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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Retirement Planning | 20% | - Retirement income sources and strategies - Government benefits and retirement plans |
| Topic 2: Family Law | 15% | - Family property and financial considerations - Legal implications in financial planning |
| Topic 3: Insurance Planning | 10% | - Insurance needs analysis - Risk management and insurance products |
| Topic 4: Financial Planning Practice | 10% | - Professional standards and ethical practices - Financial planning process and client relationship management |
| Topic 5: Financial Planning for Small Business | 15% | - Small business financial strategies - Business ownership structures and planning |
| Topic 6: Savings Planning & Debt Management | 10% | - Savings strategies and cash flow management - Debt management techniques |
| Topic 7: Investment and Tax Planning | 10% | - Tax planning concepts - Investment strategies and portfolio considerations |
| Topic 8: Estate Planning | 10% | - Estate transfer strategies - Wills, trusts and succession planning |
Itcertkr 에서CSI FP2 덤프를 구매하시면 일년무료 업데이트서비스를 받을수 있습니다.일년무료 업데이트서비스란 구매일로부터 1년동안 구매한 덤프가 업데이트될때마다 구매시 사용한 메일주소로 가장 최신버전을 보내드리는것을 의미합니다. CSI FP2덤프에는 가장 최신시험문제의 기출문제가 포함되어있어 높은 적주율을 자랑하고 있습니다.
질문 # 61
What is a disadvantage of a corporation?
정답：B
설명：
A significant estate-planning disadvantage of private corporate ownership is the potential for double taxation at the death of a shareholder.
At death, a shareholder is generally deemed to dispose of capital property, including shares of a private corporation, at fair market value immediately before death unless an available rollover applies. This can produce a capital gain on the deceased shareholder's terminal return.
A second layer of tax can subsequently arise when corporate assets are sold and the corporation's after-tax value is distributed to the estate or beneficiaries. Without appropriate post-mortem planning, tax may therefore arise once at the shareholder level on the deemed disposition of the shares and again at the corporate
/shareholder level as corporate value is extracted.
Option B is incorrect because one of the principal advantages of incorporation is limited liability, subject to guarantees, statutory liabilities, and exceptional circumstances. Option C is also incorrect because corporations are not categorically excluded from government assistance programs. Option D does not describe the principal disadvantage being tested and overstates the operation of attribution rules.
Post-mortem strategies such as loss carryback or pipeline planning may be considered to mitigate the potential double-tax exposure, depending on circumstances.
FPII reference/topic: Financial Planning for Small Business - incorporation; shareholder death; deemed disposition; post-mortem taxation and double-tax exposure.
질문 # 62
What tax consideration should employers take into account when setting up a supplemental executive retirement plan (SERP)?
정답：C
설명：
A Supplemental Executive Retirement Plan is generally an unregistered deferred compensation arrangement designed to provide highly compensated employees with retirement benefits beyond limits available through registered retirement arrangements.
Where the SERP is structured as an unfunded or notional arrangement, the employer normally records the promised benefit as an obligation rather than receiving an immediate deduction for a funded registered-plan contribution. The employer's deduction generally arises when the benefit is ultimately paid and becomes taxable compensation to the executive. Canadian SERP structures commonly use this deferred-deduction treatment.
This is an important distinction from a registered pension plan. A SERP is not simply registered with CRA so that unrestricted deductible contributions may be made. Its principal purpose is precisely to supplement benefits limited by the tax rules governing registered retirement arrangements.
A funded SERP can also involve a Retirement Compensation Arrangement, which brings a separate tax regime, including refundable tax on contributions to the RCA custodian. Therefore, the precise tax consequences depend on funding structure.
For the examination scenario, option C describes the core tax consideration associated with a conventional unfunded SERP: the employer's tax deduction is deferred until the retirement benefit is paid.
FPII reference/topic: Retirement Planning - SERPs; executive compensation; deferred compensation; registered versus non-registered retirement arrangements.
질문 # 63
Genki is reviewing the following portfolios:
* Portfolio W earns 18% with a standard deviation of 25%.
* Portfolio X earns 19% with a standard deviation of 30%.
* Portfolio Y earns 21% with a standard deviation of 20%.
* Portfolio Z earns 23% with a standard deviation of 22%.
