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

1. The Andersons, a young couple, meet with their financial planner to review estate-planning opportunities.
They recently had a third child and are looking for the most cost-effective strategy to put in place during their working years to increase their estate value and reduce the tax burden at death for the benefit of their children.
What should the financial planner recommend?

A) Put in place a term survivorship life insurance policy.
B) Update beneficiary designation to the estate on their registered plans.
C) They should each have permanent life insurance plans in place.
D) Set up a joint savings account with automatic monthly contributions.

2. Leena and Harry are married and hold RRSPs with a value exceeding $500,000. They are concerned about their final tax liability and want to cover the taxes after they have both died. What would their financial planner recommend them to implement in order for the couple to achieve the objective?

A) Set up a testamentary trust through their wills.
B) Update the beneficiary of the RRSP plans to each other.
C) Transfer the funds into an inter vivos trust.
D) Purchase a joint last-to-die permanent life insurance policy.

3. Wendy, age 60, has a holding company whose sole asset is a commercial property. The property appreciated considerably in value over the last 10 years, and she expects the property value will continue to grow. Wendy is concerned about the tax implications this may have when she dies and leaves the property to her children.
What strategy should Wendy's financial planner recommend to her?

A) Transfer the common shares of the company into joint name with her children.
B) Sell the property to her children below market value.
C) Gift common shares to her children and retain majority ownership.
D) Conduct an estate freeze.

4. Justis, age 62, and his wife Jen, age 58, are meeting with their financial planner, Luke. They are both planning to retire by age 65. Their goals are to minimize debt and reduce taxes. The couple's financial situation is outlined below.

Justis' annual income is $25,000. He has a $15,000 RRSP, $30,000 single non-registered account and a
$25,000 TFSA. Jen's annual income is $60,000, and she has a $150,000 RRSP, $50,000 single non-registered account and a $20,000 TFSA.
Jen's marginal tax rate is 35%, and Justis' is 25%. Assuming all investments are making interest income of
10%, what would be the most appropriate strategy for Luke to recommend for the couple?

A) Use Jen's RRSP to pay all liabilities.
B) Use Jen's non-registered funds to pay all liabilities.
C) Use Justis's RRSP to pay off all liabilities.
D) Use Justis's non-registered funds to pay off all liabilities.

5. Dianna is visiting with Karen, her Financial Planner, and is excited to report that she has just bought her dream home. She has also let Karen know she Is meeting with an insurance representative to purchase a whole life insurance to cover her 20-year mortgage. Why might Karen suggest Dianna consider term life insurance instead?

A) The cost of premiums is lower than whole life.
B) The client's health may deteriorate as she gets older.
C) The term policy has a cash value, which can be borrowed against.
D) It is better suited for long term insurance needs.

Solutions: