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質問 # 97
Yesterday, Mariana purchased mutual funds for the first time from Diablo, who is a Dealing Representative for Horizon Financial. When Mariana mentions to her friend Marcus that she just started to invest, Marcus confides that he experienced losses from mutual fund investing. Her initial feelings of excitement have now changed to worry and regret. She wished she had talked to her friend before investing and wonders if she can change her mind.
Which statement regarding the right of withdrawal applies?
- A. The Canadian Securities Administrators have instituted national instruments regarding Mariana's right to cancel her order.
- B. How the right of withdrawal can be applied is determined by the Mutual Fund Dealers Association of Canada's conduct rules.
- C. Before Mariana can cancel her order, she must wait two business days to pass before she can cancel her order.
- D. The right of withdrawal is based on the securities act legislation within the jurisdiction the purchase occurred.
正解：D
解説：
Explanation
The right of withdrawal is a statutory right that allows investors to cancel their mutual fund purchase within two business days of receiving the Fund Facts document or confirmation of purchase, whichever is later. The right of withdrawal is based on the securities act legislation within the jurisdiction where the purchase occurred, which may vary slightly across provinces and territories. References: Canadian Investment Funds Course (CIFC) | IFSE Institute
質問 # 98
When comparing the current yield and yield-to-maturity of a bond, which statement applies?
- A. Current yield includes in the calculation the time to maturity.
- B. Capital gains or capital losses are reflected in the current yield calculation.
- C. Yield-to-maturity accounts for the reinvestment of coupon payments.
- D. Yield-to-maturity is based on the current market value of the bond, not the price paid.
正解：C
解説：
Explanation
This statement is correct because yield-to-maturity (YTM) is the annualized rate of return of a bond that assumes that all coupon payments are reinvested at the same rate until the bond matures. YTM takes into account the bond's current market price, par value, coupon rate, and time to maturity, and it calculates the compound interest earned on the reinvested coupons. Therefore, YTM reflects the total return of the bond, including both the interest income and the capital gain or loss.
References = Current Yield vs. Yield to Maturity - Investopedia, Yield to Maturity (YTM) - Investopedia, Bond Current Yield Calculator
質問 # 99
Exchange traded funds (ETFs) that track an index and index mutual funds have many similarities. However, what is a major difference between these two products?
- A. While ETFs are prone to tracking errors, index funds are perfectly aligned with their underlying index.
- B. ETFs do not have management fees since they are exchange traded while index funds do incur such fees.
- C. The market price of ETFs always matches the underlying basket of securities while there can be a discrepancy in pricing index funds.
- D. ETFs can be purchased continuously throughout the trading day while index funds can only be bought or sold at the end of the day.
正解：D
質問 # 100
What is the national self-regulatory organization (SRO) for investment dealers?
- A. The Investment Industry Regulatory Organization of Canada
- B. The Canadian Securities Administrators
- C. The National Securities Commission
- D. The Mutual Fund Dealers Association of Canada
正解：A
解説：
Explanation
The national self-regulatory organization (SRO) for investment dealers is the Investment Industry Regulatory Organization of Canada (IIROC). An SRO is a non-governmental organization that sets and enforces rules and standards for its members in a specific industry or profession. IIROC is an SRO that oversees all investment dealers and their trading activity in Canada's debt and equity markets. IIROC's mandate is to protect investors and support healthy capital markets by ensuring high standards of conduct, competence, and compliance among its members and their representatives. Therefore, option D is correct regarding the national SRO for investment dealers. The other options are not correct or relevant to the question. Option A is false because there is no such organization as the National Securities Commission in Canada; rather, there are provincial and territorial securities regulators that form the Canadian Securities Administrators (CSA), which is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital markets. Option B is false because the Mutual Fund Dealers Association of Canada (MFDA) is not the national SRO for investment dealers; rather, it is the national SRO for mutual fund dealers and their representatives in Canada. Option C is false because the Canadian Securities Administrators (CSA) is not the national SRO for investment dealers; rather, it is a council of securities regulators that coordinates and harmonizes regulation for the Canadian capital markets. References: [IIROC - Home], [SROs | GetSmarterAboutMoney.ca], [CSA - Home]
質問 # 101
Khuyen is a Dealing Representative for Stark Contrast Investments. Her dealer has relationships with 20 different mutual fund families. This gave her the flexibility to sell two different types of funds from two different fund families to her client, Bao. $5,000 was invested in the Blue Moon Global Balanced fund and an additional $5,000 was invested in the Orange Sun Asset Allocation fund. Khuyen has been reviewing the performance of both funds and has determined that Bao would be better off being fully invested in the Blue Moon Global Balance fund. Bao had previously signed a Limited Authorization Form (LAF) for Khuyen, so she goes ahead and does not worry about consulting with Bao before making the change.
