Constructed Response Answer Template

Question 1

What are the 4 key collection points for Cashflow Planning?

Answer 1

1. Income
2. Expenses
3. Debts
4. Emergency Savings

Question 2

What are the 3 main analysis points for Cashflow Planning?

Answer 2

1. Gaps between income and spending
2. High-interest debt
3. Lack of emergency fund

Question 3

What are 3 recommended actions for Cashflow Planning?

Answer 3

1. Create a cashflow plan
2. Build emergency fund
3. Accelerate debt repayment

Question 4

What are 3 key items to collect in Investment Planning?

Answer 4

1. Asset allocation
2. Non-registered holdings
3. RRSP/TFSA contributions

Question 5

What are 3 analysis points in Investment Planning?

Answer 5

1. Risk tolerance vs. portfolio mix
2. Lack of diversification
3. Tax inefficiencies

Question 6

What are 3 recommendations for Investment Planning?

Answer 6

1. Diversify across asset classes
2. Rebalance portfolio
3. Use tax-advantaged accounts

Question 7

What should you collect under Insurance & Risk Management?

Answer 7

1. Life, Ci, and Di coverage
2. Debts and family needs
3. Group/employer benefits

Question 8

What are 3 common risks in insurance analysis?

Answer 8

1. Income gap on death or disability
2. Survivor Needs (childcare, education, final expenses)
3. Inadequate or No coverage

Question 9

What are 3 recommendations for insurance needs?

Answer 9

1. Add or adjust: Life insurance
2. Add or adjust: DI and CI policies
3. Coordinate with employer benefits

Question 10

What should you collect for Retirement Planning?

Answer 10

1. RRSP/TFSA balances
2. Pension plans and ages
3. Desired retirement age

Question 11

What are 3 analysis points in Retirement Planning?

Answer 11

1. Retirement income gap
2. Missed contribution opportunities
3. Tax efficiency in withdrawals

Question 12

What are 3 recommendation action steps for Retirement Planning?

Answer 12

1. Maximize RRSP/TFSA contributions
2. Consider spousal RRSP
3. Review retirement income strategy (how they will generate, structure, and sustain income once they stop working)

Question 13

What are 3 key things to collect for Estate Planning?

Answer 13

1. Wills and Powers of Attorney
2. Beneficiary designations
3. Trusts and guardianship for minors

Question 14

What are 3 estate-related concerns to analyze?

Answer 14

1. Outdated or missing legal documents
2. Misaligned beneficiaries
3. Minor children or vulnerable dependents

Question 15

What are 3 recommendations for estate planning?

Answer 15

1. Update/create will and POAs
2. Adjust beneficiaries to match intentions
3. Use testamentary trusts or guardian appointments

Question 16

What are 5 key tax collection items?

Answer 16

1. Tax returns and NOAs
2. Types of income
3. RRSP/TFSA/RESP contribution room
4. Eligible deductions and credits
5. Capital gains/losses and carryforwards

Question 17

What are 3 tax analysis points?

Answer 17

1. High marginal tax rate
2. Underused tax-deferred accounts
3. Missed deductions/credits

Question 18

What are 3 tax planning recommendations?

Answer 18

1. Maximize use of RRSP/TFSA/RESP
2. Apply income splitting
3. Trigger or defer gains strategically