The risk-free rate is 6%. Which portfolio performs the best on a risk-adjusted basis?
정답：C
설명：
Where the risk-free rate, portfolio returns, and standard deviations are supplied, the appropriate risk-adjusted comparison is the Sharpe ratio:
Sharpe ratio = (Portfolio return # Risk-free rate) ÷ Standard deviation For Portfolio W:
(18% # 6%) ÷ 25% = 0.48
For Portfolio X:
(19% # 6%) ÷ 30% = 0.433
For Portfolio Y:
(21% # 6%) ÷ 20% = 0.75
For Portfolio Z:
(23% # 6%) ÷ 22% = 0.773
Portfolio Z therefore produces the highest excess return per unit of total portfolio risk.
Although Portfolio Y has the lowest standard deviation and an attractive return, its Sharpe ratio of 0.75 remains slightly below Portfolio Z's approximately 0.77. Portfolio Z's higher absolute return more than compensates for its slightly greater volatility.
This illustrates why portfolios should not be evaluated solely by absolute return. A portfolio generating a higher return may be inferior if it requires disproportionately greater risk. Risk-adjusted performance measures normalize returns for the risk undertaken, allowing portfolios with different volatility profiles to be compared on a consistent basis.
FPII reference/topic: Investment and Tax Planning - modern portfolio theory; standard deviation; risk-free return; Sharpe ratio; risk-adjusted performance.
질문 # 64
Fiona and Stanley have provided the following data in order for their advisor to proceed with a capital needs analysis:
Fiona ($)
Assets
Stanley ($)
5,000
Cash
3,000
150,000
Life insurance
125,000
30,000
Investments
30,000
Fiona ($)
Estate obligations
Stanley ($)
15,000
Last expenses
15,000
10,000
Car loans
5,000
75,000
Mortgage outstanding
75,000
Assuming their required net monthly income is $3,000, and the discount rate is 6%, how much additional life insurance should Fiona and Stanley obtain respectively?
정답：D
설명：
The capital-needs approach first determines how much capital is required to generate the desired survivor income.
Required annual income is:
$3,000 × 12 = $36,000
At a 6% capitalization rate:
$36,000 ÷ 0.06 = $600,000
For Fiona, estate obligations total:
$15,000 + $10,000 + $75,000 = $100,000
Total capital requirement:
$600,000 + $100,000 = $700,000
Available assets are:
$5,000 + $150,000 + $30,000 = $185,000
Additional insurance required:
$700,000 # $185,000 = $515,000
For Stanley, obligations are:
$15,000 + $5,000 + $75,000 = $95,000
Total requirement:
$600,000 + $95,000 = $695,000
Available resources:
$3,000 + $125,000 + $30,000 = $158,000
Additional insurance required:
$695,000 # $158,000 = $537,000
Thus, Fiona requires $515,000 and Stanley requires $537,000 of additional insurance.
The capital-needs method integrates immediate estate obligations, survivor-income requirements, existing insurance, and other available capital to establish the insurance shortfall.
FPII reference/topic: Insurance Planning - capital needs analysis; income replacement; estate obligations; existing financial resources.
질문 # 65
For spousal claims relating to joint family ventures, what does a proprietary award grant?
정답：B
설명：
A proprietary award provides the claimant with an interest in specific property, rather than merely requiring the other party to pay money. The distinction is fundamental in unjust-enrichment and joint-family-venture analysis.
Where one spouse or partner has contributed to the acquisition, preservation, maintenance, or improvement of identifiable property and the legal requirements are satisfied, the court may impose a proprietary remedy, commonly through a constructive trust. Such a remedy recognizes a beneficial ownership interest in the property itself. Canadian jurisprudence distinguishes this from a monetary remedy, where the claimant simply receives compensation measured either by the value of services provided or by an appropriate share of wealth accumulated through the joint family venture.
Option A describes a monetary award, not a proprietary award. A right of first refusal does not constitute the standard equitable remedy arising from unjust enrichment, while an automatic equal division of future income is not the legal consequence of establishing a joint family venture.
Accordingly, the defining feature of a proprietary award is that the claimant receives a beneficial or ownership interest linked to a particular asset.
FPII reference/topic: Family Law - unjust enrichment; joint family venture; constructive trusts; monetary versus proprietary remedies.
질문 # 66
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