Below are some exam writing strategies you might find helpful in preparing for and writing your Advocis LLQP Certification and Provincial LLQP final exams.

A quick note from our Study Smart (Accelerated Learning) instructor:
For those of you who are interrupted by a phone call or text message while studying — the latest research indicates that within 15 seconds of considering a new situation/problem, you will have forgotten as much as 40% of the information you were focused on previously. And it can take you up to 15 minutes to regain your concentration.
Just something you might want to consider.

Wauneen McMonagle, CMH
Principal of Innergize, Certified Trainer of NLP,
Humanistic Neuro-linguistic Psychology and Certified Master Hypnotherapist

Preparing for the exam:

• Work on your understanding of the LLQP material
• Study in four-hour blocks of time
• Think of your LLQP exam as a game requiring you to use good strategies based on your knowledge. We sometimes need to make serious work into a game to ease the stress.

When the exam starts:

• Treat multiple choice answers as true or false statements. If the question asks what is not true and you know a, b and c is true, then d, being false, is your answer.
• Underline or circle key words in the question stem and the selected answers given.
• Use the process of elimination if the answer is not readily apparent.
• Answer the exam question objectively, as it is asked. Do not read into the question interpretations or qualifications that are not justifiable in the question’s context.
• Change an answer only when you are sure of your reason.

Questions

Answer the following LLQP practice exam question from Module 10: Retirement.

1. For the past several years, Abdul has been making his annual RRSP contributions to a plan in Jasmine’s name, as “spousal” contributions. He has not yet deposited a spousal contribution for 2011 but his four previous years’ contributions were as follows:

2010	$7,200
2009	$6,000
2008	$11,000
2007	$5,500

If Jasmine withdrew $15,000 from her Spousal RRSP this year, how much of it would be taxed in her hands?

1. $1,800
2. $7,800
3. $13,200
4. $15,000

2. If Abdul — age 63, and in the 26% federal marginal tax rate — was able to allocate $12,000 yearly of his employer’s registered pension plan over to Jasmine — age 60, and in the 15% federal marginal tax rate — via pension income splitting (without altering either of their marginal tax brackets), how much federal income tax would it save the couple annually?

1. $660
2. $1,320
3. $1,800
4. $3,120

3. Abdul joined his company’s pension plan the same year that he joined the company — early 1985. The plan is a defined benefit pension and will pay Addul a retirement pension based on 2% per full fiscal year of service in the plan, as a function of his average salary ( including overtime) for the best three of his last five years of service. Abdul’s earning for the past five years of service (plus this year, 2011) were as follows:

2011	$63,500 (anticipated)
2010	$69,400
2009	$68,800
2008	$67,900
2007	$65,200

If Adbul were to retire today (mid 2011), after completing 26 full years in the pension plan, how much would he receive annually from his employer’s pension plan?

1. $41,220
2. $36,306
3. $35,724
4. $37,098

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Answers

1. – a. $1,800

Rationale
Attribution for spousal RRSPs is based on any contributions being made in the current and two proceeding calendar years. Therefore, the contribution of $7,200 and $6,000 made in 2010 and 2009 would attribute back to Abdul. The remaining $1,800 would be taxed to Jasmine.

Reference: Module 10 Retirement

2. – b. $1,320

Rationale
$12,000 x (26% - 15% = 11%) = $1,320

Reference: Module 10 Retirement

3. – c. $35,724

Rationale
Three best years earnings are 2010 ($69,400) plus 2009 ($68,800) and 2008 ($67,900), which = $206,100 / 3 x 2% = $1,374 pension per each year x 26 years =$35,724 annual pension

Reference: Module 10 Retirement

You have studied hard and deserve to pass the LLQP exam. However, if you do not have a healthy attitude about your success, you may trip yourself up. Think SUCCESS and go make it happen!

Good luck to all of you on your Certification and Provincial LLQP exams!

Very sincerely,