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

1. William and Jennifer are selling their business which qualifies as a Canadian-controlled private corporation.
When the sale is complete at the end of this year, William and Jennifer will each receive $4 million for their common shares which have nominal cost. Jennifer has unused capital losses from previous years. They are meeting with Laurel, their financial planner, to discuss the tax implications of the sale. Based on the information provided, what should Laurel recommend to William and Jennifer so that they are best able to make use of the Lifetime Capital Gains Exemption?

A) They should each claim 100% of the exemption.
B) Only Jennifer should claim 100% of the exemption.
C) They should each claim 50% of the exemption.
D) Only William should claim 100% of the exemption.

2. Tom has two children from a previous marriage. He has been paying $1,000 per month for spousal support and $1,500 per month for child support to his ex-wife. Recently, his ex-wife was awarded increased child support payments from Tom to cover unanticipated university expenses for one of the children. What should Tom's financial planner advise him about how this increased monthly payment may impact his finances?

A) The increased amount Tom pays in child support will result in a larger tax credit at the end of the year.
B) Net cash flow will be reduced equal to the full amount of the extra child support payments.
C) The tuition tax credit for his child's post-secondary education will be applied towards Tom's taxes.
D) Net cash flow will be reduced equal to the amount of the extra child support payments, less the tax deduction.

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

4. Lois is reviewing her client Raj's retirement plan. To stay on track, Raj's TFSA (with a current balance of
$10,000) will need to be worth $42,000 in five years. Raj is able to contribute his annual bonus of $5,000 at the end of each year. For Raj to stay on plan, what rate of return does Lois need to be targeting?

A) 7.67%.
B) 5.64%.
C) 6.36%.
D) 5.71%.

5. Tony, a financial planner, is meeting with his client, Howard, age 42. Howard would like to retire in 15 years.
His retirement goal is to have an annual gross income of $30,000 (in today's dollars). He is currently contributing $2,400 each year to his RRSP which is currently worth $275,000. Assume an average annual inflation rate of 3%, rate of return of 4% for the registered assets and a life expectancy to age 90. What will Tony determine as Howard's current surplus/shortfall at retirement?

A) Surplus of $16,801.
B) Shortfall of $20,671.
C) Surplus of $20,671.
D) Shortfall of $16,801.

Solutions: