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Cameron Gray Cameron Gray

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q135-Q140):

NEW QUESTION # 135
Thomas, a resident of Ontario, is a full-time university student. He does food delivery to supplement his income. During the school year, he works on weekends and works full-time during his summer break.
Thomas' pensionable earnings were $16,000 for the year. How much must Thomas contribute to CPP when CPP contribution rate is 5.95%?

A. $0
B. $743.75
C. $1,425.00
D. $912.00

Answer: B

Explanation:
Thomas must contribute to CPP based on his pensionable earnings, which are his income from employment or self-employment that are subject to CPP. However, he can deduct a basic exemption amount from his pensionable earnings, which is $3,500 for the year. Therefore, his contributory earnings are:
16,000#3,500=12,500
The CPP contribution rate is 5.95% for employees and self-employed workers. Therefore, Thomas must contribute:
12,500×5.95%=743.75
:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.3: Canada Pension Plan (CPP), page 6-101 Canada Pension Plan - How much could you receive - Canada.ca2

NEW QUESTION # 136
Ian is 25, employed, and has no dependents. He has no current financial or family obligations. He has asked for your recommendation for investing a $50,000 inheritance. What asset allocation would typically suit an investor with Ian's characteristics?

A. 10% in a bond fund, 80% in equity funds, 10% in a money market fund
B. 35% in equity, 25% in a money market fund, 60% in a bond fund
C. 10% in equity funds, 70% in a bond fund, 20% in a money market fund
D. 50% in equity funds, 20% in a bond fund, and 30% in a money market fund

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Ian, as a Stage 1 - Early Earning Years investor, has no family or financial commitments, allowing for a higher risk tolerance. An asset allocation with a heavy equity weighting, such as 80% in equity funds, is suitable. The feedback from the document states:
"Ian would be considered a Stage 1 - Early Earning Years investor. Stage 1 investors, in general, are free of family and financial commitments, and would typically have a higher ability to tolerate risk. Thus, with its higher level of risk and lower component of income-based investments, 10% in a bond fund, 80% in equity funds and 10% in a money market fund would be most likely to be suitable." Reference:Chapter 4 - Getting to know the clientLearning Domain:The Know Your Client Communication Process

NEW QUESTION # 137
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?

A. $1,320.00
B. $1-188.00
C. $1, 12.12
D. $1,200.00

Answer: C

Explanation:
To convert the proceeds from USD to CAD, Frederic needs to divide the amount in USD by the exchange rate. The exchange rate is $1 CAD for $0.99 USD, which means that $0.99 USD is equivalent to $1 CAD.
Therefore, Frederic will receive

A math problem with numbers AI-generated content may be incorrect.
CAD in Canadian dollars.

NEW QUESTION # 138
Which among the following plans includes a provision that places a maximum limit on the amount that can be withdrawn during a calendar year?

A. Registered Retirement Income Fund (RRIF)
B. Registered Retirement Savings Plan (RRSP)
C. Deferred Profit Sharing Plan (DPSP)
D. Life Income Fund (LIF)

Answer: D

Explanation:
A LIF is a type of registered retirement income fund that is used to hold and pay out locked-in pension funds.
A LIF has both a minimum and a maximum withdrawal limit for each calendar year, which are determined by the federal or provincial pension legislation, the age of the annuitant, and the value of the fund. The minimum withdrawal limit is similar to that of a RRIF, but the maximum withdrawal limit is intended to ensure that the LIF provides income for the lifetime of the annuitant123 References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.4: Life Income Fund (LIF)4 and web search results from search_web(query="maximum withdrawal limit for LIF RRSP RRIF DPSP")123
4: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf

NEW QUESTION # 139
Reginald is a Dealing Representative, who feels pressure from management at the beginning of every calendar year, to open new registered retirement savings plans (RRSPs) and generate RRSP contributions. It is the end of February, and Reginald is close to reaching his personal sales objectives. He just finished an appointment with a prospective new client, Orel. Orel wants to open a tax-free savings account (TFSA) to build emergency savings. However, Reginald recommended to Orel that he should first contribute to an RRSP, and then use the tax savings for a TFSA contribution. With regards to account suitability, what can be said about Reginald's advice?

A. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.
B. Reginald is putting the client's interest first by informing Orel why he should change his investment strategy.
C. By convincing Orel to contribute to an RRSP, instead of a TFSA, Reginald has put his client's interest first.
D. Recommending an investment solution that addresses two needs, is putting Reginald's client's interest first.

Answer: A

Explanation:
Orel's goal is to build emergency savings, which means he needs a flexible and accessible account that does not penalize withdrawals. A TFSA is more suitable for this purpose, as it allows tax-free withdrawals at any time and does not affect other income-tested benefits. An RRSP, on the other hand, is designed for long-term retirement savings, and withdrawals are subject to income tax and withholding tax. Moreover, RRSP withdrawals reduce the contribution room permanently, and may affect eligibility for government benefits such as the Canada Child Benefit or the Guaranteed Income Supplement.
References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.1:
Registered Retirement Savings Plan (RRSP)1 and Section 3.2: Tax-Free Savings Account (TFSA)2
1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf 2: https://www.ifse.ca/wp-content
/uploads/2021/08/CIFC-Module-3.pdf

NEW QUESTION # 140
......

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Cameron Gray Cameron Gray

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