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

1. James is visiting Gurjeet, his financial planner, to discuss his financial affairs after the recent passing of his long-time partner Peter. James is concerned that the cost of probate will be a heavy burden. Which holdings should Gurjeet advise James are included in calculating the cost of probate?

A) Assets held in a formal, irrevocable trust account.
B) Assets held joint tenants in common.
C) Registered plans with an adult child designated as the beneficiary.
D) Insurance contracts with a preferred beneficiary designated.

2. A retiree holds most of her investments in interest-bearing GICs inside a non-registered account while her TFSA is invested in cash. She has unused TFSA room and wants to improve after-tax efficiency without increasing total portfolio risk materially. What should the planner consider?

A) Moving all assets into speculative equities.
B) Holding more interest-bearing assets inside the TFS
C) Borrowing to invest in the non-registered account.
D) Withdrawing RRIF minimums and gifting them immediately.

3. Sarah Jones is an incorporated owner of a successful manufacturing company. She currently has a large month to month cash flow surplus. This is expected to continue until she retires in seven years. Her personal mortgage is up for renewal. She needs to borrow $50,000 so that she can replace a piece of equipment that is needed in the manufacturing process. She would like a solution that results in paying the lowest interest cost over the life of the loan. Which loan product should the financial planner recommend to Sarah? Assume monthly compounding for all products and no pre-payment options.

A) Refinanced personal mortgage with an interest rate of 1.35% and a 25-year amortization period.
B) Secured corporate loan with an interest rate of 5.25% and a 5-year amortization period.
C) Corporate mortgage with an interest rate of 2.25% and a 25-year amortization period.
D) Home equity line of credit with an interest rate of 3.75% and a 7-year interest-only payment with an end-of-term balloon payment.

4. A client borrows $100,000 to invest in a non-registered portfolio expected to generate interest and dividend income. What tax principle is most relevant?

A) Interest deductibility applies only to TFSA contributions.
B) The investment income becomes tax-free because leverage is used.
C) Interest on borrowed money may be deductible when the funds are used to earn income from property.
D) Loan interest is never deductible for individuals.

5. At the first meeting, a financial planner explains her services, compensation, responsibilities, limitations, confidentiality practices, and what information the client must provide. Which document should normally capture these matters?

A) Retirement income projection.
B) Client agreement letter.
C) Trade confirmation.
D) Fund facts document.

Solutions: