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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 |
| Related Certifications: | Wealth Management Essentials (WME) Conduct and Practices Handbook Course (CPH) Canadian Securities Course (CSC) |
| Certificate Validity Period: | Valid indefinitely; requires continuing education to maintain compliance |
| Passing Score: | 60% (600/1000) |
| Exam Duration: | 180 minutes |
| Exam Price: | CAD 495 - CAD 625 |
| Available Languages: | English |
| Exam Format: | Proctored Exam, Multiple Choice Questions, Remote Online or In-Person |
| 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 # 204
Anthony purchased 500 units of XYZ Fund at a price of $12.00 per unit. Near the end of the year, the mutual fund made a distribution of $1.50 per unit. The net asset value per unit (NAVPU) immediately before the distribution was $16.50. Anthony immediately reinvested his distribution at the new NAVPU. How many new units did Anthony purchase when his distribution was reinvested?
Answer: A
Explanation:
When a mutual fund makes a distribution, its net asset value per unit (NAVPU) decreases by the amount of the distribution. Therefore, the new NAVPU of XYZ Fund after the distribution was $$(16.50 - 1.50 = 15.00)
NEW QUESTION # 205
Darryl has a diversified investment portfolio of mutual funds in a non-registered account with Investwell Mutual Funds, a mutual fund dealer. Darryl's diversified portfolio is composed of 3 mutual funds. Each mutual fund is currently worth about $100,000. The ABC Canadian Equity Fund has a total return of 6%, the DEF Bond Fund has a total return of 8% and GHI Global Equity Fund has a total return of 10%. Darryl wants to make an in-kind contribution to his registered retirement savings plan (RRSP) account. He has unused RRSP contribution room of $60,000.
From a tax-efficient viewpoint, which funds contribute in-kind to his RRSP account?
Answer: A
Explanation:
Moving the DEF Bond Fund to the RRSP would be more tax-efficient than moving any of the other funds.
This is because bond funds generate interest income, which is fully taxable at the investor's marginal tax rate in a non-registered account. By moving the bond fund to an RRSP, Darryl can defer paying taxes on the interest income until he withdraws it from the RRSP. Moving the GHI Global Equity Fund to the RRSP (B) would not be tax-efficient, as global equity funds generate foreign income and dividends, which are subject to foreign withholding taxes in an RRSP. Moving $20,000 from each of the three funds to the RRSP would not be tax-efficient, as it would trigger capital gains taxes on all three funds in proportion to their returns.
Moving the ABC Canadian Equity Fund to the RRSP (D) would not be tax-efficient, as Canadian equity funds generate Canadian dividends, which are eligible for a dividend tax credit in a non-registered account. By moving the Canadian equity fund to an RRSP, Darryl would lose this tax advantage and pay taxes on the dividends at his marginal tax rate when he withdraws them from the RRSP.
NEW QUESTION # 206
Kerry's total income this past year was $100,000 and she claimed a tax deduction of $2,000. When the tax return is filed, what would be the federal tax payable when applying the following federal tax rates?
(Round to the closest whole dollar for the final answer.)
Answer: C
Explanation:
Kerry's taxable income would be $98,000 ($100,000 - $2,000). Using the federal tax rates provided in the image, the first $48,535 of her income would be taxed at 15%, the next $48,534 at 20.5%, and the remaining
$931 at 26%. This would result in a total federal tax payable of $18,754. You can see the calculation in detail below:
Taxable Income
Marginal Tax Rate
Federal Tax Payable
$0 - $48,535
15%
$7,280.25
$48,536 - $97,069
20.5%
$9,934.47
$97,070 - $98,000
26%
$539.80
Total
$18,754.52
Note: The final answer is rounded to the closest whole dollar.
Canadian Investment Funds Course, Unit 8, Section 8.2; [4]
NEW QUESTION # 207
Which form of investment income is taxed at an investor's marginal tax rate?
Answer: D
Explanation:
Foreign dividend income is taxed at the investor's marginal tax rate without the benefit of a dividend tax credit, unlike Canadian dividend income, which qualifies for a tax credit. The feedback from the document states:
"Foreign dividend income is not eligible for any dividend tax credit, and is taxed at an investor's marginal tax rate." Reference: Chapter 6 - Tax and Retirement PlanningLearning Domain: The Know Your Client Communication Process
NEW QUESTION # 208
Based on return and performance, which fund should be recommended?
Answer: B
Explanation:
Without the actual fund performance table (DEF, GHI, ABC, JKL), the CSC method of fund recommendation is:
Select the fund with the best risk-adjusted return (Sharpe ratio, quartile rankings, consistency).
Avoid funds with high volatility or inconsistent performance.
If you provide the return & performance details (quartile/Sharpe data) for DEF, GHI, ABC, and JKL, I can give the precise fund recommendation.
NEW QUESTION # 209
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