Foundations of Law

KNOWLEDGE EXPECTED OF: QAFP® Professionals

Highest Knowledge Level: Awareness

Knowledge Levels and Associated Verbs


Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
Define
To state exactly the meaning of
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
Compare
To note the similarities and differences between two or more things
Estimate
To determine an approximate value for
Calculate
To find the value using mathematics
Convert
To change from one form or purpose to another
Evaluate
To reach a conclusion or make a through careful study
Interpret
To give the meaning of / to construe or understand / to translate orally

Hold cursor over or click on each term to read its definition.

  • Identify the purpose of laws.1
  • Identify the purpose of each branch of the Canadian government.
    • Executive
    • Legislative
    • Judiciary 
  • Identify types of law in Canada.
    • Public law
    • Private law 
  • Identify areas of public law2 relevant to financial planning, such as:
    • Constitutional law
    • Administrative law 
  • Identify areas under the Constitution Act, 1867 for which the Federal Government has jurisdiction.3  
  • Identify areas under the Constitution Act, 1867 for which the provincial governments have jurisdiction.4
  • Identify areas of private law relevant to financial planning, such as:
    • Commercial law5
    • Property law
    • Tort law6
    • Family law
    • Estate and trust law  
  • Define the two systems of law in Canada.
    • Common law
    • Civil law 
  • Identify which system of law is used in each Canadian jurisdiction. 

REFERENCES

5 Business entities are formed under commercial law.  

6 Tort law is not covered in detail in the technical knowledge. It has been included as a relevant area of the law that may affect QAFP® and CFP® professionals through the Tort of Negligence in the course of their duties.   

KNOWLEDGE EXPECTED OF: CFP® Professionals

Highest Knowledge Level: Understanding

Knowledge Levels and Associated Verbs


Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
Application
Ability to put information to use / to use knowledge for relevant, practical purposes
Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
Define
To state exactly the meaning of
Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
Determine
To ascertain / to come to a decision, such as by investigation or reasoning
Compare
To note the similarities and differences between two or more things
Estimate
To determine an approximate value for
Calculate
To find the value using mathematics
Convert
To change from one form or purpose to another
Evaluate
To reach a conclusion or make a through careful study
Interpret
To give the meaning of / to construe or understand / to translate orally

Hold cursor over or click on each term to read its definition.

  • Identify the purpose of laws.1
  • Explain the purpose of each branch of the Canadian government.
    • Executive
    • Legislative
    • Judiciary 
  • Identify types of law in Canada.
    • Public law
    • Private law 
  • Identify areas of public law2 relevant to financial planning, such as:
    • Constitutional law
    • Administrative law 
  • Identify areas under the Constitution Act, 1867 for which the Federal Government has jurisdiction.3  
  • Identify areas under the Constitution Act, 1867 for which the provincial governments have jurisdiction.4
  • Identify areas of private law relevant to financial planning, such as:
    • Commercial law5
    • Property law
    • Tort law6
    • Family law
    • Estate and trust law  
  • Define the two systems of law in Canada.
    • Common law
    • Civil law 
  • Identify which system of law is used in each Canadian jurisdiction. 

REFERENCES

5 Business entities are formed under commercial law.  

6 Tort law is not covered in detail in the technical knowledge. It has been included as a relevant area of the law that may affect QAFP™ and CFP® professionals through the Tort of Negligence in the course of their duties.