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

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

1. Ronny, a successful business owner, established a discretionary family trust earlier this year as a means to split income with his children. Ronny's children are both under the age of five and are both income and capital beneficiaries of the trust. He is concerned that the 21-year rule will result in a significant amount of tax resulting from unrealized capital gains. What strategy would be best if Ronny's goal is to minimize the total amount of tax payable by the trust and/or beneficiaries at the 21-year mark?

A) Realize all capital gains at the 21-year mark and designate this income to the beneficiaries.
B) Revoke the trust just prior to the 21-year mark to avoid paying any capital gains tax to the trust or beneficiaries.
C) Realize all capital gains at the 21-year mark and leave the capital gains' income taxable to the trust.
D) Turn over the trust portfolio annually and designate any capital gains to beneficiaries.

2. Chris is a self-employed contractor discussing his retirement plans with his financial planner, Joseph. Chris is considering incorporating his business and drawing funds from his corporation to fund his retirement income, yet he wants to ensure it does not impact his business's financial position. What advice should Joseph give to Chris?

A) Consult an online service that helps individuals incorporate.
B) Speak with an accountant to review the impact of incorporating.
C) Inform Chris of the impacts of incorporating and recommend any changes he feels are appropriate.
D) Speak with a lawyer to review the impact of incorporating.

3. A client, age 60, is in a low tax bracket today and expects a larger taxable pension after age 65. She has TFSA and RRSP room. Which contribution priority is generally more appropriate?

A) Non-registered account only, because registered accounts are unsuitable after age 60.
B) RRSP, because withdrawals are tax-free.
C) RRSP only after the client turns 72.
D) TFSA, because withdrawals will not increase taxable retirement income.

4. 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) Repay the final four annual installments remaining on her Lifelong Learning Plan and start a monthly contribution plan to her RRSP.
B) Transfer her existing TFSA savings to her RRSP and start a monthly contribution plan.
C) Enroll in her company's group RRSP program and start a monthly contribution.
D) 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.

5. A client says, "I want to retire comfortably as soon as possible." Which response best reflects the financial planning process?

A) Recommend a higher-return portfolio immediately.
B) Translate the statement into measurable goals, assumptions, and time frames.
C) Ignore the statement until the client reaches age 60.
D) Ask the client to select a retirement mutual fund.

Solutions: