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Free CIFC Exam Braindumps
Canadian Investment Funds Course Questions 91–95 (page: 20)

Updated On: 23-Feb-2026
Page 20 of 46
PDF with 224 Questions

Maalik opens an account for a new client, John. During the new account process, Maalik determines that he will need to confirm John's identity.
Which of the following statements about Maalik's identification requirements is CORRECT?

  1. If Maalik determines that there is anything suspicious about John's transaction, he is required to report the matter to his dealer. The dealer must report the matter to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
  2. If Maalik learns that John is the president of a state-owned company, Maalik is required to report John as a Politically Exposed Foreign Person (PEFP) to his dealer. If John is not a US person, the dealer must report the account to the Internal Revenue Service (IRS).
  3. If John wants to make a large cash deposit of $10,000 or more, Maalik is required to collect personal information about John and report it to his dealer. The dealer must report the information to the Canada Revenue Agency (CRA).
  4. If John attempts to make a suspicious deposit, Maalik is required to report the attempt to his dealer. The dealer must keep records of attempted suspicious transactions that are not reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).

Answer(s): A



Jehona is a Dealing Representative with Vista Wealth Investments Inc., a mutual fund dealer in Ontario and Nova Scoti

  1. Jehona has reviewed her client Sokol's account and wants to adjust the holdings and re-balance the portfolio.
    Which of the following statements about Jehona's permitted activities is CORRECT?
  2. If Sokol has signed a Limited Authorization Form, Jehona can process the trades in the account without Sokol's pre-approval.
  3. If Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered.
  4. If Sokol has given Jehona discretionary trading authority, Jehona can process trades in the account without Sokol's pre-approval.
  5. If Jehona wants to execute the trades without Sokol's pre-approval, Sokol must first appoint Jehona as his Power of Attorney.

Answer(s): B



Ken is a member of his employer's Defined Benefit Pension Plan (DBPP).
Which of the following statements about Ken's plan is CORRECT?

  1. Contributions to the plan do not result in a Pension Adjustment (PA) for Ken.
  2. The amount Ken receives in retirement depends on the performance of the investments he has selected within the plan.
  3. The amount that Ken will receive at retirement is not guaranteed.
  4. Income received from the plan is eligible for pension income splitting even if Ken retires before 65.

Answer(s): D



Marta is turning 71 years old this year. She will have to convert her registered retirement savings plan (RRSP) to a registered retirement income fund (RRIF).
Which of the following statements is TRUE?

  1. She will be able to continue contributing to her RRIF and be subject to the same annual limits as her RRSP.
  2. When she converts her RRSP to a RRIF, she will incur a tax liability.
  3. She will be subject to annual maximum withdrawal limits.
  4. She does not have to withdraw the minimum amount this year.

Answer(s): D



Solomon is a Dealing Representative who is excited about a new equity fund his dealer recently approved. He thinks investors will be attracted to the fund's historical performance. He has a prospective new client, Madira, who is 25 years old. Madira has invested in mutual funds before, but not with Solomon's dealer. She has made an appointment to open a new RRSP with Solomon's firm.

What does Solomon need to do to make this a suitable recommendation?

  1. Show from past fund performance, that mutual fund costs are not important if there are high returns.
  2. Rely on the risk rating of the mutual fund when offering an investment solution.
  3. Identify how the proposed investment is in alignment with the investor's profile and holdings.
  4. Match the past rates of return of the mutual fund with what is the anticipated rate of return.

Answer(s): C



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