Free PDF Quiz 2025 Accurate IFSE Institute CIFC: Canadian Investment Funds Course Exam Frenquent Update

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q54-Q59):

NEW QUESTION # 54
While assessing the suitability of an investment recommendation as a Dealing Representative, which statement applies to the "Client's Interest First" standard?

A. The use of a risk-based approach when determining which mutual fund to recommend to the client.
B. Accurately document Know Your Client information (KYC) so there is evidence to support a recommendation.
C. Presenting a fund's historical investment performance to anticipate a mutual fund's future rate of return.
D. Clarifying for clients the costs and fees associated with mutual funds and how they impact investment performance.

Answer: D

Explanation:
Explanation
The "Client's Interest First" standard requires that Dealing Representatives act in the best interest of their clients and place their clients' interests before their own or their employer's interests. This means that they must provide clear, accurate, and complete information to their clients about the mutual funds they recommend, including the costs and fees associated with them and how they affect the investment performance. Presenting a fund's historical performance to anticipate its future return is misleading and does not serve the client's interest. Using a risk-based approach to select a mutual fund is part of the suitability assessment, but it does not necessarily put the client's interest first. Accurately documenting the KYC information is important for compliance purposes, but it does not ensure that the recommendation is in the client's best interest.
References: Canadian Investment Funds Course, Chapter 8: Suitability and Know Your Client1

NEW QUESTION # 55
Stan, a portfolio manager, is looking at two steel companies as potential investments. Truesteel Inc. has a current ratio of 2:1 while Strongco Ltd. has a current ratio of 0.8:1.
What could this information indicate?

A. Truesteel is better able to meet its short term financial obligations than Strongco.
B. It appears that Truesteel is more profitable than Strongco.
C. The stock market is more optimistic about the prospects for Truesteel than Strongco.
D. Stronqco is reiving less on debt financing than Truesteel.

Answer: A

NEW QUESTION # 56
Kerry's total income this past year was $100,000 and she claimed a tax deduction of $2,000. When the tax return is filed, what would be the federal tax payable when applying the following federal tax rates?
(Round to the closest whole dollar for the final answer.)

A. $25,480
B. $18,754
C. $17,472
D. $24,000

Answer: B

Explanation:
Explanation
Kerry's taxable income would be $98,000 ($100,000 - $2,000). Using the federal tax rates provided in the image, the first $48,535 of her income would be taxed at 15%, the next $48,534 at 20.5%, and the remaining
$931 at 26%. This would result in a total federal tax payable of $18,754. You can see the calculation in detail below:
Taxable Income
Marginal Tax Rate
Federal Tax Payable
$0 - $48,535
15%
$7,280.25
$48,536 - $97,069
20.5%
$9,934.47
$97,070 - $98,000
26%
$539.80
Total
$18,754.52
Note: The final answer is rounded to the closest whole dollar.
References: Canadian Investment Funds Course, Unit 8, Section 8.2; [4]

NEW QUESTION # 57
Which among the following plans includes a provision that places a maximum limit on the amount that can be withdrawn during a calendar year?

A. Registered Retirement Income Fund (RRIF)
B. Registered Retirement Savings Plan (RRSP)
C. Deferred Profit Sharing Plan (DPSP)
D. Life Income Fund (LIF)

Answer: D

Explanation:
Explanation
A LIF is a type of registered retirement income fund that is used to hold and pay out locked-in pension funds.
A LIF has both a minimum and a maximum withdrawal limit for each calendar year, which are determined by the federal or provincial pension legislation, the age of the annuitant, and the value of the fund. The minimum withdrawal limit is similar to that of a RRIF, but the maximum withdrawal limit is intended to ensure that the LIF provides income for the lifetime of the annuitant123 References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.4: Life Income Fund (LIF)4 and web search results from search_web(query="maximum withdrawal limit for LIF RRSP RRIF DPSP")123
4: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf

NEW QUESTION # 58
Natasha currently owns 2 mutual funds: a bond fund and a Canadian equity fund. She would like to use one of them as her registered retirement savings plan (RRSP) contribution for the year. From a tax efficiency perspective, which mutual fund should she contribute?

A. either since it makes no difference
B. the equity fund
C. the bond fund
D. it depends on her marginal tax rate

Answer: C

Explanation:
Explanation
The bond fund should be contributed to Natasha's RRSP from a tax efficiency perspective, because interest income from bonds is fully taxable at her marginal tax rate outside of an RRSP. By contributing the bond fund to her RRSP, Natasha can defer paying tax on the interest income until she withdraws it from her RRSP in retirement, when she may be in a lower tax bracket. The equity fund should be kept outside of her RRSP, because dividends and capital gains from equities receive preferential tax treatment compared to interest income. Dividends qualify for the dividend tax credit and capital gains are only 50% taxable. Furthermore, equities tend to have higher returns than bonds over the long term, which means that Natasha would have more after-tax income by keeping them outside of her RRSP. References: Registered Retirement Savings Plan (RRSP), Does it pay to invest in an RRSP? Here's the math

NEW QUESTION # 59
......

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Free PDF Quiz 2025 Accurate IFSE Institute CIFC: Canadian Investment Funds Course Exam Frenquent Update

2025 CIFC – 100% Free Frenquent Update | Accurate CIFC New Exam Bootcamp

IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q54-Q59):

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