[2026年02月]更新のIFC試験問題と有効なIFC問題集PDF
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質問 # 257
Which of the following actions by the federal government or the Bank of Canada is an example of monetary policy?
- A. increasing the cost of borrowing
- B. increasing taxes
- C. increasing transfer payments to particular provinces
- D. increasing spending on road construction and maintenance
正解：A
解説：
Monetary policy is the process by which the central bank, in Canada's case the Bank of Canada, influences the supply and demand of money in the economy, and thereby affects the level of interest rates, inflation, and economic activity. One of the main tools of monetary policy is the overnight rate, which is the interest rate that banks charge each other for short-term loans. The Bank of Canada sets a target for the overnight rate and adjusts it periodically to achieve its inflation target of 2%. By increasing or decreasing the overnight rate, the Bank of Canada affects the cost and availability of credit for consumers and businesses, and influences their spending and saving decisions. For example, if the Bank of Canada increases the overnight rate, it becomes more expensive to borrow money, which reduces the demand for loans and credit, and slows down economic growth and inflation. Conversely, if the Bank of Canada decreases the overnight rate, it becomes cheaper to borrow money, which increases the demand for loans and credit, and stimulates economic growth and inflation.
1: Canadian Investment Funds Course, Chapter 1: The Canadian Financial Services Industry1
質問 # 258
For what reason do different entities have securities created and sold?
- A. Governments can address financial needs and support initiatives when securities are first sold.
- B. Government debt is reduced due to the capital that is received from investors when their securities are purchased.
- C. The issuance of securities is a method used by corporations to redistribute their wealth to investors to lower taxes.
- D. When common shares are initially sold, the capital raised will increase the issuing corporation's retained earnings.
正解：A
解説：
One of the main reasons why different entities have securities created and sold is to raise funds for various purposes. Governments, for example, can issue securities such as bonds or treasury bills to finance public spending, such as infrastructure, education, health care, or social programs. By selling securities to investors, governments can borrow money at a lower cost than other sources of funding, and can also stimulate the economy and create jobs12 References = Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.1:
Money Market Instruments3 and web search results from search_web(query="reasons for issuing securities")
12
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf
質問 # 259
Which of the following formulas correctly shows how taxable income is calculated?
- A. the sum of earned income and investment income
- B. total income less tax deductions
- C. the sum of income from all sources
- D. gross income less tax credits
正解：B
解説：
According to the Canada Revenue Agency, taxable income is the amount used to calculate federal tax and provincial or territorial tax on the income tax return. Taxable income is calculated by subtracting tax deductions from total income. Total income is the sum of income from all sources, such as employment, business, investment, pension, and other income. Tax deductions are amounts that can be subtracted from total income to reduce the amount of income that is subject to tax. Some examples of tax deductions are RRSP contributions, child care expenses, moving expenses, and alimony payments. Tax credits are not subtracted from total income, but rather from the tax payable. Tax credits are amounts that can reduce the amount of tax owed or increase the amount of refund. Some examples of tax credits are basic personal amount, spouse or common-law partner amount, Canada workers benefit, and foreign tax credit.
Therefore, the correct answer is C. total income less tax deductions.
1: Line 26000 - Taxable income - Canada.ca 2
質問 # 260
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 may deliver the RDI to clients who request it and keep detailed notes of the clients who were provided with the RDI.
- C. Nelson can formalize his relationship under the RDI using a Letter of Engagement that specifies duties, responsibilities, and level of service.
- 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.
正解：A
解説：
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 byAlberta 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
質問 # 261
In what circumstance would an investor receive a T3 or T5 reporting a capital gain from a mutual fund investment?
- A. When the investor sells her fund units at a price higher than their average cost
- B. When the fund sells investments at a price higher than the average cost of the investment
- C. When the value of the fund's investments has risen
- D. When the value of the investor's fund units has risen
正解：A
解説：
Comprehensive and Detailed Explanation From Exact Extract:
A T3 or T5 slip reporting a capital gain is issued when an investor sells their mutual fund units at a profit, not when the fund itself realizes gains. The feedback from the document states:
"In the normal course of portfolio management, shares are bought and sold either at a gain or at a loss for the fund. By the end of the year, many funds will have generated net capital gains on their portfolio transactions.
