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CSI FP2 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Financial Planning for Small Business	15%	- Small Business Financial Planning 1. Business Structures and Entity Selection 2. Business Taxation 3. Business Succession and Estate Freezes 4. Business Valuation and Employment Law - Business Law and Agency Relationships 1. Contract Termination and Discharge 2. Agency Relationships 3. Contract Formation and Types of Contracts
Topic 2: Investment and Tax Planning	10%	- Investment Management 1. Portfolio Performance Measurement and Benchmarking 2. Investment Selection and Risk Management 3. Modern Portfolio Theory and Asset Allocation - Tax Planning Strategies 1. Tax Shelters and Tax-Efficient Strategies 2. Income Deferral and Income Splitting 3. RESPs, RDSPs, TFSAs and In-Trust Accounts 4. Taxation of Business Structures
Topic 3: Estate Planning	10%	- Trusts and Powers of Attorney 1. Powers of Attorney for Personal Care and Property 2. Types of Trusts and Trust Establishment 3. Taxation of Trusts 4. Incapacity Planning and Substitute Decision-Making - Estate Distribution and Tax Planning 1. Estate Planning for Individuals, Families and Business Owners 2. Will Preparation and Probate 3. Minimizing or Deferring Taxes at Death 4. Probate Fee and Estate Administration Cost Reduction
Topic 4: Savings Planning and Debt Management	10%	- Net Worth and Cash Management Planning 1. Net Worth and Cash Flow Analysis 2. Budgeting and Savings Strategies 3. Emergency Funding - Debt Planning and Mortgages 1. Mortgage Planning and Real Estate Ownership 2. Lease-versus-Buy Decisions and Borrowing to Invest 3. Consumer Credit and Debt Management 4. Debt Refinancing and Debt Service Ratios
Topic 5: Retirement Planning	20%	- Retirement Income Needs Analysis 1. Estimating Retirement Income Requirements 2. Managing Retirement Income Shortfalls 3. Canada Pension Plan and Quebec Pension Plan 4. Old Age Security and Guaranteed Income Supplement - Registered Pension and Retirement Income Plans 1. Registered Retirement Savings Plans 2. Registered Retirement Income Funds and Life Income Funds 3. Registered Pension Plans and Deferred Profit Sharing Plans 4. Individual Pension Plans and Executive Retirement Arrangements 5. Annuities and Retirement Income Products
Topic 6: Insurance Planning	10%	- 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. Critical Illness and Long-Term Care Insurance 3. Government Disability Benefits and Workers' Compensation 4. Disability Income Insurance - Life Insurance 1. Life Insurance Needs Analysis 2. Personal and Business Applications of Life Insurance 3. Insurance Contract Provisions, Riders and Taxation
Topic 7: Financial Planning Practice	10%	- The Personal Financial Planning Process in Canada 1. The Financial Planning Business Today 2. Client Responsibilities and Professional Standards 3. The Six Steps of the Financial Planning Process 4. Ethics and Financial Advisors 5. Identifying Client Goals and Risk Profiles
Topic 8: Family Law	15%	- Financial and Property Issues 1. Domestic Contracts 2. Property Division on Relationship Breakdown 3. Disclosure Requirements and Financial Obligations 4. Impact of Divorce on Financial Planning - Fundamental Aspects of Family Law 1. Marriage, Cohabitation, Separation and Divorce 2. Custody and Access 3. Spousal Support and Child Support

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CSI Financial Planning II (FPII) Sample Questions (Q51-Q56):

NEW QUESTION # 51
Kimberly, age 24, has few assets, and is single with no children. Kimberly has a 10-year-old niece Tanya who she would like her entire estate to be distributed to at death. She consults with her lawyer Jackie to write a will. What is the most important clause Jackie should add in Kimberly's will?

A. Funeral instructions and requirement to pay all debts and obligations.
B. Discretionary encroachment.
C. Appointment of a guardian for a minor.
D. Discretionary powers to divest assets, borrow from estate and to make investment decisions.

