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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q322-Q327):

NEW QUESTION # 322
During the calendar year, Firmansyah received a $1,800 eligible dividend from a large Canadian bank and a
$US dollar (USD) dividend of $882.02 from a foreign-based corporation. The USD/CAD exchange rates is
1.3605.
Firmansyah's federal marginal tax bracket is 29%. The enhanced dividend gross-up rate is 38% and the federal dividend tax credit rate for eligible dividends is 15%.
What federal tax liability will be result from his investment income?

A. $348.00
B. $522.00
C. $695.76
D. $870.00

Answer: C

Explanation:
To calculate the federal tax liability from the investment income, we need to consider the following steps:
* Convert the foreign dividend to Canadian dollars using the exchange rate.In this case, $882.02 USD x
1.3605 = $1,200.00 CAD.
* Gross up the eligible dividend by the enhanced dividend gross-up rate of 38%.In this case, $1,800 x
1.38 = $2,484.
* Add the grossed-up eligible dividend and the foreign dividend to get the total taxable income from dividends.In this case, $2,484 + $1,200 = $3,684.
* Multiply the total taxable income from dividends by the federal marginal tax rate of 29% to get the gross federal tax payable.In this case, $3,684 x 0.29 = $1,068.36.
* Multiply the grossed-up eligible dividend by the federal dividend tax credit rate of 15% to get the federal dividend tax credit.In this case, $2,484 x 0.15 = $372.60.
* Subtract the federal dividend tax credit from the gross federal tax payable to get the net federal tax liability.In this case, $1,068.36 - $372.60 = $695.76.
Therefore, Firmansyah's federal tax liability from his investment income is $695.76.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)

NEW QUESTION # 323
What trait or characteristic is normally associated with a person who would be designated as a Trusted Contact Person (TCP)?

A. Normally has a financial interest in the client's account or assets.
B. Can simplify difficult financial concepts for the client.
C. Often involved with providing care for the client who requires personal assistance.
D. Has the authority to make financial decisions on behalf of the client.

Answer: C

Explanation:
A Trusted Contact Person (TCP) is someone who the client authorizes their financial advisor to contact in limited circumstances, such as when the client is vulnerable, has a health issue, or cannot be reached. A TCP should be someone who the client trusts and who is mature and can handle difficult conversations about the client's personal situation. Often, a TCP is someone who is involved with providing care for the client who requires personal assistance, such as a family member, a friend, or a caregiver. A TCP does not have a financial interest in the client's account or assets, does not have the authority to make financial decisions on behalf of the client, and does not need to simplify financial concepts for the client

NEW QUESTION # 324
What is Widget Inc.'s gross profit?
Widget Inc. Earnings Statement
Sales: $200,000
Cost of Goods Sold: $80,000
Selling & General Expenses: $40,000
Depreciation: $5,000
Total Expenses: $30,000
Net Earnings: $40,000

A. $120,000
B. $50,000
C. $75,000
D. $45,000

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Gross profit is calculated as sales minus the cost of goods sold. For Widget Inc.: $200,000 - $80,000 =
$120,000. The feedback from the document states:
"Sales are reduced by the expenses that were incurred in order to generate the goods sold (cost of goods sold).
These expenses include the cost of inventories used to produce the goods as well as the labour that went into their production. The sales revenue, net of the cost of producing those goods, is known as gross profit. In this case, gross profit = $200,000 - $80,000 = $120,000." Reference:Chapter 9 - Understanding Financial StatementsLearning Domain:Understanding Investment Products and Portfolios

NEW QUESTION # 325
Grant is a Dealing Representative with WealthPlus Securities Inc. Grant becomes a volunteer member of his local arena's Hockey Association and is appointed as the Association's new Treasurer. Which of the following statements about Grant's appointment as Treasurer is CORRECT?

A. Since Grant holds the Treasurer position on a voluntary basis, it is not an outside activity.
B. If Grant is not compensated for the Treasurer position, his firm's approval is not required.
C. Grant must disclose the Treasurer position to his firm once he has accepted the position.
D. Grant must obtain the firm's approval before he starts the Treasurer position.

Answer: D

Explanation:
Grant's appointment as Treasurer is considered an outside activity, regardless of whether he is compensated or not. According to the CIFC, Dealing Representatives must obtain their firm's written approval before engaging in any outside activity that could interfere with their ability to perform their duties or create a conflict of interest with their clients or employer. Grant must disclose the nature and extent of his involvement with the Hockey Association and how it may affect his availability, reputation, or potential for conflicts of interest. The firm may approve, reject, or impose conditions on Grant's outside activity.
Canadian Investment Funds Course, Chapter 8: Suitability and Know Your Client1

NEW QUESTION # 326
Which of the following are obligations on mutual fund dealing representatives imposed by The Proceeds of Crime (Money Laundering) and Terrorist Financing Act?

A. record-keeping of large transactions, account-related information, and other relevant records
B. confirming client identity each time before concluding any transaction
C. reporting all financial transactions to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC)
D. enhancing public awareness of matters related to money laundering and terrorist financing

Answer: A

NEW QUESTION # 327
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