2025 100% CIFC ACCURACY | LATEST EXAM CIFC SIMULATOR: CANADIAN INVESTMENT FUNDS COURSE EXAM

2025 100% CIFC Accuracy | Latest Exam CIFC Simulator: Canadian Investment Funds Course Exam

2025 100% CIFC Accuracy | Latest Exam CIFC Simulator: Canadian Investment Funds Course Exam

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q88-Q93):

NEW QUESTION # 88
Reginald is a Dealing Representative, who feels pressure from management at the beginning of every calendar year, to open new registered retirement savings plans (RRSPs) and generate RRSP contributions. It is the end of February, and Reginald is close to reaching his personal sales objectives. He just finished an appointment with a prospective new client, Orel. Orel wants to open a tax-free savings account (TFSA) to build emergency savings. However, Reginald recommended to Orel that he should first contribute to an RRSP, and then use the tax savings for a TFSA contribution. With regards to account suitability, what can be said about Reginald's advice?

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

Answer: D

Explanation:
Explanation
Orel's goal is to build emergency savings, which means he needs a flexible and accessible account that does not penalize withdrawals. A TFSA is more suitable for this purpose, as it allows tax-free withdrawals at any time and does not affect other income-tested benefits. An RRSP, on the other hand, is designed for long-term retirement savings, and withdrawals are subject to income tax and withholding tax. Moreover, RRSP withdrawals reduce the contribution room permanently, and may affect eligibility for government benefits such as the copyright Child Benefit or the Guaranteed Income Supplement.
References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.1:
Registered Retirement Savings Plan (RRSP)1 and Section 3.2: Tax-Free Savings Account (TFSA)2
1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf 2:
https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf


NEW QUESTION # 89
Charlotte has received proceeds from a deceased family member's estate. Charlotte decides to visit Malik, who's a Dealing Representative at her bank. She tells Malik, she does not know much about trading ETFs, but she wants to invest in ETFs. Charlotte says she feels fortunate to have this money and that she's not worried about losing it because she never planned on having any of it.
What element of the Know Your Client (KYC) information has Malik been able to learn?

  • A. Risk Profile
  • B. Risk Preference
  • C. Risk Tolerance
  • D. Risk Capacity

Answer: B


NEW QUESTION # 90
When comparing the current yield and yield-to-maturity of a bond, which statement applies?

  • A. Yield-to-maturity accounts for the reinvestment of coupon payments.
  • B. Current yield includes in the calculation the time to maturity.
  • C. Capital gains or capital losses are reflected in the current yield calculation.
  • D. Yield-to-maturity is based on the current market value of the bond, not the price paid.

Answer: A

Explanation:
Explanation
This statement is correct because yield-to-maturity (YTM) is the annualized rate of return of a bond that assumes that all coupon payments are reinvested at the same rate until the bond matures. YTM takes into account the bond's current market price, par value, coupon rate, and time to maturity, and it calculates the compound interest earned on the reinvested coupons. Therefore, YTM reflects the total return of the bond, including both the interest income and the capital gain or loss.
References = Current Yield vs. Yield to Maturity - Investopedia, Yield to Maturity (YTM) - Investopedia, Bond Current Yield Calculator


NEW QUESTION # 91
One of your clients, Fernando, is approaching 71 years of age and has a few questions regarding life income funds (LIFs).
Which of the following statements about LIFs is TRUE?

  • A. Fernando may make contributions tohis LIF if he continues working.
  • B. Fernando is free to withdraw any amount from his LIF above the minimum amount.
  • C. Fernandocan transfer money from his registered retirement savings plan (RRSP) to a LIF.
  • D. Fernando can transfer money from his locked-in retirement account (LIRA) to a LIF.

Answer: D


NEW QUESTION # 92
Darryl has a diversified investment portfolio of mutual funds in a non-registered account with Investwell Mutual Funds, a mutual fund dealer. Darryl's diversified portfolio is composed of 3 mutual funds. Each mutual fund is currently worth about $100,000. The ABC Canadian Equity Fund has a total return of 6%, the DEF Bond Fund has a total return of 8% and GHI Global Equity Fund has a total return of 10%. Darryl wants to make an in-kind contribution to his registered retirement savings plan (RRSP) account. He has unused RRSP contribution room of $60,000.
From a tax-efficient viewpoint, which funds contribute in-kind to his RRSP account?

  • A. Move $20,000 from each of the three funds to the RRSP.
  • B. Move the ABC Canadian Equity Fund to the RRSP.
  • C. Move the DEF Bond Fund to the RRSP.
  • D. Move the GHI Global Equity Fund to the RRSP

Answer: C

Explanation:
Explanation
Moving the DEF Bond Fund to the RRSP would be more tax-efficient than moving any of the other funds.
This is because bond funds generate interest income, which is fully taxable at the investor's marginal tax rate in a non-registered account. By moving the bond fund to an RRSP, Darryl can defer paying taxes on the interest income until he withdraws it from the RRSP. Moving the GHI Global Equity Fund to the RRSP (B) would not be tax-efficient, as global equity funds generate foreign income and dividends, which are subject to foreign withholding taxes in an RRSP. Moving $20,000 from each of the three funds to the RRSP would not be tax-efficient, as it would trigger capital gains taxes on all three funds in proportion to their returns. Moving the ABC Canadian Equity Fund to the RRSP (D) would not be tax-efficient, as Canadian equity funds generate Canadian dividends, which are eligible for a dividend tax credit in a non-registered account. By moving the Canadian equity fund to an RRSP, Darryl would lose this tax advantage and pay taxes on the dividends at his marginal tax rate when he withdraws them from the RRSP. References: Canadian Investment Funds Course (CIFC) | IFSE Institute


NEW QUESTION # 93
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