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CISI IFC Exam Syllabus Topics:

TopicDetails
Topic 1
  • The Know Your Client Communication Process: This domain focuses on gathering and documenting client information to ensure suitable recommendations, including understanding financial situations, investment objectives, risk tolerance, and maintaining ongoing communication with clients.
Topic 2
  • Evaluating and Selecting Mutual Funds: This domain covers the systematic process of choosing appropriate mutual funds based on client needs, including selection criteria, cost considerations, performance history, and ongoing portfolio monitoring and rebalancing.
Topic 3
  • The Modern Mutual Fund: This domain examines mutual fund structures, types, and operations, covering equity, fixed income, balanced, and specialty funds, their legal structures, pricing mechanisms, purchase processes, and associated fees.
Topic 4
  • Introduction to the Mutual Funds Marketplace: This domain covers the structure of Canada's mutual fund industry, including key participants like manufacturers, distributors, and regulators, along with distribution channels and the regulatory framework governing the industry.

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Exam Sample IFC Questions - Dump IFC Torrent

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q82-Q87):

NEW QUESTION # 82
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 # 83
An unlicensed person was hired at a securities administrator, and they accepted their first case, which may result in suspending a registrant's license. The new hire immediately requests a subpoena of witnesses (and evidence) and requests guidance from the FATF. What error did the new hire likely commit?

Answer: B

Explanation:
In Canada, anyone involved in securities enforcement or adjudication must be properly licensed or registered.
The unlicensed new hire erred by taking on a case (licensing violation) without being formally registered, violating regulatory requirements.
Requesting subpoenas (A) and FATF involvement (C) may show poor judgment, but the fundamental error is acting without registration.


NEW QUESTION # 84
Which stock would be considered the most defensive?

Answer: D

Explanation:
Beta measures systematic (market) risk:
Beta = 1.0 # moves with market.
Beta < 1.0 # less volatile, more defensive.
Beta > 1.0 # more volatile, aggressive.
Defensive stocks (e.g., banks, utilities) typically have low betas.
Given options:
0.5 (A) = least risky, most defensive.
2.0 (B) = highly aggressive.
1.0 (C) = average risk.
1.5 (D) = above-average risk.


NEW QUESTION # 85
Which of the following statements describes a feature of the Home Buyers' Plan (HBP)?

Answer: B

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 # 86
Eleanora receives a $500 eligible Canadian dividend from her mutual fund. Her federal marginal tax rate for the year is 29%. Assuming the enhanced gross-up of 38% and a federal dividend tax credit of 15.02%, how much federal tax will she pay on her dividend?

Answer: D

Explanation:
The federal tax on eligible Canadian dividends is calculated as follows:
First, the dividend amount is grossed up by 38%, which means multiplying it by 1.38. This is to account for the corporate tax that has already been paid by the company. Eleanora's grossed-up dividend is $500 x 1.38 =
$690.
Second, the grossed-up dividend is multiplied by the federal marginal tax rate to get the gross federal tax.
Eleanora's gross federal tax is $690 x 0.29 = $200.10.
Third, the grossed-up dividend is multiplied by the federal dividend tax credit rate to get the federal tax credit.
This is to avoid double taxation of the dividend income. Eleanora's federal tax credit is $690 x 0.1502 =
$103.64.
Fourth, the federal tax credit is subtracted from the gross federal tax to get the net federal tax. Eleanora's net federal tax is $200.10 - $103.64 = $96.46.
Therefore, Eleanora will pay $96.46 in federal tax on her dividend. References: How Dividends Are Taxed and Reported on Tax Returns - Investopedia, Dividend Tax Credit in Canada - TurboTax


NEW QUESTION # 87
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