Your obligation to start accumulating CE Credits depends upon the year in which you passed the CFP Examination.
If you passed the CFP Examination written in 2004 or thereafter:
Commencing with candidates who passed the CFP Examination in 2004, the obligation to start accumulating CE credits no longer depends upon the year in which they obtain the CFP designation. It now depends upon the date that the CFP Examination was PASSED.
Successful exam candidates will be required to start accumulating their CE credits in the second calendar year after the year in which they passed the CFP Examination. Therefore, the successful exam candidate is effectively exempt from CE Requirements in the calendar year immediately following the year in which they pass the CFP Examination.
Example: For those who passed the June 2004/November 2004 CFP Examination, your obligation for CE will commence in the 2006 calendar year. The successful CFP Candidate is effectively exempt in the 2005 calendar year (the year immediately following the year they successfully wrote the CFP Examination).
If you passed the CFP Examination written prior to 2004:
For those who passed the CFP Examination written prior to 2004, the obligation to start accumulating CE credits depends upon the year in which they first receive the CFP Designation.
New CFP professionals are exempt from Continuing Education (CE) requirements in the year they receive their first licence. They are required to start accumulating their CE credits for the following calendar year. Therefore, all CFP professionals licensed more than one (1) year are required to accumulate 30 CE credits annually and attest completion of these credits on their annual renewal application form.
Example: If the successful exam candidate passed the CFP examination in June 2002 and first received their CFP designation in 2003 calendar year, the CFP would be exempt from CE requirements in 2003. They would be required to start accumulating CE credits in 2004 (the year following the year in which they first received their licence).
How do I satisfy the CE Requirements?
CE credits must be earned during the calendar year (January 1 to December 31). You must complete a total of 30 CE credits annually and confirm completion of these credits on your annual renewal application form, which you will receive in February the following year. [CE credits are monitored for the previous calendar year.] When recording your CE credits, it is imperative that you remember that your general credits cannot exceed 10, and you must have a minimum of 20 technical credits in order to meet FPSC CE Requirements.
When do I report these credits?
CFP professionals are required to attest completion of their Continuing Education (CE) requirements for the calendar year specified on the annual Application for CFP Licence Renewal Form.
As part as your ongoing commitment to continuous learning, please remember that it is your responsibility to keep track of your CE activities and ensure that sufficient supporting documentation is accessible in the event of an audit.
What will I need for the random audit?
We encourage all CFP professionals to keep a record of their CE activities/credits along with the supporting documentation in a separate file. If you are randomly chosen for audit, you will be requested (by registered mail) to report your CE activities/credits for the specified year and will be required to provide all supporting documentation to verify completion. Only activities/credits in the technical categories will be audited. You are not required to provide supporting documentation for your general activities/credits.
What is considered as sufficient supporting documentation?
Technical credits can be verified with the following supporting documentation:
Signed/stamped certificate of attendance (nametag from registration plus program outline may also be required)
Receipts for seminars/conferences attended
Personalized letter on providers' letterhead outlining activity and confirming attendance. The date, duration and topics/details discussed must be included in the letter
Signed/stamped certificate of successful completion
Receipts for courses (proof of enrollment/registration)
Transcript
Personalized letter on providers' letterhead confirming successful completion of the course
In-house Training
Signed/stamped certificate of attendance (you must include agenda and number of credits allocated by the organization)
Personalized letter signed by supervisor/manager and/or Facilitator confirming attendance/participation. The date, duration and topics/details discussed must be included in the letter.
Writing/Reviewing & Teaching
Personalized letter signed by manager/supervisor for internal reports and presentations- (Please include subject outline in the letter)
Personalized letter on providers' letterhead for external reports/newsletters or presentations. Subject matter must be outlined in the letter.
Contracts - (ex. Teaching contract - specifying time frame and subject matter)
What would happen if I did not report sufficient CE credits or supporting documentation?
You will only be requested to supply a list of your CE activities and supporting documentation in the event you were chosen for audit.
If you provide us with insufficient CE credits and/or supporting documentation, we will contact you by phone or via e-mail notifying you of your deficiency. At that time we will specify a required deadline in which we will require the additional information to complete the audit. A final reminder notice will be sent by registered mail reminding you of your requirements closer to the deadline. Failure to respond to our request and/or provide us with sufficient documentation by the required deadline will result in disciplinary action.
What are some of the ways that I can obtain CE credits?
You can attain credits for attending seminars, conferences, professional workshops, in-house training/meetings, self-study courses; post secondary institution programs and financial planning related courses offered by other institutions and associations. In addition, you can claim credits for being an instructor, discussion leader or speaker to the financial service profession. Writing books, newsletters, or articles on financial planning can also earn you credits.
How can I tell the difference between technical and general?
Technical Credits are activities that fall and/or are related to the topics covered in the Exam Syllabus. General Credits are any "non-technical" activities such as reading or listening to industry-related materials, new product knowledge, internal policies, interpersonal skills enhancement or sales and marketing training.
Where can I find information on CE courses, seminars, conferences and their providers?
As you may already know, FPSC does not directly offer any courses, as we are not a course provider. We do encourage all our CFP professionals to refer to the Courses section (located on our website www.cfp-ca.org) for a listing of different course providers and/or organizations. CFP professionals must contact these providers directly in order to receive additional information on the courses/educational activities they offer.
Another useful resource is our Event & Seminar Calendar. There you can find a listing of seminars or conferences on a monthly basis. Please NOTE that we do not review the content of the seminars offered. Therefore, this list should not be regarded as endorsed or recommended by FPSC.
In addition, you can inquire about in-house courses or training offered internally through your work place. You can claim as technical credits only those activities that have one or more topics covered in the Exam Syllabus.
