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IFSE Institute CIFC Exam Syllabus Topics:

Topic
Details

Topic 1

Types of Investments: This section of the exam measures the skills of wealth managers and covers the features, risks, and benefits of various investment products. It ensures understanding of stocks, bonds, ETFs, GICs, and other instruments typically included in diversified portfolios.

Topic 2

Taxation: This section of the exam measures the skills of tax advisors and covers how different investments and accounts are taxed. It includes capital gains, interest income, dividend taxation, and the tax treatment of registered and non-registered accounts.

Topic 3

Registrant Responsibilities: This section of the exam measures the skills of investment advisors and covers the obligations and ethical duties that come with being a registered professional. It includes understanding know-your-client procedures, disclosure rules, and the importance of acting in clients’ best interests.

Topic 4

Mutual Funds Administration: This section of the exam measures the skills of operations specialists and covers the processes that support the day-to-day functioning of mutual funds. It includes trading, recordkeeping, pricing, and compliance reporting.

Topic 5

Making Recommendations & Case Study: This section of the exam measures the skills of client advisors and covers the practical application of investment knowledge through real-world client scenarios. It involves synthesizing client information to make suitable investment recommendations.

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Quiz 2025 High-quality CIFC: Canadian Investment Funds Course Exam Best Study Material

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q222-Q227):

NEW QUESTION # 222
Which statement about a net capital loss incurred by a mutual fund trust is CORRECT?

A. A net capital loss is permitted to be carried forward by the mutual fund for up to 3 years.
B. A net capital loss is permitted to be carried forward indefinitely by the mutual fund.
C. A net capital loss is passed on to the unit holders by the mutual fund in the year it occurs.
D. A net capital loss is permitted to be carried back indefinitely by the mutual fund.

Answer: B

Explanation:
Explanation
A net capital loss is the excess of allowable capital losses over taxable capital gains in a taxation year. A mutual fund trust is a type of investment fund that is structured as a trust and distributes its income and capital gains to its unit holders. A mutual fund trust cannot pass on its net capital losses to its unit holders, as it can only distribute its net income and net realized capital gains. However, a mutual fund trust can carry forward its net capital losses indefinitely and use them to offset its taxable capital gains in future years. This reduces the amount of tax payable by the mutual fund trust and increases the amount of distributions available to its unit holders. A mutual fund trust cannot carry back its net capital losses to previous years, as this option is only available to corporations12. References:
* Canadian Investment Funds Course (CIFC) Study Guide, Chapter 7: Taxation, Section 7.3: Taxation of Mutual Funds, page 7-103
* Capital Losses and Deductions - Canada.ca1
* Mutual Fund Trusts - Canada.ca2

NEW QUESTION # 223
You have been researching Canadian equity mutual funds for a new client. You come across the following information.

What can you conclude from this information?

A. Fontaine Equity Fund is a better fund because it has a higher quartile ranking.
B. Fontaine Equity Fund's higher MER contributes to its lower 5-year annualized return.
C. Fontaine Equity Fund has a lower risk level since its Sharpe Ratio is lower.
D. Chamberlain Equity Fund has lower volatility since its 5-year annualized return is higher.

Answer: B

Explanation:
Explanation
The management expense ratio (MER) is the percentage of a fund's assets that is paid to the fund manager for operating and managing the fund. A higher MER means that more of the fund's returns are eaten up by fees, leaving less for the investors. Therefore, Fontaine Equity Fund's higher MER of 2.99% contributes to its lower
5-year annualized return of 11.25%, compared to Chamberlain Equity Fund's MER of 2.57% and 5-year annualized return of 13.42%. Therefore, D is the correct answer. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Management Expense Ratio (MER): Definition and How It Works - Investopedia

NEW QUESTION # 224
What role do investment dealers play in the Canadian and global financial markets?

A. They are contributors to a company's profits.
B. They are contributors to an investor's earnings.
C. By underwriting financial instruments, they raise capital for investors.
D. They assist with the exchange of capital for a financial instrument.

Answer: D

NEW QUESTION # 225
Daisy is a Dealing Representative registered in the province of Saskatchewan only. Daisy's client, Orville, a resident of Lloydminster, Saskatchewan is a retiree who presently has a $1,000,000 with her dealer, Easy Ride Financial. Orville is now planning to move to Vegreville, Alberta next month. Easy Ride Financial is registered in Alberta and Saskatchewan. Neither Easy Ride Financial nor Daisy have any clients who are resident in Alberta.
Which of the following should Daisy do if she wants to continue to service Orville's account?

A. Daisy could seek permission from her dealer to request a client mobility exemption with the Alberta Securities Commission.
B. Request approval from the Mutual Fund Dealers Association of Canada to be eligible to be a registered Dealing Representative in Alberta
C. Daisy will need to forfeit her registration in Saskatchewan if she wants to be registered in Alberta to keep Orville as a client.
D. Register with a different mutual fund dealer that is registered in Alberta so she can keep Orville as a client.

Answer: A

NEW QUESTION # 226
Which of the following statements describes a feature of the Home Buyers' Plan (HBP)?

A. A qualifying home must be purchased by December 31 of the year of withdrawal.
B. If you have a spouse or common-law partner, each of you can withdraw up to JE50.000 from your registered retirement savings plans (RRSPs).
C. Once you are required to repay the amounts back to your RRSP. any missed or incomplete payments are subject to tax.
D. To qualify- as a first-time home buyer you or your spouse must never have previously owned a home

Answer: C

Explanation:
Explanation
The Home Buyers' Plan (HBP) is a program that allows eligible first-time home buyers to withdraw up to
$35,000 from their registered retirement savings plans (RRSPs) to buy or build a qualifying home without paying any tax on the withdrawal. The withdrawn amount must be repaid to the RRSP over a period of up to
15 years, starting from the second year after the withdrawal. If the required repayment for a year is not made, it is added to the taxpayer's income and subject to tax. Therefore, option B describes a feature of the HBP. The other options are not correct descriptions of the HBP. Option A is false because to qualify as a first-time home buyer, you or your spouse must not have owned and lived in another home as your principal place of residence during the four-year period before the date of withdrawal. Option C is false because a qualifying home must be purchased or built before October 1 of the year following the year of withdrawal. Option D is false because if you have a spouse or common-law partner, each of you can withdraw up to $35,000 from your RRSPs, not
$50,000. References: [Home Buyers' Plan (HBP)], [Home Buyers' Plan (HBP) - Canada.ca], [Home Buyers' Plan (HBP) | GetSmarterAboutMoney.ca]

NEW QUESTION # 227
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