CSI Financial Planning II (FPII) : FP2

Pass FP2 Exam Cram

Exam Code: FP2

Exam Name: Financial Planning II (FPII)

Updated: Oct 11, 2026

Q & A: 62 Questions and Answers

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CSI Financial Planning II (FPII) Sample Questions:

Question #1

What type of trust is formed when one party is unjustly enriched at the expense of another person?

  • A. Social.
  • B. Private.
  • C. Constructive.
  • D. Resulting.
Reveal Solution  Discussion  0

Correct Answer: C  πŸ—³οΈ

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Question #2

When a Canadian works abroad for a Canadian employer, what proof must be provided to have that time qualify as residence in Canada for Old Age Security?

  • A. Proof of employment from the Canadian employer and proof of physically returning to Canada within 6 months of ending employment.
  • B. Proof of returning to Canada within one year of ending employment and proof of paying Canadian income taxes.
  • C. Proof of Canadian Residency.
  • D. Proof of paying Canadian Income Tax.
Reveal Solution  Discussion  0

Correct Answer: A  πŸ—³οΈ

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Question #3

What is the tax treatment on disability assistance payments for Registered Disability Savings Plans?

  • A. Disability assistance payments are not taxable income.
  • B. Disability assistance payments are fully taxable based in the hands of the recipient.
  • C. Disability assistance payments are taxed on the grant and income earned portions.
  • D. Disability assistance payments reduce government-funded disability benefits and tax credits.
Reveal Solution  Discussion  0

Correct Answer: C  πŸ—³οΈ

Question #4

The following table outlines details for a life insurance policy issued in 1995:
Details
Amounts
Cash surrender value
$8,000
Premiums paid
$6,000
Dividends declared
$1,500
Net cost of pure insurance
$750
Marginal tax rate
30%
Assuming the policy is completely surrendered, what are the taxes payable?

  • A. $2,750.
  • B. $4,250.
  • C. $825.
  • D. $1,275.
Reveal Solution  Discussion  0

Correct Answer: D  πŸ—³οΈ

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Question #5

Roy gifted his nephew Charles, age 16, shares for his birthday. The managed portfolio will generate both dividends, and capital gains and losses. What will be Roy's future tax implications, with respect to this transfer, until Charles reaches the age of majority?

  • A. No gains, losses or income are attributed to Roy.
  • B. Dividend income is attributed to Roy.
  • C. Capital gains are attributed to Roy.
  • D. Capital losses are attributed to Roy.
Reveal Solution  Discussion  0

Correct Answer: B  πŸ—³οΈ

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