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IFSE Institute Updated CIFC Exam Questions and Answers by elspeth

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IFSE Institute CIFC Exam Overview :

Exam Name: Canadian Investment Funds Course Exam
Exam Code: CIFC Dumps
Vendor: IFSE Institute Certification: Investments & Banking
Questions: 224 Q&A's Shared By: elspeth
Question 8

Frederic recently sold his units in a US dollar (USD) denominated mutual fund. He wants to convert the proceeds back to Canadian dollars (CAD). If he received proceeds of $1,200 USD from the sale and the exchange rate is $1 CAD for $0.99 USD, how much will Frederic receive in Canadian dollars?

Options:

A.

$1-188.00

B.

$1,200.00

C.

$1, 12.12

D.

$1,320.00

Discussion
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Question 9

Which of the following statements about capital gains distributions from mutual fund trusts is correct?

Options:

A.

Capital gains from mutual fund distributions are 100% taxable.

B.

Capital gains distributions are not a disposition and are therefore not taxable.

C.

Capital gains from mutual fund trusts are deferred until the investor exits the mutual fund.

D.

Capital gains distributions from a mutual fund trust are reported annually on a T3.

Discussion
Question 10

Last year at age 70, Gregory opened a registered retirement income fund (RRIF). Recently, Gregory unexpectedly received a large cash gift and presently does not need to depend on any payments from his RRIF. He contacts his financial advisor Eric for guidance.

Which of the following statements by his financial advisor would be CORRECT?

Options:

A.

Periodic contributions to a RRIF are permitted until Gregory reaches the age of 71.

B.

Withdrawals become mandatory within the first year of the plan being started.

C.

Gregory's account will be subjected to no maximum withdrawal limit but to an annual minimum withdrawal.

D.

Gregory must have attained the minimum age of 71 to open a RRIF.

Discussion
Question 11

Portia is a Dealing Representative with Highview Wealth Inc., a mutual fund dealer. Portia recommends the Stature Growth Fund to her client Clive. Which of the following CORRECTLY describes what Portia must do in order to satisfy her obligations under the Client Relationship Model (CRM) and Client Focused Reforms (CFR)?

Options:

A.

Portia must calculate the net asset value per unit (NAVPU) and report it to Give in the trade confirmation.

B.

Portia must mark the trade as ^unsolicited" if Clive wants to proceed with the trade and it is not suitable for him.

C.

Portia must disclose the costs, expenses, and ongoing fees associated with the investment prior to the trade.

D.

Portia must provide Clive with the pre-trade disclosure to address any material conflicts of interest with the trade.

Discussion
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