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CSI FP2 Exam Syllabus Topics:

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

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CSI Financial Planning II (FPII) Sample Questions (Q61-Q66):

NEW QUESTION # 61
Paul has recently been promoted at work, and is looking to pay down his debts. Paul has the following obligations:
Type
Interest rate (%)
Amortization (years)
Mortgage
3.95
22
Registered Retirement Savings Plan (RRSP) line of credit
6.00
N/A
Consolidation loan
8.95
3
Credit card
15.00
N/A
Which debt should Paul pay down last?

A. Consolidation loan.
B. Mortgage.
C. Credit card.
D. RRSP line of credit.

Answer: B

Explanation:
Paul should normally pay the mortgage last because it carries the lowest interest rate at 3.95%.
When the objective is to minimize total financing costs, additional cash should generally be directed first toward the highest-cost debt, provided minimum payments are maintained on all obligations. This is commonly described as the debt-avalanche approach.
Paul's debts rank by interest rate as follows:
Credit card - 15.00%
Consolidation loan - 8.95%
RRSP line of credit - 6.00%
Mortgage - 3.95%
Each additional dollar used to reduce the credit-card balance prevents interest accruing at 15%, which creates a substantially larger guaranteed financial benefit than using the same dollar to prepay debt costing only
3.95%.
The mortgage has a long 22-year amortization, so it will generate meaningful total interest over time.
Nevertheless, when prioritizing simultaneous debts strictly according to borrowing cost, its low rate makes it the final repayment priority among the listed obligations.
An advisor should additionally assess liquidity, penalties, tax consequences where relevant, and contractual repayment requirements. Based on the facts supplied, however, the mortgage is clearly the lowest-cost liability.
FPII reference/topic: Savings Planning and Debt Management - debt prioritization; interest costs; debt repayment strategies.

NEW QUESTION # 62
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. Income from an RRSP.
B. Unpaid dividends declared before her death.
C. Old age security that was due before her death.
D. Debenture interest coupons.

Answer: A

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 # 63
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 taxed on the grant and income earned portions.
C. Disability assistance payments reduce government-funded disability benefits and tax credits.
D. Disability assistance payments are not taxable income.

Answer: B

NEW QUESTION # 64
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. Discretionary encroachment.
B. Appointment of a guardian for a minor.
C. Funeral instructions and requirement to pay all debts and obligations.
D. Discretionary powers to divest assets, borrow from estate and to make investment decisions.

Answer: A

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 # 65
In November 2018, Leon put his former wife Betty on notice that her current child support payments were insufficient and that he would be seeking an increase. From what date may a retroactive change to child support apply?

A. November 2017.
B. November 2013.
C. November 2015.
D. November 2016.

Answer: C

Explanation:
The applicable exam principle is the presumptive three-year limitation or "three-year rule" for retroactive child-support adjustments. Counting back three years from November 2018 produces November 2015, making option B correct.
The Supreme Court of Canada's framework in D.B.S. v. S.R.G. established that effective notice is highly important in deciding the commencement date for retroactive child support and that, as a general rule, an award should not extend more than three years into the past. The Court described effective notice broadly:
formal court proceedings are not required; the support issue merely needs to have been raised with the other parent.
Later Supreme Court authority continues to recognize the three-year presumptive rule, while emphasizing that it is not absolute. Factors such as blameworthy conduct, failure to disclose income, the child's circumstances, delay, and hardship can justify a different result.
For FPII examination purposes, with November 2018 as the relevant notice date and no additional facts establishing exceptional conduct, the three-year look-back identifies November 2015.
FPII reference/topic: Family Law - child support; retroactive support; effective notice; three-year presumptive rule.

NEW QUESTION # 66
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