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

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

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

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

4. Kendrick, age 55, owns a successful small business, ZXC Inc., valued at $800,000. Kendrick has extensive savings outside of the business and would like to pass the company onto his son at some point in the future.
Kendrick expects the business to increase in value $25,000 per year. If Kendrick decides to use an estate freeze to reduce the amount of taxes he will be required to pay, his financial planner should recommend that he implement the estate freeze at which point in relation to gifting the business to his son?

A) Immediately.
B) One month prior to gifting the company.
C) At the same time as gifting the company.
D) To take effect at the time of his passing.

5. A higher-income spouse contributes to a spousal RRSP for the lower-income spouse. The lower-income spouse withdraws the contribution amount the following year. What should the planner warn them about?

A) The contribution permanently eliminates all future spousal RRSP room.
B) The withdrawal may attribute back to the contributing spouse.
C) The withdrawal is always tax-free.
D) The withdrawal must be taxed as capital gains.

Solutions: