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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 |
| Real Exam Qty: | 100 |
| Exam Price: | CAD 495 - CAD 625 |
| Related Certifications: | Conduct and Practices Handbook Course (CPH) Canadian Securities Course (CSC) Wealth Management Essentials (WME) |
| Exam Format: | Remote Online or In-Person, Proctored Exam, Multiple Choice Questions |
| Passing Score: | 60% (600/1000) |
| Certificate Validity Period: | Valid indefinitely; requires continuing education to maintain compliance |
| Available Languages: | English |
| 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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NEW QUESTION # 208
Quinton, a Dealing Representative, meets with his client Banji. Banji's Know Your Client (KYC) indicates that her risk profile is "medium''. Banji currently has $35,000 in her account which is invested 50% in the Middleton Balanced Fund and 50% in the Hector Growth Fund. She tells Quinton that she would like to contribute an additional $10,000 to purchase the Prospect Labour-Sponsored Fund. Which of the following statements about Banji's proposed transaction is CORRECT?
Answer: C
Explanation:
A labour-sponsored investment fund (LSIF) is a type of mutual fund that invests in small and medium-sized businesses that are not publicly traded. LSIFs are sponsored by labour unions or associations and offer tax credits to investors. However, LSIFs are also very risky and illiquid investments that may not be suitable for investors with a medium risk profile, such as Banji. Therefore, Quinton should not proceed with the purchase of the Prospect Labour-Sponsored Fund because it is not suitable for Banji based on her current KYC.
Therefore, C is the correct answer. References: Labour-Sponsored Investment Funds (LSIFs): Definition and How They Work - Investopedia, Canadian Investment Funds Course (CIFC) | IFSE Institute
NEW QUESTION # 209
What type of mutual fund seeks to provide a positive real rate of return, through both income and capital appreciation, by investing in a diversified portfolio of fixed income securities, as well as Canadian and foreign equity securities?
Answer: D
NEW QUESTION # 210
Which of the following statements describes a feature of the Home Buyers' Plan (HBP)?
Answer: D
Explanation:
The Home Buyers' Plan (HBP) is a program that allows eligible first-time home buyers to withdraw up to
$35,000 from their registered retirement savings plans (RRSPs) to buy or build a qualifying home without paying any tax on the withdrawal. The withdrawn amount must be repaid to the RRSP over a period of up to
15 years, starting from the second year after the withdrawal. If the required repayment for a year is not made, it is added to the taxpayer's income and subject to tax. Therefore, option B describes a feature of the HBP.
The other options are not correct descriptions of the HBP. Option A is false because to qualify as a first-time home buyer, you or your spouse must not have owned and lived in another home as your principal place of residence during the four-year period before the date of withdrawal. Option C is false because a qualifying home must be purchased or built before October 1 of the year following the year of withdrawal. Option D is false because if you have a spouse or common-law partner, each of you can withdraw up to $35,000 from your RRSPs, not $50,000. References: [Home Buyers' Plan (HBP)], [Home Buyers' Plan (HBP) - Canada.ca],
[Home Buyers' Plan (HBP) | GetSmarterAboutMoney.ca]
NEW QUESTION # 211
Pippa purchased a 15-year bond with a face value of $5,000 and a 7% coupon rate at the time of issuance. The bond is due to mature later this year. The general interest rate climate remained stable for the first 13 years of the bond's term. However, especially over the past 18 months, both inflation and general interest rates have increased more than expected.
What is Pippa likely to experience from her bond?
Answer: B
Explanation:
According to the Canadian Investment Funds Course, inflation is the general increase in the prices of goods and services over time. Inflation reduces the purchasing power of money, meaning that a dollar can buy less in the future than it can today. Inflation also affects the returns of fixed income investments, such as bonds, which pay a fixed amount of interest and principal. If inflation is higher than expected, the real rate of return (the nominal rate minus inflation) of a bond will be lower than anticipated.
In this case, Pippa purchased a 15-year bond with a 7% coupon rate at the time of issuance. The bond is due to mature later this year. The general interest rate climate remained stable for the first 13 years of the bond's term. However, especially over the past 18 months, both inflation and general interest rates have increased more than expected. This means that Pippa will receive less purchasing power from her bond's interest and principal payments than she expected when she bought the bond. She will not experience a capital loss, as she will receive the full face value of $5,000 at maturity. She will also not benefit from a higher real rate of return, as inflation erodes the value of her fixed payments. She will not receive any capital appreciation, as the bond' s price does not change once it is held to maturity.
Therefore, the correct answer is C. The return of investment capital will have lower purchasing power than prior to investing.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 4: Fixed Income Securities)
NEW QUESTION # 212
What is a general observation of the Canadian mutual fund industry's evolution?
Answer: D
NEW QUESTION # 213
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