CIFC LATEST TEST COST & CIFC DUMP TORRENT

CIFC Latest Test Cost & CIFC Dump Torrent

CIFC Latest Test Cost & CIFC Dump Torrent

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CIFC Quiz Guide - CIFC Exam Prep & CIFC Test Braindumps

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q182-Q187):

NEW QUESTION # 182
Lydia wants to transfer units of her Sussex Growth Fund to her registered retirement savings plan (RRSP) as her RRSP contribution. The current market value is $10,600 and the cost of the units is $4,500.
Which of the following statements is CORRECT?

  • A. Lydia's RRSP contribution will be valued at $10,600.
  • B. Lydia's RRSP contribution will be valued at $4,500.
  • C. Lydia will incur a capital gain of $4,500 from the contribution.
  • D. Lydia is only permitted to contribute cash to her RRSP not units of her mutual fund.

Answer: A

Explanation:
Explanation
Lydia can make an in-kind contribution of her mutual fund units to her RRSP, as long as the fund is eligible for RRSPs. The value of her contribution will be based on the fair market value of the units at the time of the transfer, which is $10,600. However, she will also trigger a deemed disposition of the units and realize a capital gain of $6,100 ($10,600 - $4,500), which is taxable in the year of the transfer.
References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.1:
Registered Retirement Savings Plan (RRSP)1 and web search results from search_web(query="RRSP contribution in kind")


NEW QUESTION # 183
Karen's know your client (KYC) profile corresponds to someone who has a long time horizon, is comfortable with risk and volatility, and is primarily interested in growth. She watches the daily movements of the Toronto Stock Exchange (TSX) and wants a mutual fund that will closely match what she sees.
What kind of mutual fund would be BEST for her?

  • A. Canadian equity index fund
  • B. Canadian small capitalization equity fund
  • C. Canadian bond fund
  • D. Canadian dividend fund

Answer: A

Explanation:
Explanation
A Canadian equity index fund is a type of mutual fund that invests in stocks that track a Canadian equity market index, such as the S&P/TSX Composite Index or the S&P/TSX 60 Index. These indices measure the performance of the largest and most liquid companies listed on the Toronto Stock Exchange (TSX). A Canadian equity index fund aims to replicate the returns of the index it follows, before fees and expenses.
Therefore, this type of fund would be best for Karen, who has a long time horizon, is comfortable with risk and volatility, and is primarily interested in growth. She also wants a mutual fund that will closely match what she sees on the TSX. References: CIBC Canadian Equity Index ETF, Top Canadian Index Funds of 2023 | The Motley Fool copyright


NEW QUESTION # 184
What purpose does it serve for non-money market mutual funds to hold money market instruments?

  • A. If the portfolio manager has an immediate need for cash, money market instruments are relatively easy to liquidate.
  • B. They are purchased by non-money market funds to satisfy the regulatory requirement of fund diversification.
  • C. Money market instruments primarily generate investment income that provides investors with preferential tax treatment.
  • D. They ensure that the fair market value of a mutual fund will not drop below a minimal market value.

Answer: A


NEW QUESTION # 185
Last year Peter's earned income from employment was $50,000.
Last year, after receiving a $2 per share in dividends from 500 shares in ABC Inc., a publicly-traded Canadian corporation, he sold his shares. The sale resulted in a capital gain of $15,000.

Based on the tax rates mentioned above, what is Peter's net federal tax liability for the year? (Round to 2 decimal places).

  • A. $9,953.30
  • B. $9,113.53
  • C. $9,696.15
  • D. $9,193.69

Answer: D

Explanation:
Explanation
To calculate Peter's net federal tax liability for the year, we need to follow these steps:
Step 1: Calculate Peter's taxable income. This is the amount of income that is subject to federal income tax. It is equal to his earned income from employment plus his net capital gain plus his grossed-up dividend income. A net capital gain is 50% of the capital gain realized from selling an asset. A grossed-up dividend income is the actual dividend received plus a percentage of the dividend that reflects the corporate tax paid by the issuer. According to the image, the dividend gross-up rate is
15.02%. Therefore, Peter's taxable income is:
50000+0.5×15000+(500×2)×(1+0.1502)=68251.00
Step 2: Apply the federal tax rates to Peter's taxable income according to the tax brackets shown in the image. The federal tax rates are progressive, meaning that higher income is taxed at higher rates.
Therefore, Peter's federal tax before credits is:
0.15×(485350)+0.205×(6825148535)=11293.69
Step 3: Subtract the federal tax credits from Peter's federal tax before credits. A tax credit is an amount that reduces the tax payable by a taxpayer. There are two types of federal tax credits: non-refundable and refundable. Non-refundable tax credits can only reduce the tax payable to zero, but not below zero.
Refundable tax credits can reduce the tax payable below zero, resulting in a refund to the taxpayer. In this question, we assume that Peter only has two non-refundable tax credits: the basic personal amount and the dividend tax credit. The basic personal amount is a fixed amount that every taxpayer can claim to reduce their taxable income. According to this site, the basic personal amount for 2021 is $13,808.
The dividend tax credit is a percentage of the grossed-up dividend income that reflects the corporate tax paid by the issuer and avoids double taxation. According to this site, the federal dividend tax credit rate for eligible dividends in 2021 is 15.0198%. Therefore, Peter's federal tax credits are:
0.15×13808+0.150198×(500×2)×0.1502=2100
Step 4: Subtract Peter's federal tax credits from his federal tax before credits to get his net federal tax liability. This is the amount of federal income tax that Peter has to pay or has overpaid for the year.
Therefore, Peter's net federal tax liability is:
11293.692100=9193.69
Hence, option B is correct. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Federal Income Tax Rates for copyright - TurboTax copyright Tips, Capital Gains Tax in copyright | Wealthsimple, Dividend Tax Credit | TurboTax copyright Tips, Basic Personal Amount (BPA)


NEW QUESTION # 186
Maureen is 65 years old and will be retiring soon. She has a modest portfolio of mutual funds that focus on growth. As she approaches retirement, Maureen wants to switch to investments that provide steady income with low to medium risk.
Given Maureen's wishes, which of the following mutual funds would be suitable for her?

  • A. Canadian dividend funds, global equity index funds, bond funds
  • B. money market funds, mortgage funds, bond funds
  • C. money market funds. Canadian dividend funds, sector funds
  • D. money market funds, global equity funds, bond funds

Answer: B


NEW QUESTION # 187
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