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[General] First-hand Latest IFC Braindumps Questions - CISI Investment Funds in Canada (IF

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【General】 First-hand Latest IFC Braindumps Questions - CISI Investment Funds in Canada (IF

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q327-Q332):NEW QUESTION # 327
What bias results in investors valuing an asset that they own over an asset that another individual owns?
  • A. Endowment
  • B. Risk aversion
  • C. Representativeness
  • D. Status Quo
Answer: A
Explanation:
Endowment bias leads investors to overvalue assets they own compared to similar assets they do not own. The feedback from the document states:
"People who are subject to endowment bias place more value on an asset they hold property rights to than on an asset they do not hold property rights to." Reference: Chapter 5 - Behavioural FinanceLearning Domain: The Know Your Client Communication Process

NEW QUESTION # 328
Terri, 30 years old, is the marketing manager at Provincial Winery with an average annual income of $60,000.
Her spouse Yvette, 28 years old, is a project manager with a telecommunications firm earning
$70,000 per year. You are helping them to organize their investments and are trying to assess their financial resources.
Which of the following is the best question to ask?
  • A. Do you have any children?
  • B. When do you need the money?
  • C. Do you have pension plans at work?
  • D. What is your investment experience?
Answer: C
Explanation:
One of the steps in the Know Your Client (KYC) rule is to assess the client's financial resources, which include their income, assets, liabilities, and net worth. Asking about pension plans at work is a relevant question to determine the client's sources of income and potential retirement savings. Pension plans can also affect the client's risk tolerance and investment objectives, as they may provide a stable and guaranteed income in the future. Asking about children, money needs, and investment experience are also important questions, but they relate to other aspects of the KYC rule, such as personal circumstances, time horizon, and investment knowledge. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 1: The Investment Funds Industry, Section
1.4: The Know Your Client (KYC) Rule, page 1-111
Know Your Client (KYC) Definition - Investopedia

NEW QUESTION # 329
One of your clients, Harry, has heard that he can defer paying tax on capital gains. He wants to know if what he has heard is correct and if so, how to defer paying taxes on capital gains.
What would you tell Harry?
  • A. Harry should buy and sell investments actively.
  • B. He should hold profitable investments as long as possible.
  • C. He should hold unprofitable investments as long as possible.
  • D. He should invest in mutual funds just before the dividend paying date to pick up the dividend.
Answer: B
Explanation:
The answer that you should tell Harry is that he should hold profitable investments as long as possible. A capital gain is the difference between the selling price and the purchase price of an asset when the selling price is higher than the purchase price. A capital gain is subject to tax only when it is realized, meaning that the asset is sold or disposed of. Therefore, one way to defer paying tax on capital gains is to hold profitable investments as long as possible and delay selling them until a future year. This allows the investor to postpone paying tax on the capital gain and benefit from the compounding effect of the investment returns. Therefore, option A is correct regarding how to defer paying taxes on capital gains. The other options are not correct or effective ways to defer paying taxes on capital gains. Option B is false because investing in mutual funds just before the dividend paying date does not defer paying taxes on capital gains; rather, it increases the taxable income of the investor by adding dividend income, which may be subject to a gross-up and a tax credit depending on the type of dividend. Option C is false because buying and selling investments actively does not defer paying taxes on capital gains; rather, it triggers more taxable events and increases the transaction costs of investing. Option D is false because holding unprofitable investments as long as possible does not defer paying taxes on capital gains; rather, it reduces the potential return of the portfolio and prevents the investor from using capital losses to offset capital gains from other sources. References: [Capital Gains Tax in Canada
| Wealthsimple], [Capital Gains Tax: What It Is and How It Works in Canada], [Capital Gains Tax | GetSmarterAboutMoney.ca]

NEW QUESTION # 330
Gershon is a Dealing Representative and he opens a new account for his client, Isaac. Gershon collects the necessary information from Isaac in order to designate the Trusted Contact Person (TCP) for Isaac's account.
Which of the following statements about Isaac's TCP is CORRECT?
  • A. The TCP is the person who is designated with authority to direct financial dealings for Isaac's account and make financial decisions.
  • B. The TCP is the person whom Gershon can speak to if he becomes concerned about Isaac's mental capacity to make financial decisions.
  • C. The TCP is an alternative to a Power of Attorney (PQA) and has the authority to make changes to Isaac's account and direct trading.
  • D. The TCP is an alternative authority on Isaac's account that has the power to place a temporary hold on Isaac's account to disallow trading.
Answer: B
Explanation:
A Trusted Contact Person (TCP) is someone that an investor authorizes their brokerage firm to contact in limited circumstances, such as if the broker has trouble reaching the investor or has a reasonable belief that the investor's account may be exposed to possible financial exploitation. A TCP does not have the authority to make changes to the investor's account or direct trading, unlike a Power of Attorney (POA). A TCP also does not have the power to place a temporary hold on the investor's account, which is a decision made by the brokerage firm. Therefore, C is the correct answer. References: What is a Trusted Contact Person and why you should name one, Do You Need A 'Trusted Contact' To Help Protect You?, Investor Bulletin: Please Consider Adding a Trusted Contact Person to Your Account

NEW QUESTION # 331
Ayra believes the Canadian economy will be booming for the next five years. Which mutual fund can provide Ayra with the most tax efficiency if she keeps her investment in a non-registered account?
  • A. Bond
  • B. Mortgage
  • C. Money market
  • D. Equity growth
Answer: D
Explanation:
In a booming economy, equity growth mutual funds provide the best opportunity for capital gains. In a non- registered account, capital gains are the most tax-efficient form of income since only 50% is taxable.
Bonds, mortgages, and money market funds primarily generate interest income, which is fully taxable at the investor's marginal rate.
Thus, the most tax-efficient choice is an equity growth fund.

NEW QUESTION # 332
......
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