CIFP RRC Exam study guide
CIFP RRC Exam · Work through your exam, one topic at a time.
The Registered Retirement Consultant (RRC®) designation - known in French as Conseillers en Retraite and Conseillères en Retraite (CR®) - is a Canadian credential specializing in retirement planning, administered by the CIFP Retirement Institute, the arm of CIFP responsible for designations that feature a specialization in retirement planning. CIFP lists the RRC alongside two related retirement-focused designations, the Registered Financial and Retirement Advisor (RFRA®) and the Registered Retirement Analyst (RRA®). The CIFP RRC Exam study guide has 4 sections and about 1,325 words.
01Retirement Planning: Registered Vehicles, Limits, and Decumulation
Retirement planning on the CIFP RRC exam is built on knowing which registered vehicle permits what, and how contribution room is calculated. Candidates must be fluent in RRSP mechanics (earned income of 18%, annual money-purchase ceiling, carry-forward of unused room, deduction versus contribution distinction), TFSA mechanics (no deduction, room restored on withdrawal, indexed annual limit), and the interaction with pension adjustment and past service pension adjustment.
354 words, about 2 min02Financial Planning: The Process, Statements, and Client Data
Expect questions on the six-step financial planning process: establishing the engagement, gathering data, analyzing the situation, developing recommendations, implementing, and monitoring. Know the purpose of a written engagement letter, the role of the financial planning standards in defining the fiduciary-style duty of care, and the difference between a financial plan and a product sale.
339 words, about 2 min03Taxation: Marginal Rates, Credits, and Capital Gains
Canadian personal taxation on the exam turns on the difference between deductions (subtracted from income) and credits (subtracted from tax). Know the ordering of the return: total income, deductions, net income, taxable income, and then the non-refundable credits applied at the lowest marginal rate.
341 words, about 2 min04Insurance and Estate Planning: Risk Transfer and Asset Transfer
Know the principles of insurable interest, indemnity, utmost good faith, and the role of the beneficiary designation. Distinguish term from permanent life insurance, and describe how a universal life policy separates the insurance cost from the investment account.
291 words, about 1 min