Question 1

Clara invested $150,000 with Roper Counsel, a member of CIRO. Her portfolio consists entirely of Canadianmutual funds. Roper Counsel recently became insolvent and declared bankruptcy. Where can Clara seek helpto recover her financial losses due to this event?

Options :

A : Office of the Superintendent of Financial Institutions.

B : MFDA Investor Protection Corporation.

C : Assuris.

D : Canadian Investor Protection Fund.

Answer: D

Question 2

During implementation, a client agrees to update her will, purchase disability insurance, and increase RRSP contributions. Which statement best describes the planner’s role?

Options :

A : Clarify responsibilities, timelines, and any required referrals or product steps.

B : Complete the will without involving a lawyer.

C : Assume the client will implement everything without follow-up.

D : Focus only on the RRSP contribution because it creates an investment transaction.

Answer: A

Question 3

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 theplanner do before accepting the directorship?

Options :

A : Accept because board compensation is separate from planning compensation.

B : Accept only if the client verbally confirms there is no conflict.

C : Disclose the proposed outside activity and obtain required approval from her firm.

D : Transfer the client to another planner without documenting the reason.

Answer: C

Question 4

A client, age 60, is in a low tax bracket today and expects a larger taxable pension after age 65. She has TFSAand RRSP room. Which contribution priority is generally more appropriate?

Options :

A : RRSP, because withdrawals are tax-free.

B : Non-registered account only, because registered accounts are unsuitable after age 60.

C : TFSA, because withdrawals will not increase taxable retirement income.

D : RRSP only after the client turns 72.

Answer: C

Question 5

Harley is a novice investor who has just set up his first FHSA. He has a high-risk tolerance to marketvolatility and his primary investment objective is growth. He would like to invest $10,000 and will use thefunds as part of the first-time home buyers plan within the next year. What investment should Harleypurchase within this FHSA?

Options :

A : A one year locked-in GIC.

B : A high interest savings account.

C : An equity focused mutual fund.

D : An income-focused mutual fund.

Answer: B

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