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| Certification Vendor: | CSI (Canadian Securities Institute) |
|---|---|
| Exam Name: | Investment Funds in Canada (IFC) |
| Exam Number: | IFC |
| Exam Price: | CAD 520.00 |
| Exam Format: | Multiple Choice |
| Available Languages: | English, French |
| Real Exam Qty: | 100 |
| Certificate Validity Period: | 2 years |
| Passing Score: | 60% |
| 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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NEW QUESTION # 201
What should Rakshana, who just turned 71, do with her RRSP funds to ensure a steady stream of income until her death?
Answer: C
Explanation:
The correct answer is C. Purchase a life annuity. The Investment Funds in Canada course explains that by the end of the year in which an individual turns 71, RRSP funds must be converted to a retirement income option, such as a RRIF or an annuity.
A life annuity provides guaranteed income payments for as long as the annuitant lives, thereby directly addressing Rakshana's goal of receiving a steady income until death. This eliminates longevity risk-the risk of outliving one's savings-which is a key concern in retirement planning.
A RRIF (Option A) allows flexibility but does not guarantee lifetime income, as payments depend on account performance and withdrawals. A fixed-term annuity provides income for a specified period only, not for life.
A lump-sum withdrawal would trigger immediate taxation and does not provide ongoing income.
The CIFC text emphasizes that annuities are suitable for retirees seeking predictability and security, particularly when income certainty is more important than flexibility. Therefore, Option C is the most appropriate and fully CIFC-aligned answer.
NEW QUESTION # 202
When must client complaints be acknowledged in writing?
Answer: C
Explanation:
MFDA Policy No. 3 requires that all written client complaints, including emails, be acknowledged in writing.
The feedback from the document states:
"MFDA Policy No. 3 specifies the minimum procedures for dealing with written client complaints (including emails). All written client complaints must be acknowledged in writing." Reference: Chapter 17 - Mutual Fund Dealer RegulationLearning Domain: Ethics, Compliance and Mutual Fund Regulations
NEW QUESTION # 203
What personal information must be obtained from clients opening a non-registered account?
* Date of birth
* Social insurance number
* Permanent address
* Full legal name
Answer: B
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
For non-registered accounts, the mandatory personal information includes the client's full legal name and permanent address, while date of birth and social insurance number are recommended but not required. The feedback from the document states:
"The first step as a dealing representative is to obtain a client's personal data including full legal name, permanent and mailing address, social insurance number and date of birth. While a permanent address is mandatory, providing a different mailing address is optional. Neither the social insurance number nor date of birth are mandatory for non-registered accounts, but both are highly recommended." Reference:Chapter 17 - Mutual Fund Dealer RegulationLearning Domain:Ethics, Compliance and Mutual Fund Regulations
NEW QUESTION # 204
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?
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 # 205
Fabiola is an optometrist and an incorporated professional. She has fallen behind schedule regarding saving for retirement. She is considering opening an Individual Pension Plan (IPP).
What provision might encourage her to use an IPP?
Answer: B
Explanation:
An IPP is a registered, defined-benefit pension plan that provides a fixed retirement benefit to the person designated in the plan. It is similar to an RRSP, but with some differences in contribution limits, deductions, and tax benefits. One of the main advantages of an IPP is that it allows higher contribution limits than an RRSP, especially for older and higher-income individuals. The contributions are based on the actuarial calculations of the pension benefit, and are tax-deductible for the sponsoring corporation. The higher contribution limits can help Fabiola catch up on her retirement savings and reduce her taxable income123 References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.3:
Individual Pension Plan (IPP) and web search results from search_web(query= " individual pension plan " )
123
https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf
NEW QUESTION # 206
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