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CSI FP2 Exam Syllabus Topics:

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

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CSI Financial Planning II (FPII) Sample Questions (Q10-Q15):

NEW QUESTION # 10
If an employee earns more than the yearly maximum pensionable earnings, but an employer continues to deduct Canada Pension Plan contributions, what will happen to the excess contributions?

A. The employee will receive the excess contributions as a refund on their tax return.
B. The employer will receive the excess contributions back to apply to the next year's contribution period.
C. The employer must return the excess contributions to the employee as a taxable benefit.
D. The employee can elect to transfer the excess contributions to a Registered Retirement Savings Plan.

Answer: A

Explanation:
Where an employee has contributed more CPP than required for the year, the excess employee contribution is ultimately refunded or credited through the individual's income tax return.
CRA specifically provides for CPP overpayments to be calculated on the applicable Schedule 8 or interprovincial CPP/QPP form. The excess is reported on the individual's tax return, and CRA will either refund it or apply it against another balance owing.
An employer that discovers an over-deduction during the same year should generally correct its payroll records and reimburse the employee directly. However, where the overpayment remains on the T4 and has not been reimbursed, CRA credits the excess when the employee files the personal return.
The excess is not transferred to an RRSP, nor is it automatically carried forward against the employee's CPP obligation for the next calendar year. CPP contribution calculations operate on an annual basis.
Option A is also incorrect because repayment of the employee's own excessive CPP deduction is not a taxable employment benefit.
Accordingly, within the circumstances presented in the question, option D is the correct treatment.
FPII reference/topic: Retirement Planning - Canada Pension Plan; maximum pensionable earnings; employee contributions; CPP overpayments and refunds.

NEW QUESTION # 11
What is the primary difference between a Life Income Fund (LIF) and a Registered Retirement Income Fund (RRIF)?

A. RRIFs may be purchased with a registered retirement savings plan, another RRIF or pension funds that are not locked-in, but a LIF can only be purchased with funds from a retirement compensation arrangement.
B. Minimum LIF payments are fully taxable as income for the year in which they are received but minimum RRIF payments are not taxable.
C. Plan holders of either type must make minimum withdrawals each year, but there is also a maximum annual amount LIF holders may withdraw.
D. All plan holders must purchase a life annuity in the year they reach 80 with the balance of funds remaining in the LIF.

Answer: C

Explanation:
Both a RRIF and a LIF provide retirement income and are subject to prescribed minimum annual withdrawals. The distinguishing feature of a LIF is that it contains pension money that remains subject to locking-in legislation. Consequently, in addition to the minimum required withdrawal, the amount that may normally be withdrawn from a LIF is subject to an annual maximum.
The Office of the Superintendent of Financial Institutions confirms that federally regulated LIFs have minimum and maximum annual withdrawal limits. The minimum is governed by income-tax rules, while pension standards legislation determines the maximum.
A conventional RRIF does not impose this pension-based maximum withdrawal limit. Once the required minimum has been taken, the annuitant may generally withdraw additional amounts, although those amounts remain taxable.
Option A is incorrect because there is no universal rule requiring all LIF holders to purchase a life annuity at age 80. Option B incorrectly describes the permitted source of LIF assets; LIFs are primarily funded from locked-in pension arrangements, not simply retirement compensation arrangements. Option D is also incorrect because taxable RRIF withdrawals do not become tax-free merely because they represent the prescribed minimum.
FPII reference/topic: Retirement Planning - RRIFs; LIFs; locked-in pension assets; minimum and maximum retirement withdrawals.

NEW QUESTION # 12
Franco is retiring from his job as a high school principal at the end of the year, at age 66. He has $100,000 in his group Registered Retirement Savings Plan (RRSP). His wife will continue to work for another 10 years, and he does not need money from his group RRSP. What would be the best retirement option for Franco?

A. Transfer to his personal RRSP until his wife is fully retired.
B. Leave it in the group RRSP.
C. Transfer the funds to a spousal RRSP.
D. Transfer funds to a personal RRSP for five years, then transfer to a registered retirement income fund.

