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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Planning Practice | 10% | - Professional standards and ethical practices - Financial planning process and client relationship management |
| Topic 2: Retirement Planning | 20% | - Government benefits and retirement plans - Retirement income sources and strategies |
| Topic 3: Financial Planning for Small Business | 15% | - Business ownership structures and planning - Small business financial strategies |
| Topic 4: Investment and Tax Planning | 10% | - Tax planning concepts - Investment strategies and portfolio considerations |
| Topic 5: Estate Planning | 10% | - Wills, trusts and succession planning - Estate transfer strategies |
| Topic 6: Savings Planning & Debt Management | 10% | - Debt management techniques - Savings strategies and cash flow management |
| Topic 7: Insurance Planning | 10% | - Risk management and insurance products - Insurance needs analysis |
| Topic 8: Family Law | 15% | - Family property and financial considerations - Legal implications in financial planning |
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NEW QUESTION # 61
Tara bought an insurance policy on Wednesday, June 6. What date would her rescission right end?
Answer: C
Explanation:
Life insurance policies generally provide a 10-day rescission or "free-look" period after the policy is received.
During this period, the policyholder can review the contract and cancel it without the ordinary consequences associated with surrendering an established policy.
Canadian consumer guidance describes the standard life-insurance free-look period as usually 10 days, while some policies provide a longer period. Ontario's financial-services regulator similarly states that life-insurance consumers must generally be given at least 10 days, and in certain cases 20 days, to reconsider the purchase.
Using the 10-day period specified by the examination framework and counting ten days after Wednesday, June 6, the period ends on Saturday, June 16.
The rescission right differs from ordinary cancellation or surrender after the free-look period. During rescission, the policyholder is normally entitled to have the contract unwound and premiums refunded according to the governing policy and applicable law.
Therefore, of the dates presented, Saturday, June 16 is correct.
FPII reference/topic: Insurance Planning - insurance contracts; policy delivery; rescission rights; free-look period; consumer protection.
NEW QUESTION # 62
The Spousal Support Advisory Guidelines are not intended to apply under which circumstance?
Answer: A
Explanation:
The Spousal Support Advisory Guidelines establish a ceiling of $350,000 of gross annual payor income for the routine application of their formulas. Above that level, the formulas are not intended to be applied mechanically.
Justice Canada's SSAG materials explain that the ceiling and floor identify the income range for the "typical" cases in which the formulas can reliably generate support ranges. Once the payor's gross income exceeds
$350,000, support must be assessed more individually; the $350,000 figure is not an absolute cap on support.
A court may still award higher support after examining the parties' circumstances.
The Guidelines are relevant to married spouses and may also be used for unmarried spouses where the applicable provincial or territorial family-law legislation recognizes a spousal-support entitlement. Thus, options A and C do not identify the intended limitation.
Option B is also incorrect. Income below $50,000 does not automatically put a case outside the Guidelines.
The SSAG contain a separate lower-income "floor," historically set materially below $50,000, together with special considerations for lower-income payors.
Therefore, the high-income ceiling in option D is the circumstance identified by the FPII framework.
FPII reference/topic: Family Law - spousal support; Spousal Support Advisory Guidelines; ceilings and floors; high-income cases.
NEW QUESTION # 63
Bonny is looking to lease a vehicle. Here is the information given to her by the salesperson:
Net capitalized value
$25,000
Monthly payments
$300
Term of the lease
48 months
Residual value
$13,450
Sales taxes on residual value
$1,749
Down payment (including taxes)
$4,500
What is the total cost of leasing?
Answer: B
Explanation:
The cost of leasing the vehicle during the contractual lease period consists of Bonny's lease payments plus the initial down payment.
Total monthly lease payments are:
$300 × 48 months = $14,400
Add the initial down payment:
$14,400 + $4,500 = $18,900
Therefore, the total cost of leasing is $18,900, corresponding to option B.
The residual value of $13,450 represents the vehicle's contractual value at the end of the lease. It is relevant if Bonny elects to purchase the vehicle at lease-end, but it is not part of the cost of simply leasing and returning the vehicle.
Similarly, the $1,749 of sales tax associated with the residual value becomes relevant in connection with the purchase of the vehicle at the residual amount. Since the question asks for the cost of leasing-not the combined cost of leasing and subsequently purchasing the vehicle-those amounts should not be added.
This distinction is central when comparing leasing with financing. Lease analysis must separate the cash flows required to use the vehicle during the lease term from the optional amount required to acquire ownership when the lease terminates.
FPII reference/topic: Savings Planning and Debt Management - vehicle leasing; lease payments; residual values; lease-versus-buy analysis.
NEW QUESTION # 64
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?
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 # 65
Shelley has been engaged in the financial planning process with her client Kim. Shelley has just obtained permission from Kim to refer her to a lawyer for estate planning considerations. What stage of the financial planning process are Shelley and Kim in?
Answer: B
Explanation:
Shelley and Kim are at the implementation stage. The important fact is that the need for estate-planning assistance has already been identified and Shelley has obtained Kim's permission to refer her to a lawyer. This is no longer simply information gathering or analysis; an action arising from the planning recommendations is being put into effect.
FP Canada's current Practice Standards expressly recognize referrals to other professionals as part of implementation. PS.9 requires the planner to establish implementation actions, responsibilities, sequencing, and timing, including situations involving another professional. PS.10 then requires completion of implementation actions for which the planner has accepted responsibility, with appropriate follow-up on professional referrals where the client has consented.
Collecting data occurs earlier when the planner obtains quantitative and qualitative client information.
Analysis evaluates the client's existing circumstances and possible strategies. Establishing the client/advisor relationship occurs at the beginning when scope, responsibilities, and engagement terms are defined.
Because Shelley is now arranging access to the legal expertise needed to carry out the estate-planning recommendation, the correct stage is implementation.
FPII reference/topic: Financial Planning Practice - financial planning process; implementation; coordination and referral to other professionals.
NEW QUESTION # 66
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