QAFP And CFP Study Guide 2021 - PlannerPrep

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QAFP and CFP Study Guide 2021

Table of Contents Introduction. 8 CFP Exam Overview . 8 Eligibility. 8 Financial Planning Functions . 8 Financial Planning Areas . 8 Competency Requirements . 9 FP Canada Continuing Education / Credits . 9 Financial Planning Body of Knowledge (BoK) . 9 Financial Planning Practices and Ethics. 19 Competency Requirements . 19 Body of Knowledge Mapping . 20 Financial Planning Profession . 21 FP Canada Financial Planning Practice Standards . 21 FP Canada Code of Ethics . 22 Professional Skills. 28 Fitness Standards. 30 Key Client Considerations . 31 Client Situational Awareness . 32 Regulatory Environment . 33 Consumer Protection . 34 Financial Management. 37 Competency Requirements . 37 Body of Knowledge Mapping . 38 Issues to Identify From Financial Situation. 39 Savings . 39 Emergency Fund . 39 Tax Free Savings Account (TFSA) . 40 Registered Education Savings Plan (RESP) . 41 Informal Trust Accounts . 46 Lifelong Learning Plan . 47 Registered Disability Savings Plan (RDSP) . 48 Types of Credit . 50 Debt Repayment . 51 Credit Adjudication . 51 Delinquency / Insolvency / Bankruptcy. 52 Revolving Credit Facilities . 53 Installment Credit Facilities . 54 Leases. 56 Mortgages . 56 Debt Ratios . 60 Canada Mortgage and Housing Corporation (CMHC) . 61 First-Time Home Buyers Plan (HBP) . 63 First-Time Home Buyers’ Tax Credit . 64 2

Behavioural Finance . 64 Heuristics and Biases . 65 20 Common Biases . 65 Brain . 67 Behavioural Finance & The Advisor . 69 Behavioural Biases in Clients . 70 Investment Planning . 73 Competency Requirements . 73 Foundation of Investment . 75 Investment Marketplace . 76 Asset Classes . 77 Other Asset Classes . 81 Investment Products . 84 Investment Structures . 87 Asset Allocation . 91 Asset Location . 92 Rebalancing . 92 Investment Strategies . 93 Portfolio Monitoring & Evaluation . 94 Portfolio Returns, Risk & Valuation . 97 Effective Annual Rates .100 Economics .101 Financial Statements .105 Ratios .106 Insurance and Risk Management . 108 Competency Requirements .108 Competency Profile .108 Risk Management Overview .109 Property and Casualty Insurance.110 Automobile Insurance .111 Homeowners’ Insurance .111 Liability Insurance.112 Health Care Insurance .112 Disability Insurance .113 Life Insurance .116 Permanent / Whole Life Insurance .119 Universal Life (UL) .120 Critical Illness .123 Long Term Care Insurance .125 Group Insurance .126 Charity and Life Insurance .127 Advanced Uses of Life Insurance .127 Insurance for Corporations .129 Taxation of Insurance .130 Other Insurance Concepts .132 3

Annuities.132 Segregated Funds & GMWBs.136 Taxation Planning . 140 Competency Requirements .140 Effective Tax Planning Summary .141 Tax Forms, Tax Rates & Tax Rules .142 Tax Deductions & Credits .146 Taxable Fringe Benefits.150 Automobile Benefits .151 Stock Option Benefits .152 Retiring Allowance For Employees .152 Listed Personal Property .153 Education Planning .154 Eligible Capital Property .156 Dividend Income .157 Non-Taxable Income & Benefits .157 Rental Income.158 Superficial Loss .159 Alternative Minimum Tax (AMT).160 Income Attribution Rules .160 Tax Consequences at Death .161 Charitable Donations as a Tax Strategy .165 Capital Gains Reserve.166 Principle Residence Exemption .166 Tax Avoidance vs. Tax Evasion vs. Tax Minimization vs. Tax Planning .167 Anti-Avoidance Rule .167 Corporations .168 Canadian Controlled Private Corporation.169 Dividends vs. Salary .171 Capital Dividend Account .171 Allowable Business Investment Losses (ABIL).172 Lifetime Business Capital Gains Exemption .172 Taxation of Partnership .172 Tax Shelters .173 US Taxation.174 International Tax Issues .178 Self-Employed .178 Retirement Planning . 182 Competency Requirements .182 Retirement Foundations .183 Retirement Planning Process .184 Steps in the Retirement Planning Process .185 Retirement Planning .185 Pensions – 3 Pillars .186 Pension Income .186 4

Canada Pension Plan (CPP) .187 CPP – Post Retirement Benefits (PRB) .188 CPP Provisions & Benefits.189 CPP Enhancement.194 Old Age Security (OAS) .195 Guaranteed Income Supplement.196 Registered Pension Plans (RPP) .197 Defined Benefit Pension Plans .199 Pension Adjustments (PA) .202 Multi-Employer Pension Plans.204 Pooled Registered Pension Plan (PRPP) .204 Pension Buyback .204 Pension Commutation .205 Target Benefit Plans (TBP) .207 Locked in Retirement Account (LIRA).207 Life Income Fund (LIF) .208 Registered Retirement Savings Plan (RRSP) .210 Spousal RRSP .216 Registered Retirement Income Fund (RRIF) .217 Individual Pension Plans (IPPs) .219 Retirement Compensation Arrangements (RCAs) .220 Salary Deferral Arrangements .222 Retiring Allowances .222 Deferred Profit-Sharing Plans (DPSP) .223 Eligible Funeral Arrangement .224 Other Topics .224 Retirement Calculation Tips .224 Estate Planning and Legal Aspects . 227 Competency Requirements .227 Estate Planning Process .228 Trusts .229 Testamentary Trust .231 Inter Vivos Trust (Living Trust) .233 Alter Ego Trust & Joint Partner Trust .235 Power of Attorney (POA).236 Living Wills and Advance Health Care Directives .237 Probate .238 Intestate .239 Wills .240 Clauses in a Will .242 Executors .244 Estate Planning Strategies .245 Informal Trusts .247 Henson Trust .247 Other Trusts .248 Tax Implications at Death .249 5

Estate Freeze.249 Buy-Sell Agreements .250 Foundations of Law .252 Family Law Overview .252 Divorce .255 Annulment of Marriage .255 Contracts.256 Agency .259 Bankruptcy Law in Canada .262 Forms of Business Entities .262 Personal

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