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Karl Brooks Karl Brooks

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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q106-Q111):

NEW QUESTION # 106
What do Guaranteed Income Supplement (GIS) and Allowance for the Survivor have in common?

A. eligibility depends on income level
B. benefits start at the age of 65
C. benefit amounts depend on individual contribution
D. ability to defer benefits

Answer: A

Explanation:
Guaranteed Income Supplement (GIS) and Allowance for the Survivor are both income-tested benefits that are part of the Old Age Security (OAS) program. They are designed to provide financial assistance to low- income seniors who meet certain eligibility criteria. GIS is a monthly payment that supplements the OAS pension for seniors whose income is below a certain threshold. Allowance for the Survivor is a monthly payment for low-income seniors aged 60 to 64 whose spouse or common-law partner has died and who have not remarried or entered into another common-law relationship. The benefit amounts for both GIS and Allowance for the Survivor depend on the income level of the recipient and are adjusted quarterly based on the Consumer Price Index. The higher the income, the lower the benefit amount, until it reaches zero at a certain income limit. Therefore, eligibility for both GIS and Allowance for the Survivor depends on income level.
Canadian Investment Funds Course, Chapter 5: Registered Plans1

NEW QUESTION # 107
Your client Gerard is 30 years old and plans to retire at age 65. He has a mutual fund portfolio of $40,000 in which he invests $1,500 monthly. Gerard's objective is to use these funds to meet the 20% down payment requirement to buy a house for $650,000.
What is Gerard's investment time horizon not considering market fluctuations?

A. 15 years
B. 25 years
C. 35 years
D. 5 years

Answer: D

Explanation:
Gerard's investment time horizon is the length of time he plans to hold his investment until he needs to use the money for his specific goal. In this case, Gerard's goal is to use his mutual fund portfolio to meet the 20% down payment requirement to buy a house for $650,000. Therefore, his investment time horizon is determined by how long it will take him to accumulate enough money in his portfolio to cover the down payment amount.
Assuming that Gerard does not withdraw any money from his portfolio and that his portfolio earns a constant annual rate of return of 6%, we can use the following formula to calculate how long it will take him to reach his goal:
FV=PV×(1+r)n+PMT×r(1+r)n#1
where:
* FV is the future value of the portfolio
* PV is the present value of the portfolio
* r is the annual interest rate
* n is the number of years
* PMT is the monthly payment
We can rearrange the formula to solve for n:
n=log(1+r)logPV+PMT×r1FV#PMT×r1
Plugging in the given values, we get:
n=log(1+0.06)log40,000+1,500×0.061130,000#1,500×0.061
n=4.98
Therefore, Gerard's investment time horizon is approximately 5 years, not considering market fluctuations.
This means that he will need to invest his money in a way that matches his risk tolerance and expected return for this time period.
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.6: Asset Allocation and Diversification, page 4-271 Future Value of an Annuity Definition - Investopedia2

NEW QUESTION # 108
Pierre buys a call option on a stock. What is the implication of this transaction?

A. Pierre has the right to sell the stock if he exercises the option.
B. Pierre is obligated to buy the stock if the option is exercised.
C. Pierre has the right to buy the stock if he exercises the option.
D. Pierre is obligated to sell the stock if the option is exercised.

Answer: C

Explanation:
According to the What Is a Call Option and How to Use It With Example - Investopedia, a call option is a contract that gives the buyer the right, but not the obligation, to buy an underlying stock at a specified price (the strike price) within a specified time period (the expiration date). The seller of a call option is obligated to sell the stock if the buyer exercises the option. Pierre buys a call option on a stock, which means he has the right to buy the stock if he exercises the option. He can also choose not to exercise the option or sell it before expiration.

NEW QUESTION # 109
BUG Inc. has a beta of 1.65. If the market drops by 18.48% over the next 12 months, by approximately how much could BUG Inc. shares fall over that time period?

A. 20.13%
B. 11.20%
C. 30.49%
D. 16.83%

Answer: C

Explanation:

NEW QUESTION # 110
Your client, Kimberly has investments in both registered and non-registered plans. Which of the following investment strategies is best suited for Kimberly from a tax perspective?

A. Include domestic pay assets in the registered plan and foreign pay assets in the non-registered plan.
B. Include dividend paying investments in the registered plan and interest paying investments in the non- registered plan.
C. Include interest paying investments in the registered plan and dividend paying investments in the non- registered plan.
D. Include investments paying capital gains in the registered plan and foreign pay investments in the non- registered plan.

Answer: C

Explanation:
According to the Canadian Investment Funds Course, different types of investment income are taxed differently in Canada. Interest income is fully taxed at the marginal rate, while dividend income is favourably taxed with a dividend tax credit. Capital gains are taxed on 50% of the gain at the marginal rate, and foreign income is subject to withholding tax. Therefore, a tax-efficient strategy is to include interest paying investments, such as bonds or GICs, in the registered plan, where they can grow tax-deferred until withdrawal. Dividend paying investments, such as Canadian stocks or ETFs, should be included in the non- registered plan, where they can benefit from the lower tax rate and the dividend tax credit. Foreign income should also be avoided in the non-registered plan, unless it is held in a U.S. dollar account or a foreign currency hedged ETF, to reduce the impact of withholding tax and currency fluctuations.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)

NEW QUESTION # 111
......

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Karl Brooks Karl Brooks

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