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

1. Gina plans to take a one-year leave of absence from her employer without pay. Gina has a TFSA invested in equity mutual funds which is currently below book value, an RRSP invested in cash, a Nova Scotia LIRA invested in GICs, and a line of credit. Assuming all have sufficient funds, which plan should Gina access to ensure she meets her goal of budget effectiveness during this time?

A) The RRSP.
B) The line of credit.
C) The TFSA.
D) The LIRA.

2. Barbara, age 50, is meeting with her financial planner, Clark. Barbara has been hired as the Chief Executive Officer of a very successful privately owned business. Her salary will be $200,000 annually, plus a bonus.
Which retirement savings option should Clark recommend for Barbara?

A) A deferred profit-sharing plan.
B) An individual pension plan.
C) A defined benefit plan.
D) A retirement compensation arrangement.

3. Janet's non-registered account holds the funds listed in the following table:

Assuming a marginal tax rate of 45%, what amount of tax payable will Janet incur if she redeems the account to fund the purchase of a new business?

A) $4,500.
B) $9,000.
C) $6,750.
D) $5,625.

4. A client says she can emotionally tolerate a 30% portfolio decline, but she needs the money in 18 months for a home down payment and has no other savings. What should the planner conclude?

A) Her risk capacity is low despite her stated tolerance.
B) Her high tolerance automatically supports an all-equity portfolio.
C) Her investment experience is the only relevant factor.
D) Her tax bracket determines that equities are required.

5. A client realizes a $16,000 capital loss on one non-registered investment and a $28,000 capital gain on another non-registered investment in the same year. How should the loss be treated?

A) It is deducted directly against employment income.
B) It is applied against capital gains to reduce the net capital gain.
C) It becomes a refundable tax credit.
D) It is ignored because losses have no tax value.

Solutions: