CIFC Latest Test Question & Exam CIFC Bootcamp

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
Jasmine purchases a 1-year, $10,000 face value strip bond for $9,600. At maturity, when Jasmine receives
$10,000, which of the following statements is CORRECT?

A. Jasmine realizes a taxable capital gain of $400.
B. Jasmine realizes a capital dividend of S400.
C. Jasmine realizes interest income of $400.
D. Jasmine realizes a taxable dividend of $400.

Answer: C

NEW QUESTION # 12
Your employer has a contributory group RRSP under which he matches employee contributions, up to a maximum of 5% of salary.
Which of the following statements about a group registered retirement savings plan (RRSP) is CORRECT?

A. If you leave your employer, your group RRSP stays with the employer.
B. The employer chooses the plan provider.
C. It is more costly and time consuming to administer than traditional pension plans.
D. You need to wait until you file your taxes to receive your contribution tax deduction.

Answer: B

Explanation:
Explanation
A group RRSP is a retirement savings plan sponsored by an employer that allows employees to contribute through regular payroll deductions and benefit from tax advantages and possible employer matching. The employer is responsible for choosing the plan provider, which is the financial institution that administers the group RRSP and offers a range of investment options for the employees to choose from. The employer may also negotiate lower fees and better services with the plan provider than what individual RRSPs can offer.
Therefore, statement D is correct.
The other statements are incorrect for the following reasons:
Statement A: A group RRSP is less costly and time consuming to administer than traditional pension plans, as it does not require actuarial valuations, funding requirements, or regulatory filings.
Statement B: If you leave your employer, your group RRSP does not stay with the employer. You can transfer your group RRSP to an individual RRSP or another registered plan without tax consequences, as long as there are no locked-in provisions.
Statement C: You do not need to wait until you file your taxes to receive your contribution tax deduction. Your contributions are deducted from your gross income before tax is calculated, so you receive an immediate tax benefit on your paycheque.
References: Canadian Investment Funds Course, Unit 9, Section 9.1

NEW QUESTION # 13
Lucas is 60 years old and continues to work. He presently is a plan holder of a registered retirement savings plan (RRSP). He is considering changing his RRSP to a registered retirement income fund (RRIF).
Which of the following statements is CORRECT?

A. There is no minimum age to be an annuitant to a RRIF.
B. Investments that qualify as an eligible investment for a RRIF are different than for an RRSP.
C. Once he changes his RRSP to a RRIF, his unused total RRSP contribution room is lost.
D. Minimal withdrawals are required to start in the current calendar year his RRIF was established.

Answer: C

Explanation:
Explanation
A registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be created by converting an RRSP, but once the conversion is done, the plan holder can no longer make contributions to the RRSP or the RRIF. Therefore, any unused RRSP contribution room is lost after the conversion. The other statements are incorrect because:
A: There is a minimum age to be an annuitant to a RRIF, which is 71 years old. However, a plan holder can convert an RRSP to a RRIF at any age before 71.
C: Minimum withdrawals are required to start in the year following the year the RRIF was established, not in the current calendar year.
D: Investments that qualify as an eligible investment for a RRIF are the same as for an RRSP, such as mutual funds, stocks, bonds, GICs, etc. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.2:
Registered Retirement Income Fund (RRIF), page 6-81
Registered Retirement Income Fund (RRIF) - Canada.ca2

NEW QUESTION # 14
Lydia wants to transfer units of her Sussex Growth Fund to her registered retirement savings plan (RRSP) as her RRSP contribution. The current market value is $10,600 and the cost of the units is $4,500.
Which of the following statements is CORRECT?

A. Lydia will incur a capital gain of $4,500 from the contribution.
B. Lydia's RRSP contribution will be valued at $4,500.
C. Lydia is only permitted to contribute cash to her RRSP not units of her mutual fund.
D. Lydia's RRSP contribution will be valued at $10,600.

Answer: D

Explanation:
Explanation
Lydia can make an in-kind contribution of her mutual fund units to her RRSP, as long as the fund is eligible for RRSPs. The value of her contribution will be based on the fair market value of the units at the time of the transfer, which is $10,600. However, she will also trigger a deemed disposition of the units and realize a capital gain of $6,100 ($10,600 - $4,500), which is taxable in the year of the transfer.
References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.1:
Registered Retirement Savings Plan (RRSP)1 and web search results from search_web(query="RRSP contribution in kind")

NEW QUESTION # 15
Yesterday, Mariana who is new to investing and purchased mutual funds for the very first time. She shared her excitement with her good friend, Julius. However, after Julius learned about her investment, he admits that he had a bad experience with mutual fund investing and that he lost money. Mariana regrets not talking to Julius prior to making her decision. Her feelings of enthusiasm have changed to fear. She is wondering if it is too late to change her mind and cancel her purchase order.
Which statement regarding the right of withdrawal is CORRECT?

A. The Canadian Securities Administrators (CSA) created legislation that addresses the right of withdrawal for investors.
B. The Mutual Fund Dealers Association of Canada (MFDA) have written conduct rules regarding the right of withdrawal.
C. Mariana has to wait two business after her purchase order has been settled to exercise the right of withdrawal.
D. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within.

Answer: D

Explanation:
Explanation
The right of withdrawal is a statutory right that allows investors to cancel their purchase order of mutual funds within a specified period of time and receive a refund of the amount they paid. The right of withdrawal is also known as the cooling-off period or the rescission right. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within, as each jurisdiction has its own securities legislation and regulations that govern the mutual fund industry. For example, in Ontario, the right of withdrawal is two business days after receiving the simplified prospectus or the fund facts document, whichever is later1. In Quebec, the right of withdrawal is two business days after receiving the simplified prospectus or confirmation of purchase, whichever is later2. In British Columbia, the right of withdrawal is 48 hours after receiving confirmation of purchase3. Therefore, Mariana may still be able to exercise her right of withdrawal, depending on where she bought her mutual funds and when she received the required documents. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 3: The Regulatory Environment, Section 3.2: The Right of Withdrawal, page 3-54 Ontario Securities Commission - Mutual Funds - Buying and Selling1 Autorite des marches financiers - Mutual Funds - Buying and Selling2 British Columbia Securities Commission - Mutual Funds - Buying and Selling3

NEW QUESTION # 16
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CIFC Latest Test Question & Exam CIFC Bootcamp

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q11-Q16):

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