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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Evaluating and Selecting Mutual Funds | 16% | |
| Topic 2: Understanding Alternative Managed Products | 3% | |
| Topic 3: Analysis of Mutual Funds | 10% | |
| Topic 4: Understanding Investment Products and Portfolios | 18% | |
| Topic 5: Introduction to the Mutual Funds Marketplace | 13% | |
| Topic 6: Know Your Client (KYC) Communication Process | 19% | |
| Topic 7: Ethics, Compliance, and Mutual Fund Regulation | 16% | |
| Topic 8: The Modern Mutual Fund | 5% |
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NEW QUESTION # 389
An investor purchases units of an equity fund for $17.60. In which of the following circumstances would an investor potentially owe taxes on capital gains?
Answer: D
Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Capital gains are realized when an investor sells a fund at a profit. Selling units at $18.80 (purchased at
$17.60) triggers a taxable capital gain in a non-registered account. The feedback from the document states:
"Capital gains are generated when an investor sells an investment for more than the price paid; for example, selling a stock at a profit will generate a capital gain. Capital gains are not realized when an investment goes up in price; a sale must occur." Reference:Chapter 16 - Mutual Fund Fees and ServicesLearning Domain:Evaluating and Selecting Mutual Funds
NEW QUESTION # 390
Lucas is 60 years old and continues to work. He presently is a plan holder of a registered retirement savings plan (RRSP). He is considering changing his RRSP to a registered retirement income fund (RRIF).
Which of the following statements is CORRECT?
Answer: D
Explanation:
A registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be created by converting an RRSP, but once the conversion is done, the plan holder can no longer make contributions to the RRSP or the RRIF. Therefore, any unused RRSP contribution room is lost after the conversion. The other statements are incorrect because:
A). There is a minimum age to be an annuitant to a RRIF, which is 71 years old. However, a plan holder can convert an RRSP to a RRIF at any age before 71.
C). Minimum withdrawals are required to start in the year following the year the RRIF was established, not in the current calendar year.
D). Investments that qualify as an eligible investment for a RRIF are the same as for an RRSP, such as mutual funds, stocks, bonds, GICs, etc. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.2: Registered Retirement Income Fund (RRIF), page 6-81 Registered Retirement Income Fund (RRIF) - Canada.ca2
NEW QUESTION # 391
Which organization is responsible for the oversight and enforcement of anti-money laundering and terrorist financing law in Canada?
Answer: D
Explanation:
The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is Canada ' s financial intelligence unit and has a central role in administering and supporting compliance with Canada ' s anti- money-laundering and anti-terrorist-financing regime. Reporting entities, including securities and mutual fund dealers, have obligations concerning suspicious transactions, large cash transactions, client identification, record keeping, and related compliance requirements. IFC material states that suspicious transactions or attempted transactions that meet the relevant threshold must be reported to FINTRAC. FATF is an international intergovernmental standard-setting organization but does not directly enforce Canadian legislation. The CSA coordinates provincial and territorial securities regulators, while CIRO regulates investment dealers and mutual fund dealers. Neither replaces FINTRAC ' s statutory AML/ATF role.
Therefore, D. FINTRAC is the correct answer.
NEW QUESTION # 392
Xerxes, 45 years old, is a successful architect, having an annual income of $185,000. He has around $10,000 in his non-registered account, which he is looking to invest in a tax-efficient manner.
From the following options, which would be the most tax-efficient?
Answer: B
Explanation:
A Canadian equity index fund would be the most tax-efficient option for Xerxes. A Canadian equity index fund is a type of mutual fund that invests in a portfolio of Canadian stocks that track a specific market index, such as the S & P/TSX Composite Index. A Canadian equity index fund would be tax-efficient for Xerxes because it would generate mostly capital gains and eligible dividends, which are taxed at lower rates than interest income or foreign dividends. A Canadian equity index fund would also have low turnover and minimal distributions, which would defer taxes until Xerxes sells his units. The other options are less tax- efficient than a Canadian equity index fund. A target date fund is a type of mutual fund that adjusts its asset allocation over time based on a predetermined retirement date. A target date fund would be less tax-efficient than a Canadian equity index fund because it would have higher turnover and more distributions, which would trigger taxes every year. A target date fund would also invest in a mix of asset classes, such as bonds and foreign equities, which would generate interest income and foreign dividends that are taxed at higher rates than capital gains and eligible dividends. A bond fund is a type of mutual fund that invests in a portfolio of fixed-income securities, such as government bonds, corporate bonds, and mortgage-backed securities. A bond fund would be less tax-efficient than a Canadian equity index fund because it would generate mostly interest income, which is taxed at the highest rate among different types of investment income. A bond fund would also have regular distributions, which would trigger taxes every year. An asset allocation fund is a type of mutual fund that invests in a portfolio of other mutual funds that cover different asset classes, such as stocks, bonds, and cash equivalents. An asset allocation fund would be less tax-efficient than a Canadian equity index fund because it would have higher fees and more distributions, which would reduce the net returns and trigger taxes every year. An asset allocation fund would also invest in a mix of asset classes, some of which would generate interest income and foreign dividends that are taxed at higher rates than capital gains and eligible dividends. References: [Canadian Equity Index Funds], [Tax-Efficient Investing] , [Target Date Funds],
[Bond Funds] , [Asset Allocation Funds]
NEW QUESTION # 393
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)?
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 # 394
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