Course Outline

School: Business

Department: Business Management

Course Title: Retirement Financial Planning

Course Code: FINA 702

Course Hours/Credits: 56

Prerequisites: N/A

Co-requisites: N/A

Eligible for Prior Learning, Yes

Assessment and Recognition:

Originated by: Thomas Barker

Creation Date: Summer 2014

Current Semester: Summer 2015

Approved by:
Chairperson/Dean

Students are expected to review and understand all areas of the course outline.

Retain this course outline for future transfer credit applications. A fee may be charged for
additional copies.

This course outline is available in alternative formats upon request.

FINA 702 CENTENNIAL COLLEGE Retirement Financial Planning

Course Description
This course will provide the student with the comprehensive knowledge needed to discuss retirement
concepts and strategies with clients. The course begins with an overview of retirement planning followed
by a detailed look at pensions. It then examines the characteristics of registered accounts and
goes on to explore taxation of retirement income.

Program Outcomes
Successful completion of this and other courses in the program culminates in the achievement of the
Vocational Learning Outcomes (program outcomes) set by the Ministry of Training, Colleges and
Universities in the Program Standard. The VLOs express the learning a student must reliably demonstrate
before graduation. To ensure a meaningful learning experience and to better understand how this course
and program prepare graduates for success, students are encouraged to review the Program Standard by
visiting http://www.tcu.gov.on.ca/pepg/audiences/colleges/progstan/. For apprenticeship-based programs,
visit http://www.collegeoftrades.ca/training-standards.

Course Learning Outcomes

The student will reliably demonstrate the ability to:
1. Calculate annuities for a specified term or life.
2. Identify the eligibility requirements for the Canada Pension Plan (CPP).
3. Calculate the benefits provided by the various programs under the CPP umbrella.
4. Describe various employer-sponsored pension plans.
5. Describe various tax-deferred vehicles for retirement including registered retirement savings plans
(RRSP’s) and deferred profit sharing plans (DPSP’s).
6. Differentiate the key tax deferral programs: RRSP’s, RRIF’s, LRIF’s, and LIF’s.
7. Calculate taxation of income during retirement.
8. Identify tax strategies relevant to retirement, including income splitting, and disposition of capital
assets.
9. Develop a post-retirement income plan and a retirement savings plan.
10. Make decisions faced in retirement planning
11. Investigate and evaluate various ethical issues related to the Retirement Planning discipline.

Essential Employability Skills (EES)

The student will reliably demonstrate the ability to*:
1. Communicate clearly, concisely and correctly in the written, spoken, and visual form that fulfills the
purpose and meets the needs of the audience.
2. Respond to written, spoken, or visual messages in a manner that ensures effective
communication.
3. Execute mathematical operations accurately.
4. Apply a systematic approach to solve problems.
5. Use a variety of thinking skills to anticipate and solve problems.
6. Locate, select, organize, and document information using appropriate technology and information
systems.
*There are 11 Essential Employability Skills outcomes as per the Ministry Program Standard. Of these 11 outcomes, the following will be
assessed in this course.

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FINA 702 CENTENNIAL COLLEGE Retirement Financial Planning

Global Citizenship and Equity (GC&E) Outcomes

The student will reliably demonstrate the ability to*:
1. Identify one's roles and responsibilities as a global citizen in personal and professional life.
*There are 6 institutional Global Citizenship & Equity outcomes. Of these 6 outcomes, the following will be assessed in this course.

Text and other Instructional/Learning Materials

Text Book(s):
All course materials are available in electronic format online at www.cifp.ca and the cost of the course is
$165 plus applicable taxes.
Online Resource(s):
To enroll in this course go to the website: www.cifp.ca and if this is your first time registering in a CIFP
course then click on “Become a student” and become a student. Once registered go back to www.cifp.ca
and click on “I am a student” and click on “Enroll in a course” and input the Centennial contract
information as follows:
Contract Number:c-7150
Password: cifpcentennial5643

Once you enter the contract number, click on “Next” and select “Register” for the Retirement Planning
Course and save your personal information. Review the “Agree to the Terms and Conditions” and if you
agree click on “Yes” and proceed to make payment once paid you will have access to your course.
Material(s) required for completing this course:
This course requires that students have and be competent in the use of a Financial calculator. The
recommended calculator for this course is the Texas Instruments BA II Plus Financial Calculator.

