Use this syllabus as your coverage checklist for FP I. Topic weightings and exam structure are from CSI’s official Exam & Credits page; chapter outline follows the official Curriculum page.
What’s covered
Managing the Financial Planning Process (20%)
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Chapter 1 - Managing the Financial Planning Process
- Describe the role of the Advisor.
- Identify key responsibilities and boundaries related to the Advisor.
- Apply the role of the Advisor to a basic client scenario to choose an appropriate next step.
- Recognize common mistakes or misconceptions about the Advisor.
- Explain how to meet Your Clients' Needs.
- Identify information required to meet Your Clients' Needs.
- Apply a client constraint to determine whether Your Clients' Needs can be met.
- Recognize common pitfalls when trying to meet Your Clients' Needs.
- Explain The Full Service Offer.
- Identify key terms, inputs, and constraints relevant to The Full Service Offer.
- Apply The Full Service Offer concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to The Full Service Offer.
- Explain The Financial Planning Process.
- Identify key terms, inputs, and constraints relevant to The Financial Planning Process.
- Apply The Financial Planning Process concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to The Financial Planning Process.
- Summarize key terminology and decision rules from Managing the Financial Planning Process.
- Apply concepts from Managing the Financial Planning Process to determine an appropriate next step in a simplified client scenario.
Budgeting, Consumer Lending and Mortgages (15%)
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Chapter 2 - Budgeting and Consumer Lending
- Prepare a basic cash flow budget and identify surplus/deficit (concept).
- Classify cash inflows and outflows into recurring vs discretionary categories (concept).
- Apply budgeting principles to prioritize savings and debt repayment (concept).
- Recognize common budgeting pitfalls (one-time items, timing mismatches, optimistic assumptions) (concept).
- Prepare Client Statements using given client information.
- Identify the inputs required to prepare Client Statements.
- Interpret a prepared Client Statements to identify key issues or constraints.
- Recognize common errors when preparing Client Statements.
- Describe the role of Financial Institutions.
- Identify key responsibilities and boundaries related to Financial Institutions.
- Apply the role of Financial Institutions to a basic client scenario to choose an appropriate next step.
- Recognize common mistakes or misconceptions about Financial Institutions.
- Explain key credit concepts (capacity, character, collateral, conditions) (concept).
- Identify how interest rates and amortization affect total borrowing cost (concept).
- Distinguish between secured and unsecured credit products (concept).
- Recognize common credit risks and warning signs (concept).
- Define common debt service ratios used in consumer lending (concept).
- Calculate and interpret debt service ratios in a simple client scenario (concept).
- Identify which inputs affect debt service ratios (income, debt payments, housing costs).
- Assess whether a borrowing recommendation is reasonable given debt service ratios (concept).
- Explain Personal Borrowing Options.
- Identify key terms, inputs, and constraints relevant to Personal Borrowing Options.
- Apply Personal Borrowing Options concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to Personal Borrowing Options.
- Summarize key terminology and decision rules from Budgeting and Consumer Lending.
- Apply concepts from Budgeting and Consumer Lending to determine an appropriate next step in a simplified client scenario.
Chapter 3 - Mortgages
- Explain Mortgage Options.
- Identify key terms, inputs, and constraints relevant to Mortgage Options.
- Apply Mortgage Options concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to Mortgage Options.
- Describe major mortgage features (term, amortization, interest rate type, payment frequency) (concept).
- Differentiate between common mortgage structures (fixed vs variable, open vs closed) (concept).
- Interpret a mortgage quote to identify key cost drivers (rate, fees, prepayment terms) (concept).
- Recognize common borrower risks (rate reset, prepayment penalties, affordability) (concept).
- Assess home affordability using income, down payment, and debt obligations (concept).
- Identify key constraints that reduce affordability (existing debt, variable income, high fixed expenses).
- Apply debt service concepts to decide whether a proposed mortgage fits the client profile (concept).
- Recognize common pitfalls in affordability analysis (ignoring total costs, rates, or buffers) (concept).
- Explain Creditor Insurance.
- Identify key terms, inputs, and constraints relevant to Creditor Insurance.
- Apply Creditor Insurance concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to Creditor Insurance.
- Explain Regulatory Considerations When Selling Creditor Insurance.
- Identify key terms, inputs, and constraints relevant to Regulatory Considerations When Selling Creditor Insurance.
- Apply Regulatory Considerations When Selling Creditor Insurance concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to Regulatory Considerations When Selling Creditor Insurance.
- Summarize key terminology and decision rules from Mortgages.
- Apply concepts from Mortgages to determine an appropriate next step in a simplified client scenario.
Taxation (15%)
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Chapter 4 - Taxation
- Explain The Canadian Tax System.
