RDSP Attributes
KNOWLEDGE EXPECTED OF: QAFP® Professionals
Highest Knowledge Level: Awareness
Knowledge Levels and Associated Verbs
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Awareness
The state of being aware that something exists / to have familiarity with a particular activity or subject
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Understanding
To comprehend the general relationship of particulars / to have an expertise with how something works
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Application
Ability to put information to use / to use knowledge for relevant, practical purposes
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Evaluation
To judge or conclude by utilizing data / a systematic determination of something’s worth or significance
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Determine
To ascertain / to come to a decision, such as by investigation or reasoning
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
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Hold cursor over or click on each term to read its definition.
- Define a Registered Disability Savings Plan.1
- Identify that a Registered Disability Savings Plan is associated with accumulating assets for individuals with disabilities.
- Identify advantages associated with a Registered Disability Savings Plan.
- Define the parties to a Registered Disability Savings Plan.2
- The plan issuer
- The plan holder
- The beneficiary
- Identify the role of each of the parties to a Registered Disability Savings Plan.
- Identify the requirements to be a beneficiary of a Registered Disability Savings Plan.3
- Identify the parties who may be a plan holder of a Registered Disability Savings Plan (RDSP).4
- When the beneficiary is under the age of majority
- When the beneficiary has reached the age of majority and is contractually competent to enter into a plan
- When the beneficiary has reached the age of majority but his or her contractual competency to enter into a plan is in doubt
- When the beneficiary has reached the age of majority but is not contractually competent to enter into a plan
- Identify that a beneficiary may only have one Registered Disability Savings Plan.
- Identify the current financial support made by the Government of Canada to Registered Disability Savings Plans.5
- Identify the amount of Canada Disability Savings Grant to which a beneficiary may be entitled.
- Identify the maximum Canada Disability Savings Grant to which a beneficiary of a Registered Disability Savings Plan may be entitled.6
- Annually
- Lifetime
- Identify the period during which the beneficiary may receive the Canada Disability Savings Grant.7
- Identify the amount of Canada Disability Savings Bond to which a beneficiary may be entitled.
- Identify the maximum Canada Disability Savings Bond to which a beneficiary of a Registered Disability Savings Plan may be entitled.8
- Annually
- Lifetime
- Identify the period during which the beneficiary may receive the Canada Disability Savings Bond.
- Identify the events that will require the repayment of Canada Disability Saving Grant or Canada Disability Savings Bond amounts.9
- Identify the amount of Canada Disability Savings Grants and Canada Disability Savings Bonds that must be repaid when events trigger a repayment requirement.
- Identify qualified investments as prescribed by the Canada Revenue Agency that may be held in a Registered Disability Savings Plan.10
- Identify non-qualified investments as prescribed by the Canada Revenue Agency that may not be held in a Registered Disability Savings Plan.11
REFERENCES
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.
- Define a Registered Disability Savings Plan.1
- Identify that a Registered Disability Savings Plan is associated with accumulating assets for individuals with disabilities.
- Explain advantages associated with a Registered Disability Savings Plan.
- Define the parties to a Registered Disability Savings Plan.2
- The plan issuer
- The plan holder
- The beneficiary
- Explain the role of each of the parties to a Registered Disability Savings Plan.
- Identify the requirements to be a beneficiary of a Registered Disability Savings Plan.3
- Explain the parties who may be a plan holder of a Registered Disability Savings Plan (RDSP).4
- When the beneficiary is under the age of majority
- When the beneficiary has reached the age of majority and is contractually competent to enter into a plan
- When the beneficiary has reached the age of majority but his or her contractual competency to enter into a plan is in doubt
- When the beneficiary has reached the age of majority but is not contractually competent to enter into a plan
- Identify that a beneficiary may only have one Registered Disability Savings Plan.
- Identify the current financial support made by the Government of Canada to Registered Disability Savings Plans.5
- Identify the amount of Canada Disability Savings Grant to which a beneficiary may be entitled.
- Identify the maximum Canada Disability Savings Grant to which a beneficiary of a Registered Disability Savings Plan may be entitled.8
- Annually
- Lifetime
- Identify the period during which the beneficiary may receive the Canada Disability Savings Grant.9
- Identify the amount of Canada Disability Savings Bond to which a beneficiary may be entitled.
- Identify the maximum Canada Disability Savings Bond to which a beneficiary of a Registered Disability Savings Plan may be entitled.12
- Annually
- Lifetime
- Identify the period during which the beneficiary may receive the Canada Disability Savings Bond.
- Explain the events that will require the repayment of Canada Disability Saving Grant or Canada Disability Savings Bond amounts.14
- Identify the amount of Canada Disability Savings Grants and Canada Disability Savings Bonds that must be repaid when events trigger a repayment requirement.
- Identify qualified investments as prescribed by the Canada Revenue Agency that may be held in a Registered Disability Savings Plan.15
- Identify non-qualified investments as prescribed by the Canada Revenue Agency that may not be held in a Registered Disability Savings Plan.16
Additional Knowledge Expected of CFP Professionals
- Explain how family income is defined for the purposes of the Registered Disability Savings Plan Grant and Bond.6
- Until the end of the year in which the beneficiary turns 18
- From the year in which the beneficiary turns 19 onwards
- Explain how the amount of the Canada Disability Savings Grant is determined.7
- Based on contribution
- Based on family income
- Explain how a beneficiary’s entitlement to the Canada Disability Savings Grant may be carried forward.10
- Since 2011
- Explain how the amount of the Canada Disability Savings Bond is determined.11
- Explain how a beneficiary’s entitlement to the Canada Disability Savings Bond may be carried forward.13
- Since 2011
- Explain the tax that may be imposed by the Canada Revenue Agency when a Registered Disability Savings Plan contains a non-qualified investment.17