The capital gains are distributed in the form of a capital gains dividend reported on a T5 or T3." However, for the investor, the correct answer is A, as clarified by standard tax rules: capital gains are realized by the investor upon selling units at a price higher than their average cost.
Reference:Chapter 16 - Mutual Fund Fees and ServicesLearning Domain:Evaluating and Selecting Mutual Funds
質問 # 262
What is a key difference between marketable government bonds and treasury bills?
- A. Marketable government bonds may be sold at a discount while Treasury bills are sold at a premium
- B. Treasury bills trade in the over-the-counter market, while marketable bonds trade on the exchange
- C. Marketable government bonds actively trade in the secondary market while Treasury bills can only be bought from and sold to the government
- D. Treasury bills do not pay any coupon interest, while marketable bonds do
正解：D
解説：
Treasury bills (T-bills) have short maturities and are sold at a discount, with the return being the difference between the purchase price and par value at maturity, without coupon interest. Marketable bonds, however, pay coupon interest. The feedback from the document states:
"Because T-bills have such short maturities, they do not pay any coupon interest; instead, they are sold to investors at a discount from par value. When the T-bill matures, you receive par value. The difference between the price paid and the par value represents your return." Reference: Chapter 7 - Types of Investment Products and How They Are TradedLearning Domain:
Understanding Investment Products and Portfolios
質問 # 263
A client has $100,000 in savings, $5,000 in bank accounts, and $10,000 in loans. Calculate his net worth.
- A. $95,000
- B. $105,000
- C. $115,000
- D. $90,000
正解：A
解説：
Comprehensive and Detailed Explanation From Exact Extract:
Net worth is calculated as total assets minus total liabilities. The client's assets are $100,000 (savings) +
$5,000 (bank accounts) = $105,000. The liabilities are $10,000 (loans). Thus, net worth = $105,000 - $10,000
= $95,000. The feedback from the document confirms:
"Net worth is calculated as the value of all of the client's assets after subtracting outstanding loan and mortgage balances. In this example, the client has $100,000 + $5,000 = $105,000 in assets, and $10,000 in loans. Therefore, his net worth is $105,000 - $10,000 = $95,000." Reference:Chapter 1 - The Role of the Mutual Fund Sales RepresentativeLearning Domain:An Introduction to the Mutual Funds Marketplace
質問 # 264
Which exemplifies the tendency of mutual fund companies to shut down poor performing funds?
- A. Standard lot
- B. Standby underwriting
- C. Survivorship bias
- D. Short selling
正解：C
解説：
Comprehensive and Detailed Explanation From Exact Extract:
Survivorship bias occurs when poor-performing funds are closed, excluding them from performance rankings and inflating the perceived performance of surviving funds. The feedback from the document states:
"All comparison universes also exhibit some degree of survivorship bias no matter how carefully the universes are constructed. Survivorship bias develops as defunct portfolios drop out and are excluded from rankings in subsequent quarters. A performance universe is essentially a universe of survivors." Reference:Chapter 14 - Understanding Mutual Fund PerformanceLearning Domain:Evaluating and Selecting Mutual Funds
質問 # 265
Which of the following statements about global equity funds is TRUE?
- A. They are always less risky than Canadian equity funds.
- B. They specialize in one or two countries.
- C. They must invest almost exclusively outside of the Americas.
- D. They may invest in all countries including the investment fund manager's home country.
正解：D
解説：
Global equity funds are a type of investment fund that invests in equity securities of companies from different countries around the world, including the investment fund manager's home country. Global equity funds aim to provide diversification and growth potential by taking advantage of the opportunities and risks in various markets and regions. Global equity funds may have different geographic, sectoral, or thematic focuses, depending on their investment objectives and strategies. Global equity funds are different from international equity funds, which invest only in countries outside of the investment fund manager's home country. Global equity funds are also different from regional or country-specific equity funds, which specialize in one or a few countries or regions. Global equity funds may have higher risk than domestic equity funds, as they are exposed to currency risk, foreign market risk, political risk, and regulatory risk.
1: Canadian Investment Funds Course, Chapter 4: Types of Investments1
質問 # 266
Last year at age 70, Gregory opened a registered retirement income fund (RRIF). Recently, Gregory unexpectedly received a large cash gift and presently does not need to depend on any payments from his RRIF. He contacts his financial advisor Eric for guidance.