- Identify key terms, inputs, and constraints relevant to The Canadian Tax System.
- Apply The Canadian Tax System concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to The Canadian Tax System.
- Explain Personal Income Tax Returns.
- Identify key terms, inputs, and constraints relevant to Personal Income Tax Returns.
- Apply Personal Income Tax Returns concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to Personal Income Tax Returns.
- Classify common types of income used in personal tax planning (employment, business, investment) (concept).
- Identify how different income types can change after-tax outcomes (concept).
- Apply income classification to determine which tax forms/entries are relevant (concept).
- Recognize common misconceptions about taxable vs non-taxable items (concept).
- Define a tax deduction and describe how it affects taxable income (concept).
- Differentiate between deductions and credits (concept).
- Identify common deduction categories relevant to personal planning (concept).
- Apply deduction concepts to estimate directionally how after-tax outcomes change (concept).
- Define a tax credit and describe how it affects tax payable (concept).
- Differentiate between refundable and non-refundable credits (concept).
- Identify common credit categories relevant to personal planning (concept).
- Apply credit concepts to compare two planning alternatives at a high level (concept).
- Summarize key terminology and decision rules from Taxation.
- Apply concepts from Taxation to determine an appropriate next step in a simplified client scenario.
Investments (15%)
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Chapter 5 - Investments
- Explain the relationship between risk and expected return (concept).
- Calculate a simple holding period return in a basic scenario (concept).
- Explain diversification benefits and the role of correlation (concept).
- Recognize common risk/return misunderstandings (volatility vs loss, short vs long horizon) (concept).
- Classify major investment types (cash, fixed income, equity, funds) at a high level (concept).
- Compare investment types by typical risk, liquidity, and return drivers (concept).
- Choose an appropriate investment type given a simplified objective and time horizon (concept).
- Recognize common product-fit mistakes (time horizon mismatch, liquidity constraints) (concept).
- Explain the purpose and basic mechanics of a Registered Education Savings Plan (RESP) (concept).
- Identify common RESP contribution and withdrawal considerations (concept).
- Compare RESP planning considerations to other registered plans (concept).
- Recognize common RESP planning pitfalls (beneficiary changes, withdrawal rules) (concept).
- Explain the purpose and basic mechanics of a Tax-Free Savings Account (TFSA) (concept).
- Identify contribution room, withdrawal, and recontribution concepts at a high level (concept).
- Differentiate TFSA planning use cases by time horizon and tax context (concept).
- Recognize common TFSA planning pitfalls (timing, contribution room assumptions) (concept).
- Summarize key terminology and decision rules from Investments.
- Apply concepts from Investments to determine an appropriate next step in a simplified client scenario.
Retirement (10%)
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Chapter 6 - Retirement
- Explain the purpose and basic mechanics of a Registered Retirement Savings Plan (RRSP) (concept).
- Identify common RRSP contribution, deduction, and withdrawal considerations (concept).
- Compare RRSP planning use cases to TFSA use cases at a high level (concept).
- Recognize common RRSP planning pitfalls (liquidity needs, withdrawal tax impact) (concept).
- Explain the purpose and basic mechanics of a Registered Retirement Income Fund (RRIF) (concept).
- Identify common RRIF conversion and withdrawal considerations (concept).
- Apply RRIF concepts to a retirement cash flow scenario (concept).
- Recognize common RRIF planning pitfalls (withdrawal sequencing, tax impact) (concept).
- Describe the purpose and basic structure of Registered Pension Plans (RPPs) (concept).
- Differentiate between common pension plan types at a high level (concept).
- Interpret pension information to identify key retirement planning inputs (concept).
- Recognize common pension planning pitfalls (inflation, survivor benefits, portability) (concept).
- Describe the role of government pension plans in retirement income planning (concept).
- Identify major factors that affect government pension benefits (concept).
- Apply government pension concepts to a retirement income mix (concept).
- Recognize common misconceptions about government pension coverage (concept).
- Estimate retirement income needs using an income-replacement framing (concept).
- Calculate a simple retirement funding gap and required savings rate (concept).
- Apply time value of money concepts to retirement accumulation and decumulation (concept).
- Recognize common retirement-planning pitfalls (longevity, inflation, sequence of returns) (concept).
- Summarize key terminology and decision rules from Retirement.
- Apply concepts from Retirement to determine an appropriate next step in a simplified client scenario.
Wills and Power of Attorney (15%)
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Chapter 7 - Wills and Powers of Attorneys
- Identify key elements typically included when writing a will (concept).
- Explain why clarity and specificity matter in will drafting (concept).
- Describe common roles referenced in a will (executor, guardian, trustee) (concept).
