BEST CIFC PREPARATION MATERIALS & CIFC STUDY GROUP

Best CIFC Preparation Materials & CIFC Study Group

Best CIFC Preparation Materials & CIFC Study Group

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2025 IFSE Institute Realistic Best CIFC Preparation Materials Free PDF Quiz

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q137-Q142):

NEW QUESTION # 137
Dakota is a Dealing Representative with Harvest Wealth Inc., a mutual fund dealer. Dakota starts a marketing campaign to contact prospective new clients and increase sales with existing clients. Which of the following CORRECTLY describes activities that Dakota can engage in under her marketing campaign?

  • A. Dakota can make telemarketing calls to clients who are listed on the National Do Not Call List
  • B. Dakota can send promotional emails to clients who have opted into Harvest Wealth's Do Not Call List
  • C. Dakota can send promotional emails to clients who have opted in to receive commercial electronic messages (CEMs).
  • D. Dakota can make telemarketing calls to clients who have opted in to receive commercial electronic messages (CEMs).

Answer: C

Explanation:
Explanation
Dakota can send promotional emails to clients who have opted in to receive commercial electronic messages (CEMs). A CEM is any electronic message that encourages participation in a commercial activity, such as an email, a text message, or a social media message. Under copyright's anti-spam legislation (CASL), Dakota must obtain consent from the recipients before sending CEMs, either explicitly (e.g., by asking them to sign up for a newsletter) or implicitly (e.g., by having an existing business relationship with them). Dakota must also identify himself and his dealer, provide contact information, and include an unsubscribe mechanism in every CEM. The other statements are incorrect. Dakota cannot make telemarketing calls to clients who are listed on the National Do Not Call List (DNCL). The DNCL is a list of telephone numbers of consumers who do not want to receive unsolicited telemarketing calls. Under the Telecommunications Act, Dakota must register with the National DNCL operator, subscribe to the National DNCL, and avoid calling any number on the list, unless he has express consent from the consumer or an exemption applies. Dakota cannot send promotional emails to clients who have opted into Harvest Wealth's Do Not Call List. A Do Not Call List is a list of telephone numbers of consumers who do not want to receive telemarketing calls from a specific organization.
Under the Telecommunications Act, Dakota must maintain an internal Do Not Call List for his dealer and respect the requests of consumers who ask not to be called by his dealer. However, this does not mean that he can send promotional emails to those consumers, as that would violate CASL. Dakota cannot make telemarketing calls to clients who have opted in to receive commercial electronic messages (CEMs). Opting in to receive CEMs does not imply consent to receive telemarketing calls, as they are different forms of communication governed by different laws . Dakota must obtain separate consent from the clients before making telemarketing calls to them, either explicitly or implicitly. References: [copyright's anti-spam legislation], [National Do Not Call List]


NEW QUESTION # 138
Which of the following are obligations on mutual fund dealing representatives imposed by The Proceeds of Crime (Money Laundering) and Terrorist Financing Act?

  • A. confirming client identity each time before concluding any transaction
  • B. record-keeping of large transactions, account-related information, and other relevant records
  • C. enhancing public awareness of matters related to money laundering and terrorist financing
  • D. reporting all financial transactions to the Financial Transactions and Reports Analysis Centre of copyright (FINTRAC)

Answer: B


NEW QUESTION # 139
Taylor is chatting with other parents in the park when the conversation turns to registered education savings plans (RESPs).
Taylor thinks that most of what they are saying is incorrect.
Which of the following statements about self-directed RESPs is TRUE?

  • A. Educational Assistance Payments (EAPs) withdrawn from the plan are not taxable.
  • B. Only one beneficiary may be named per RESP.
  • C. The government contributes an additional grant for low income families who qualify.
  • D. Educational Assistance Payments (EAPs) may only be used for tuition for a post-secondary program.

Answer: C

Explanation:
Explanation
A self-directed RESP is a type of RESP where the subscriber (the person who opens the plan) has the freedom to choose and manage the investments within the plan, such as stocks, bonds, mutual funds, etc. A self-directed RESP can have one or more beneficiaries (the children who will use the funds for their education) and can be individual or family plans. A self-directed RESP is eligible for the copyright Education Savings Grant (CESG), which is a 20% matching grant on the first $2,500 of annual contributions per beneficiary, up to a lifetime limit of $7,200. Additionally, low income families who qualify may receive an extra 10% or 20% on the first $500 of annual contributions per beneficiary, depending on their net family income. This is called the Additional CESG. Educational Assistance Payments (EAPs) are the payments made from the RESP to the beneficiary when they enroll in a qualifying post-secondary program. EAPs consist of the CESG, the Additional CESG, and any income or growth earned within the plan. EAPs may be used for any education-related expenses, such as tuition, books, transportation, accommodation, etc. EAPs are taxable in the hands of the beneficiary, who usually has a lower tax rate than the subscriber.
References: Canadian Investment Funds Course, Chapter 5: Registered Plans1


NEW QUESTION # 140
Iliana owns 1,000 participating preferred shares in the First Canadian Bank. Which of the following features are characteristic of her investment?

  • A. Iliana is able to vote at the annual general meeting and elect members of the board of directors.
  • B. Iliana has the right to purchase more preferred shares in the company before common shareholders.
  • C. Iliana can convert her preferred shares to common shares at a fixed price and within a specified time period.
  • D. Iliana has a right to share in the bank's net profits over and above the specified dividend rate.

Answer: D

Explanation:
Explanation
Participating preferred shares are a type of preferred shares that give the holder a right to share in the issuer's net profits over and above the specified dividend rate. This means that participating preferred shareholders may receive additional dividends if the issuer performs well. Iliana owns participating preferred shares in the First Canadian Bank, which means she has a right to share in the bank's net profits over and above the specified dividend rate. References: Investment Funds in copyright (IFC) | Canadian Securities Institute


NEW QUESTION # 141
Justin and Yvonne both open a Registered Education Savings Plan (RESP) for their daughter Grace. They plan to regularly contribute $1,000 per year until Grace reaches the age of 17.
Which of the following statements relating to RESP is CORRECT?

  • A. RESPs are attractive to Justin and Yvonne because they are tax-free investment plans.
  • B. There is an annual contribution limit of $2,500 that Justin and Yvonne can contribute to an RESP.
  • C. Contributions made by Justin and Yvonne are eligible for a tax deduction in the year they are contributed.
  • D. Justin and Yvonne may contribute a combined lifetime maximum of $50,000 for Grace.

Answer: D

Explanation:
Explanation
A Registered Education Savings Plan (RESP) is a tax-advantaged savings plan that helps parents and family members save for a child's post-secondary education. The government also contributes to the plan through the copyright Education Savings Grant (CESG) and the copyright Learning Bond (CLB), depending on the family income and the amount of contributions. However, there are some rules and limits that apply to RESP contributions and government grants. One of them is the lifetime contribution limit, which is the maximum amount that can be contributed to an RESP for a beneficiary from all sources. The lifetime contribution limit is
$50,000 per beneficiary, regardless of how many RESPs are opened for them or who contributes to them.
Therefore, statement A is correct. Justin and Yvonne may contribute a combined lifetime maximum of
$50,000 for Grace to their RESP.
The other statements are incorrect for the following reasons:
Statement B: RESPs are not tax-free investment plans. They are tax-deferred plans, meaning that the contributions are made with after-tax dollars and the investment income earned in the plan is not taxed until it is withdrawn as an educational assistance payment (EAP) for the beneficiary. The EAPs are taxed in the hands of the beneficiary, who usually has little or no income and pays little or no tax.
Statement C: There is no annual contribution limit for RESP contributions. However, there is an annual limit for the CESG, which is 20% of the first $2,500 contributed per beneficiary per year, up to a maximum of $500 per year. The CESG also has a lifetime limit of $7,200 per beneficiary.
Statement D: Contributions made to an RESP are not eligible for a tax deduction in the year they are contributed. They are made with after-tax dollars and do not reduce the contributor's taxable income.
References: Canadian Investment Funds Course, Unit 9, Section 9.1


NEW QUESTION # 142
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