EXAM CIFC VCE | LATEST CIFC EXAM DUMPS

Exam CIFC Vce | Latest CIFC Exam Dumps

Exam CIFC Vce | Latest CIFC Exam Dumps

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q115-Q120):

NEW QUESTION # 115
Your client, Helen, just received her non-registered account statement which states that one of her mutual funds made an interest income distribution during the year. She asks you how she will be taxed on the distribution. What do you tell Helen?

  • A. She will pay taxes at her top marginal tax rate.
  • B. She will pay taxes on the grossed-up amount of the income.
  • C. She will pay taxes at her average tax rate.
  • D. She will pay taxes on 50% of the distribution.

Answer: A

Explanation:
Explanation
Interest income distribution is a type of income that a mutual fund pays to its investors from the interest earned on its fixed-income investments, such as bonds and mortgages. Interest income distribution is taxed as ordinary income at the investor's top marginal tax rate, which is the highest tax rate that applies to their income bracket. Therefore, B is the correct answer. References: Interest Income and Taxes - Fidelity, Topic No. 403, Interest Received | Internal Revenue Service


NEW QUESTION # 116
Kendrick is a newly registered Dealing Representative for Oak Solid Financial. He has been assigned the task of contacting existing clients where there has been no record of consultation within the last 12 months. The first person he sees on his list is a client named Chandra Ruffino. He double-checks if her phone number is on the Do Not Call List (DNCL) registry. Which of the following statements apply?

  • A. If Chandra has been on the DNCL registry for 18 months, then Kendrick is not allowed to contact her.
  • B. If Chandra is on the DNCL, then Kendrick can only contact her if she is specifically his client.
  • C. If Chandra is on the DNCL registry, Kendrick is still eligible to contact the client of Oak Solid Financial.
  • D. If Chandra had closed her account within the last 12 months and registered herself on the DNCL, then Kendrick cannot call her.

Answer: C

Explanation:
Explanation
The Do Not Call List (DNCL) is a national registry of personal telephone numbers that consumers can register to reduce the number of unsolicited telemarketing calls they receive. Telemarketers are required to subscribe to the DNCL and avoid calling the numbers on the list, unless they have an exemption. One of the exemptions is for existing business relationships, which means that a telemarketer can call a consumer who has purchased a product or service from them or their employer within the last 18 months, or who has made an inquiry or application within the last six months. Therefore, Kendrick is still eligible to contact Chandra, who is an existing client of Oak Solid Financial, even if she is on the DNCL registry. However, Kendrick must respect Chandra's right to request that he stop calling her and remove her number from his contact list.
References: Canadian Investment Funds Course, Chapter 1: The Canadian Financial Services Industry1, National Do Not Call List - copyright.ca2


NEW QUESTION # 117
One of your clients, Rakesh, had a portfolio composed of 60% ABC Equity Fund and 40% ABC Bond Fund.
Since equities were performing much better than fixed income, he had increased his holdings in ABC Equity Fund to 70% and had reduced his holding in ABC Bond Fund to 30% of his portfolio.
After benefitting the growth in his ABC Equity Fund for over 2 years, Rakesh is uncomfortable with this heavy exposure to equity funds and decides to rebalance his portfolio back to 60% of ABC Equity Fund and
40% of ABC Bond Fund.
He instructs you to switch 10% of the portfolio from the ABC Equity Fund to the ABC Bond Fund.
Which of the following statements is CORRECT?

  • A. Rakesh will not be subjected to a switch fee if his original units were purchased with a sales charge.
  • B. Rakesh will not be subjected to a switch fee if his equity fund is a no-load fund.
  • C. Rakesh will not be subjected to a switch fee if it is outlined in the prospectus.
  • D. Rakesh will not be subjected to a switch fee if his equity fund is a low-load fund.

Answer: C


NEW QUESTION # 118
Axis Wealth Management Inc. is a mutual fund dealer and member of the Mutual Fund Dealers Association of copyright (MFDA).
Indrek is a Branch Manager for the Guelph Branch and he is responsible for conducting suitability reviews in order to identify any unsuitable transactions or accounts. Which of the following accounts/transactions would be unsuitable?

  • A. Gilles has invested in various mutual funds using a leverage strategy recommended by his Dealing Representative. Gilles is 82, he is retired, he needs regular income, and his risk profile is "low".
  • B. Megara bought a principal protected note (PPN) with a 7-year maturity. Megara wants principal protection and has a long-term investment time horizon (10+ years).
  • C. Hundolf holds the Fortune Small Cap Equity Fund. Hundolf is fully employed, he is saving for his retirement in 18 years, his investment objective is "growth", and his risk profile is "medium-high".
  • D. Ulani is saving for the final payment she will owe on her pre-construction condominium. Ulani has invested in the Harbour Money Market Fund because she is seeking "safety".

Answer: A

Explanation:
Explanation
This account/transaction is unsuitable because it does not match Gilles' investment needs and objectives, risk profile, and capacity for loss. A leverage strategy involves borrowing money to invest in mutual funds, which increases the potential returns but also the potential losses. This strategy is very risky and requires a high risk tolerance, a long-term investment horizon, and a sufficient income to cover the interest payments. Gilles is 82 years old, retired, and needs regular income, which means he has a low risk tolerance, a short-term investment horizon, and a limited income. He cannot afford to lose his principal or pay the interest costs. Therefore, a leverage strategy is not appropriate for him.
References = IFSE CIFC Module 3: Investment Products, page 3-24. What is Suitability? | MFDAMSN-0069 | MFDA


NEW QUESTION # 119
Which statement regarding copyright's income tax system is CORRECT?

  • A. Tax credits will reduce an individual's taxable income and may lower that person's top marginal tax rate.
  • B. Federal and provincial income tax brackets are both progressive and each respective jurisdiction determines the tax rates that will be used.
  • C. Once a person's taxable income reaches the next income tax bracket level, all income is subject to be taxed at the higher tax rate.
  • D. After federal and provincial tax rates have been applied to a person's taxable income, tax deductions are then applied to reduce taxes.

Answer: B

Explanation:
Explanation
copyright's income tax system is based on a progressive tax structure, which means that individuals pay higher tax rates as their income increases. There are different tax brackets for different income levels, and each bracket has a corresponding tax rate. The federal government and each provincial or territorial government set their own tax rates and brackets, which may vary depending on the jurisdiction. Therefore, individuals pay both federal and provincial or territorial income tax, based on their taxable income and the tax rates applicable to their income brackets in their respective jurisdictions12 References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 6: Taxation, Section
5.6.1: Income Tax 1; CIFC prepkit, Chapter 5: Types of Investments, Question 5.6.1 2


NEW QUESTION # 120
......

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