Answer: B

Explanation:
A discretionary encroachment clause is particularly important because Tanya is only 10 years old and may inherit Kimberly's estate while still a minor. Rather than requiring the estate property simply to remain untouched until Tanya reaches the stipulated distribution age, an encroachment provision permits the trustee to use trust capital for Tanya's benefit when appropriate.
The clause can authorize payments for matters such as education, health care, maintenance, accommodation, and general welfare. Estate-planning guidance concerning trusts for minors commonly provides trustees with authority to encroach upon income and capital for the minor's benefit before final distribution.
Option B is not the appropriate solution because Kimberly is Tanya's aunt. A will-maker's nomination of a guardian generally concerns the will-maker's own minor children and does not allow an aunt simply to replace the legal decision-making authority of Tanya's parents.
Trustee investment and administrative powers in option A are useful provisions, but they do not specifically address the beneficiary's need to access inheritance funds during minority. Funeral and debt-payment provisions likewise do not solve that central issue.
The discretionary encroachment clause therefore gives the estate trustee the flexibility necessary to provide appropriately for Tanya before she reaches the age for outright distribution.
FPII reference/topic: Estate Planning - wills; minor beneficiaries; testamentary trusts; trustee discretion; encroachment on capital.

NEW QUESTION # 52
Xin Yi is a surgeon looking to get a disability insurance plan. His advisor has presented him with the following options:
Policy
Definition
Elimination period (days)
A
Any
30
B
Any
60
C
Own
30
D
Own
60
Which policy will likely have the highest premiums?

A. Policy B.
B. Policy D.
C. Policy C.
D. Policy A.

Answer: C

Explanation:
Policy C combines the two features that create the greatest potential liability for the insurer: an own- occupation definition and the shortest elimination period of 30 days.
An own-occupation disability definition is particularly valuable for a highly specialized professional such as a surgeon. Under an own-occupation structure, inability to perform the material duties of the insured's particular occupation can qualify as disability even where the individual may remain capable of performing some other occupation. An "any occupation" definition is more restrictive and therefore normally represents lower insurance risk. Canadian disability-plan documentation similarly distinguishes own-occupation eligibility from broader any-occupation standards.
The elimination period is the period between the commencement of disability and the point at which benefits become payable. A shorter elimination period causes the insurer to begin paying earlier and therefore normally increases the premium. A 60-day waiting period shifts more short-duration disability risk back to the insured.
Policy C provides both the broader own-occupation definition and the shorter 30-day elimination period.
Policy D has comparable occupational protection but delays benefits for 60 days.
FPII reference/topic: Insurance Planning - disability insurance; definitions of disability; elimination periods; determinants of premiums.

NEW QUESTION # 53
Maxwell is filing a rights or things tax return for his deceased mother. She had the following sources of income:
Debenture interest coupons.
Unpaid dividends declared before her death.
Old age security that was due before her death.
Income from a registered retirement savings plan (RRSP).
Which form of income will Maxwell have to exclude from the rights or things tax return?

A. Debenture interest coupons.
B. Income from an RRSP.
C. Unpaid dividends declared before her death.
D. Old age security that was due before her death.

Answer: B

Explanation:
Income associated with the deceased person's RRSP must be excluded from the optional Return for Rights or Things.
The rights-or-things return under subsection 70(2) of the Income Tax Act allows certain income amounts that had been earned or became receivable before death, but had not actually been received, to be reported separately from the deceased person's terminal return. CRA examples include matured bond coupons, accrued bond interest, qualifying pension amounts, and dividends declared before death but unpaid at death.
CRA's longstanding treatment specifically states that an annuitant is not considered to have a "right or thing" in respect of an RRSP. Instead, the tax treatment of the RRSP on death is governed by the separate RRSP death provisions, which generally bring the fair market value into income subject to applicable rollover and refund-of-premiums rules.
The unpaid dividend declared before death is a classic example of a right or thing. Accrued debenture or bond amounts can likewise qualify, as can eligible OAS amounts payable in respect of the period before death.
Therefore, the RRSP amount is the required exclusion.
FPII reference/topic: Estate Planning - taxation at death; rights or things return; RRSP taxation on death; optional tax returns.

NEW QUESTION # 54
What is a disadvantage of a corporation?

A. Owners are not able to limit their personal liability for business debts.
B. There are no government grants available to corporations.
C. Attribution rules apply to loans to a small business corporation.
D. At death of a shareholder, there may be a potential for double taxation.

Answer: D

Explanation:
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.

NEW QUESTION # 55
What is the tax treatment on disability assistance payments for Registered Disability Savings Plans?

A. Disability assistance payments are fully taxable based in the hands of the recipient.
B. Disability assistance payments are not taxable income.
C. Disability assistance payments are taxed on the grant and income earned portions.
D. Disability assistance payments reduce government-funded disability benefits and tax credits.

Answer: C

NEW QUESTION # 56
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