RELIABLE CIFC EXAM REVIEW | CIFC FREE TEST QUESTIONS

Reliable CIFC Exam Review | CIFC Free Test Questions

Reliable CIFC Exam Review | CIFC Free Test Questions

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Tags: Reliable CIFC Exam Review, CIFC Free Test Questions, CIFC Latest Test Discount, Real CIFC Testing Environment, CIFC Test Score Report

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CIFC Free Test Questions | CIFC Latest Test Discount

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q58-Q63):

NEW QUESTION # 58
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 much do you make individually each year?
  • D. How would you feel if you lost part of your money in the short-term?

Answer: A


NEW QUESTION # 59
Bernadette has a high-paying job and is in the top tax bracket. She recently received a payment of $5 million upon the settlement of her uncle's estate. Bernadette would like to invest her inheritance in financial products that would not only grow her money but is also income tax friendly.
Which of the following would provide the most favourable tax treatment?

  • A. Coupon payments from Government of copyright bonds.
  • B. Capital gains from stock investments.
  • C. Dividends from a large public Canadian corporation.
  • D. Dividends received from a large foreign corporation.

Answer: C

Explanation:
Explanation
Dividends from a large public Canadian corporation are eligible for the dividend tax credit, which reduces the amount of tax payable on this type of income. The dividend tax credit is a non-refundable tax credit that recognizes that dividends are paid out of income that has already been taxed at the corporate level, and therefore should not be taxed again at the personal level. The dividend tax credit applies to both federal and provincial taxes, and the rates vary depending on the province or territory of residence12 References = Canadian Investment Funds Course (CIFC) - Module 4: Taxation - Section 4.1: Taxation of Investment Income3 and web search results from search_web(query="tax treatment of different types of investment income in copyright")12
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-4.pdf


NEW QUESTION # 60
Megan purchases a treasury bill for $98,200. When it matures for $100,000, how does Megan treat the $1,800 difference?

  • A. as a dividend
  • B. as return of capital
  • C. as interest income
  • D. as a capital gain

Answer: C

Explanation:
Explanation
A treasury bill is a short-term debt instrument issued by the government at a discount from its face value and redeemed at par value at maturity. The difference between the purchase price and the face value is the interest income earned by the investor. Therefore, Megan treats the $1,800 difference as interest income for tax purposes. Interest income is fully taxable at the investor's marginal tax rate in the year it is received. Megan does not report any capital gain, dividend, or return of capital from the treasury bill.
References: Canadian Investment Funds Course, Unit 5, Section 5.2


NEW QUESTION # 61
Your employer has a contributory group RRSP under which he matches employee contributions, up to a maximum of 5% of salary.
Which of the following statements about a group registered retirement savings plan (RRSP) is CORRECT?

  • A. You need to wait until you file your taxes to receive your contribution tax deduction.
  • B. The employer chooses the plan provider.
  • C. It is more costly and time consuming to administer than traditional pension plans.
  • D. If you leave your employer, your group RRSP stays with the employer.

Answer: B

Explanation:
Explanation
A group RRSP is a retirement savings plan sponsored by an employer that allows employees to contribute through regular payroll deductions and benefit from tax advantages and possible employer matching. The employer is responsible for choosing the plan provider, which is the financial institution that administers the group RRSP and offers a range of investment options for the employees to choose from. The employer may also negotiate lower fees and better services with the plan provider than what individual RRSPs can offer.
Therefore, statement D is correct.
The other statements are incorrect for the following reasons:
* Statement A: A group RRSP is less costly and time consuming to administer than traditional pension plans, as it does not require actuarial valuations, funding requirements, or regulatory filings.
* Statement B: If you leave your employer, your group RRSP does not stay with the employer. You can transfer your group RRSP to an individual RRSP or another registered plan without tax consequences, as long as there are no locked-in provisions.
* Statement C: You do not need to wait until you file your taxes to receive your contribution tax
* deduction. Your contributions are deducted from your gross income before tax is calculated, so you receive an immediate tax benefit on your paycheque.
References: Canadian Investment Funds Course, Unit 9, Section 9.1


NEW QUESTION # 62
Which of the following statements about registered education savings plans (RESPs) is CORRECT?

  • A. Contributed funds grow tax-free within the plan.
  • B. There is a yearly contribution limit per beneficiary.
  • C. RESPs must be collapsed by the end of the 31st year of its starting date
  • D. Contributions to RESPs are tax deductible.

Answer: A


NEW QUESTION # 63
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