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Question 1
Under FP Canada's financial planning process, what is the FIRST function a planner performs after establishing the engagement with a client?
Correct Answer:
Collecting the client's qualitative and quantitative information
Question 2
A Canadian client earns $90,000 and contributes $6,000 to their RRSP. Ignoring other deductions, how does the RRSP contribution affect taxable income for the year?
Correct Answer:
It reduces taxable income to $84,000 as a deduction
Question 3
Which account allows a Canadian resident to earn investment income and make withdrawals completely tax-free, with no deduction for contributions?
Correct Answer:
Tax-Free Savings Account (TFSA)
Question 4
In Canada, what portion of a capital gain realized on a non-registered investment is generally included in taxable income under the standard inclusion rate?
Correct Answer:
50% of the gain
Question 5
A client receives $1,000 of eligible dividends from a Canadian public corporation. How is this amount treated for federal tax purposes before applying the dividend tax credit?
Correct Answer:
Grossed up by 38% to a taxable amount of $1,380
Question 1
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About this Exam

Prepare with the CFP Exam (Canada) Practice Questions - CFP Examination (FP Canada) Exam practice quiz. This question bank includes 100 questions covering client, income, canadian, rrsp, and canada. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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CFP Exam (Canada) Practice Questions - CFP Examination (FP Canada) Exam

This practice set contains 100 questions from the matching question bank and focuses on client, income, canadian, rrsp, and canada. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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