As you are aware, FPSC does not pre-approve credits at this time. It is the CFP professionals responsibility to self-assess the relevancy of these activities (that they are interested in and/or completed) by referring to the Exam Syllabus and CE Requirements to determine whether or not they will be eligible for CE credits.
How can I be sure that the specific activities, courses or events qualify for CE credits prior to enrolling and/or completing them?
Although it is the responsibility of the CFP professional to self-assess their CE activities, we can definitely assist them and guide them with the step by step process to ensure that their calculations of credits and assessment are in accordance with FPSC CE Requirements.
FPSC does not recommend one course over another. We believe that CFP professionals will have a better idea in deciding which activity would be most beneficial to them in their professional career. Continuing Education is about maintaining professional competence, and therefore, should be determined by the CFP professional.
Can I use credits from other associations/organizations to satisfy my CE requirements?
If you are a member of another association (such as Advocis, CGA, etc.) and have taken courses for continuing education purposes to satisfy their requirements or the requirements of other designations you hold, then you can definitely use those activities towards your FPSC CE Requirements provided that they meet the requirements of FPSC.
When using CE credits that meet different organization's CE requirements, please remember that each organization may have different CE requirements. It is important that you reassess those activities that you have claimed for the different organizations and recalculate the amount of credits earned based on FPSC CE Requirements.
We strongly encourage you to refer to the Exam Syllabus and FPSC CE Requirements to determine whether credits you have earned from another association will meet the technical requirements and that the number of credits you previously claimed is correct.
Should I fax/send in documentation every time I complete a course or attend a seminar?
We request that you do not send in any supporting documentation throughout the calendar year, as it will be disregarded and will not be kept on file if submitted. As indicated, you are only required to supply supporting documentation in the event you are chosen for audit. We strongly encourage you to record all CE activities throughout the calendar year and keep all supporting documentation in a file so that it may be accessible in the event that you are chosen for the random audit.
What should I do if I cannot complete my CE requirements for the calendar year?
CFP professionals should always be diligent in meeting their CE requirements. However, if for some reason you are unable to meet the CE requirements, and your situation does not fall under any of the extenuating circumstances (listed in the Exemption Policy located in CE Requirements), then it is your responsibility to notify us immediately before renewing your CFP licence to discuss alternatives.
What if I cannot complete my CE requirements due to an extenuating circumstance?
In the event that you are unable to complete your CE requirements due to an extenuating circumstance, you can apply for a CE exemption. Upon approval, your CE requirements will be waived for the specified calendar year. For additional information refer to our Exemption Policy located in the CE Requirements.
How do I apply for a CE exemption and/or exemption status?
Exemption status is granted on a case-by-case basis. You must re-apply on an annual basis (refer to CE Requirements).
To apply for a CE exemption, you can download the CE Exemption Request Form. When completing the CE Exemption Request Form, you must be specific when stating your extenuating circumstances. You must include the reason why you were unable to meet the CE Requirements and any other relevant information that can help us assess your situation.
When submitting your CE Exemption Request Form, you are required to provide supporting documentation. The following supporting documentation is acceptable: doctor's certificate for medical reasons or birth certificate/adoption papers of your child for maternity/parental leave. Once we have reviewed your request, a letter will be sent to you to confirm our decision.
Remember, incomplete forms will not be processed.
What if I cannot complete my course within the calendar year?
If you are enrolled for a course that does not finish until the following year, then you can claim half of the total number of credits the year you enrolled and the other half the year you successfully complete the course. If you do not successfully complete the course the following year, you are not allowed to use the remaining half since you already claimed half the credits when you enrolled. You are only allowed to use the remaining half upon successful completion.
NOTE: This may only apply to specific educational activities. Contact the Education Department for additional information.
Am I still responsible for completing CE requirements if I move to another country?
In order to continue to use the Canadian CFP designation and CFP trademarks: CFP®, Certified Financial Planner®, and the CFP Flame Logo, you must abide by the Code of Ethics by renewing your Canadian CFP licence annually and meeting the CE Requirements.
Why is meeting the CE Requirements necessary?
FPSC takes great pride in benefiting the public by leading the evolution of the financial planning profession in Canada. We do this through our development of enforcement and promotion of the highest competency and ethical standards in financial planning. To stay true to our mission statement and protect the public interest, we measure and monitor our CFP professionals' professional development through their lifelong obligation in continuous learning to help maintain their professional competence. Due to rapidly changing demands of the financial industry, we have developed structured Continuing Education Activities to ensure that our CFP professionals are committed in keeping up-to-date and current in their profession.
Does successful completion of the CFP Examination qualify as an eligible activity towards CE requirements of other professional designations/licences?
FPSC is not a course provider and therefore does not offer any CE credits for successful completion of the CFP Exam. FPSC is the sole licensor of the Canadian CFP licence. Successful completion of the CFP Exam enables candidates to qualify in obtaining their CFP licence.
As you are aware, there are different paths in being eligible to write the CFP Exam. Due to this, it is extremely difficult to measure and determine a recommended number of study time for each individual planning to write the CFP Exam.
If you are inquiring this information to meet other association/organizations CE requirements, then we do advise you to contact them directly and see if successful completion of the CFP Exam or study time for the CFP Exam would meet their CE requirements. Different organizations/associations have different CE requirements, therefore, it would be up to the organization/association in which you are reporting your CE activities, to decide whether or not passing the CFP Exam or studying for the CFP Exam would meet their CE requirements.
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. (FPSB). Financial Planners Standards Council is the marks licensing authority for the CFP marks in Canada, through agreement with FPSB.
are certification marks