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CSI FP2 Exam Syllabus Topics:

Section	Weight	Objectives
Savings Planning and Debt Management	10%	- Net Worth and Cash Management Planning 1. Budgeting and Savings Strategies 2. Net Worth and Cash Flow Analysis 3. Emergency Funding - Debt Planning and Mortgages 1. Lease-versus-Buy Decisions and Borrowing to Invest 2. Debt Refinancing and Debt Service Ratios 3. Mortgage Planning and Real Estate Ownership 4. Consumer Credit and Debt Management
Insurance Planning	10%	- Life Insurance 1. Personal and Business Applications of Life Insurance 2. Life Insurance Needs Analysis 3. Insurance Contract Provisions, Riders and Taxation - General Insurance 1. Homeowners and Automobile Insurance 2. Liability and Professional Liability Insurance - Disability and Health Insurance 1. Extended Health, Travel and Group Insurance 2. Disability Income Insurance 3. Critical Illness and Long-Term Care Insurance 4. Government Disability Benefits and Workers' Compensation
Retirement Planning	20%	- Retirement Income Needs Analysis 1. Old Age Security and Guaranteed Income Supplement 2. Managing Retirement Income Shortfalls 3. Estimating Retirement Income Requirements 4. Canada Pension Plan and Quebec Pension Plan - Registered Pension and Retirement Income Plans 1. Annuities and Retirement Income Products 2. Registered Retirement Savings Plans 3. Registered Retirement Income Funds and Life Income Funds 4. Individual Pension Plans and Executive Retirement Arrangements 5. Registered Pension Plans and Deferred Profit Sharing Plans
Estate Planning	10%	- Estate Distribution and Tax Planning 1. Minimizing or Deferring Taxes at Death 2. Will Preparation and Probate 3. Probate Fee and Estate Administration Cost Reduction 4. Estate Planning for Individuals, Families and Business Owners - Trusts and Powers of Attorney 1. Powers of Attorney for Personal Care and Property 2. Incapacity Planning and Substitute Decision-Making 3. Taxation of Trusts 4. Types of Trusts and Trust Establishment
Financial Planning Practice	10%	- The Personal Financial Planning Process in Canada 1. Identifying Client Goals and Risk Profiles 2. The Six Steps of the Financial Planning Process 3. Ethics and Financial Advisors 4. The Financial Planning Business Today 5. Client Responsibilities and Professional Standards
Investment and Tax Planning	10%	- Tax Planning Strategies 1. Taxation of Business Structures 2. RESPs, RDSPs, TFSAs and In-Trust Accounts 3. Income Deferral and Income Splitting 4. Tax Shelters and Tax-Efficient Strategies - Investment Management 1. Portfolio Performance Measurement and Benchmarking 2. Modern Portfolio Theory and Asset Allocation 3. Investment Selection and Risk Management
Financial Planning for Small Business	15%	- Small Business Financial Planning 1. Business Structures and Entity Selection 2. Business Succession and Estate Freezes 3. Business Valuation and Employment Law 4. Business Taxation - Business Law and Agency Relationships 1. Agency Relationships 2. Contract Termination and Discharge 3. Contract Formation and Types of Contracts
Family Law	15%	- Fundamental Aspects of Family Law 1. Custody and Access 2. Spousal Support and Child Support 3. Marriage, Cohabitation, Separation and Divorce - Financial and Property Issues 1. Impact of Divorce on Financial Planning 2. Domestic Contracts 3. Disclosure Requirements and Financial Obligations 4. Property Division on Relationship Breakdown

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Exam FP2 Cram Questions & Official FP2 Study Guide

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CSI Financial Planning II (FPII) Sample Questions (Q20-Q25):

NEW QUESTION # 20
When a Canadian works abroad for a Canadian employer, what proof must be provided to have that time qualify as residence in Canada for Old Age Security?

A. Proof of employment from the Canadian employer and proof of physically returning to Canada within 6 months of ending employment.
B. Proof of Canadian Residency.
C. Proof of returning to Canada within one year of ending employment and proof of paying Canadian income taxes.
D. Proof of paying Canadian Income Tax.

Answer: A

Explanation:
Option D directly reflects the Old Age Security residence rules applicable to qualifying employment outside Canada.
Service Canada states that time spent working outside Canada for a Canadian employer may count as Canadian residence where the individual returns to Canada within six months after the employment ends, or where the individual reaches age 65 while still working abroad and otherwise satisfies the applicable conditions. For an application relying on this provision, the individual is required to provide proof of the Canadian employment and proof of physical return to Canada, unless the age-65 exception applies.
The test is therefore not based simply on whether Canadian income tax was paid. Income-tax residency and OAS residence are related concepts in some circumstances but are not interchangeable. Paying Canadian tax alone does not establish the special residence credit for employment abroad.
Option A is incorrect because it states a one-year return period rather than six months and adds income-tax payment as the relevant proof. Options B and C are insufficient because they omit the specific employment and return evidence required.
FPII reference/topic: Retirement Planning - Old Age Security; Canadian residence; employment outside Canada; qualification for public pension benefits.

NEW QUESTION # 21
An employee chose a particular contractor to repair their roof based on an employer's recommendation. The employer hinted that the employee may receive a higher future bonus if they hire the recommended contractor. How would you describe the employer's actions?

A. The employer misrepresented the contract to their employee.
B. The employer exercised undue influence.
C. The employer influenced the object of the contract to become illegal.
D. The employer put the employee under certain duress.

