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IFSE Institute CIFC Prüfungsplan:

Thema
Einzelheiten

Thema 1

• Portfolio Management This section of the exam measures the skills of portfolio advisors and covers the principles behind building and managing a diversified investment portfolio. It focuses on asset allocation, diversification strategies, and rebalancing techniques.

Thema 2

• 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.

Thema 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.

Thema 4

• Suitability: This section of the exam measures the skills of financial planners and covers how to determine whether an investment product matches a client's profile. It focuses on risk tolerance, time horizon, and financial goals when offering investment choices.

Thema 5

• 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.

Thema 6

• Types of Mutual Funds: This section of the exam measures the skills of fund sales representatives and covers the structure, benefits, and objectives of different mutual fund categories. It includes equity, fixed income, balanced, index, and specialty funds.

Thema 7

• Retirement: This section of the exam measures the skills of retirement planners and covers the investment planning strategies and account types used to prepare for retirement. It includes registered plans, income needs, and withdrawal planning.

 

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CIFC Echte Fragen & CIFC Exam

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IFSE Institute Canadian Investment Funds Course Exam CIFC Prüfungsfragen mit Lösungen (Q95-Q100):

95. Frage
The Mutual Fund Dealers Association of Canada (MFDA) has strict rules concerning conflicts of interest.
Which of the following is TRUE?

• A. Activities that do not relate specifically to your employer need not be reported.
• B. Borrowing money from a client will always be acceptable provided there is a written contract detailing the nature of the agreement.
• C. Only actual conflicts must be reported to your employer. Potential conflicts need not be reported because they have not happened yet.
• D. Gifts and benefits may be provided to a client if your employer is aware of the benefits and has given approval.

Antwort: D

Begründung:
Explanation
Gifts and benefits may be provided to a client if your employer is aware of the benefits and has given approval. This is one of the rules concerning conflicts of interest set by the MFDA. A conflict of interest is a situation where a person's personal interests conflict with their professional obligations or duties. Gifts and benefits may create a conflict of interest if they influence or appear to influence the person's judgment or actions. Therefore, the MFDA requires that any gifts and benefits given or received by a mutual fund dealer or its representatives must be disclosed to and approved by the dealer, and must not compromise or appear to compromise the dealer's or representative's integrity or objectivity. References: MFDA Bulletin #0756-P - Conflicts of Interest

 

96. Frage
Davis invested in a tactical asset allocation fund in his non-registered investment account. Distributions from the mutual fund are paid directly to Davis and not reinvested. Assuming a federal marginal tax rate of 26%, dividend gross-up rate of 38% and federal dividend tax credit rate of 15%, which type of distribution would result in the lowest amount of tax payable?

