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| Certification Vendor: | CISI (Chartered Institute for Securities & Investment) / CSI (Canadian Securities Institute) |
|---|---|
| Exam Name: | Investment Funds in Canada (IFC) Exam |
| Exam Number: | IFC |
| Exam Price: | CAD 495 - CAD 625 |
| Related Certifications: | Canadian Securities Course (CSC) Conduct and Practices Handbook Course (CPH) Wealth Management Essentials (WME) |
| Available Languages: | English |
| Certificate Validity Period: | Valid indefinitely; requires continuing education to maintain compliance |
| Real Exam Qty: | 100 |
| Passing Score: | 60% (600/1000) |
| Exam Format: | Multiple Choice Questions, Proctored Exam, Remote Online or In-Person |
| Exam Duration: | 180 minutes |
| Recommended Training: | CSI IFC Study Materials & Online Course |
| Exam Registration: | CSI Official Registration |
| Sample Questions: | CISI IFC Sample Questions |
| Exam Way: | Online remote proctored or in-person at authorized test centres |
| Pre Condition: | No mandatory prerequisites; recommended basic knowledge of Canadian financial industry |
| Official Syllabus URL: | https://www.csi.ca/en/learning/courses/ifc |
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質問 # 184
Which of the following are obligations on mutual fund dealing representatives imposed by The Proceeds of Crime (Money Laundering) and Terrorist Financing Act?
正解：C
質問 # 185
What type of pension plan usually provides better protection against inflation up to the time of retirement?
正解：A
解説：
Defined benefit pension plans base retirement income on formulas that may use:
Career average earnings # lower protection against inflation.
Final average earnings (last few years of salary) # better protection against inflation, since the calculation reflects recent, higher earnings that have already adjusted for inflation.
Defined contribution and group RRSPs do not guarantee inflation-adjusted benefits.
Thus, the Final average pension plan offers better inflation protection before retirement.
質問 # 186
What term refers to the minimum rate at which the Bank of Canada lends money on a short-term basis to chartered banks?
正解：D
解説：
The correct answer is A. Bank rate. The Investment Funds in Canada curriculum defines the bank rate as the minimum rate at which the Bank of Canada makes short-term loans to major financial institutions, including chartered banks. It serves as a key benchmark in the Canadian financial system.
The prime rate is set by individual banks and is typically higher than the bank rate. The nominal rate simply refers to the stated interest rate without inflation adjustment. The target rate (overnight rate target) is the Bank of Canada's policy objective, not the actual lending rate.
Because the question asks specifically for the minimum lending rate, the correct and CIFC-verified answer is Option A.
質問 # 187
Last year Peter's earned income from employment was $50,000.
Last year, after receiving a $2 per share in dividends from 500 shares in ABC Inc., a publicly-traded Canadian corporation, he sold his shares. The sale resulted in a capital gain of $15,000.
Based on the tax rates mentioned above, what is Peter's net federal tax liability for the year? (Round to 2 decimal places).
正解：D
解説：
To calculate Peter's net federal tax liability for the year, we need to follow these steps:
* Step 1: Calculate Peter's taxable income. This is the amount of income that is subject to federal income tax. It is equal to his earned income from employment plus his net capital gain plus his grossed-up dividend income. A net capital gain is 50% of the capital gain realized from selling an asset. A grossed- up dividend income is the actual dividend received plus a percentage of the dividend that reflects the corporate tax paid by the issuer. According to the image, the dividend gross-up rate is 15.02%.
Therefore, Peter's taxable income is:
50000+0.5×15000+(500×2)×(1+0.1502)=68251.00
* Step 2: Apply the federal tax rates to Peter's taxable income according to the tax brackets shown in the image. The federal tax rates are progressive, meaning that higher income is taxed at higher rates.
Therefore, Peter's federal tax before credits is:
0.15×(48535#0)+0.205×(68251#48535)=11293.69
* Step 3: Subtract the federal tax credits from Peter's federal tax before credits. A tax credit is an amount that reduces the tax payable by a taxpayer. There are two types of federal tax credits: non-refundable and refundable. Non-refundable tax credits can only reduce the tax payable to zero, but not below zero.
Refundable tax credits can reduce the tax payable below zero, resulting in a refund to the taxpayer. In this question, we assume that Peter only has two non-refundable tax credits: the basic personal amount and the dividend tax credit. The basic personal amount is a fixed amount that every taxpayer can claim to reduce their taxable income. According to this site, the basic personal amount for 2021 is $13,808.
The dividend tax credit is a percentage of the grossed-up dividend income that reflects the corporate tax paid by the issuer and avoids double taxation. According to this site, the federal dividend tax credit rate for eligible dividends in 2021 is 15.0198%. Therefore, Peter's federal tax credits are:
0.15×13808+0.150198×(500×2)×0.1502=2100
* Step 4: Subtract Peter's federal tax credits from his federal tax before credits to get his net federal tax liability. This is the amount of federal income tax that Peter has to pay or has overpaid for the year.
Therefore, Peter's net federal tax liability is:
11293.69#2100=9193.69
Hence, option B is correct. References: Federal Income Tax Rates for Canada - TurboTax Canada Tips, Capital Gains Tax in Canada | Wealthsimple, Dividend Tax Credit | TurboTax Canada Tips, Basic Personal Amount (BPA)
質問 # 188
What type of fee does a mutual fund sponsor often reduce the longer an investor holds a back-end load fund?
正解：A
解説：
Back-end load funds often have a decreasing redemption fee (deferred sales charge) schedule, which reduces the longer the investor holds the fund. The feedback from the document states:
"Fund sponsors use a decreasing redemption fee (deferred sales charges) schedule to recover their costs from investors who opt out of the fund early. In most cases, redemption fees on a back-end load fund decrease the longer the investor holds the fund." Reference: Chapter 16 - Mutual Fund Fees and ServicesLearning Domain: Evaluating and Selecting Mutual Funds
質問 # 189
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P.S. MogiExamがGoogle Driveで共有している無料かつ新しいIFCダンプ：https://drive.google.com/open?id=1b-WqwUbDAEhK9fmH5JPuletMZ3UNJdID