Answer: B

Explanation:
The employer's conduct is best characterized as undue influence. The employer occupies a position of power relative to the employee and is using that relationship to influence the employee's independent decision about entering into a contract with a particular contractor.
Undue influence focuses on whether one party's free and informed consent has been improperly affected through a relationship involving dominance, dependency, confidence, or significant influence. The Supreme Court of Canada has described the analysis as beginning with the nature of the relationship and whether it creates the potential for one person to dominate another's decision-making. The Court has also expressly recognized that an employer may occupy a position of power and influence relative to an employee depending on the circumstances.
The promise or suggestion of a larger future bonus creates pressure through the employment relationship but does not amount to classic duress, which ordinarily involves coercive threats or illegitimate pressure depriving a person of meaningful choice.
There is also no false factual representation concerning the contractor, so misrepresentation does not apply.
Nor does recommending a contractor make the object of the roofing contract illegal.
FPII reference/topic: Financial Planning Practice - contract validity; undue influence; duress; misrepresentation; relationships of power and dependency.

NEW QUESTION # 22
Kienle has provided his advisor with the following information:
($)
Income last year
50,000
Pension adjustment last year
2,500
Unused contribution room from previous years
3,500
Assuming he has never over-contributed, what is the maximum amount that Kienle can put into his Registered Retirement Savings Plan without incurring a penalty?

A. $10,000.
B. $13,000.
C. $12,000.
D. $14,500.

Answer: A

Explanation:
Kienle's available RRSP contribution room is $10,000.
The starting point is 18% of the previous year's earned income:
$50,000 × 18% = $9,000
The pension adjustment reflects retirement benefits accrued through an employer-sponsored pension arrangement and reduces the amount of new RRSP room generated:
$9,000 # $2,500 = $6,500
Kienle also has $3,500 of unused RRSP contribution room carried forward from previous years:
$6,500 + $3,500 = $10,000
Therefore, the maximum contribution shown by the facts is $10,000, corresponding to option C.
CRA's RRSP methodology follows this structure: unused room from the prior year, plus the lesser of 18% of prior-year earned income or the annual RRSP dollar limit, reduced by the applicable pension adjustment and modified where relevant by other pension adjustments or reversals.
Because 18% of $50,000 is only $9,000, the statutory annual dollar ceiling is not the limiting factor in this scenario. The unused $3,500 remains available because unused RRSP deduction room carries forward.
FPII reference/topic: Retirement Planning - RRSP deduction limits; pension adjustments; carry-forward contribution room.

NEW QUESTION # 23
Nelson Smith has hired Jackie Fraser to be his financial advisor. Jackie works for FP Inc. On Nelson's behalf, Jackie has placed an order for units of the QBR Balanced Fund from QBR Investments Inc., a subsidiary of the QBR Insurance Company. Who is the principal and third-party for this transaction?

A. Jackie Fraser and QBR Investments Inc.
B. FP Inc. and QBR Insurance Company.
C. Nelson Smith and Jackie Fraser.
D. Nelson Smith and QBR Investments Inc.

Answer: D

Explanation:
In an agency relationship, the principal is the person on whose behalf the agent acts. The agent is the person authorized to act for the principal, while a third party is the external person or organization with whom the agent deals in carrying out that authority.
Here, Nelson Smith retained Jackie Fraser as his financial advisor. Jackie places the investment order on Nelson's behalf. Nelson is therefore the principal, and Jackie is acting as the agent in the transaction.
The transaction is placed with QBR Investments Inc., the entity offering the QBR Balanced Fund. QBR Investments is therefore the relevant third party with whom the agent deals for the principal.
Jackie's employer, FP Inc., does not replace Nelson as the principal in the client-advisor agency relationship described by the question. Similarly, QBR Insurance Company's status as the parent of QBR Investments does not make it the relevant third party because the actual fund transaction is with QBR Investments.
The legal distinction matters because an agent owes obligations to the principal and must act within the authority conferred by that principal.
FPII reference/topic: Financial Planning Practice - agency law; principal-agent relationships; authority; dealings with third parties.

NEW QUESTION # 24
Spouse A, age 69, has been making regular contributions to a spousal Registered Retirement Savings Plan for spouse B, age 65. Assuming Spouse A has sufficient unused contribution room to carry forward, how long can they continue making contributions on behalf of Spouse B?

A. End of the calendar year, in which Spouse B turns 71.
B. End of the calendar year, in which Spouse A turns 71.
C. First 60 days of the year, in which Spouse B turns 71.
D. First 60 days of the year, in which Spouse A turns 71.

Answer: A

Explanation:
The relevant age for determining how long contributions can continue to a spousal RRSP is the age of the spouse who is the annuitant of that RRSP-Spouse B.
CRA confirms that even after a contributor has passed the age at which contributions to the contributor's own RRSP are permitted, the contributor may continue making deductible contributions to a spouse's or common- law partner's RRSP, provided the contributor has RRSP deduction room and the spouse is 71 or younger on December 31 of the contribution year.
Accordingly, Spouse A's reaching age 71 does not by itself terminate the ability to contribute to Spouse B's spousal RRSP. Since Spouse B is currently 65, contributions can continue until December 31 of the calendar year in which Spouse B turns 71, assuming Spouse A continues to have available RRSP deduction room.
The "first 60 days" concept concerns which taxation year certain RRSP contributions may be deducted against; it does not extend an RRSP's statutory contribution eligibility beyond the end of the year in which its annuitant turns 71.
Therefore, option B correctly identifies the deadline.
FPII reference/topic: Retirement Planning - spousal RRSPs; contribution age limits; contributor deduction room; age-71 rules.

NEW QUESTION # 25
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