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Online Version
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CSI AFP-Exam-1 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Client Relationship and Practice Management | 6% | - Communication and Advisory Process - Client Discovery - Practice Management |
| Topic 2: Tax Planning | 14% | - Income Tax Fundamentals - Tax Deductions and Credits - Tax-Efficient Strategies - Registered Plans |
| Topic 3: Risk Management and Insurance | 12% | - Risk Assessment - Disability and Health Insurance - Risk Transfer Strategies - Life Insurance |
| Topic 4: Retirement Planning | 17% | - Registered Retirement Savings Plans - Pension Plans - Retirement Income Strategies - Retirement Needs Analysis |
| Topic 5: Estate Planning | 13% | - Powers of Attorney - Wills - Trust and Beneficiary Planning - Estate Transfer Strategies |
| Topic 6: Investment Planning | 17% | - Portfolio Construction - Investment Theory - Asset Allocation - Investment Products |
| Topic 7: Professional Conduct and Regulatory Compliance | 10% | - Ethics and Professional Standards - Compliance Responsibilities - Regulatory Requirements |
| Topic 8: Asset and Liability Management | 11% | - Personal Balance Sheet Analysis - Debt Management - Budgeting - Cash Flow Management |
CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions:
1. Mina has $20,000 in a savings account earning 3% before tax. She also has a $9,000 credit card balance at
22%, a $7,000 unsecured line of credit at 10%, and a $14,000 car loan at 4%. Her marginal tax rate is 35%.
Which liability should she target first?
A) Car loan.
B) No debt; keep all funds in savings.
C) Unsecured line of credit.
D) Credit card balance.
2. A client borrows $100,000 to invest in a non-registered portfolio expected to generate interest and dividend income. What tax principle is most relevant?
A) The investment income becomes tax-free because leverage is used.
B) Loan interest is never deductible for individuals.
C) Interest on borrowed money may be deductible when the funds are used to earn income from property.
D) Interest deductibility applies only to TFSA contributions.
3. 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) Set up a joint account with Teshi.
B) Set up a joint account with Teshi and Kaliyah.
C) Sell #### Inc. to his children at fair market value.
D) Sell #### Inc. to his children for $1.
4. 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?
A) The new home must be at least 30 kilometres closer to the new work location.
B) The new home must be at least 10 kilometres closer to the new work location.
C) The new home must be at least 25 kilometres closer to the new work location.
D) The new home must be at least 40 kilometres closer to the new work location.
5. A client wants a policy that pays a lump sum if she is diagnosed with a covered serious illness and survives the required waiting period. Which product matches this need?
A) Accidental death insurance.
B) Critical illness insurance.
C) Disability insurance.
D) Long-term care insurance.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: B |
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