Which of the following statements by his financial advisor would be CORRECT?
- A. Periodic contributions to a RRIF are permitted until Gregory reaches the age of 71.
- B. Gregory's account will be subjected to no maximum withdrawal limit but to an annual minimum withdrawal.
- C. Gregory must have attained the minimum age of 71 to open a RRIF.
- D. Withdrawals become mandatory within the first year of the plan being started.
正解：B
解説：
According to the Canadian Investment Funds Course, a registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be opened at any age, but it must be established by the end of the year the annuitant turns 71. A RRIF cannot accept any contributions, but it can receive transfers from other registered plans, such as RRSPs, PRPPs, RPPs, or other RRIFs. A RRIF has no maximum withdrawal limit, meaning that the annuitant can withdraw any amount from the plan at any time. However, a RRIF has a minimum withdrawal requirement, which is calculated based on the annuitant's age or the age of their spouse or common-law partner. The minimum withdrawal must be paid out in the year following the year the RRIF is opened and every year thereafter. The minimum withdrawal is taxable as income in the year of receipt.
Therefore, the correct answer is C. Gregory's account will be subjected to no maximum withdrawal limit but to an annual minimum withdrawal.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)
質問 # 267
Zofia has held units of the ABC Monthly Income fund for many years and has reinvested all distributions by purchasing additional units. During this period, she received $2,500 in reinvested dividends. She originally purchased $10,000 of fund units, and after several years, the portfolio value rose to $15,000. What is the tax consequence if Zofia decides to sell her units?
- A. The capital gain will be $5,000.
- B. The cumulative distributions will be taxed separately as an investment dividend when she sells her units.
- C. The adjusted cost base would be $12,500.
- D. The NAVPS will be increased by the amount of the cumulative distributions.
正解：C
解説：
When distributions from a mutual fund are reinvested (rather than taken in cash), they are not taxed again at the time of reinvestment. Instead, they increase the adjusted cost base (ACB) of the investment. This is important because when the investor eventually sells the mutual fund units, the capital gain (or loss) is calculated as:
Capital Gain = Proceeds of Disposition - Adjusted Cost Base - Expenses Incurred to Sell In Zofia's case:
* Original investment = $10,000
* Reinvested distributions = $2,500 (which increases the ACB)
* Therefore, ACB = $10,000 + $2,500 = $12,500
* Proceeds of sale = $15,000
* Capital gain = $15,000 - $12,500 = $2,500
Thus, the correct answer is D, because $12,500 is the adjusted cost base and the capital gain on sale would be $2,500, not $5,000.
This is clearly stated in the Investment Funds in Canada material where it explains that reinvested distributions increase the investor's ACB and are not separately taxed at the time of disposition.
質問 # 268
What information does Fund Facts provide to potential investors?
- A. How to calculate the taxes owed from investment income.
- B. The remuneration paid to the Independent Review Committee.
- C. The portfolio management strategy that is used.
- D. What the mutual fund is currently investing in.
正解：D
解説：
A Fund Facts document is a summary disclosure document that provides key information about a mutual fund, such as its investment objectives, risks, past performance, and fees. One of the information items that a Fund Facts document provides to potential investors is what the mutual fund is currently investing in, such as its top 10 holdings, asset mix, geographic allocation, and sector allocation. A Fund Facts document does not provide information on how to calculate taxes, portfolio management strategy, or remuneration of the Independent Review Committee. References: Fund facts guide | Sun Life Global Investments, Mutual Funds - Fund Facts | ScotiaFunds
質問 # 269
What type of asset allocation strategy rebalances asset classes to pre-defined corridors?
- A. Expected
- B. Model
- C. Strategic
- D. Tactical
正解：C
質問 # 270
Your client, James, would like to work beyond the normal retirement age. He comes to you for advice on his registered retirement savings plan (RRSP).What are the rules regarding terminating an RRSP?
- A. James must terminate the plan by the end of the year he turns 67.
- B. James must terminate the plan by the end of the year he turns 71.
- C. James must terminate the plan by the end of the year he turns 65.
- D. James must terminate the plan by the end of the year he turns 70.
正解：B
解説：
According to the Canadian Investment Funds Course, an RRSP is a retirement savings plan that allows individuals to defer taxes on their contributions and investment income until they withdraw the funds.
