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CISI IFC Exam Overview:

Certification Vendor:	CSI (Canadian Securities Institute)
Exam Name:	Investment Funds in Canada (IFC)
Exam Number:	IFC
Passing Score:	60%
Certificate Validity Period:	2 years
Exam Price:	CAD 520.00
Exam Format:	Multiple Choice
Real Exam Qty:	100
Available Languages:	French, English
Exam Duration:	180 minutes
Sample Questions:	CISI IFC Sample Questions
Exam Way:	Proctored (remote or in-person at a test centre)
Pre Condition:	None
Official Syllabus URL:	https://www.csi.ca/student/en_ca/courses/csi/ifc.xhtml

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CISI IFC Exam Syllabus Topics:

Topic	Details
Topic 1	Ethics, Compliance, and Mutual Fund Regulation: This domain addresses ethical standards and regulatory requirements for advisors, covering professional conduct, compliance obligations, conflicts of interest, disclosure requirements, and rules established by regulators and self-regulatory organizations.
Topic 2	Evaluating and Selecting Mutual Funds: This domain covers the systematic process of choosing appropriate mutual funds based on client needs, including selection criteria, cost considerations, performance history, and ongoing portfolio monitoring and rebalancing.
Topic 3	The Modern Mutual Fund: This domain examines mutual fund structures, types, and operations, covering equity, fixed income, balanced, and specialty funds, their legal structures, pricing mechanisms, purchase processes, and associated fees.
Topic 4	Understanding Investment Products and Portfolios: This domain explores various investment products including stocks, bonds, and securities, along with portfolio construction principles, asset allocation strategies, and how different products work together to meet client objectives.
Topic 5	Understanding Alternative Managed Products: This domain introduces investment products beyond traditional mutual funds, including ETFs, segregated funds, and hedge funds, examining their features, structures, benefits, risks, and regulatory treatment.

CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q475-Q480):

NEW QUESTION # 475
A 3-year, 3.25% coupon-paying bond sells for $95.72 (interest is paid semi-annually). Assuming the par value is $100, what is the yield to maturity of this bond (using the approximation formula and rounded to two decimal places)?

A. 2.39%.
B. 1.66%.
C. 1.70%.
D. 3.40%.

Answer: A

Explanation:
Because interest is paid semi-annually, the question ' s intended approximation uses six half-year periods. The semi-annual coupon is $3.25 ÷ 2 = $1.625, while the price appreciation to maturity is $100 # $95.72 = $4.28, or approximately $0.7133 per half-year. The average bond value is ($100 + $95.72) ÷ 2 = $97.86. Therefore, the approximate periodic yield is ($1.625 + $0.7133) ÷ $97.86 # 2.39% , making D the intended answer.
However, IFC defines YTM as an annualized return incorporating coupon income, price change, time to maturity, and reinvestment. On an annualized approximation basis, the yield would be about 4.78%, which is not offered. Therefore, this source question uses the semi-annual periodic YTM convention.

NEW QUESTION # 476
What is the current yield on a $5,000 Government of Canada bond paying a 6% coupon and trading at a price of $102 (rounding to the nearest hundredth)?

A. 6.12%
B. 6.00%
C. 5.88%
D. 4.90%

Answer: B

Explanation:

NEW QUESTION # 477
Justin and Yvonne both open a Registered Education Savings Plan (RESP) for their daughter Grace. They plan to regularly contribute $1,000 per year until Grace reaches the age of 17.
Which of the following statements relating to RESP is CORRECT?

A. There is an annual contribution limit of $2,500 that Justin and Yvonne can contribute to an RESP.
B. RESPs are attractive to Justin and Yvonne because they are tax-free investment plans.
C. Justin and Yvonne may contribute a combined lifetime maximum of $50,000 for Grace.
D. Contributions made by Justin and Yvonne are eligible for a tax deduction in the year they are contributed.

Answer: C

Explanation:
A Registered Education Savings Plan (RESP) is a tax-advantaged savings plan that helps parents and family members save for a child's post-secondary education. The government also contributes to the plan through the Canada Education Savings Grant (CESG) and the Canada Learning Bond (CLB), depending on the family income and the amount of contributions. However, there are some rules and limits that apply to RESP contributions and government grants. One of them is the lifetime contribution limit, which is the maximum amount that can be contributed to an RESP for a beneficiary from all sources. The lifetime contribution limit is $50,000 per beneficiary, regardless of how many RESPs are opened for them or who contributes to them.
Therefore, statement A is correct. Justin and Yvonne may contribute a combined lifetime maximum of
$50,000 for Grace to their RESP.
The other statements are incorrect for the following reasons:
Statement B: RESPs are not tax-free investment plans. They are tax-deferred plans, meaning that the contributions are made with after-tax dollars and the investment income earned in the plan is not taxed until it is withdrawn as an educational assistance payment (EAP) for the beneficiary. The EAPs are taxed in the hands of the beneficiary, who usually has little or no income and pays little or no tax.
Statement C: There is no annual contribution limit for RESP contributions. However, there is an annual limit for the CESG, which is 20% of the first $2,500 contributed per beneficiary per year, up to a maximum of
$500 per year. The CESG also has a lifetime limit of $7,200 per beneficiary.
Statement D: Contributions made to an RESP are not eligible for a tax deduction in the year they are contributed. They are made with after-tax dollars and do not reduce the contributor's taxable income.
Canadian Investment Funds Course, Unit 9, Section 9.1

NEW QUESTION # 478
Michael had invested in several mutual funds, most of which have appreciated in value. He is not sure if he needs to report the gain as capital gains when he files his income tax return.
What would you tell Michael?

A. Capital gains are not subject to tax.
B. He has to report any unrealized capital gains each year.
C. Capital gains are taxed when they are realized.
D. Capital gains are taxed only on equity mutual funds.

Answer: C

Explanation:
Michael, capital gains are the profits you make when you sell an asset that has increased in value. For example, if you bought a mutual fund for $1,000 and sold it later for $1,500, you have a capital gain of $500.
Capital gains are taxed only when they are realized, which means when you actually sell the asset and receive the proceeds. You do not have to report any unrealized capital gains, which are the potential profits you would make if you sold the asset at its current market value. Capital gains are taxed on all types of mutual funds, not just equity funds. However, the amount of capital gains you have to report may vary depending on the type of fund and how often it distributes its gains to investors. Capital gains are not tax-free, but they are taxed at a lower rate than other types of income. You only have to pay tax on 50% of your net capital gains, which is the total capital gains minus the total capital losses in a year. For more information on how to calculate and report your capital gains, you can refer to the Canada Revenue Agency website1 or consult a tax professional.
Canadian Investment Funds Course, Chapter 9: Taxation of Investment Income2

NEW QUESTION # 479
A mutual fund has the following investment objective: "This Fund invests in a diverse portfolio of equity securities that are judged to have fundamental growth opportunities." What is this type of mutual fund?

A. Equity growth
B. Target-date
C. Standard equity
D. Equity index

Answer: A

NEW QUESTION # 480
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