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IFC Study Guides, Exam IFC Sample

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q237-Q242):

NEW QUESTION # 237
Which statement best describes key differences between dividend funds and standard equity funds?

A. Standard equity funds cannot invest in preferred shares
B. Standard equity funds' objectives are based on a belief in market efficiency
C. Standard equity funds' objectives do not include current dividend income
D. Standard equity funds' objectives do not include capital preservation

Answer: D

Explanation:
Standard equity funds focus on capital gains and may include dividend income, but unlike dividend funds, they do not prioritize capital preservation. The feedback from the document states:
"A standard equity fund seeks to earn some combination of dividend income and capital gains from investment in Canadian common stocks. This objective appears to be similar to that of a preferred dividend fund. The difference between the two is that an equity fund usually has a much stronger capital gains focus.
Note as well that equity funds make no specific attempt to preserve capital; in other words, equity funds are willing to put capital at substantially greater risk than preferred dividend funds." Reference: Chapter 12 - Riskier Mutual Fund ProductsLearning Domain: Analysis of Mutual Funds

NEW QUESTION # 238
Davis invested in a tactical asset allocation fund in his non-registered investment account. Distributions from the mutual fund are paid directly to Davis and not reinvested. Assuming a federal marginal tax rate of 26%, dividend gross-up rate of 38% and federal dividend tax credit rate of 15%, which type of distribution would result in the lowest amount of tax payable?

A. Capital Gain
B. Eligible Dividend
C. Capital Dividend
D. Interest

Answer: B

Explanation:
An eligible dividend is a type of dividend that is paid by a Canadian corporation that meets certain criteria and is eligible for the enhanced dividend tax credit. The dividend tax credit reduces the amount of tax payable on dividends by providing a credit against the tax liability. An eligible dividend has a higher gross-up rate and a higher dividend tax credit rate than a non-eligible dividend, which means that it results in a lower effective tax rate. A capital dividend is a type of dividend that is paid from the capital gains realized by a corporation and is tax-free to the shareholder. However, a tactical asset allocation fund is unlikely to pay capital dividends, as they are usually reserved for private corporations. A capital gain is the profit from selling an asset at a higher price than its purchase price. Only 50% of the capital gain is taxable, which means that it has a lower effective tax rate than interest income, which is fully taxable. However, a capital gain distribution from a mutual fund is not the same as a capital gain from selling the mutual fund units. A capital gain distribution is paid when the fund realizes a capital gain from selling its underlying assets, and it is taxable in the year it is received, regardless of whether the shareholder sells the fund units or not. Therefore, it does not benefit from the deferral of tax that occurs when the shareholder sells the fund units at a later date. An interest distribution is paid when the fund earns interest income from its underlying assets, such as bonds or money market instruments. Interest income is fully taxable at the marginal tax rate, which means that it has the highest effective tax rate among the four types of distributions.
To compare the amount of tax payable for each type of distribution, we can use the following formula:
Tax=(Distribution×Gross#up)×MarginalTaxRate#(Distribution×Gross#up)×DividendTaxCreditRate For simplicity, we assume that Davis receives $100 of each type of distribution and that he does not have any other income or deductions. We also ignore any provincial taxes or credits. Using the formula, we can calculate the tax payable for each type of distribution as follows:
* Capital Dividend:Tax=(100×0)×0.26#(100×0)×0=0
* Capital Gain:Tax=(100×0.5)×0.26#(100×0.5)×0=13
* Eligible Dividend:Tax=(100×1.38)×0.26#(100×1.38)×0.15=10.14
* Interest:Tax=(100×1)×0.26#(100×1)×0=26
Therefore, an eligible dividend would result in the lowest amount of tax payable, followed by a capital gain, a capital dividend, and an interest distribution.
:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 7: Taxation, Section 7.2: Taxation of Investment Income, page 7-41 Eligible Dividends Definition - Investopedia2 Capital Dividend Definition - Investopedia3 Capital Gain Distribution Definition - Investopedia4

NEW QUESTION # 239
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 have high returns, high management fees, and cannot be redeemed until the maturity date of the contract.
C. Segregated funds offer some protection of the capital invested but there is an added cost for the protection.
D. Segregated funds are subject to securities regulation because they are distributed by mutual fund dealing representatives.

Answer: C

Explanation:
Segregated funds offer some protection of the capital invested but there is an added cost for the protection.
Segregated funds are contracts issued by life insurance companies that invest in underlying funds, similar to mutual funds. Segregated funds have a maturity guarantee and a death benefit guarantee, which ensure that the investor or their beneficiary will receive a certain percentage of their initial investment, regardless of market fluctuations. However, these guarantees come at a cost, which is reflected in higher management fees and insurance fees than mutual funds. Segregated funds do not have high returns, as they depend on the performance of the underlying funds. Segregated funds can be redeemed before the maturity date of the contract, but they may be subject to early redemption fees or market value adjustments. Segregated funds do not flow through capital losses to investors, as they are not considered owners of the underlying fund.
Segregated funds are subject to insurance regulation, not securities regulation, because they are distributed by life insurance agents. References: Segregated Funds

NEW QUESTION # 240
Natasha currently owns 2 mutual funds: a bond fund and a Canadian equity fund. She would like to use one of them as her registered retirement savings plan (RRSP) contribution for the year. From a tax efficiency perspective, which mutual fund should she contribute?

A. the equity fund
B. either since it makes no difference
C. it depends on her marginal tax rate
D. the bond fund

Answer: D

Explanation:
The bond fund should be contributed to Natasha's RRSP from a tax efficiency perspective, because interest income from bonds is fully taxable at her marginal tax rate outside of an RRSP. By contributing the bond fund to her RRSP, Natasha can defer paying tax on the interest income until she withdraws it from her RRSP in retirement, when she may be in a lower tax bracket. The equity fund should be kept outside of her RRSP, because dividends and capital gains from equities receive preferential tax treatment compared to interest income. Dividends qualify for the dividend tax credit and capital gains are only 50% taxable. Furthermore, equities tend to have higher returns than bonds over the long term, which means that Natasha would have more after-tax income by keeping them outside of her RRSP. References: Registered Retirement Savings Plan (RRSP), Does it pay to invest in an RRSP? Here's the math

NEW QUESTION # 241
A sales representative is comparing the performance of a mutual fund with other funds of similar investment mandates. What is this method of relative performance evaluation called?

A. Total rate of return
B. Risk-adjusted rate of return
C. Peer group
D. T-bills plus benchmark performance

Answer: C

NEW QUESTION # 242
......

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