Answer: D

Explanation:
Franco should transfer the funds to his own RRSP and maintain the tax-deferred accumulation until the statutory RRSP maturity deadline, then convert the account to a RRIF.
Franco is 66. An RRSP must mature no later than the end of the calendar year in which its annuitant reaches age 71. CRA therefore allows approximately another five years of RRSP tax deferral before Franco must withdraw the funds, purchase an eligible annuity, or transfer them to a Registered Retirement Income Fund.
Because he does not currently require income, immediate RRIF withdrawals would unnecessarily accelerate taxable retirement income. However, option B cannot be maintained until his wife retires in 10 years: Franco would then be approximately 76, well beyond the age at which his RRSP must mature.
A direct transfer to a spousal RRSP is not the appropriate mechanism for moving his existing group RRSP retirement assets. Leaving the funds indefinitely in the group arrangement also fails to recognize the age-71 maturity requirement.
Option C precisely matches the available time horizon: preserve RRSP tax deferral for about five years, then establish a RRIF.
FPII reference/topic: Retirement Planning - group RRSPs; RRSP maturity; age 71 conversion requirements; RRIF planning.

NEW QUESTION # 13
A Canadian resident, age 57, is self-employed and earns $74,000 in yearly income. The year's basic exemption and maximum pensionable earnings are $3,500 and $61,600, respectively. Assuming a contributory rate of 5.45%, how much will the resident pay in Canada Pension Plan premiums (rounded to the nearest dollar)?

A. $3,357.
B. $3,166.
C. $6,714.
D. $6,333.

Answer: D

Explanation:
Because the individual is self-employed, both the employee and employer portions of the CPP contribution must be paid. Although the stated employee contributory rate is 5.45%, the effective self-employed rate is therefore:
5.45% × 2 = 10.90%
Income above the Year's Maximum Pensionable Earnings does not attract ordinary CPP contributions.
Pensionable earnings are therefore limited to $61,600. The Year's Basic Exemption must then be deducted:
$61,600 # $3,500 = $58,100
Apply the self-employed rate:
$58,100 × 10.90% = $6,332.90
Rounded to the nearest dollar:
$6,333
Therefore, option A is correct.
The figures in the question correspond to the 2021 CPP parameters. Official federal figures confirm a 2021 YMPE of $61,600, basic exemption of $3,500, employee/employer rate of 5.45% each, and maximum self- employed contribution of $6,332.90.
This question demonstrates an essential distinction between employees and self-employed individuals: an employee pays only the employee share, whereas a self-employed person effectively bears both sides of the CPP contribution.
FPII reference/topic: Retirement Planning - Canada Pension Plan; YMPE; Year's Basic Exemption; self- employed CPP contributions.

NEW QUESTION # 14
Diana has begun receiving spousal support payments and child support payments from her ex-husband Bruce.
What tax planning issue should be of greatest concern to Diana?

A. The tax payable on spousal support payments.
B. The tax payable on child support payments.
C. The tax deductibility of child support payments.
D. The tax deductibility of spousal support payments.

Answer: A

Explanation:
Diana's principal tax concern is the tax payable on qualifying spousal support payments that she receives.
Under Canadian income-tax rules, periodic spousal support paid pursuant to a qualifying court order or written agreement is generally deductible by the payer and taxable to the recipient. CRA therefore requires a recipient to include the taxable portion of qualifying spousal support in income.
Child support is treated differently. Under the current regime applicable to post-April 1997 arrangements, child support is generally not deductible by the payer and not taxable to the recipient. CRA expressly distinguishes the two forms of support on this basis.
Because Diana is receiving both forms of support, she should distinguish them carefully and plan for the income-tax liability associated with taxable spousal support. Depending on the amount received and the withholding arrangements, she may need to retain sufficient cash to satisfy tax instalments or the balance due when filing her tax return.
Option A concerns Bruce's potential deduction rather than Diana's tax liability. Options B and C incorrectly treat ordinary child-support payments as deductible or taxable.
FPII reference/topic: Family Law - taxation of support; spousal support; child support; payer deductions and recipient income inclusion.

NEW QUESTION # 15
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