen's annual income is $60,000, and she has a $150,000 RRSP, $50,000 single non-registered account and a $20,000 TFSA.
Jen's marginal tax rate is 35%, and Justis' is 25%. Assuming all investments are making interest income of
10%, what would be the most appropriate strategy for Luke to recommend for the couple?

A) Use Jen's non-registered funds to pay all liabilities.
B) Use Jen's RRSP to pay all liabilities.
C) Use Justis's RRSP to pay off all liabilities.
D) Use Justis's non-registered funds to pay off all liabilities.

2. Leena and Harry are married and hold RRSPs with a value exceeding $500,000. They are concerned about their final tax liability and want to cover the taxes after they have both died. What would their financial planner recommend them to implement in order for the couple to achieve the objective?

A) Purchase a joint last-to-die permanent life insurance policy.
B) Update the beneficiary of the RRSP plans to each other.
C) Set up a testamentary trust through their wills.
D) Transfer the funds into an inter vivos trust.

3. A client's portfolio target is 50% equities and 50% fixed income. After a strong equity market, the portfolio is now 68% equities. The client's circumstances and objectives have not changed. What should the planner recommend?

A) Rebalance toward the target allocation.
B) Move all investments to cash.
C) Stop reviewing the portfolio until retirement.
D) Increase equities because recent performance confirms the trend.

4. A business owner completes an estate freeze, taking back preferred shares with a fixed redemption value while children receive common shares. What is a primary risk of this strategy for the owner?

A) The children can never benefit from future growth.
B) The freeze automatically eliminates all tax at death.
C) No future growth can occur in the corporation.
D) The owner's retained preferred shares may not provide adequate income or inflation protection.

5. What information is least important for Harry as a financial planner in his assessment for insurance coverage for his client with respect to estate planning purposes?

A) Income.
B) Age.
C) Work location.
D) FMV of non-principal residence.

Solutions: