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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q401-Q406):

NEW QUESTION # 401
Sarah and Kyle are a married couple. They are both 34 years of age and work as teachers. Their combined annual income is $130,000. They are able to save $800 each month. They own a home worth
$340,000 with a $120,000 mortgage. Since they work for the same employer, they have the same defined benefit pension plan. Other than a tax-free savings account (TFSA) in Kyle's name with $5,000, they do not have any other assets.
They are avid sailors and want to save towards a purchase of a sailboat. For the type of sailboat they want, they estimate it should cost around $65,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster.
What question should you ask them next?

A. What is your investment objective for these savings?
B. What is your net worth?
C. How would you feel if you lost part of your money in the short-term?
D. How much do you make individually each year?

Answer: A

Explanation:
According to the Canadian Investment Funds Course, an investment objective is the goal or purpose of investing money. An investment objective reflects the investor's desired return, risk tolerance, time horizon, and liquidity needs. An investment objective is one of the key components of the know-your-client (KYC) information that a mutual fund representative must obtain and update from a client. The KYC information helps the representative to assess the suitability of any investment recommendation or trade instruction for the client2 In this case, Sarah and Kyle are a married couple who want to save towards a purchase of a sailboat. They are able to save $800 each month and have a tax-free savings account (TFSA) in Kyle's name with $5,000. They want you to recommend an investment for their monthly savings to help them achieve their goal faster. Before you can make any recommendation, you need to gather more information about their investment objective for these savings. You need to know how much return they expect, how much risk they are willing to take, how long they plan to invest, and how easily they want to access their money. These factors will help you to determine the most suitable investment option for them.
Therefore, the question you should ask them next is C. What is your investment objective for these savings?
1: Canadian Investment Funds Course - IFSE Institute 3 (Unit 2: Know Your Client) 2: Canadian Investment Funds Course - IFSE Institute 4 (Unit 10: Portfolio Management)

NEW QUESTION # 402
A sales representative has accepted an instruction from a relatively new client to liquidate all positions and wire the proceeds. This request appears rather unusual and suspicious, so she escalates this to her compliance department. To whom should the compliance department report these transactions?

A. Financial Transactions and Reports Analysis Centre of Canada.
B. Self-Regulatory Organization.
C. Financial Action Task Force.
D. The Privacy Commissioner.

Answer: A

NEW QUESTION # 403
Apex Mutual Fund has been structured to avoid taxation by distributing any net interest, dividends, and capital gains to unitholders each calendar year. This is an example of what type of mutual fund structure?

A. Mutual fund trust
B. Closed-end mutual fund
C. Open-ended mutual fund
D. Mutual fund corporation

Answer: A

Explanation:
A mutual fund trust structure allows the fund to avoid taxation by distributing its income to unitholders. The feedback from the document states:
"The most common structure for mutual funds in Canada is the open-end trust. The trust structure allows a fund itself to avoid taxation. Any interest, dividends and capital gains income, net of the fund's fees, expenses and capital losses, if passed to its unitholders each calendar year, will allow the trust to avoid being taxed on its income." Reference: Chapter 10 - The Modern Mutual FundLearning Domain: The Modern Mutual Fund

NEW QUESTION # 404
What best describes why mortgage funds generally have less sensitivity to changes in interest rates than bond funds?

A. Mortgage funds are highly diversified, often holding over 10,000 individual mortgages
B. Most mortgages held in mortgage funds are either NHA-insured or privately insured
C. Many mortgage funds also hold T-bills and mortgage-backed securities, which are less volatile
D. Interest on mortgages is usually paid monthly, while interest on bonds is typically paid semi-annually

Answer: D

Explanation:
Mortgage funds have lower interest rate sensitivity than bond funds because mortgage rates change less frequently, and interest is paid monthly rather than semi-annually, reducing the impact of rate changes. The feedback from the document states:
"Interest rate sensitivity is expected to be lower for mortgage funds than for bond funds for two reasons. First, mortgage rates change much less frequently than interest rates on bonds... Second, mortgages by nature have less interest rate risk than bonds. The reason, in part, is that interest on mortgages is paid monthly, while interest on bonds is paid semi-annually." Reference: Chapter 11 - Conservative Mutual Fund ProductsLearning Domain: Analysis of Mutual Funds

NEW QUESTION # 405
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?

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

Answer: D

Explanation:
Based on Orel's stated need, recommending an RRSP contribution is unsuitable because RRSP withdrawals are taxed as income and may affect Orel's eligibility for government benefits. A TFSA is more suitable for Orel's goal of developing emergency savings because TFSA withdrawals are tax-free and do not affect income-tested benefits.

NEW QUESTION # 406
......

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