CSI AFP-Exam-1 : Applied Financial Planning Certification Exam 1 (AFP)

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CSI AFP-Exam-1 Exam Syllabus Topics:

CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:

1. Clara invested $150,000 with Roper Counsel, a member of CIRO. Her portfolio consists entirely of Canadian mutual funds. Roper Counsel recently became insolvent and declared bankruptcy. Where can Clara seek help to recover her financial losses due to this event?

A) MFDA Investor Protection Corporation.
B) Office of the Superintendent of Financial Institutions.
C) Assuris.
D) Canadian Investor Protection Fund.

2. Jonah is meeting with his client, Muhsina, who owns Myke Inc., a Canadian-controlled private corporation.
Based on current market value, if he decides to sell Myke Inc., Muhsina will have a capital gain of $400.000.
He expects the value of Myke Inc. to increase in future years and has a CNIL balance of $100,000. He wants the future increase in value to be taxed in the hands of his children, Teshi and Kaliyah, and to minimize the cost. What action should Jonah advise Muhsina to take to meet his goal?

A) Sell #### Inc. to his children at fair market value.
B) Set up a joint account with Teshi and Kaliyah.
C) Set up a joint account with Teshi.
D) Sell #### Inc. to his children for $1.

3. In order to increase the assets in Rebecca's retirement savings, her financial planner is considering making a number of recommendations. Prior to obtaining her current employment, she withdrew funds from her RRSP under the Lifelong Learning Plan to upgrade her skills. She has four annual installments remaining on her Lifelong Learning Plan withdrawal and a small amount of savings in a TFSA. Rebecca now works as a sales associate in a small clothing store that has a group RRSP program for all employees which matches employee contributions. Which recommendation provides the best long-term impact to grow her retirement savings?

A) Transfer her existing TFSA savings to her RRSP and start a monthly contribution plan.
B) Enroll in her company's group RRSP program and start a monthly contribution.
C) While keeping within her risk tolerance, maximize the equity component of her RRSP and TFSA plans in order to achieve significantly better returns over time.
D) Repay the final four annual installments remaining on her Lifelong Learning Plan and start a monthly contribution plan to her RRSP.

4. A business owner completes an estate freeze, taking back preferred shares with a fixed redemption value while children receive common shares. What is a primary risk of this strategy for the owner?

A) The children can never benefit from future growth.
B) The freeze automatically eliminates all tax at death.
C) The owner's retained preferred shares may not provide adequate income or inflation protection.
D) No future growth can occur in the corporation.

5. A high-income parent gives $80,000 to a 12-year-old child to invest in a non-registered bond fund. The parent expects the child to report the annual interest income. What rule should the planner identify?

A) The income is always taxed to the child because the account is in the child's name.
B) Attribution rules may tax the interest income back to the parent.
C) Attribution rules apply only when property is transferred to a spouse.
D) The child must contribute the amount to an RRSP.

Solutions: