Gobeil’s Collection of 1,000 Questions™
A computer-based study aid with about 1,100 multiple-choice questions and detailed solutions. It is a learning tool, as well as a test of your preparation. These are the 1,000+ questions that have helped over 15,000 candidates prepare for preparing to write the Canadian Personal Financial Planning Examinations.
Windows or Mac Software
The Software will run on a PC running Windows XP, Vista, 7, 8 or 10; or on a Mac running OS X 10.8 or higher. You install the study aid on your computer. You do not connect to the internet while you are studying.
You can view three sample questions here.
Questions by Topic
The questions are presented to you by topic.
- Financial Management - 37 questions
- Home Ownership - 39 questions
- Education Planning - 57 questions
- Income Tax Planning - 223 questions
- Investment Planning - 245 questions
- Retirement Planning - 163 questions
- Risk Management - 133 questions
- Estate Planning and Family Law - 168 questions
- Financial Planning Practices - 70 questions
Each question includes a description of a client situation.
For example, “Your client, Darlene, runs a summer resort, and owns a number of boats and motors that she lets the customers use. She originally paid $12,000 for this equipment, which falls into Class 7 with a maximum capital cost allowance (CCA) rate of 15%. Over the years, she has claimed cumulative capital cost allowance (CCA) on this equipment of $5,800. This year, Darlene sold all of the Class 7 assets for $8,000. What would you advise Darlene?
(A) Darlene realized a recapture of $5,800.
(B) Darlene realized a terminal loss of $4,000.
(C) Darlene realized a recapture of $2,200.
(D) Darlene realized a recapture of $1,800.”
Description of Concepts
The solutions to the questions include a description of the concepts underlying each question.
"Undepreciated capital cost (UCC) is the amount of the capital cost of a property for which the owner has not yet taken an income tax deduction for capital cost allowance (CCA).
Undepreciated capital cost (UCC) is calculated as:
- (capital cost of a property - the cumulative capital cost allowance that has been deducted by the owner); or
- (capital cost - accumulated capital cost allowance).
If a taxpayer sells a rental property and the proceeds of that disposition exceeded her undepreciated capital cost (UCC) for that property, she would realize a recapture of capital cost allowance (CCA) and this amount must be reported as rental income.
Whenever a taxpayer disposes of depreciable property in a class, his undepreciated capital cost (UCC) after disposition is calculated as:
- (the lesser of (the net proceeds of the disposition and the capital cost)).
If the undepreciated capital cost (UCC) after disposition is negative as of the end of a taxation year, the amount must be included in the taxpayer's income for the year as a recapture of capital cost allowance (CCA) (ITA 13(1)). The taxpayer has claimed capital cost allowances that amount to more than the true decline in the value of the asset.
Thus, the excess amount of the capital cost allowance (CCA) claimed is added back to income as recapture.”
Questions based upon legislation, such as the Income Tax Act, include references to the legislation. Other questions may refer to interpretations in CRA Publications.
There is a button on your computer screen that says “Ask John”. If you have no idea as to the answer to a question, you can select “Ask John” and review the concept before answering the question. John is happy to help you make better use of your study time.
Solutions to questions with calculations
The solutions to questions involving calculations include the formulas for the calculation and the values of the various variables.
“Darlene's undepreciated capital cost (UCC) before the disposition was $6,200, calculated as:
- (capital cost - accumulated capital cost allowance (CCA)); or
- ($12,000 - $5,800).
Her undepreciated capital cost (UCC) after disposition would be minus $1,800, calculated as:
- (undepreciated capital cost (UCC) before the disposition - (lesser of (proceeds of disposition and capital cost))); or
- ($6,200 - (lesser of ($8,000 and $12,000))).
If the undepreciated capital cost (UCC) after disposition is negative as of the end of a taxation year, the amount must be included in the taxpayer’s income for the year as a recapture of CCA.
So, Darlene realized a recapture of $1,800.”
Solutions to questions without calculations
Solutions to questions not involving calculations are quite extensive with an explanation as to why the correct answer is correct and why the wrong answers are wrong. Some of our clients tell us that they learn quite a bit by reviewing all parts of the solution. However, this may be quite time consuming and it would only make sense if you have lots of time.
The Software will also make a random selection of 50 questions and present you with a mock exam. You will have 1.5 hours to answer the 50 questions. After answering the questions, the Software will mark your answers and allow you to review the solutions. You can complete any number of practice exams, each based upon a random selection of 50 questions.
Clarifications and Corrections
Our objective is to offer you the best study aids available for the Examination. If want a clarification on some concept or you should find an error in one of our questions, please send an email to email@example.com, identifying the topic and the question number, and describing your concerns.
The study aid has the following features:
- you learn by doing - most of the questions require you to apply your knowledge to a situation, so you learn how to use this knowledge, not just how to memorize definitions;
- each question has a detailed solution, explaining why the correct answer is right, and why the other answers are wrong;
- the distribution of questions by topic area is similar to the distribution of questions on the exam;
- the software keeps track of your score by topic, so you know on what subjects you need to work;
- the software keeps track of your answers unless you tell it that you want to start over;
- you can repeat the questions over and over again;
- you will require from 3 to 4 hours to complete each 100 questions;
- you cannot print the questions; and
- the interactive format makes studying more interesting.
You cannot print or copy the material from the Software, but it would be better to make your notes in your own words anyway. While you are using the Software, you can also open your word processing software.
As a purchaser of Gobeil's Collection™, you are licensed to use Gobeil's Collection™ with the Software until the date of the next FPSC Level 1™ Examination.
Gobeil’s Collection of 1,000 Questions™ is a trade mark of D. R. Gobeil & Associates Ltd.