2026 CISI Latest IFC: New Investment Funds in Canada (IFC) Exam Exam Preparation

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CISI IFC Exam Overview:

Certification Vendor:	CSI (Canadian Securities Institute)
Exam Name:	Investment Funds in Canada (IFC)
Exam Number:	IFC
Available Languages:	French, English
Exam Format:	Multiple Choice
Exam Duration:	180 minutes
Exam Price:	CAD 520.00
Passing Score:	60%
Real Exam Qty:	100
Certificate Validity Period:	2 years
Sample Questions:	CISI IFC Sample Questions
Exam Way:	Proctored (remote or in-person at a test centre)
Pre Condition:	None
Official Syllabus URL:	https://www.csi.ca/student/en_ca/courses/csi/ifc.xhtml

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The modern CISI world is changing its dynamics at a fast pace. To stay and compete in this challenging market, you have to learn and enhance your in-demand skills. Fortunately, with the Investment Funds in Canada (IFC) Exam (IFC) certification exam you can do this job nicely and quickly. To do this you just need to enroll in the CISI IFC Certification Exam and put all your efforts to pass the Investment Funds in Canada (IFC) Exam (IFC) certification exam.

CISI IFC Exam Syllabus Topics:

Topic	Details
Topic 1	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.
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	Ethics, Compliance, and Mutual Fund Regulation: This domain addresses ethical standards and regulatory requirements for advisors, covering professional conduct, compliance obligations, conflicts of interest, disclosure requirements, and rules established by regulators and self-regulatory organizations.
Topic 4	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 5	Understanding Alternative Managed Products: This domain introduces investment products beyond traditional mutual funds, including ETFs, segregated funds, and hedge funds, examining their features, structures, benefits, risks, and regulatory treatment.
Topic 6	Analysis of Mutual Funds: This domain addresses evaluation tools and techniques for mutual fund performance, including quantitative measures like returns and risk metrics, and qualitative factors like manager experience and investment style.

CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q450-Q455):

NEW QUESTION # 450
At the close of business, Great Lengths Equity Fund had total assets of $135 million and total liabilities of $10 million. They had 11 million units outstanding. In addition, their current assets totalled $13 million and current liabilities were $3 million. Which of the following statements regarding Great Lengths Equity Fund's net asset value per unit (NAVPU) is correct?

A. The NAVPU is the total liabilities divided by the number of outstanding units.
B. There is not enough information available to calculate the NAVPU.
C. Great Lengths Equity Fund's NAVPU is $11.36.
D. Current assets and current liabilities are used in the NAVPU calculation.

Answer: C

Explanation:
The net asset value per unit (NAVPU) of a mutual fund is calculated by dividing the net asset value (NAV) of the fund by the number of outstanding units. The NAV is the difference between the total assets and total liabilities of the fund. Current assets and current liabilities are not relevant for the NAVPU calculation.
Therefore, Great Lengths Equity Fund's NAVPU is ($135 million - $10 million) / 11 million = $11.36.

NEW QUESTION # 451
A client has $950,000 in his RRSP account and $550,000 in his non-registered account held in nominee name with Tradewell Mutual Funds.
In the event of his dealer, Tradewell Mutual Funds declaring insolvency, what is the total amount the client be eligible to receive from the Mutual Fund Dealers Association of Canada Investor Protection Corporation (IPC)?

A. The client will not be eligible for any coverage.
B. The client will be eligible for coverage of $1,500.000.
C. The client will be eligible for coverage of $950,000.
D. The client will be eligible for coverage of $550,000.

