CIFC STUDY GUIDE & CIFC TRAINING TORRENT & CIFC FREE DUMPS

CIFC study guide & CIFC training torrent & CIFC free dumps

CIFC study guide & CIFC training torrent & CIFC free dumps

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Tags: CIFC Associate Level Exam, Test CIFC Questions, Latest Test CIFC Simulations, CIFC Reliable Braindumps Sheet, Test CIFC Guide Online

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Pass Guaranteed Quiz 2025 Authoritative CIFC: Canadian Investment Funds Course Exam Associate Level Exam

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q210-Q215):

NEW QUESTION # 210
Kerry's total income this past year was $100,000 and she claimed a tax deduction of $2,000. When the tax return is filed, what would be the federal tax payable when applying the following federal tax rates?
(Round to the closest whole dollar for the final answer.)

  • A. $18,754
  • B. $17,472
  • C. $24,000
  • D. $25,480

Answer: A

Explanation:
Explanation
Kerry's taxable income would be $98,000 ($100,000 - $2,000). Using the federal tax rates provided in the image, the first $48,535 of her income would be taxed at 15%, the next $48,534 at 20.5%, and the remaining
$931 at 26%. This would result in a total federal tax payable of $18,754. You can see the calculation in detail below:
Taxable Income
Marginal Tax Rate
Federal Tax Payable
$0 - $48,535
15%
$7,280.25
$48,536 - $97,069
20.5%
$9,934.47
$97,070 - $98,000
26%
$539.80
Total
$18,754.52
Note: The final answer is rounded to the closest whole dollar.
References: Canadian Investment Funds Course, Unit 8, Section 8.2; [4]


NEW QUESTION # 211
Ai Fen has recently become registered to sell mutual funds with Acadian Eastern Financial, a mutual fund dealer. Ai Fen determined that with her background of being a Chartered Financial Analyst, she can help people understand the nature of investing more easily than others in her field.
Which registration category will need to be prominently noted on Ai Fen's business card to comply with the
"holding out rule"?

  • A. Dealing Representative
  • B. Registered Representative
  • C. Investment Representative
  • D. Chartered Financial Analyst

Answer: A

Explanation:
Explanation
The holding out rule is a regulatory requirement that prohibits registered individuals from using any title or designation other than their registration category when dealing with clients or potential clients. The purpose of this rule is to prevent misleading or confusing representations about the qualifications, roles, and responsibilities of registered individuals. According to Section 4.4 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), individuals who are registered to sell mutual funds must use the title "dealing representative" when holding out to clients or potential clients.
Therefore, Ai Fen must prominently note "dealing representative" on her business card to comply with the holding out rule. The other options are not valid registration categories for selling mutual funds. Option B is a generic term that does not specify the type of securities that can be sold. Option C is a registration category for individuals who trade securities on behalf of an investment dealer. Option D is a professional designation that does not indicate registration status. References: [Holding Out Rule], [Registration Categories], [Registration Requirements, Exemptions and Ongoing Registrant Obligations]


NEW QUESTION # 212
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 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.
  • B. Nelson can formalize his relationship under the RDI using a Letter of Engagement that specifies duties, responsibilities, and level of service.
  • C. Nelson may deliver the RDI to clients who request it and keep detailed notes of the clients who were provided with the RDI.
  • D. Nelson can record detailed notes which confirm that he provided and explained the Fund Facts to the client within 2 days of the RDI.

Answer: A

Explanation:
Explanation
Relationship Disclosure Information (RDI) is a document that provides important information about the nature and scope of the relationship between a registered firm and its clients. It covers topics such as the products and services offered by the firm, the fees and charges applicable to the client's account, the risks associated with investing, the conflict of interest management policies of the firm, and the dispute resolution services available to the client. According to Section 14.2 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103), registered firms must provide RDI to their clients before they purchase or sell securities for them or advise them to do so. Registered firms must also update RDI in a timely manner if there are any significant changes to it. To evidence that they have satisfied their RDI obligation, registered firms may retain a copy of the RDI in the client file with detailed notes to confirm that they have provided and explained RDI to their clients. This is one of the acceptable methods suggested by Alberta Securities Commission (ASC) in its presentation on RDI1. Delivering RDI only upon request or using a letter of engagement are not sufficient methods to comply with NI 31-103. Providing and explaining Fund Facts is a separate obligation under NI 31-101 Mutual Fund Distribution Rules.
References: Relationship Disclosure Information August 2021, Relationship Disclosure Information, Relationship Disclosure Information


NEW QUESTION # 213
In a mutual fund dealer, who is the person responsible for establishing and maintaining compliance policies and procedures as well as monitoring and assessing compliance?

  • A. the chief executive officer
  • B. the ultimate designated person
  • C. the chief compliance officer
  • D. the trustee

Answer: C


NEW QUESTION # 214
What purpose does it serve for non-money market mutual funds to hold money market instruments?

  • A. They are purchased by non-money market funds to satisfy the regulatory requirement of fund diversification.
  • B. Money market instruments primarily generate investment income that provides investors with preferential tax treatment.
  • C. They ensure that the fair market value of a mutual fund will not drop below a minimal market value.
  • D. If the portfolio manager has an immediate need for cash, money market instruments are relatively easy to liquidate.

Answer: D

Explanation:
Explanation
The purpose of holding money market instruments for non-money market mutual funds is to provide liquidity for the fund. If the portfolio manager has an immediate need for cash, such as to pay expenses or meet redemption requests, money market instruments are relatively easy to liquidate because they have short maturities and low credit risk. Money market instruments do not primarily generate investment income that provides investors with preferential tax treatment, as interest income from money market instruments is fully taxable at the investor's marginal tax rate. Money market instruments are not purchased by non-money market funds to satisfy the regulatory requirement of fund diversification, as there is no such requirement for mutual funds. Money market instruments do not ensure that the fair market value of a mutual fund will not drop below a minimal market value, as money market instruments can also fluctuate in value depending on interest rate changes and supply and demand factors. References: Money Market Instruments


NEW QUESTION # 215
......

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