However, an RRSP cannot be held indefinitely and must be terminated by the end of the year the annuitant turns 71. At that point, the annuitant has three options to withdraw the funds from the RRSP:
* Make a lump-sum withdrawal, which is subject to withholding tax and income tax.
* Convert the RRSP to a registered retirement income fund (RRIF), which provides a steady stream of income with a minimum amount that must be withdrawn each year.
* Purchase an annuity, which offers a guaranteed income for life or for a specified period.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)
質問 # 271
What type of fund offers the highest expected risk and the highest expected return in terms of the risk-return trade-off between different types of mutual funds?
- A. Specialty fund
- B. Mortgage fund
- C. Real estate fund
- D. Canadian Equity fund
正解：A
解説：
Comprehensive and Detailed Explanation From Exact Extract:
Specialty funds, due to their focused and often speculative investments, carry the highest expected risk and return among mutual funds. The feedback from the document states:
"The highest risk, highest expected return mutual fund is a specialty fund." Reference:Chapter 15 - Selecting a Mutual FundLearning Domain:Evaluating and Selecting Mutual Funds
質問 # 272
Gregory is a conservative investor who wants to hold a portfolio of equity securities that would fall less than the overall market in a downturn.
Which of the following portfolios would you advise Gregory to invest in?
- A. a portfolio with a beta equal to 1
- B. a portfolio with a beta between 1 and 2
- C. a portfolio with a beta greater than 2
- D. a portfolio with a beta less than 1
正解：D
解説：
A portfolio with a beta less than 1 would be suitable for Gregory, who is a conservative investor and wants to reduce his exposure to market risk. A beta less than 1 means that the portfolio is less volatile than the market index and tends to dampen its movements. This implies that the portfolio would fall less than the market in a downturn, but also rise less than the market in an upturn. A portfolio with a beta equal to 1 would move in the same direction and magnitude as the market, while a portfolio with a beta greater than 1 would be more volatile than the market and amplify its movements.
Canadian Investment Funds Course, Chapter 3: Risk and Return1
質問 # 273
What type of risk is the fundamental risk factor for fixed-income securities?
- A. Reinvestment risk
- B. Interest rate risk
- C. Liquidity risk
- D. Market risk
正解：B
解説：
Interest rate risk is the primary risk for fixed-income securities, as their value decreases when interest rates rise due to fixed cash flows. The feedback from the document states:
"Interest rate risk is the fundamental risk factor for fixed-income securities such as bonds, mortgages and preferred shares. As interest rates move up, the value of a fixed-income security falls. This is because the cash flow from the fixed-income security is fixed." Reference: Chapter 11 - Conservative Mutual Fund ProductsLearning Domain: Analysis of Mutual Funds
質問 # 274
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?
- A. Match the past rates of return of the mutual fund with what is the anticipated rate of return.
- B. Identify how the proposed investment is in alignment with the investor's profile and holdings.
- C. Rely on the risk rating of the mutual fund when offering an investment solution.
- D. Show from past fund performance, that mutual fund costs are not important if there are high returns.
正解：B
解説：
To make a suitable recommendation, Solomon needs to identify how the proposed investment is in alignment with the investor's profile and holdings. A suitable recommendation is one that meets the investor's needs, goals, risk tolerance, time horizon, and personal circumstances. It also considers the investor's existing portfolio and how the new investment would affect its diversification, performance, and risk. Therefore, option C is correct regarding what Solomon needs to do to make a suitable recommendation. The other options are not correct or sufficient to make a suitable recommendation. Option A is false because mutual fund costs are important regardless of the past fund performance, as they reduce the net returns and compound over time. Option B is false because relying on the risk rating of the mutual fund is not enough to offer an investment solution, as it does not reflect the investor's return expectations, liquidity needs, tax situation, or personal preferences. Option D is false because matching the past rates of return of the mutual fund with what is the anticipated rate of return is not a reliable way to make a recommendation, as past performance does not guarantee future results and may not be consistent with the investor's risk tolerance or time horizon.
References: [Suitability | GetSmarterAboutMoney.ca], [Mutual Fund Fees | GetSmarterAboutMoney.ca],
[Risk Rating | GetSmarterAboutMoney.ca]
質問 # 275
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