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CSI Applied Financial Planning Certification Exam 1 (AFP) Sample Questions (Q79-Q84):

NEW QUESTION # 79
If a deceased person was entitled to rights or things at death, what strategy should the estate representative use to enhance the net estate value after tax?

Answer: B

Explanation:
Rights or things are amounts the deceased was entitled to receive at death but had not yet received, such as unpaid employment income, declared dividends, or certain other receivables. The estate representative can often file a separate optional return for rights or things. This can enhance the net estate value because graduated tax rates and separate credits may reduce the total tax compared with including everything on the terminal return. Transferring ownership directly to beneficiaries does not address the tax-reporting opportunity. Including the amounts only on the final return may be administratively simpler but may produce more tax. Filing annual reassessments until payment is received is not the planning strategy. The AFP point is that optional returns can be used after death to minimize tax where the deceased had qualifying income categories. The executor should coordinate with a tax professional to identify eligible rights or things and filing deadlines. Study Guide focus: terminal returns, optional returns, rights or things, estate taxation, and post-mortem tax planning.


NEW QUESTION # 80
Camila's firm recently issued their client, Shawn, an investment management fee summary on his non- registered investment portfolio for $5,000 in carrying charges. Shawn's federal tax rate is 29% and his provincial tax rate is 15%. What will be Shawn's tax savings on this investment management fee?

Answer: B

Explanation:
Shawn's investment management fee produces tax savings of $2,200. The $5,000 fee is a carrying charge related to a non-registered investment portfolio, and such fees may be deductible when they meet the tax rules. His combined marginal tax rate is 44%, calculated as 29% federal plus 15% provincial. Multiplying
$5,000 by 44% gives $2,200. Option A uses only the provincial tax rate. Option D uses only the federal tax rate. Option C ignores the deductibility of eligible investment counsel or management fees in a taxable account. The same fee would not have the same treatment if it related to a registered account such as an RRSP or TFSA. The planner should ensure that the fee summary properly identifies deductible carrying charges and that Shawn's tax preparer applies the deduction correctly. Study Guide focus: carrying charges, non-registered investment fees, marginal tax rates, deductibility, and tax savings. The tax saving should be shown as a reduction in tax payable, not as a reimbursement of the full fee.


NEW QUESTION # 81
A client sends an email alleging that a mutual fund recommendation was unsuitable because the fund declined sharply after purchase. The client asks for compensation. What is the financial planner's first professional obligation?

Answer: B

Explanation:
The issue is complaint governance. A written allegation of unsuitable advice and a request for compensation must be treated as a complaint, even if the planner believes the recommendation was defensible. The planner should preserve the communication, record the relevant facts, notify the appropriate supervisory channel, and follow the firm's complaint process. The file should contain the original KYC information, risk-tolerance evidence, fund recommendation rationale, disclosure documents, trade record, and subsequent communications. Option A is improper because compensation should not be promised before the complaint is reviewed under firm policy. Option B is dismissive; market loss alone may not prove unsuitability, but the complaint still requires a formal response. Option C is unacceptable and would create a serious recordkeeping and conduct breach. A professional process protects both parties: the client receives a fair review, and the planner demonstrates procedural discipline, supervision, and documentation. References/topics: complaint handling, suitability review, recordkeeping, regulatory compliance.


NEW QUESTION # 82
Wendy, age 60, has a holding company whose sole asset is a commercial property. The property appreciated considerably in value over the last 10 years, and she expects the property value will continue to grow. Wendy is concerned about the tax implications this may have when she dies and leaves the property to her children.
What strategy should Wendy's financial planner recommend to her?

Answer: B

Explanation:
Wendy should conduct an estate freeze. Her holding company owns an appreciating commercial property, and she expects future growth to continue. A freeze can cap the value of Wendy's current interest for tax purposes and shift future appreciation to her children, usually through new common shares or a family trust. Selling below market value would not avoid tax and can trigger adverse related-party consequences. Gifting common shares while retaining majority ownership may not properly cap her accrued value and can create control and tax issues. Adding children as joint owners of corporate shares is not a clean estate-planning solution and may expose the shares to creditors, family law claims, and disputes. The freeze must be designed with a lawyer and accountant to address valuation, control, income, and succession. Study Guide focus: estate freezes, holding companies, appreciating assets, deemed disposition at death, and intergenerational transfer planning.
The strategy also allows Wendy to retain structured control while passing only future growth to the next generation.


NEW QUESTION # 83
A financial planner is invited to serve as a paid director of a private corporation owned by one of her clients.
The client also wants the planner to continue providing personal financial planning advice. What should the planner do before accepting the directorship?

Answer: C

Explanation:
A paid directorship with a client's private corporation is a high-conflict outside activity. It can affect independence, create competing duties, expose the planner to confidential corporate information, and blur the boundary between personal advice and corporate governance. Before accepting, the planner must follow firm and regulatory procedures for outside business activities, obtain required approval, and determine whether the client relationship can continue without impaired judgment. Option A ignores the fact that compensation from a client-related entity is material even when it is not paid through the financial planning engagement. Option B is inadequate because client consent alone does not replace supervisory approval or conflict assessment.
Option D may become appropriate if the conflict cannot be managed, but an undocumented transfer is poor practice. A course-guide answer would emphasize disclosure, approval, conflict controls, and file documentation before any commitment is made. References/topics: outside business activities, conflict management, disclosure, professional responsibility.


NEW QUESTION # 84
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