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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q283-Q288):

NEW QUESTION # 283
Leira has a marginal tax rate of 45% and may deduct $5,000 in registered retirement savings plan (RRSP) contributions on her income tax return. If she decides to use her available deduction and assuming this does not reduce her taxable income to a lower tax bracket, by how much will it reduce her tax payable?

A. $5,000
B. $0
C. $4,500
D. $2,250

Answer: D

Explanation:
A registered retirement savings plan (RRSP) is a type of tax-deferred account that allows individuals to save for retirement. Contributions to an RRSP are deductible from taxable income, which means that they reduce the amount of income tax payable for the year. The amount of tax savings from an RRSP contribution depends on the individual's marginal tax rate, which is the tax rate applied to the next dollar earned. Leira has a marginal tax rate of 45% and may deduct $5,000 in RRSP contributions on her income tax return. If she decides to use her available deduction and assuming this does not reduce her taxable income to a lower tax bracket, by how much will it reduce her tax payable? To answer this question, we can use the following formula: $$(Tax savings = RRSP contribution imes Marginal tax rate)

NEW QUESTION # 284
Axis Wealth Management Inc. is a mutual fund dealer and member of the Mutual Fund Dealers Association of Canada (MFDA).
Indrek is a Branch Manager for the Guelph Branch and he is responsible for conducting suitability reviews in order to identify any unsuitable transactions or accounts. Which of the following accounts/transactions would be unsuitable?

A. Ulani is saving for the final payment she will owe on her pre-construction condominium. Ulani has invested in the Harbour Money Market Fund because she is seeking "safety".
B. Hundolf holds the Fortune Small Cap Equity Fund. Hundolf is fully employed, he is saving for his retirement in 18 years, his investment objective is "growth", and his risk profile is "medium-high".
C. Gilles has invested in various mutual funds using a leverage strategy recommended by his Dealing Representative. Gilles is 82, he is retired, he needs regular income, and his risk profile is "low".
D. Megara bought a principal protected note (PPN) with a 7-year maturity. Megara wants principal protection and has a long-term investment time horizon (10+ years).

Answer: C

Explanation:
This account/transaction is unsuitable because it does not match Gilles' investment needs and objectives, risk profile, and capacity for loss. A leverage strategy involves borrowing money to invest in mutual funds, which increases the potential returns but also the potential losses. This strategy is very risky and requires a high risk tolerance, a long-term investment horizon, and a sufficient income to cover the interest payments. Gilles is 82 years old, retired, and needs regular income, which means he has a low risk tolerance, a short-term investment horizon, and a limited income. He cannot afford to lose his principal or pay the interest costs. Therefore, a leverage strategy is not appropriate for him.
References = IFSE CIFC Module 3: Investment Products, page 3-24. What is Suitability? | MFDAMSN-0069
| MFDA

NEW QUESTION # 285
Which type of mutual fund is best suited to a client who is averse to volatility?

A. Preferred dividend
B. Bond
C. Mortgage
D. Money market

Answer: D

NEW QUESTION # 286
Which index would investors use as a benchmark for doing research on the largest listed public companies in the US marketplace?

A. S&P/TSX Composite
B. FTSE Canada Universe Bond Index
C. MSCI EAFE Index
D. S&P 500

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The S&P 500 is the appropriate benchmark for researching the largest listed public companies in the US market. The feedback from the document provides:
"Index: S&P 500, Description: The 500 largest publicly held companies that trade on U.S. markets, Performance uses: U.S. equity funds." Reference:Chapter 14 - Understanding Mutual Fund PerformanceLearning Domain:Evaluating and Selecting Mutual Funds

NEW QUESTION # 287
Which of the following asset allocation statements is correct?

A. A fixed income component of less than 25% is appropriate for conservative portfolios
B. Equity weightings greater than 90% should not be recommended
C. Portfolio security selection determines the long-term growth potential
D. You should review a client's asset allocation when the investment environment changes

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Asset allocation should be reviewed when the investment environment changes to ensure it remains suitable for the client's objectives. The feedback from the document states:
"In general terms, an equity weighting of less than 25% is considered conservative and more than 75% is considered aggressive. Only if the client is very aggressive should the weighting of his equity component reach 90%." Reference:Chapter 8 - Constructing Investment PortfoliosLearning Domain:Understanding Investment Products and Portfolios

NEW QUESTION # 288
......

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Updated CISIIFC Exam Questions in PDF Format for Quick Preparation

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q283-Q288):

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