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Pass CIFC Rate - CIFC Testking Exam Questions

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IFSE Institute CIFC Exam Syllabus Topics:

Topic
Details

Topic 1

Taxation: This section of the exam measures the skills of tax advisors and covers how different investments and accounts are taxed. It includes capital gains, interest income, dividend taxation, and the tax treatment of registered and non-registered accounts.

Topic 2

Suitability: This section of the exam measures the skills of financial planners and covers how to determine whether an investment product matches a client's profile. It focuses on risk tolerance, time horizon, and financial goals when offering investment choices.

Topic 3

Mutual Funds Administration: This section of the exam measures the skills of operations specialists and covers the processes that support the day-to-day functioning of mutual funds. It includes trading, recordkeeping, pricing, and compliance reporting.

Topic 4

Regulatory Environment: This section of the exam measures the skills of compliance officers and covers the key laws, rules, and regulatory bodies that oversee the mutual fund industry. It ensures professionals understand the legal framework in which firms and representatives operate.

Topic 5

Portfolio Management This section of the exam measures the skills of portfolio advisors and covers the principles behind building and managing a diversified investment portfolio. It focuses on asset allocation, diversification strategies, and rebalancing techniques.

Topic 6

Types of Mutual Funds: This section of the exam measures the skills of fund sales representatives and covers the structure, benefits, and objectives of different mutual fund categories. It includes equity, fixed income, balanced, index, and specialty funds.

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IFSE Institute CIFC Testking Exam Questions & CIFC Training Kit

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q162-Q167):

NEW QUESTION # 162
Which of the following applies to a mutual fund trust?

A. It is always closed-end.
B. It has a board of directors and shareholders.
C. It has unitholders.
D. It is not efficient at passing through income to investors.

Answer: C

Explanation:
Explanation
A mutual fund trust is a type of unit trust that meets certain conditions under the Canadian Income Tax Act and is eligible for favourable tax treatment. A unit trust is a collective investment vehicle that holds assets and distributes profits to individual unit owners, also called unitholders, instead of reinvesting them in the fund. A mutual fund trust is not a corporation and does not have a board of directors or shareholders. It is also not a closed-end fund, which has a fixed number of shares that trade on an exchange. A mutual fund trust is an open-end fund, which can issue and redeem units at any time based on the net asset value of the fund.
References: Canadian Investment Funds Course, Unit 5, Section 5.1

NEW QUESTION # 163
Which investor's needs would be BEST met with an income trust?

A. Phil wants to invest in a product where the performance is linked to that of an underlying asset and the issuer is obligated to repay his principal at maturity.
B. Leanne wants a product that employs alternative strategies such as leverage and short selling to amplify returns.
C. Gary wants to invest in a product which provides a consistent cash flow of interest, royalties, and lease payments passed along to unitholders.
D. Tina wants a product that guarantees the return of at least 75% of her capital upon maturity of the contract or upon her death.

Answer: C

Explanation:
Explanation
An income trust is an investment trust that holds income-producing assets, such as debt instruments, royalty interests, or real properties. It can be structured as either a personal investment fund or a commercial trust with publicly traded closed-end fund shares. The main attraction of income trusts, in addition to certain tax preferences for some investors, is their stated goal of paying out consistent cash flows for investors, which is especially attractive when cash yields on bonds are low12 References = Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.3:
Income Trusts3 and web search results from search_web(query="income trust")12
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf

NEW QUESTION # 164
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?

A. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.
B. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing.
C. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first.
D. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first

Answer: A

Explanation:
Explanation
Based on Orel's stated need, recommending an RRSP contribution is unsuitable because RRSP withdrawals are taxed as income and may affect Orel's eligibility for government benefits. A TFSA is more suitable for Orel's goal of developing emergency savings because TFSA withdrawals are tax-free and do not affect income-tested benefits. References: Investment Funds in Canada (IFC) | Canadian Securities Institute

NEW QUESTION # 165
Last year Peter's earned income from employment was $50,000.
Last year, after receiving a $2 per share in dividends from 500 shares in ABC Inc., a publicly-traded Canadian corporation, he sold his shares. The sale resulted in a capital gain of $15,000.

Based on the tax rates mentioned above, what is Peter's net federal tax liability for the year? (Round to 2 decimal places).

A. $9,113.53
B. $9,953.30
C. $9,193.69
D. $9,696.15

Answer: C

NEW QUESTION # 166
Sandra presently participates in her employer-sponsored defined contribution pension plan (DCPP). As contributions continue to be made into her plan, what can she expect?

A. The employer will solely make contributions to her DCPP based on a prescribed formula noted within her plan.
B. Retirement benefits will be based on a prescribed formula that can be referenced from the plan's terms and conditions.
C. Her available registered retirement savings plan (RRSP) contribution room will be reduced by what is being contributed to her plan.
D. To ensure she has savings at retirement, the employer will choose stable investments to grow her retirement savings.

Answer: C

Explanation:
Explanation
A defined contribution pension plan (DCPP) is a type of retirement savings plan where the employer and/or employee make contributions to an individual account for the employee. The retirement benefits depend on the amount of contributions and the investment returns. Contributions to a DCPP reduce the employee's available registered retirement savings plan (RRSP) contribution room, which is the maximum amount that can be contributed to an RRSP each year without tax penalties. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Unit 9, Lesson 1

NEW QUESTION # 167
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