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| Certification Vendor: | CSI (Canadian Securities Institute) |
|---|---|
| Exam Name: | Investment Funds in Canada (IFC) |
| Exam Number: | IFC |
| Real Exam Qty: | 100 |
| Passing Score: | 60% |
| Available Languages: | English, French |
| Certificate Validity Period: | 2 years |
| Exam Duration: | 180 minutes |
| Exam Price: | CAD 520.00 |
| Exam Format: | Multiple Choice |
| 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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NEW QUESTION # 192
Which information is typically included in the Letter of Engagement?
Answer: A
Explanation:
The information that is typically included in the Letter of Engagement is the client's responsibilities. A Letter of Engagement is a document that formalizes the relationship between a registered firm and its client by specifying the duties, responsibilities, and level of service that both parties agree to. It also outlines the fees and charges that apply to the client's account, the scope and frequency of reporting and communication, and the process for resolving disputes or terminating the relationship. The client's responsibilities may include providing accurate and complete information, reviewing statements and reports, informing of any changes in circumstances or objectives, and complying with applicable laws and regulations. Therefore, option A is correct regarding what information is typically included in the Letter of Engagement. The other options are not correct or relevant to the Letter of Engagement. Option B is false because the process for complaints is not typically included in the Letter of Engagement; rather, it is part of the Relationship Disclosure Information (RDI) that is provided to clients at account opening and updated as necessary. Option C is false because the investment objective is not typically included in the Letter of Engagement; rather, it is part of the Know Your Client (KYC) information that is collected from clients at account opening and updated as necessary. Option D is false because the payee for deposits is not typically included in the Letter of Engagement; rather, it is part of the account documentation that specifies how clients can deposit or withdraw funds from their accounts.
References: [Letter of Engagement | IFIC], [Relationship Disclosure Information | IFIC], [Know Your Client (KYC) | IFIC]
NEW QUESTION # 193
Which stock would be considered the most defensive?
Answer: A
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 # 194
A client wishes to deal with one registered representative for both banking services and mutual fund investments. The client would also like advice on determining where best to place their money to enhance their overall tax situation as they approach buying a home. Which individual is best suited for this service if the client's goal is to build a long-term advisor-client relationship?
Answer: A
NEW QUESTION # 195
A sample of four portfolios is given below, with an even split between allocations 1 and 2.
Portfolios | Allocation #1 | Allocation #2
Portfolio A
Preferred shares
Common shares
Portfolio B
Treasury bills
Debentures
Portfolio C
Debentures
Common shares
Portfolio D
Treasury bills
Preferred shares
Which portfolio carries the greatest amount of risk?
Answer: A
Explanation:
Risk hierarchy in CSC: Common shares (highest risk), Preferred shares, Debentures, Bonds, T-bills (lowest risk) .
Portfolio analysis:
A (Preferred + Common) # Medium-high risk.
B (T-bills + Debentures) # Low-medium risk.
C (Debentures + Common) # Contains common shares (high risk) plus debentures (credit risk), making it highest overall risk.
D (T-bills + Preferred) # Low risk.
Therefore, Portfolio C carries the greatest amount of risk.
NEW QUESTION # 196
Zofia has held units of the ABC Monthly Income fund for many years and has reinvested all distributions by purchasing additional units. During this period, she received $2,500 in reinvested dividends. She originally purchased $10,000 of fund units, and after several years, the portfolio value rose to $15,000. What is the tax consequence if Zofia decides to sell her units?
Answer: D
Explanation:
When distributions from a mutual fund are reinvested (rather than taken in cash), they are not taxed again at the time of reinvestment. Instead, they increase the adjusted cost base (ACB) of the investment. This is important because when the investor eventually sells the mutual fund units, the capital gain (or loss) is calculated as:
Capital Gain = Proceeds of Disposition - Adjusted Cost Base - Expenses Incurred to Sell In Zofia's case:
* Original investment = $10,000
* Reinvested distributions = $2,500 (which increases the ACB)
* Therefore, ACB = $10,000 + $2,500 = $12,500
* Proceeds of sale = $15,000
* Capital gain = $15,000 - $12,500 = $2,500
Thus, the correct answer is D, because $12,500 is the adjusted cost base and the capital gain on sale would be
$2,500, not $5,000.
This is clearly stated in the Investment Funds in Canada material where it explains that reinvested distributions increase the investor's ACB and are not separately taxed at the time of disposition.
NEW QUESTION # 197
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