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Free CIFC Exam Braindumps
Canadian Investment Funds Course Questions 6–10 (page: 3)

Updated On: 23-Feb-2026
Page 3 of 46
PDF with 224 Questions

Janine will celebrate her 71st birthday this year. She currently has a lot of money in a personal registered retirement savings plan (RRSP) and knows there are rules about what she can do with those funds.
Which of the following is TRUE?

  1. She can convert her RRSP to a locked-in retirement income fund (LRIF).
  2. She can convert her RRSP to a registered retirement income fund (RRIF) this year or by December 31st of next year.
  3. She can take the entire amount in cash, with no tax consequences because her RRSP funds were tax-sheltered.
  4. She can purchase a registered term or life annuity.

Answer(s): B



With respect to the tax treatment of dividends received from a taxable Canadian corporation, which of the following statements is CORRECT?

  1. Dividends are taxed the same way interest income is taxed.
  2. Dividends from both preferred and common shares of Canadian corporations receive preferential tax treatment.
  3. Dividends from non-resident corporations receive preferential tax treatment.
  4. Only 50% of dividend income is subject to tax.

Answer(s): B



What information does Fund Facts provide to potential investors?

  1. What the mutual fund is currently investing in.
  2. How to calculate the taxes owed from investment income.
  3. The portfolio management strategy that is used.
  4. The remuneration paid to the Independent Review Committee.

Answer(s): A



You have been researching Canadian equity mutual funds for a new client. You come across the following information.



What can you conclude from this information?

  1. Chamberlain Equity Fund has lower volatility since its 5-year annualized return is higher.
  2. Fontaine Equity Fund is a better fund because it has a higher quartile ranking.
  3. Fontaine Equity Fund has a lower risk level since its Sharpe Ratio is lower.
  4. Fontaine Equity Fund's higher MER contributes to its lower 5-year annualized return.

Answer(s): D



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?

  1. 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.
  2. 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.
  3. The TCP is the person whom Gershon can speak to if he becomes concerned about Isaac's mental capacity to make financial decisions.
  4. The TCP is the person who is designated with authority to direct financial dealings for Isaac's account and make financial decisions.

Answer(s): C



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