CFP Exam (Canada) study plan

Map the CFP examination blueprint to your own study calendar, assigning each of the seven domains a weighting-based time budget and marking the two heaviest domains for early completion.

Define each fiduciary duty standard (loyalty, care, disclosure of conflicts, confidentiality, suitability versus best interest) and write a one-sentence plain-language explanation of each in your own words.

Classify the principal regulatory bodies and their roles in Canadian financial planning, distinguishing provincial securities commissions, self-regulatory organizations, and the standards body that owns the CFP mark.

Analyze three short conduct scenarios and identify which duty was breached, who has standing to complain, and what remediation the client could reasonably expect.

Draft a personal ethics decision checklist of at least six questions you would apply before accepting a referral fee, a gift, or an outside business activity.

Build a net worth statement and a three-month cash flow statement from a sample client fact pattern, then compute the savings rate, emergency fund coverage in months, and debt-service ratio.

Calculate and interpret the gross and total debt-service ratios against typical Canadian lender benchmarks, and state which ratio fails and what corrective action you would recommend.

Compare registered retirement savings plan contributions, tax-free savings account contributions, and non-registered investing for a client in a stated marginal tax bracket, and justify the recommended priority order.

Explain the structure and appropriate use of an emergency fund, a line of credit, and a short-term guaranteed investment certificate in a household liquidity plan.

Construct a complete investment policy statement for a sample client covering return objective, risk tolerance, time horizon, liquidity needs, tax circumstances, and legal or unique constraints.

Compute the after-tax return on interest income, eligible Canadian dividends, and capital gains for a stated marginal tax bracket, and rank the three from most to least tax-efficient.

Interpret yield curve shape, duration, and credit spread, and explain how each would change the recommended fixed-income allocation for a rising-rate scenario.

Evaluate a model portfolio against the client's target asset mix and compute the rebalancing trades needed to restore policy weights within stated tolerance bands.

Calculate the expected return and standard deviation of a two-asset portfolio at three different correlation levels, and explain in writing why diversification benefit shrinks as correlation approaches one.

Distinguish the behavioural biases most likely to derail a client during a market decline and script a short coaching response for each of at least three biases.

Compute taxable income from employment, pension, registered plan withdrawals, and capital gains, applying the appropriate inclusion rate and the basic personal credit, for a sample retiree.

Compare the tax outcome of contributing to a registered retirement savings plan now versus a tax-free savings account now, given a stated present and expected future marginal rate.

Identify the tax reporting obligations triggered by disposing of a principal residence, holding foreign property above the reporting threshold, and receiving a spousal loan at the prescribed rate.

Compute the registered retirement savings plan contribution room available to a client with unused room, a pension adjustment, and a prior over-contribution, and state the penalty exposure for the excess.

Project retirement income needs using both a replacement-ratio approach and an expense-based approach, and reconcile any material difference between the two results.

Calculate the sustainable withdrawal amount from a registered portfolio over a stated retirement horizon at two different return assumptions, and explain sequence-of-returns risk in plain language for the client.

Compare the timing options for converting a registered retirement savings plan to a registered retirement income fund and for starting Canada Pension Plan and Old Age Security benefits, quantifying the effect of a deferral on annual income.

Assess how pension income splitting, the pension income credit, and income-tested benefit clawback interact in a sample two-spouse retirement plan.

Identify the gaps in a sample household's insurance coverage across life, disability, critical illness, and long-term care, and rank the gaps by severity and cost of being uninsured.

Calculate the life insurance need using both the needs-analysis approach and the human-life-value approach, and explain why the two figures differ so widely.

Compare term, whole life, and universal life policies on cost, cash value accumulation, flexibility, and tax treatment of the death benefit and any policy loan.

Explain the tax treatment of a disability benefit received personally versus through a group plan where the employer paid the premiums, and how that changes the recommended coverage amount.

Describe the key contractual provisions of a long-term care policy, including elimination period, benefit period, inflation protection, and the conditions that trigger benefit payment.

Draft the core elements of a will for a sample client, naming the executor, guardian, trustee, and beneficiaries, and state the consequence of each omission if the clause were absent.

Compute the probate exposure and the tax liability on death for a sample estate, including deemed disposition of registered plans and non-registered capital property, and identify which assets pass outside the estate.

Compare the use of a spousal trust, an inter vivos trust, joint ownership with right of survivorship, and named beneficiary designations for transferring wealth, and state one risk of each.

Explain the purpose and mechanics of a power of attorney for property and a power of attorney for personal care, and describe what happens if either is missing when the client loses capacity.

Integrate insurance and estate planning by explaining how a named beneficiary designation on a registered plan and a life insurance death benefit each affect probate and the estate's tax bill.

Complete two full-length timed practice examinations under exam conditions and record your score by domain to identify the two weakest domains.

Re-derive from memory the formulas you are most likely to forget under time pressure, including debt-service ratios, after-tax return on dividends and capital gains, portfolio standard deviation, and sustainable withdrawal.

Rewrite your conduct quick-reference sheet from week one and correct any duty or regulator you misstated.

Build a one-page integrated case checklist that forces you to review tax, retirement, insurance, estate, and investment issues in a fixed order for every comprehensive case question.

Schedule your final week of review around your two weakest domains and commit to a written exam-day time allocation plan for the case and multiple-choice sections.