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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Enabling Competencies | 16% | - Professional Conduct and Regulatory Compliance - Client Relationship and Practice Management |
| Topic 2: Technical Competencies | 84% | - Investment Planning - Estate Planning - Retirement Planning - Asset and Liability Management - Tax Planning - Risk Management and Insurance |
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119. Frage
Ronny, a successful business owner, established a discretionary family trust earlier this year as a means to split income with his children. Ronny's children are both under the age of five and are both income and capital beneficiaries of the trust. He is concerned that the 21-year rule will result in a significant amount of tax resulting from unrealized capital gains. What strategy would be best if Ronny's goal is to minimize the total amount of tax payable by the trust and/or beneficiaries at the 21-year mark?
Antwort: A
Begründung:
The best available strategy is to realize gains periodically and allocate the gains to beneficiaries rather than allowing a large unrealized gain to accumulate until the 21-year deemed disposition date. A discretionary family trust is generally deemed to dispose of capital property every 21 years, which can create a significant tax liability if appreciated assets remain in the trust. Periodic realization and allocation can smooth the tax burden and may use beneficiary tax attributes over time, depending on the property and anti-avoidance rules.
Realizing all gains at the 21-year mark concentrates the tax problem. Leaving the gains taxable in the trust is often inefficient because trusts can be taxed at high rates. Revoking the trust does not make the accrued gain disappear; tax rules still govern dispositions and distributions. The planner should coordinate with tax counsel well before the 21-year anniversary. Study Guide focus: family trusts, 21-year deemed disposition, capital gains allocation, tax minimization, and trust planning.
120. Frage
Ivan relocates for a new job and wants to know whether his move may qualify for the work-related moving expense deduction. What minimum distance test is generally relevant?
Antwort: D
Begründung:
The standard Canadian moving-expense test requires the new residence to be at least 40 kilometres closer to the new work or business location than the old residence was. Option D states the relevant threshold. Options A, B, and C understate the distance requirement. In a planning context, the distance test is only the starting point. The planner should also consider whether the move relates to eligible employment or business income, whether expenses are reasonable and properly documented, whether reimbursement was received from an employer, and whether expenses are deductible only against income from the new work location. The deduction can matter when clients change jobs, relocate for self-employment, or move for post-secondary attendance in specific circumstances. The key exam distinction is that the rule is not based on the total distance moved; it compares how much closer the new home is to the new workplace. References/topics:
moving expenses, employment relocation, tax deductions, distance test.
121. Frage
During implementation, a client agrees to update her will, purchase disability insurance, and increase RRSP contributions. Which statement best describes the planner's role?
Antwort: A
Begründung:
Implementation requires coordination, not merely presenting recommendations. The planner should identify who is responsible for each action, what documents are required, when steps should occur, and which outside professionals must be involved. A will requires legal drafting; disability insurance requires underwriting and product suitability; RRSP contributions require contribution-room verification and cash flow alignment.
Option B is outside the planner's role unless the planner is also legally qualified to draft wills, and even then the capacity must be clear. Option C is poor practice because unimplemented recommendations do not improve the client's position. Option D wrongly reduces financial planning to investment execution. A course- guide treatment would emphasize an implementation plan: action items, responsible parties, target dates, dependencies, and follow-up. The planner remains accountable for coordinating within the agreed scope and documenting whether recommendations were accepted, deferred, or declined. References/topics:
implementation, professional referrals, action planning, scope of engagement. Follow-up confirms whether accepted recommendations were actually completed.
122. Frage
A planner establishes a long-term target portfolio of 65% equities and 35% fixed income based on the client's objectives and constraints, with periodic rebalancing. Which allocation approach is being used?
Antwort: C
Begründung:
Strategic asset allocation begins with the client's planning profile and sets a long-term benchmark mix intended to meet return objectives within acceptable risk. The mix is periodically reviewed and rebalanced when market movements or client circumstances cause drift. Option A is incorrect because market timing attempts to shift exposure based on predictions about near-term market direction. Option B involves deliberate short-term departures from the strategic benchmark to exploit perceived opportunities. Option C is not a disciplined planning method; speculation emphasizes high-risk bets rather than objectives-based portfolio construction. A course-style explanation should connect the allocation to the client's time horizon, risk tolerance, risk capacity, liquidity requirements, tax position, and investment constraints. Rebalancing is part of governance: it prevents a successful asset class from quietly increasing portfolio risk beyond the client' s mandate. Strategic allocation is therefore both an investment decision and a suitability control. References
/topics: strategic asset allocation, portfolio policy, rebalancing, risk control.
123. Frage
A couple has stable employment, two dependants, and essential monthly expenses of $5,200. They have no emergency reserve. Which recommendation is most appropriate before increasing long-term investment contributions?
Antwort: C
Begründung:
An emergency reserve is a liquidity tool, not a return-maximization strategy. With dependants and no cash buffer, the couple is exposed to job interruption, repairs, medical costs, insurance deductibles, and unexpected family expenses. A range of three to six months of essential expenses is a standard planning benchmark, adjusted for job stability, income variability, debt load, and family obligations. Option B substitutes high- interest borrowing for preparedness and can quickly damage cash flow. Option C is unsuitable for emergency money because equity markets may fall precisely when liquidity is needed. Option D is inefficient because RRSP withdrawals are taxable and permanently reduce tax-sheltered retirement capital. The planner should direct surplus cash first toward a high-interest savings account or similar liquid reserve, then revisit long-term contributions once the household can absorb short-term shocks. References/topics: emergency fund, liquidity management, cash flow resilience, asset and liability management. Liquidity is therefore treated as a prerequisite to aggressive investing.
124. Frage
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