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Revision History

This page contains all revisions that have been made to the Financial Planning Body of Knowledge (FP-BoK) and the case studies since this website was launched. The version label for the FP-BoK may be found on the Home page, About page, and each of the knowledge topic pages. The version label for each case study may be found on the first page of each case study PDF. Please note that the FP-BoK and each of the case study PDFs may have unique version labels as the version label on a particular case study is only updated if revisions have been made to that case study specifically.

FP-BoK: Version 1.1.0, Updated 20171206

The following revisions were made to the FP-BoK under Version 1.1.0:

Knowledge Topic 11: Insurance


Sub-Topic: Health Care Insurance Knowledge is expected of both FPSC Level 1® certificants and CFP® professionals.
Article: Private Health Services Plans 
Revisions:
Bolded, green text below was added. Italicized, red text below was removed.

  • Identify types of coverage generally provided by private health services plans, such as:
    • Extended health coverage (above government-provided benefits)
      • Prescription drug coverage
      • Ambulance service coverage
      • Increased level of hospital accommodation
      • Out-of-country medically required care coverage
      • Vision coverage
      • Auditory coverage
      • Paramedical services coverage
      • Special medical supplies (E.g. Artificial limbs, prosthetics, medical equipment)
    • Dental coverage
    • Employee Assistance Programs, where services are provided by an authorized medical practitioner, as defined by the CRAs
    • Employee assistance programs (i.e. crisis intervention, counselling, health information) 
    • Short-term disability insurance
    • Long-term disability coverage
    • Life insurance
    • Accidental death and dismemberment insurance
    • Critical illness insurance

  • Sub-Topic: Foundations of Life Insurance
     - Knowledge is expected of both FPSC Level 1® certificants and CFP® professionals.
    Article: Life Insurance Contracts
    Revisions:
     Bolded, green text below was added. Italicized, red text below was removed.

  • Identify that an advanced benefit may be available on a life insurance policy under certain circumstances such as shortened life expectancy.
  • Identify that an accelerated benefit may be available on a life insurance policy under certain circumstances.

  • Sub-Topic: Advanced Uses of Life Insurance
    Knowledge is expected of CFP®  professionals only.
    Article: Advanced Uses of Life Insurance
    Revisions: Bolded, green text below was added.

  • Identify that it may be possible to sell a life insurance policy to a third party, subject to jurisdictional legislation and regulation.

  • Case Study—Family Decisions: Version 1.0.1, Updated 20171206

    Knowledge is expected of CFP® professionals only.

    The following revisions were made to this case study under Version 1.0.1:
    Page: 12
    Revisions:
     Bolded, green text below was added. Italicized, red text below was removed.

  • Explain that if Tom withdraws money from his RRSP under the HBP, he must make annual repayments of at least $1,333.33 beginning in the year after the withdrawal. The standard repayment period of 15 years will be shortened by four years since Tom will need to make full repayment under the HBP by the end of the year in which he turns 71.
  • Explain that if Tom withdraws money from his RRSP under the HBP, he must make annual repayments of at least $1,333.33 beginning in the second year after the withdrawal. This will shorten his repayment period to a maximum of 10 years (from a maximum of 15 years) since Tom will need to make full repayment under the HBP by the end of the year in which he turns 71.
  • Case Study—Structuring Income and Assets for a Business Owner: Version 1.0.1, Updated 20171206

    Knowledge is expected of CFP® professionals only.

    The following revisions were made to this case study under Version 1.0.1:
    Page: 1
    Revisions: Bolded, green text below was added. Italicized, red text below was removed.

  • Omar and Althea are parents to 12-year-old twins. Omar also has two children from a previous marriage–January, age 22, and June, age 16.
  • Omar and Althea are parents to 12-year-old twins. Omar also has two children from a previous marriage–January, age 22, and June, age 19.
  • Page: 2
    Revisions: 
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  • Family tax cut: Explain that the couple may qualify for the family tax cut, enabling up to $50,000 of Omar’s income to be taxed at Althea’s lower tax rate. This could increase the couple`s after-tax income by up to $2,000 per year. Direct Omar to the Canada Revenue Agency website for more details, including the tips on claiming the credit on their personal tax returns.
  • Case Study—Tax Deductions and Income Splitting Opportunities: Version 1.0.1, Updated 20171206

    Knowledge is expected of both FPSC Level 1® certificants and CFP® professionals.

    The following revisions were made to this case study under Version 1.0.1:
    Page: 4
    Revisions:
     Italicized, red text below was removed.

  • Explain that the Family Tax Cut credit is available to the couple, enabling Diane as the higher income spouse to transfer up to $50,000 of income to Peter for tax purposes. This would save the couple up to $2,000 in taxes per year. They should investigate this opportunity with their tax specialist.