VALID IFSE INSTITUTE CIFC TEST FORUM & CIFC PRACTICE EXAMS

Valid IFSE Institute CIFC Test Forum & CIFC Practice Exams

Valid IFSE Institute CIFC Test Forum & CIFC Practice Exams

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Tags: Valid CIFC Test Forum, CIFC Practice Exams, Mock CIFC Exams, CIFC Test Dumps.zip, CIFC Latest Exam Test

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q185-Q190):

NEW QUESTION # 185
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?

  • A. $96.46
  • B. $115.40
  • C. $69.90
  • D. $189.16

Answer: A

Explanation:
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 # 186
Lucas wants to participate in the Lifelong Learning Program (LLP). He currently has $10,000 in his registered retirement savings plan (RRSP) for this purpose. He plans to make his maximum permitted withdrawal of $10,000 under the LLP in two months. Based on this information, what would be his investment objective for the $10,000 currently sitting in his RRSP?

  • A. tax-deferral
  • B. growth
  • C. income
  • D. safety of principal

Answer: D

Explanation:
Explanation
The investment objective for the $10,000 currently sitting in Lucas's RRSP is safety of principal, which means that he wants to preserve the value of his investment and avoid any loss of capital. Safety of principal is a suitable objective for Lucas because he plans to withdraw the money in two months for the LLP, which is a very short time horizon. He does not need to generate any income or growth from his investment, as he will use the money to pay for his education expenses. He also does not need to worry about tax-deferral, as the LLP allows him to withdraw money from his RRSP without paying any tax, as long as he meets the eligibility and repayment requirements1. Therefore, Lucas should invest his money in low-risk and liquid assets, such as money market securities or guaranteed investment certificates (GICs), that will protect his principal and ensure that he can access his funds when he needs them. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.4:
Lifelong Learning Plan (LLP), page 6-132
Lifelong Learning Plan (LLP) - Canada.ca1


NEW QUESTION # 187
Louis is the portfolio manager for Quattro Fund. The mandate of the mutual fund is to invest in a combination of cash, fixed income, and equity securities; however, Louis has the ability to adjust the portfolio according to market conditions. If Louis feels that interest rates will fall, he could invest the whole portfolio in equities. If he feels the market is too high, he could take profits and sit totally in cash. What type of mutual fund is Quattro Fund?

  • A. Canadian equity fund
  • B. asset allocation fund
  • C. balanced fund
  • D. commodity pool

Answer: B

Explanation:
Explanation
An asset allocation fund is a type of mutual fund that invests in a combination of cash, fixed income, and equity securities, but has the flexibility to adjust the portfolio according to market conditions and the fund manager's outlook. The fund manager can change the asset mix to take advantage of opportunities or reduce risks in different asset classes and markets. The fund's objective is to achieve a balanced risk-return profile by diversifying across different assets and investment styles. Quattro Fund is an example of an asset allocation fund, as it can invest in cash, fixed income, and equity securities, and Louis can adjust the portfolio according to his views on interest rates and the market.
References: Canadian Investment Funds Course, Unit 6, Section 6.2; 4; 5; 6


NEW QUESTION # 188
Your client, Rinaldo, wants to know more about the fees associated with his mutual funds. What can you tell him about a mutual fund's management expense ratio (MER)?

  • A. Mutual fund performance is not impacted by the MER since rates of return are published net of fees.
  • B. The MER reflects the percentage of each dollar of fund assets that is used to pay for management services.
  • C. Trailer and brokerage fees are charged separately from the MER.
  • D. Mutual funds are required to calculate the MER on a daily basis.

Answer: B


NEW QUESTION # 189
Which of the following individuals would qualify for a full or partial Old Age Security (OAS) pension?

  • A. Donald, who is 65 years old and has lived in Canada since his birth but worked in Australia for the past
    10 years.
  • B. Marcus, who is 60 years old, a Canadian citizen, and has lived in Canada for 20 years.
  • C. Katrina, who is 75 years old and just immigrated to Canada from the U.S. last month.
  • D. Lenny, who is 65 years old and was born and raised in Canada, but lived in Jamaica from ages 25 to 65.

Answer: D

Explanation:
Explanation
Lenny would qualify for a partial OAS pension, because he meets the following criteria:
*He is 65 years old or older.
*He is a Canadian citizen or a legal resident at the time of his OAS pension application.
*He has resided in Canada for at least 10 years since the age of 18.
The amount of his partial OAS pension would be proportional to the number of years he has lived in Canada after the age of 18, divided by 40. For example, if he has lived in Canada for 15 years, he would receive 15/40 or 37.5% of the full OAS pension1 References = web search results from search_web(query="Old Age Security pension eligibility")


NEW QUESTION # 190
......

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