• A. Capital Gain
• B. Interest
• C. Capital Dividend
• D. Eligible Dividend

Antwort: D

Begründung:
Explanation
An eligible dividend is a type of dividend that is paid by a Canadian corporation that meets certain criteria and is eligible for the enhanced dividend tax credit. The dividend tax credit reduces the amount of tax payable on dividends by providing a credit against the tax liability. An eligible dividend has a higher gross-up rate and a higher dividend tax credit rate than a non-eligible dividend, which means that it results in a lower effective tax rate. A capital dividend is a type of dividend that is paid from the capital gains realized by a corporation and is tax-free to the shareholder. However, a tactical asset allocation fund is unlikely to pay capital dividends, as they are usually reserved for private corporations. A capital gain is the profit from selling an asset at a higher price than its purchase price. Only 50% of the capital gain is taxable, which means that it has a lower effective tax rate than interest income, which is fully taxable. However, a capital gain distribution from a mutual fund is not the same as a capital gain from selling the mutual fund units. A capital gain distribution is paid when the fund realizes a capital gain from selling its underlying assets, and it is taxable in the year it is received, regardless of whether the shareholder sells the fund units or not. Therefore, it does not benefit from the deferral of tax that occurs when the shareholder sells the fund units at a later date. An interest distribution is paid when the fund earns interest income from its underlying assets, such as bonds or money market instruments. Interest income is fully taxable at the marginal tax rate, which means that it has the highest effective tax rate among the four types of distributions.
To compare the amount of tax payable for each type of distribution, we can use the following formula:
Tax=(Distribution×Grossup)×MarginalTaxRate(Distribution×Grossup)×DividendTaxCreditRate For simplicity, we assume that Davis receives $100 of each type of distribution and that he does not have any other income or deductions. We also ignore any provincial taxes or credits. Using the formula, we can calculate the tax payable for each type of distribution as follows:
Capital Dividend: Tax=(100×0)×0.26(100×0)×0=0
Capital Gain: Tax=(100×0.5)×0.26(100×0.5)×0=13
Eligible Dividend: Tax=(100×1.38)×0.26(100×1.38)×0.15=10.14
Interest: Tax=(100×1)×0.26(100×1)×0=26
Therefore, an eligible dividend would result in the lowest amount of tax payable, followed by a capital gain, a capital dividend, and an interest distribution.
References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 7: Taxation, Section 7.2: Taxation of Investment Income, page 7-41 Eligible Dividends Definition - Investopedia2 Capital Dividend Definition - Investopedia3 Capital Gain Distribution Definition - Investopedia4

 

97. Frage
Which of the following statements is TRUE about the movement of business cycles in the Canadian economy?

• A. A period of economic expansion is of the same length in every cycle.
• B. A period of economic expansion is followed by a period of economic contraction.
• C. A period of at least 3 consecutive months of contraction is called a recession.
• D. A period of economic expansion is always of the same length as a period of economic contraction.

Antwort: B

 

98. Frage
Malik has been saving money for retirement but he is worried about the impact inflation may have on the value of his savings. He wants to purchase a bond that will give him a steady stream of income that is greater than the inflation rate. He has found a bond issued by a major airline with a market price of $9,200, a par value of $10,000, and a coupon rate of 6.75%. What is the current yield of this bond?

• A. 6.21%
• B. 6.25%
• C. 7.34%
• D. 6.75%

Antwort: C

Begründung:
Explanation
The current yield of a bond is the annual interest payment divided by the current market price of the bond. The annual interest payment is the coupon rate multiplied by the par value of the bond. In this case, the annual interest payment is:
6.75%×10,000=675
The current market price of the bond is $9,200. Therefore, the current yield is:
9200675×100%=7.34%
The current yield is higher than the coupon rate because the bond is selling at a discount, meaning that its market price is lower than its par value. This implies that the bond is offering a higher return than the prevailing market interest rate. However, the current yield does not take into account the capital gain or loss that will occur when the bond matures or is sold. A more accurate measure of the bond's return is the yield to maturity (YTM), which is the annualized rate of return that accounts for both the interest payments and the price change of the bond over its remaining term.
References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 5: Fixed-Income Securities, Section
5.2: Bond Pricing and Yield, page 5-61
Current Yield Definition - Investopedia2

 

99. Frage
Which of the following statements about capital gains distributions from mutual fund trusts is correct?

• A. Capital gains distributions are not a disposition and are therefore not taxable.
• B. Capital gains from mutual fund trusts are deferred until the investor exits the mutual fund.
• C. Capital gains from mutual fund distributions are 100% taxable.
• D. Capital gains distributions from a mutual fund trust are reported annually on a T3.

Antwort: D

Begründung:
Explanation
According to the Canadian Investment Funds Course, capital gains distributions are the portion of the mutual fund trust's net realized capital gains that are paid out to the unitholders. Capital gains distributions are not the same as capital gains from selling or redeeming units of the mutual fund trust, which are reported on a T5008 slip. Capital gains distributions are taxable in the year they are received, even if they are reinvested in additional units of the fund. The mutual fund trust will issue a T3 slip to report the amount and type of income that is allocated to each unitholder, including capital gains distributions. The unitholder must report this income on their tax return and pay tax on 50% of the capital gains distributions at their marginal tax rate.
References: 1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)

 

100. Frage
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