EXAMDUMPSVCE'S CIFC DUMPS QUESTIONS WITH 365 DAYS FREE UPDATES

ExamDumpsVCE's CIFC Dumps Questions With 365 Days Free Updates

ExamDumpsVCE's CIFC Dumps Questions With 365 Days Free Updates

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q68-Q73):

NEW QUESTION # 68
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. Anet capital loss is permitted to be carried back indefinitely by the mutual fund.
  • C. Anet capital loss is permitted to be carried forward indefinitely by the mutual fund.
  • D. Anet capital loss is passed on to the unit holders by the mutual fund in the year it occurs.

Answer: C

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 - copyright.ca1 Mutual Fund Trusts - copyright.ca2


NEW QUESTION # 69
Ellen and her only son Jeff live on the family farm with her father George. Jeff is five years old and Ellen has decided that it is time to start saving for Jeff's post-secondary education. She has called you to ask about registered education savings plans (RESPs).
Which of the following statements is TRUE?

  • A. If Jeff decides not to pursue a post-secondary education, he can keep all the CESG but it then becomes taxable.
  • B. George may open an RESP for Jeff but it will not quality to receive copyright Savings Education Grants (CESGs).
  • C. If Ellen receives the National Child Benefit Supplement (NCBS), Jeff may be eligible for the copyright Learning Bond
  • D. If Jeff qualifies for additional CESG. his CESG lifetime maximum increases to $10,000.

Answer: C


NEW QUESTION # 70
Nelson is a Dealing Representative with True Wealth Advisors Inc., a mutual fund dealer. Nelson follows proper procedures related to his firm's Relationship Disclosure Information (RDI). Which of the following CORRECTLY describes how Nelson is permitted to evidence that he satisfied his RDI obligation?

  • A. Nelson can formalize his relationship under the RDI using a Letter of Engagement that specifies duties, responsibilities, and level of service.
  • B. Nelson may retain a copy of the RDI in the client file with detailed notes to confirm that he provided and explained the RDI to the client.
  • C. Nelson can record detailed notes which confirm that he provided and explained the Fund Facts to the client within 2 days of the RDI.
  • D. Nelson may deliver the RDI to clients who request it and keep detailed notes of the clients who were provided with the RDI.

Answer: B


NEW QUESTION # 71
Which of the followings describes segregated funds?

  • A. Segregated funds flow through capital losses to investors because the investors are the owners of the underlying fund.
  • B. Segregated funds offer some protection of the capital invested but there is an added cost for the protection.
  • C. Segregated funds have high returns, high management fees, and cannot be redeemed until the maturity date of the contract.
  • D. Segregated funds are subject to securities regulation because they are distributed by mutual fund dealing representatives.

Answer: B


NEW QUESTION # 72
In which of the following situations would the client mobility exemption apply?

  • A. Although her mutual fund dealer is registered in all provinces and territories, Lori is only registered as a dealing representative in Saskatchewan. Last year, three of Lori's clients moved to Alberta and now two more are moving to that province. Lori wants to continue servicing these clients.
  • B. Sigrid's brother-in-law has agreed to be her client. She is a registered dealing representative in Ottawa, Ontario and he lives in Hull, Quebec. Both Sigrid and her mutual fund dealer are currently registered in Quebec.
  • C. Olaf is a registered dealing representative in Sunnyside, Prince Edward Island. His client Jules is moving to Moncton, New Brunswick. Olaf's mutual fund dealer is not currently registered in New Brunswick but is in the process of applying there.
  • D. Karl is a registered dealing representative in Dauphin, Manitoba. 30 of his clients who work for the same company are being relocated to British Columbia. He wants to retain these clients. His mutual fund dealer is registered in British Columbia, but Karl is not.

Answer: A

Explanation:
Explanation
The client mobility exemption is a provision in the National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations that allows a registered individual to continue dealing with a client who moves to another jurisdiction without having to register in that jurisdiction, subject to certain conditions. One of the conditions is that the individual must not have more than five clients in each of the other jurisdictions where they are not registered. Therefore, the client mobility exemption would apply to Lori's situation, as she has five or fewer clients in Alberta, where she is not registered. The client mobility exemption would not apply to the other situations, as they do not meet the conditions for the exemption. For example, Olaf's mutual fund dealer is not registered in New Brunswick, which is a requirement for the exemption. Sigrid's brother-in-law is not an existing client who moved to another jurisdiction, but a new client who resides in a different jurisdiction. Karl has more than five clients in British Columbia, where he is not registered, which exceeds the limit for the exemption.
References: Canadian Investment Funds Course, Chapter 1: The Canadian Financial Services Industry1


NEW QUESTION # 73
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