Answer: C

Explanation:
The amount that the client will be eligible to receive from the IPC is $950,000. The IPC is a not-for-profit corporation that provides coverage to eligible clients of insolvent members of the Mutual Fund Dealers Association of Canada (MFDA). The IPC covers up to $1 million per account type per client for losses of securities, cash, and other property held by the insolvent member. The account types include RRSPs, RRIFs, TFSAs, RESPs, and non-registered accounts. Therefore, the client will be eligible for coverage of $950,000 for his RRSP account, which is the value of his securities and cash held by Tradewell Mutual Funds in his RRSP account. The client will not be eligible for any coverage for his non-registered account, as it is held in nominee name, meaning that the securities and cash are registered in the name of Tradewell Mutual Funds on behalf of the client. Nominee name accounts are not covered by the IPC, as they are not considered to be at risk in the event of insolvency. Therefore, option B is correct regarding the amount that the client will be eligible to receive from the IPC. The other options are not correct regarding the amount that the client will be eligible to receive from the IPC. Option A is false because the client will be eligible for some coverage, as his RRSP account is covered by the IPC. Option C is false because the client will not be eligible for coverage of
$1.5 million, as his non-registered account is not covered by the IPC. Option D is false because the client will not be eligible for coverage of $550,000, as his non-registered account is not covered by the IPC. References:
[IPC Coverage | IFIC], [IPC - Home], [IPC - Coverage]

NEW QUESTION # 452
What can a capital loss be applied against when computing Canadian income taxes?

A. Capital gains only
B. All types of investment income
C. Dividend income only
D. All types of income

Answer: A

NEW QUESTION # 453
Which statement best describes one of the main differences between short and long transactions?

A. Short sales must result in a decline in the price of the stock that is sold short
B. Short transactions are more common than long transactions
C. In a long transaction, the investor must pay the broker the cost of repurchasing the shares
D. Investors using long transactions anticipate a price increase in the security

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Long transactions involve buying a security with the expectation that its price will increase, while short transactions involve borrowing and selling a security with the hope of buying it back at a lower price. The feedback from the document states:
"Short transactions are a common feature of the capital markets, although not as common as long transactions
- the transactions taken by investors who anticipate a price increase in the security. Investors who short sell stocks must first borrow the shares. They must also declare their short transactions." Reference:Chapter 7 - Types of Investment Products and How They Are TradedLearning Domain:
Understanding Investment Products and Portfolios

NEW QUESTION # 454
In which of the following situations would the client mobility exemption apply?

A. Sigrid's brother-in-law has agreed to be her client. She is a registered dealing representative in Ottawa, Ontario and he lives in Hull, Quebec. Both Sigrid and her mutual fund dealer are currently registered in Quebec.
B. Although her mutual fund dealer is registered in all provinces and territories, Lori is only registered as a dealing representative in Saskatchewan. Last year, three of Lori's clients moved to Alberta and now two more are moving to that province. Lori wants to continue servicing these clients.
C. Karl is a registered dealing representative in Dauphin, Manitoba. 30 of his clients who work for the same company are being relocated to British Columbia. He wants to retain these clients. His mutual fund dealer is registered in British Columbia, but Karl is not.
D. Olaf is a registered dealing representative in Sunnyside, Prince Edward Island. His client Jules is moving to Moncton, New Brunswick. Olaf's mutual fund dealer is not currently registered in New Brunswick but is in the process of applying there.

Answer: B

Explanation:
The client mobility exemption is a provision in the National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations that allows a registered individual to continue dealing with a client who moves to another jurisdiction without having to register in that jurisdiction, subject to certain conditions. One of the conditions is that the individual must not have more than five clients in each of the other jurisdictions where they are not registered. Therefore, the client mobility exemption would apply to Lori' s situation, as she has five or fewer clients in Alberta, where she is not registered. The client mobility exemption would not apply to the other situations, as they do not meet the conditions for the exemption. For example, Olaf's mutual fund dealer is not registered in New Brunswick, which is a requirement for the exemption. Sigrid's brother-in-law is not an existing client who moved to another jurisdiction, but a new client who resides in a different jurisdiction. Karl has more than five clients in British Columbia, where he is not registered, which exceeds the limit for the exemption.: Canadian Investment Funds Course, Chapter 1: The Canadian Financial Services Industry1

NEW QUESTION # 455
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