Evaluation Scheme
➮ Test # 1: Multiple choice and short answer questions.
➮ Test #2: Multiple choice and short answers questions.
➮ Case assignments: Mini-cases based on real life retirement planning issues
➮ End of Unit Formal Assessments (10 Units): End of Unit Formal Assessments
➮ Final Exam: Comprehensive final exam
Evaluation Name CLO(s) EES GCE Weight/100
Outcome(s) Outcome(s)
Test # 1 1, 2, 3, 4 1, 2, 3, 4, 5 20
Test #2 4, 5, 6, 7 1, 2, 3, 4, 5 20
Case assignments 1, 2, 3, 4, 5 1, 2, 3, 4, 1 15
5, 6
End of Unit Formal Assessments (10 Units) 1, 2, 3, 4, 5, 3, 4, 5 20
6, 7, 8, 9, 10
Final Exam 5, 6, 7, 8, 9, 4, 5, 6 25
10, 11
Total 100%
If students are unable to write a test they should immediately contact their professor or program Chair for
advice. In exceptional and well documented circumstances (e.g. unforeseen family problems, serious
illness, or death of a close family member), students may be able to write a make-up test.

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FINA 702 CENTENNIAL COLLEGE Retirement Financial Planning

All submitted work may be reviewed for authenticity and originality utilizing Turnitin®. Students who do not
wish to have their work submitted to Turnitin® must, by the end of the second week of class,
communicate this in writing to the instructor and make mutually agreeable alternate arrangements.

When writing tests, students must be able to produce official College photo identification or they may be
refused the right to take the test or test results will be void.

Student Accommodation
It is College Policy to provide accommodation based on grounds defined in the Ontario Human Rights
Code. Accommodation may include modifications to standard practices. Students with disabilities who
require academic accommodations must register with the Centre for Students with Disabilities. Students
requiring accommodation based on other human rights grounds should talk with their professors as early
as possible. Please see the Student Accommodation Policy.

Use of Dictionaries
• Dictionaries may be used in tests and examinations, or in portions of tests and examinations, as long
as they are non-electronic (not capable of storing information) and hard copy (reviewed by the
invigilator to ensure notes are not incorporated that would affect test or examination integrity).

Program or School Policies

N/A

Course Policies
N/A

College Policies
Students should familiarize themselves with all College Policies that cover academic matters and student
conduct.

All students and employees have the right to study and work in an environment that is free from
discrimination and harassment and promotes respect and equity. Centennial policies ensure all incidents
of harassment, discrimination, bullying and violence will be addressed and responded to accordingly.

Academic honesty is integral to the learning process and a necessary ingredient of academic integrity.
Academic dishonesty includes cheating, plagiarism, and impersonation. All of these occur when the work
of others is presented by a student as their own and/or without citing sources of information. Breaches of
academic honesty may result in a failing grade on the assignment/course, suspension or expulsion from
the college.

For more information on these and other policies, please visit www.centennialcollege.ca/about-
centennial/college-overview/college-policies.

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FINA 702 CENTENNIAL COLLEGE Retirement Financial Planning

Students enrolled in a joint or collaborative program are subject to the partner institution's academic
policies.

PLAR Process
This course is eligible for Prior Learning Assessment and Recognition (PLAR). PLAR is a process by
which course credit may be granted for past learning acquired through work or other life experiences. The
PLAR process involves completing an assessment (portfolio, test, assignment, etc.) that reliably
demonstrates achievement of the course learning outcomes. Contact the academic school to obtain
information on the PLAR process and the required assessment.

This course outline and its associated weekly topical(s) may not be reproduced, in whole or in
part, without the prior permission of Centennial College.

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FINA 702 CENTENNIAL COLLEGE Retirement Financial Planning

Topical Outline (subject to change):

Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Evaluation
Name Date
1 Introduction to Unit 1 1.Describe the history of retirement. Lecture & Class Online end-of-
Retirement planning 2.Explain the social and financial implications Discussion unit questions
of demographics as they relate to retirement
planning.
3.Describe the different expectations of
individuals approaching retirement.
4.Describe the role of the financial planner in
retirement planning.
5.Describe the financial planning process as it
pertains to retirement planning.
6.Identify types of retirement decisions that
might be faced, and develop alternatives with
their advantages and disadvantages.
2 Government Unit 2 1.Describe the operation of the CPP. Lecture & Class Online end-of-
Sponsored Retirement 2.Determine eligibility and calculate CPP Disussion unit questions
income plans. survivor and disability benefits.
3.Describe the Old Age Security system.
4.Identify indexing of CPP rates and benefits.
5.Describe eligibility and nature of benefits
provided under the OAS and GIS programs.
6.Analyze the impact of other income on the
benefits available to clients receiving OAS.
7.Calculate claw backs of OAS and GIS.
8.Advise clients on appropriate action.
3 Employer Sponsored Unit 3 1.Describe Defined Contribution RPP’s and Lecture & Class Online end-of-
Pension Plans. their various options, Discussion unit questions
benefits and disadvantages. Case 1 7.5%
2.Describe Defined Benefit Pension plans and
their various options benefits and
disadvantages.
3.Describe Individual Pension Plans.
4.Describe Profit Sharing Plans.
5.Describe distribution options.
6.Identify rules and regulations surrounding
employer sponsored pension plans.
4 Employer Sponsored Unit 3 1.Describe the nature of DPSP’s and RRSP’s. Lecture & Class Test #1 Week 4
Pension Plans. 2.Describe how DPSP’s differ from other Disussion
types of registered plans.
3.Identify DPSP contribution limits.
4.Identify RRSP eligible investments.

