Financial Planning Process and Job Knowledge
Requirements: Topics and Level of Competence
B.2.d. HEALTH INSURANCE (Sections 28 - 30)
28. Needs analysis
Level
A.
Exposure
2.0
B.
Objectives
2.0
C.
Data collection
2.0
D.
Strategies
2.0
E.
Implementation
2.0
29. Types and
features of plans
Level
A.
Extended health
2.0
B.
Medical/dental/vision
2.0
C.
Outside of Canada
2.0
D.
Long-term care
2.0
E.
Critical illness
2.0
F.
Provincial health
plan
2.0
G.
Group health coverage
2.0
30. Taxation
of plans
Level
A.
Taxation of provincial
health plans
2.0
B.
Taxation of medical/dental
plans
2.0
B.2.e. PROPERTY AND CASUALTY INSURANCE
(Sections 31 - 33)
31. Needs analysis
Level
A.
Exposure
2.0
B.
Objectives
2.0
C.
Data collection
2.0
D.
Strategies
2.0
E.
Implementation
2.0
32. Types of
plans
Level
i.
Automobile
A. Property
B. Third-party liability
C. First-party injury protection
1.0
1.0
1.0
ii.
Homeowner
A. Dwelling
B. Personal property
C. Liability
1.0
1.0
1.0
iii.
Other
property and liability
A. Commercial
B. Professional
C. Other personal (umbrella, etc.)
1.0
1.0
1.0
33. Applications
Level
A.
Personal property
1.0
B.
Personal liability
1.0
C.
Personal residence
1.0
B.3. ESTATE PLANNING (Sections 34 - 41)
34. Objectives
of estate planning
Level
A.
Orderly distribution
of estate
3.0
B.
Minimization of
tax
3.0
C.
Support of dependants
3.0
35. Transfer
of property prior to death
Level
A.
Gifts
3.0
B.
Inter-vivos trusts
3.0
C.
Attribution rules
3.0
D.
Spousal transfers
3.0
E.
Farm transfers
1.0
F.
Estate freeze (ITA
s.51, 85 and 86)
2.0
36. Taxation
at death
Level
A.
Rights or things
2.0
B.
Deemed dispositions
2.0
C.
Final tax return
2.0
D.
Spousal trusts
2.0
E.
Charitable donations
on death
2.0
F.
Employee death
benefit
2.0
37. Wills
Level
A.
The importance
of having a will
3.0
B.
Clauses of a will
3.0
C.
Testamentary trusts
2.0
D.
Beneficiary designations
3.0
E.
Appointment of
executor & trustees
3.0
F.
Tax effectiveness
2.0
G.
Matrimonial considerations
- second and subsequent marriage issues
2.0
H.
Wills Variation
Act
2.0
I.
Dying without a
will
3.0
J.
Guardianship of
children
2.0
K.
Public trustees
2.0
38. Probate
Level
A.
Minimization of
fees
2.0
B.
Appointments outside
the will (eg. RRSPs, life insurance, joint ownership)
2.0
39. US estate
taxation
Level
A.
Estate tax
1.0
B.
Capital gains tax
1.0
40.
Uses of life insurance in estate planning
2.0
41.
Powers of attorney/living wills/health directives
2.0
B.4. FAMILY LAW (Sections 42 - 45)
42.
Marital property legislation
2.0
43.
Child/dependent support legislation
2.0
44.
Maintenance enforcement
2.0
45.
Common-law issues
2.0
B.5. RETIREMENT PLANNING (Sections 46 - 52)
46. Retirement
needs analysis
Level
A.
Establishing retirement
objectives
3.0
B.
Calculation of
retirement funds currently available
3.0
C.
Calculation of
additional funds needed to meet objectives
3.0
47. Government
plans
Level
i.
CPP/QPP
A. Contribution levels
B. Retirement benefits
1. Early, normal and delayed
2. Assignment of benefits between spouses
C. Disability benefits
D. Survivor benefits
E. Death benefits
F. Tax treatment of contributions and benefits
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
ii.
Old
age security (OAS)
G. Eligibility/amount of benefit
H. GIS/spouse's allowance
I. Tax treatment of benefits
3.0
3.0
3.0
48. Registered
pension plans
Level
i.
Defined
benefit
A. Definition
B. Calculation of benefits
C. Contributions
1. Employer
2. Employee
3. Tax deductibility
D. Early retirement considerations
E. Options on termination
1. Deferred pension
2. Commuted value
F. Retirement income options
G. Benefits on death before/after retirement
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
ii.
Defined
contribution
A. Definition
B. Projection of pension income
C. Contribution
1. Employer
2. Employee
3. Tax deductibility
D. Retirement income options
E. Benefits on death before/after retirement
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
iii.
Factors
affecting choice of defined benefit vs. defined contribution
A. Amount of pension
B. Risk (investment, inflation, interest rate)
C. Control
D. Age
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