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IFSE Institute CIFC Exam Syllabus Topics:

Topic	Details
Topic 1	Registrant Responsibilities: This section of the exam measures the skills of investment advisors and covers the obligations and ethical duties that come with being a registered professional. It includes understanding know-your-client procedures, disclosure rules, and the importance of acting in clients’ best interests.
Topic 2	Portfolio Management This section of the exam measures the skills of portfolio advisors and covers the principles behind building and managing a diversified investment portfolio. It focuses on asset allocation, diversification strategies, and rebalancing techniques.
Topic 3	Suitability: This section of the exam measures the skills of financial planners and covers how to determine whether an investment product matches a client's profile. It focuses on risk tolerance, time horizon, and financial goals when offering investment choices.
Topic 4	Regulatory Environment: This section of the exam measures the skills of compliance officers and covers the key laws, rules, and regulatory bodies that oversee the mutual fund industry. It ensures professionals understand the legal framework in which firms and representatives operate.
Topic 5	Mutual Funds Administration: This section of the exam measures the skills of operations specialists and covers the processes that support the day-to-day functioning of mutual funds. It includes trading, recordkeeping, pricing, and compliance reporting.
Topic 6	Taxation: This section of the exam measures the skills of tax advisors and covers how different investments and accounts are taxed. It includes capital gains, interest income, dividend taxation, and the tax treatment of registered and non-registered accounts.
Topic 7	Making Recommendations & Case Study: This section of the exam measures the skills of client advisors and covers the practical application of investment knowledge through real-world client scenarios. It involves synthesizing client information to make suitable investment recommendations.

IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q122-Q127):

NEW QUESTION # 122
One of your clients, Rakesh, had a portfolio composed of 60% ABC Equity Fund and 40% ABC Bond Fund.
Since equities were performing much better than fixed income, he had increased his holdings in ABC Equity Fund to 70% and had reduced his holding in ABC Bond Fund to 30% of his portfolio.
After benefitting the growth in his ABC Equity Fund for over 2 years, Rakesh is uncomfortable with this heavy exposure to equity funds and decides to rebalance his portfolio back to 60% of ABC Equity Fund and
40% of ABC Bond Fund.
He instructs you to switch 10% of the portfolio from the ABC Equity Fund to the ABC Bond Fund.
Which of the following statements is CORRECT?

A. Rakesh will not be subjected to a switch fee if it is outlined in the prospectus.
B. Rakesh will not be subjected to a switch fee if his equity fund is a no-load fund.
C. Rakesh will not be subjected to a switch fee if his equity fund is a low-load fund.
D. Rakesh will not be subjected to a switch fee if his original units were purchased with a sales charge.

Answer: A

Explanation:
Explanation
Rakesh will not be subjected to a switch fee if it is outlined in the prospectus. A switch fee is a charge that may apply when an investor switches from one fund to another within the same fund family. The prospectus is the legal document that provides information about the fund, including its fees and charges. If the prospectus states that there is no switch fee or that there are certain conditions under which the switch fee is waived, then Rakesh will not have to pay a switch fee. The type of fund (no-load, low-load, or sales charge) does not determine whether there is a switch fee or not, as different fund families may have different policies regarding switch fees. References: Mutual Fund Fees, Prospectus

NEW QUESTION # 123
Faruq is a Dealing Representative with Smart Planning Group, a mutual fund dealer. Faruq meets with his new client, Taline, and learns that she lives on a low, fixed income.
Taline tells Faruq that she wants to maximize her investment returns as high as possible to make up the difference. Taline also indicates that she cannot afford large investment losses because her income is low.
Which of the following CORRECTLY describes how Faruq should assess Taline's risk profile?

A. Taline's risk profile should be "low" because her risk capacity is low and she cannot afford lame investment losses.
B. Taline's risk profile should be "high"" because she is willing to accept risk in order to maximize her investment returns.
C. Faruq should assess Taline's risk profile based on the higher of her: (1) risk tolerance and (2) risk capacity
D. Faruq should override the risk that Taline is able to accept because her return expectations cannot otherwise be met.

Answer: A

Explanation:
Explanation
Taline's risk profile should be "low" because her risk capacity is low and she cannot afford large investment losses. Risk capacity is the degree of risk that an investor must take in order to achieve their financial goals, while risk tolerance is the degree of risk that an investor is willing to take. Risk capacity is more important than risk tolerance in determining an investor's risk profile1. Taline has a low risk capacity because she lives on a low, fixed income and cannot afford to lose money. Her risk tolerance may be high, but that does not mean she should take more risk than she can handle. Faruq should not override Taline's risk capacity or assess her risk profile based on the higher of her risk tolerance and risk capacity, as that would be unsuitable and unethical. References: Unit 3: Suitability

NEW QUESTION # 124
With respect to the tax treatment of dividends received from a taxable Canadian corporation, which of the following statements is CORRECT?

A. Dividends from non-resident corporations receive preferential tax treatment.
B. Dividends from both preferred and common shares of Canadian corporations receive preferential tax treatment.
C. Dividends are taxed the same way interest income is taxed.
D. Only 50% of dividend income is subject to tax.

Answer: B

Explanation:
Explanation
Dividends from both preferred and common shares of Canadian corporations receive preferential tax treatment because they are eligible for the dividend tax credit. This credit reduces the amount of tax payable on dividend income by accounting for the tax that the corporation has already paid on its earnings. Dividends from non-resident corporations do not qualify for this credit and are taxed at the same rate as interest income. Only
50% of capital gains, not dividend income, are subject to tax. References: The Dividend Tax Rate in Canada:
What You Need to Know Now - Hardbacon, How are Dividends Taxed in Canada? Exploring the Canadian Dividend Tax Credit

NEW QUESTION # 125
Your client, Kimberly has investments in both registered and non-registered plans. Which of the following investment strategies is best suited for Kimberly from a tax perspective?

A. Include interest paying investments in the registered plan and dividend paying investments in the non-registered plan.
B. Include investments paying capital gains in the registered plan and foreign pay investments in the non-registered plan.
C. Include dividend paying investments in the registered plan and interest paying investments in the non-registered plan.
D. Include domestic pay assets in the registered plan and foreign pay assets in the non-registered plan.

Answer: A

Explanation:
Explanation
According to the Canadian Investment Funds Course, different types of investment income are taxed differently in Canada. Interest income is fully taxed at the marginal rate, while dividend income is favourably taxed with a dividend tax credit. Capital gains are taxed on 50% of the gain at the marginal rate, and foreign income is subject to withholding tax. Therefore, a tax-efficient strategy is to include interest paying investments, such as bonds or GICs, in the registered plan, where they can grow tax-deferred until withdrawal.
Dividend paying investments, such as Canadian stocks or ETFs, should be included in the non-registered plan, where they can benefit from the lower tax rate and the dividend tax credit. Foreign income should also be avoided in the non-registered plan, unless it is held in a U.S. dollar account or a foreign currency hedged ETF, to reduce the impact of withholding tax and currency fluctuations.
References: 1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)

NEW QUESTION # 126
Which of the following statements about capital gains distributions from mutual fund trusts is correct?

A. Capital gains from mutual fund trusts are deferred until the investor exits the mutual fund.
B. Capital gains from mutual fund distributions are 100% taxable.
C. Capital gains distributions are not a disposition and are therefore not taxable.
D. Capital gains distributions from a mutual fund trust are reported annually on a T3.

Answer: D

NEW QUESTION # 127
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