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FINA 702 CENTENNIAL COLLEGE Retirement Financial Planning

Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Evaluation
Name Date
5.Describe RRSP contribution limits.
6.Describe how PA’s and PAR’s affect RRSP
contributions.
7.Describe how contribution room and
deductions can be carried forward.
8.Discuss over-contributions.
9.Describe advantages and disadvantages of
borrowing to make a contribution.
10.Describe the nature of spousal RRSP’s.
5 Deferred Profit Unit 4 1.Describe the nature of DPSP’s and RRSP’s. Lecture & Class Online end-of-
Sharing plans and 2.Describe how DPSP’s differ from other Disussion unit questions
Registered Retirement types of registered plans.
Savings Plans. 3.Identify DPSP contribution limits.
4.Identify RRSP eligible investments.
5.Describe RRSP contribution limits.
6.Describe how PA’s and PAR’s affect RRSP
contributions.
6 Deferred Profit Unit 4 7.Describe how contribution room and Lecture & Class Online end-of-
Sharing plans and deductions can be carried forward. Disussion unit questions
Registered Retirement 8.Discuss over-contributions.
Savings Plans. 9.Describe advantages and disadvantages of
borrowing to make a contribution.
10.Describe the nature of spousal RRSP’s.
11.Describe income splitting. 12.Identify,
monitor and
maximize foreign content.
7 RRIF’s, LIF’s, Unit 5 1.Describe the nature of RRIF’s. Lecture & Class Online end-of-
and Locked in RIF’s 2.Explain how funds can be transferred Discussion unit questions
between other registered plans.
3.List the types of funds that can be held
within plans.
4.Calculate the minimum withdrawals from
RRIF’s.
5.Describe spousal RRIF’s, their tax
treatment and calculate the eligible amount of
a designated benefit.
6.Describe the nature of LIF’s and LRIF’s.
7.List the qualifying investments.
8.Calculate LIF and LRIF minimum and
maximum withdrawals.
9.Describe distribution options and their tax
consequences.
10.Explain how funds may be transferred

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FINA 702 CENTENNIAL COLLEGE Retirement Financial Planning

Week Topics Readings/Materials Weekly Learning Outcome(s) Instructional Strategies Evaluation Evaluation
Name Date
between other plans.
11.Describe common forms of annuities, their
tax treatments.
12.Calculate and analyze various financial
considerations regarding annuities.
13.Evaluate the impact of reverse mortgages
for different clients.
8 Education Planning Unit 6 1.Describe how the 5 stage financial planning Lecture & Class Online end-of-
process can be applied to education planning. Disussion unit questions
2.Describe the various financial aid, saving
and income strategies, listing their
advantages and disadvantages.
3.Identify and assess the type of aid that
could be obtained.
4.Describe how the income tax considerations
affect students and their parents.

9 Taxation during Unit 7 1.Calculate total income. Lecture & Class Test #2 week 9
Retirement 2.Calculate net and taxable income. Discussio 20%
3.Identify non-refundable tax credits.
4.Identify and apply opportunities for income
splitting.
10 Retirement Savings Unit 8 1.Calculate and analyze savings projections. Lecture & Class Online end-of-
Plans 2.Calculate additional savings requirements. Discussion unit questions
Case 2 7.5%
11 Post retirement Unit 9 1.Make retirement income projections. Lecture & Class Online end-of-
planning 2.Calculate income during retirement. Discussion unit questions
3.Use of financial and other assets during 20%
retirement.
4.Recommend strategies for use of savings.
12 Retirement Decisions Unit 10 1.Recommend a suitable retirement age. Lecture & Class Online end-of-
2.Recommend various retirement benefit Discussion unit questions
13 Review and evaluate Unit 1-10 Comprehensive review Lecture & Class Week 13
various retirement Discussion
concepts
14 Review and Final Units 1-10 Evaluate all course concepts via Lecture & Class Final Exam Week 14
Exam comprehensive final exam. Discussion 25%

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