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>> Valid Dumps IFC Questions <<
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NEW QUESTION # 110
Ayra believes the Canadian economy will be booming for the next five years. Which mutual fund can provide Ayra with the most tax efficiency if she keeps her investment in a non-registered account?
Answer: D
Explanation:
In a booming economy, equity growth mutual funds provide the best opportunity for capital gains. In a non- registered account, capital gains are the most tax-efficient form of income since only 50% is taxable.
Bonds, mortgages, and money market funds primarily generate interest income, which is fully taxable at the investor's marginal rate.
Thus, the most tax-efficient choice is an equity growth fund.
NEW QUESTION # 111
The following information is available for Monique:
Number of children
1
Lifetime RESP contributions to date
$45,000
CESG received to date
$7,200
Family income
$120,000
Desired current year contribution
$7,000
What is the maximum RESP contribution that Monique can make this year?
Answer: C
Explanation:
The lifetime RESP contribution limit is $50,000 per beneficiary.
Monique has already contributed $45,000.
Remaining contribution room = $50,000 - $45,000 = $5,000.
Even though she wants to contribute $7,000, the maximum allowed is $5,000.
Thus, the correct answer is B. $5,000.
NEW QUESTION # 112
Which of the following actions by the federal government or the Bank of Canada is an example of monetary policy?
Answer: C
Explanation:
Monetary policy is the process by which the central bank, in Canada's case the Bank of Canada, influences the supply and demand of money in the economy, and thereby affects the level of interest rates, inflation, and economic activity. One of the main tools of monetary policy is the overnight rate, which is the interest rate that banks charge each other for short-term loans. The Bank of Canada sets a target for the overnight rate and adjusts it periodically to achieve its inflation target of 2%. By increasing or decreasing the overnight rate, the Bank of Canada affects the cost and availability of credit for consumers and businesses, and influences their spending and saving decisions. For example, if the Bank of Canada increases the overnight rate, it becomes more expensive to borrow money, which reduces the demand for loans and credit, and slows down economic growth and inflation. Conversely, if the Bank of Canada decreases the overnight rate, it becomes cheaper to borrow money, which increases the demand for loans and credit, and stimulates economic growth and inflation.
1: Canadian Investment Funds Course, Chapter 1: The Canadian Financial Services Industry1
NEW QUESTION # 113
On January 3, John invests $500 in the Blue Sky U.S. Equity Fund. On July 1 of the same year, he invests another $500 into the same mutual fund. Information about the net asset value per unit (NAVPU) at the time of each transaction is provided below. Given this information, what will be the value of John's investment on December 31 of this year (please ignore transaction costs and distributions)?
Answer: B
Explanation:
The value of John's investment on December 31 of this year can be calculated by multiplying the number of units he holds by the net asset value per unit (NAVPU) on that date. Since John invested $500 on January 3 and $500 on July 1, he holds a total of 125.6 units (62.8 units from the first investment and 62.8 units from the second investment). Therefore, the value of his investment on December 31 will be 125.6 units x $9.55 NAVPU = $1,256.
Canadian Investment Funds Course, Chapter 2: Mutual Funds1
NEW QUESTION # 114
Your client, Cosmo, recently inherited $50,000 from his uncle. He wants to use this money towards his retirement savings. Cosmo is a 50-year old, self-employed carpenter and he earns on average $65,000 per year. He has a registered retirement savings plan (RRSP) with the bank worth $425,000 and a tax-free savings account (TFSA) worth $46,000. He started saving when he was 25 years old and has always made his own investment decisions. His money is mostly invested in balanced funds. He feels most comfortable with these types of mutual funds since they offer potential investment growth but without being too aggressive. Cosmo has no other assets.
What additional information do you need about Cosmo to fulfill your know your client obligation?
Answer: A
Explanation:
To fulfill the know your client (KYC) obligation, an advisor must collect and document information about the client's personal and financial situation, investment objectives, risk tolerance, and investment knowledge. The KYC rule is a regulatory requirement that ensures that the advisor understands the client's needs and goals, and provides suitable recommendations that match the client's profile. In this case, Cosmo has provided some information about his personal and financial situation, such as his age, occupation, income, assets, and inheritance. He has also given some indication of his investment objectives, such as saving for retirement, and his investment knowledge, such as making his own investment decisions and preferring balanced funds.
However, he has not disclosed his risk tolerance, which is his willingness and ability to accept fluctuations in the value of his investments. Risk tolerance is an important factor that affects the choice of investment strategies and products. Therefore, to complete the KYC process, the advisor needs to obtain additional information about Cosmo's risk tolerance. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 1: The Investment Funds Industry, Section
1.4: The Know Your Client (KYC) Rule, page 1-111
Know Your Client (KYC) Definition - Investopedia2
NEW QUESTION # 115
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