knowledge topics
Foundations of Law
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- 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 law1 relevant to financial planning, such as:
- Constitutional law
- Administrative law
- Identify areas under the Constitution Act, 1867 for which the federal government has jurisdiction.2
- Identify areas under the Constitution Act, 1867 for which the provincial governments have jurisdiction.2
- Identify areas of private law relevant to financial planning, such as:
- Commercial law†
- Property law
- Tort law††
- 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.
† Business entities are formed under commercial law.
†† 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 CFP professionals and FPSC Level 1 Certificants in Financial Planning through the Tort of Negligence in the course of their duties.
Glossary of Verbs (mouse over to see definition)
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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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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 judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally
Read more about the Taxonomy used in the FP-BoK
REFERENCES
- http://www.justice.gc.ca/eng/csj-sjc/just/02.html
- http://laws-lois.justice.gc.ca/eng/Const/page-4.html#h-17