- Recognize common will-related issues that create disputes or delays (concept).
- Describe how a will can be revoked or amended at a high level (concept).
- Identify events that commonly trigger will reviews and updates (concept).
- Explain risks of outdated or conflicting estate documents (concept).
- Recognize practical issues that can invalidate or complicate amendments (concept).
- Explain the purpose of appointing executors, guardians, and trustees (concept).
- Identify key selection criteria for fiduciary roles (competence, conflicts, availability) (concept).
- Apply role selection considerations to a basic family scenario (concept).
- Recognize common mistakes when assigning fiduciary roles (concept).
- Define intestacy and explain why it is a planning risk (concept).
- Identify common consequences of dying without a valid will (concept).
- Apply intestacy concepts to determine why proactive planning matters (concept).
- Recognize common misconceptions about “default” estate outcomes (concept).
- Define probate and describe its purpose in estate administration (concept).
- Identify factors that can affect probate timing and complexity (concept).
- Apply probate concepts to compare estate administration approaches (concept).
- Recognize common probate misconceptions (concept).
- Explain the objectives of a power of attorney in client planning (concept).
- Identify situations where a power of attorney is particularly important (concept).
- Differentiate between financial and personal care decision scopes (concept).
- Recognize common pitfalls in powers-of-attorney planning (concept).
- Explain Powers of Attorney for Property and Mandates.
- Identify key terms, inputs, and constraints relevant to Powers of Attorney for Property and Mandates.
- Apply Powers of Attorney for Property and Mandates concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to Powers of Attorney for Property and Mandates.
- Explain Powers of Attorney for Personal Care and Living Wills.
- Identify key terms, inputs, and constraints relevant to Powers of Attorney for Personal Care and Living Wills.
- Apply Powers of Attorney for Personal Care and Living Wills concepts to a basic client scenario to choose an appropriate action.
- Recognize common pitfalls or misconceptions related to Powers of Attorney for Personal Care and Living Wills.
- Identify indicators that a client may be vulnerable or at risk of undue influence (concept).
- Apply a respectful fact-finding approach to confirm understanding and consent (concept).
- Choose an appropriate escalation or protective action when red flags appear (concept).
- Recognize documentation practices that support ethical handling of vulnerable-client situations (concept).
- Summarize key terminology and decision rules from Wills and Powers of Attorneys.
- Apply concepts from Wills and Powers of Attorneys to determine an appropriate next step in a simplified client scenario.
Risk Management and Life Insurance (10%)
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Chapter 8 - Risk Management and Life Insurance
- Define risk and distinguish uncertainty from measurable risk (concept).
- Explain how time horizon and capacity influence risk tolerance (concept).
- Identify common risk categories relevant to personal planning (concept).
- Recognize how risk framing can change client decisions (concept).
- Describe core risk-management responses (avoid, reduce, transfer, retain) (concept).
- Match a risk-management response to a basic client scenario (concept).
- Explain how insurance fits into risk transfer decisions (concept).
- Recognize common pitfalls in risk-management decisions (underinsurance, overconfidence) (concept).
- Classify common personal-finance risk types (market, credit, liquidity, longevity, disability) (concept).
- Differentiate insurable vs non-insurable risks (concept).
- Apply risk type recognition to choose an appropriate planning tool (concept).
- Recognize how multiple risks can interact in a client situation (concept).
- Describe how life insurance is distributed and underwritten at a high level (concept).
- Identify key contract features and common policy terms (concept).
- Explain the role of regulation and disclosure in life insurance sales (concept).
- Recognize common consumer misunderstandings about life insurance (concept).
- Differentiate between major life insurance types (term vs permanent) at a high level (concept).
- Compare policy types by cost structure, duration, and typical use cases (concept).
- Choose a policy type that best fits a simplified client need (concept).
- Recognize common pitfalls when selecting life insurance (mismatched horizon, affordability) (concept).
- Gather key inputs needed to assess a client's life insurance needs (income, debts, dependents, goals) (concept).
- Estimate an appropriate coverage amount using a simplified needs framework (concept).
- Differentiate between income-replacement and capital-needs approaches (concept).
- Recognize common insurance-needs analysis pitfalls (double counting, missing timelines) (concept).
- Summarize key terminology and decision rules from Risk Management and Life Insurance.
- Apply concepts from Risk Management and Life Insurance to determine an appropriate next step in a simplified client scenario.
Tip: When in doubt, restate (1) the client goal, (2) the tightest constraint, and (3) what information is missing. The “best answer” usually follows from that.
Sources: https://www.csi.ca/en/learning/courses/fp1/curriculum and https://www.csi.ca/en/learning/courses/fp1/exam-credits