Exam Code: FP2
Exam Name: Financial Planning II (FPII)
Updated: Oct 11, 2026
Q & A: 62 Questions and Answers
FP2 Free Demo download
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What type of trust is formed when one party is unjustly enriched at the expense of another person?
Correct Answer: C π³οΈ
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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?
Correct Answer: A π³οΈ
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What is the tax treatment on disability assistance payments for Registered Disability Savings Plans?
Correct Answer: C π³οΈ
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?
Correct Answer: D π³οΈ
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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?
Correct Answer: B π³οΈ
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