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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q94-Q99):

NEW QUESTION # 94
Which statement about market risk is true?

A. Market risk is cancelled out by diversification
B. Market risk is measured by the standard deviation
C. Market risk can result from changes in inflation and interest rates
D. Market risk is greater than the sum of the risks of all stocks

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Market risk, or systematic risk, arises from factors affecting the entire market, such as changes in inflation or interest rates, and cannot be fully eliminated through diversification. The feedback from the document states:
"Once a portfolio becomes well diversified, the only remaining risk to be concerned about is market risk.
Market risk is defined as the variability of a stock or a portfolio in relation to the market as a whole. The process of diversification cancels out much firm-specific risk, so market risk is less than the total risk you would calculate if you looked at each stock separately. Market risk is also referred to as systematic risk and arises from such things as inflation, the business cycle, and interest rates." Reference:Chapter 8 - Constructing Investment PortfoliosLearning Domain:Understanding Investment Products and Portfolios

NEW QUESTION # 95
Which index would investors use as a benchmark for doing research on the largest listed public companies in the US marketplace?

A. FTSE Canada Universe Bond Index
B. MSCI EAFE Index
C. S&P 500
D. S&P/TSX Composite

Answer: C

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The S&P 500 is the appropriate benchmark for researching the largest listed public companies in the US market. The feedback from the document provides:
"Index: S&P 500, Description: The 500 largest publicly held companies that trade on U.S. markets, Performance uses: U.S. equity funds." Reference:Chapter 14 - Understanding Mutual Fund PerformanceLearning Domain:Evaluating and Selecting Mutual Funds

NEW QUESTION # 96
During the calendar year, Firmansyah received a $1,800 eligible dividend from a large Canadian bank and a foreign, dividend from his The USD/CAD exchange rates is 1.3605.
Firmansyah's federal marginal tax bracket is 29%. The enhanced dividend gross-up rate is 38% and the federal dividend tax credit rate for eligible dividends is 15%.
What federal tax liability will be due from the investment income?

A. $695.76
B. $348.00
C. $870.00
D. $522.00

Answer: A

Explanation:
To calculate Firmansyah's federal tax liability from the investment income, we need to follow these steps:
* Step 1: Convert the foreign dividend from USD to CAD using the exchange rate given in the question.
The exchange rate is 1.3605 CAD per USD, which means that 1 USD is equivalent to 1.3605 CAD.
Therefore, Firmansyah's foreign dividend in CAD is:
500×1.3605=680.25
* Step 2: Calculate Firmansyah's grossed-up dividend income from both sources. 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. The percentage varies depending on whether the dividend is eligible or non-eligible.
According to [this site], an eligible dividend is a dividend paid by a Canadian corporation that meets certain criteria, such as being listed on a designated stock exchange or being a subsidiary of such a corporation. A non-eligible dividend is a dividend that does not meet these criteria, such as a dividend paid by a foreign corporation or a small Canadian business corporation. The gross-up rate for eligible dividends in 2020 was 38%, while the gross-up rate for non-eligible dividends in 2020 was 15%.
Therefore, Firmansyah's grossed-up dividend income from both sources is:
(1800+680.25)×(1+0.38)=3426.35
* Step 3: Apply Firmansyah's federal marginal tax rate to his grossed-up dividend income to get his federal tax before credits. A marginal tax rate is the percentage of tax applied to an additional dollar of income. According to [this site], Firmansyah's federal marginal tax rate for 2020 was 29%, as his taxable income was between $150,473 and $214,368.Therefore, Firmansyah's federal tax before credits is:
0.29×3426.35=993.64
* Step 4: Subtract Firmansyah's federal dividend tax credit from his federal tax before credits to get his net federal tax liability from the investment income. A 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. The percentage varies depending on whether the dividend is eligible or non-eligible. According to [this site], the federal dividend tax credit rate for eligible dividends in 2020 was 15%, while the federal dividend tax credit rate for non-eligible dividends in 2020 was 9.03%. Therefore, Firmansyah's federal dividend tax credit from both sources is:
(1800+680.25)×0.38×0.15=297.88
* Step 5: Subtract Firmansyah's federal dividend tax credit from his federal tax before credits to get his net federal tax liability from the investment income. This is the amount of federal income tax that Firmansyah has to pay or has overpaid from the investment income. Therefore, Firmansyah's net federal tax liability from the investment income is:
993.64#297.88=695.76
Hence, option C is correct. References: [Canadian Investment Funds Course (CIFC) | IFSE Institute],
[Dividend Tax Credit | TurboTax Canada Tips], [Federal Income Tax Rates for Canada - TurboTax Canada Tips], [Eligible Dividends | TurboTax Canada Tips]

NEW QUESTION # 97
Which of the following qualifies as personal information under the Personal Information Protection and Electronic Documents Act (PIPEDA)?

A. employee's business address
B. employee's business telephone number
C. employee's credit record
D. employee's name

Answer: C

Explanation:
According to the Personal Information Protection and Electronic Documents Act (PIPEDA), personal information is any factual or subjective information, recorded or not, about an identifiable individual. This includes information in any form, such as age, name, ID numbers, income, ethnic origin, or blood type.
However, PIPEDA also specifies some exceptions to the definition of personal information, such as business contact information. Business contact information is any information that is used for the purpose of communicating or facilitating communication with an individual in relation to their employment, business or profession. This includes the employee's name, position name or title, work address, work telephone number, work fax number or work electronic address. Therefore, an employee's business address and business telephone number are not considered personal information under PIPEDA. An employee's name could be considered personal information if it is not used for business purposes, but it is not clear from the question whether that is the case. An employee's credit record is clearly personal information under PIPEDA, as it reveals sensitive information about the individual's financial situation and history.
1: PIPEDA in brief - Office of the Privacy Commissioner of Canada 2

NEW QUESTION # 98
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 bond fund
C. Canadian dividend fund
D. Canadian small capitalization equity fund

Answer: A

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 Canada

NEW QUESTION # 99
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