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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q276-Q281):

NEW QUESTION # 276
A married couple is opening a spousal RRSP account in the name of the wife. The dealing representative gathers the information required on the NAAF, including the wife's name, social insurance number, permanent address, and investment objectives. The representative also gathers KYC information for both and informs them that leveraging is not permitted with respect to RRSP accounts. Which information was not required?

A. Disclaimer with respect to leveraging
B. Husband's KYC information
C. Wife's KYC information
D. Wife's social insurance number

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
For a spousal RRSP, KYC information is required only for the account holder (the wife) and those with trading authority, not the contributing spouse (the husband), who has no financial interest in the account. The feedback from the document states:
"The investment experience and knowledge of all individuals who have trading authority over the account should be obtained, as well as KYC information for anyone with a financial interest in the account. For spousal RRSPs, the contributing spouse does not have a financial interest in the account, so KYC information is required for the non-contributing spouse only." Reference:Chapter 17 - Mutual Fund Dealer RegulationLearning Domain:Ethics, Compliance and Mutual Fund Regulations

NEW QUESTION # 277
Xerxes, 45 years old, is a successful architect, having an annual income of $185,000. He has around $10,000 in his non-registered account, which he is looking to invest in a tax-efficient manner.
From the following options, which would be the most tax-efficient?

A. bond fund
B. asset allocation fund
C. target date fund
D. Canadian equity index fund

Answer: D

Explanation:
A Canadian equity index fund is a type of mutual fund that invests in a basket of Canadian stocks that track the performance of a market index, such as the S&P/TSX Composite Index. A Canadian equity index fund can be a tax-efficient option for a non-registered account, because it can generate capital gains and eligible dividends, which are taxed at lower rates than interest income or foreign dividends. A bond fund, on the other hand, would produce mostly interest income, which is fully taxed at the marginal rate. An asset allocation fund or a target date fund would have a mix of different asset classes, such as bonds, stocks, and cash, and may not be as tax-efficient as a pure equity fund123 References = web search results from search_web(query="tax-efficient investment options in Canada")123 and Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.2: Mutual Funds4
4: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf

NEW QUESTION # 278
Marc asks his new client for copies of his mortgage documents. Which Know Your Client component is Marc researching?

A. Financial circumstances
B. Investment knowledge
C. Personal circumstances
D. Financial goals and objectives

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Financial circumstances are a critical component of the Know Your Client (KYC) process, as they determine the client's ability to commit savings to investments and the level of risk they can assume. Mortgage documents provide insights into the client's debt and obligations, which are essential for assessing financial circumstances. The feedback from the document states:
"Financial circumstances are an important consideration in judging the suitability of investments, because they determine the amount of savings clients can commit to investing and the level of risk they can assume.
Marc's client's mortgage document will give Marc valuable insights into the level of debt and mortgage obligations his client has, helping in evaluating the client's financial circumstances." Reference:Chapter 1 - The Role of the Mutual Fund Sales RepresentativeLearning Domain:An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 279
Your client, Cosmo, recently inherited $50,000 from his uncle. He wants to use this money towards his retirement savings. Cosmo is a 50-year old, self-employed carpenter and he earns on average $65,000 per year. He has a registered retirement savings plan (RRSP) with the bank worth $425,000 and a tax-free savings account (TFSA) worth $46,000. He started saving when he was 25 years old and has always made his own investment decisions. His money is mostly invested in balanced funds. He feels most comfortable with these types of mutual funds since they offer potential investment growth but without being too aggressive. Cosmo has no other assets.
What additional information do you need about Cosmo to fulfill your know your client obligation?

A. investment objectives
B. risk tolerance
C. time horizon
D. income and net worth

Answer: B

Explanation:
To fulfill the know your client (KYC) obligation, an advisor must collect and document information about the client's personal and financial situation, investment objectives, risk tolerance, and investment knowledge. The KYC rule is a regulatory requirement that ensures that the advisor understands the client's needs and goals, and provides suitable recommendations that match the client's profile. In this case, Cosmo has provided some information about his personal and financial situation, such as his age, occupation, income, assets, and inheritance. He has also given some indication of his investment objectives, such as saving for retirement, and his investment knowledge, such as making his own investment decisions and preferring balanced funds.
However, he has not disclosed his risk tolerance, which is his willingness and ability to accept fluctuations in the value of his investments. Risk tolerance is an important factor that affects the choice of investment strategies and products. Therefore, to complete the KYC process, the advisor needs to obtain additional information about Cosmo's risk tolerance. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 1: The Investment Funds Industry, Section 1.4: The Know Your Client (KYC) Rule, page 1-111
* Know Your Client (KYC) Definition - Investopedia2

NEW QUESTION # 280
Which of the following transactions takes place in the secondary market?

A. Issue of new debt and equity securities
B. Sale of mutual funds
C. Issue of federal Treasury bills
D. Resale of previously issued securities

Answer: D

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The secondary market involves trading previously issued securities between investors, enabling liquidity for those who initially purchased the securities. The feedback from the document states:
"The secondary market involves the resale of previously issued securities between investors. It enables investors who originally bought the investment products to sell them and obtain cash." Reference:Chapter 2 - Overview of the Canadian Financial MarketplaceLearning Domain:An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 281
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