What type of activity has Khuyen performed?
- A. Value investing
- B. Top-down management
- C. Discretionary trading
- D. Churning
正解：C
解説：
Explanation
Discretionary trading is a type of trading activity where the advisor makes investment decisions on behalf of the client without obtaining the client's prior consent for each transaction. Discretionary trading is only allowed if the client has signed a discretionary management agreement with the advisor and the advisor is registered as a portfolio manager. A limited authorization form (LAF) does not grant the advisor the authority to engage in discretionary trading. A LAF only allows the advisor to execute trades that are initiated by the client, such as pre-authorized contributions or withdrawals. Therefore, Khuyen has performed discretionary trading by switching Bao's funds without consulting him, which is a violation of her registrant responsibilities and ethical standards. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 2: The Sales Process, Section 2.4:
Ethics and Compliance, page 2-161
Discretionary Trading Definition - Investopedia2
質問 # 102
Maureen is 65 years old and will be retiring soon. She has a modest portfolio of mutual funds that focus on growth. As she approaches retirement, Maureen wants to switch to investments that provide steady income with low to medium risk.
Given Maureen's wishes, which of the following mutual funds would be suitable for her?
- A. Canadian dividend funds, global equity index funds, bond funds
- B. money market funds, global equity funds, bond funds
- C. money market funds, mortgage funds, bond funds
- D. money market funds. Canadian dividend funds, sector funds
正解：C
質問 # 103
Which of the following statement about Exchange Traded Funds (ETFs) is TRUE?
- A. Investors may sell their ETFs in the stock market or redeem them through the Fund at the NAVPU of the day.
- B. ETFs have lower MERs compared to mutual funds.
- C. Usually the market price of an ETF is the net asset value per unit (NAVPU) of the Fund on that day.
- D. All ETFs are actively managed.
正解：B
解説：
Explanation
An exchange-traded fund (ETF) is a type of pooled investment security that operates much like a mutual fund.
Typically, ETFs will track a particular index, sector, commodity, or other assets, but unlike mutual funds, ETFs can be purchased or sold on a stock exchange the same way that a regular stock can. ETFs have lower management expense ratios (MERs) compared to mutual funds because they are passively managed and do not incur high costs for research, analysis, and portfolio rebalancing. Therefore, this statement is true about ETFs.
References: Exchange-Traded Fund (ETF) Explanation With Pros and Cons - Investopedia, The Best ETFs - Exchange Traded Funds Rankings | US News Investing
質問 # 104
You are collecting know your client (KYC) information for your new client, Yael. She has recently accepted an early retirement package from her employer and has $100,000 to invest. She is looking for an investment that will provide income to help pay her ongoing monthly expenses. Without this extra income, she would have trouble paying her bills. From your discussions, Yael understands that markets fluctuate and says she is comfortable with high risk. Which of the following would be a suitable investment?
- A. mortgage fund
- B. global equity fund
- C. money market fund
- D. Canadian equity index fund
正解：A
解説：
Explanation
A mortgage fund is a type of income fund that invests in mortgages and other debt instruments secured by real estate. It provides a steady stream of income to investors and has a low correlation with other asset classes. A mortgage fund is suitable for Yael because she needs income to pay her monthly expenses and is comfortable with high risk. A global equity fund, a money market fund, and a Canadian equity index fund are not suitable for Yael because they do not meet her income objective and risk tolerance. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Unit 6, Lesson 4
質問 # 105
Sujay contributes 3% of his $60,000 salary to his employer's defined contribution pension plan. His employer contributes the same amount to the plan. How will this affect his registered retirement savings plan (RRSP) contribution room for the year?
- A. It will have no effect. RRSP contribution room is based on earned income only.
- B. It will reduce Suiay's contribution room by $3,600.
- C. It will reduce Suiay's contribution room by $1800
- D. It will reduce Suiay's contribution room by 51,800.
正解：B
解説：
Explanation
D is correct because Sujay's registered retirement savings plan (RRSP) contribution room for the year will be reduced by $3,600. This is because his employer's defined contribution pension plan is considered a registered pension plan (RPP), which affects his RRSP contribution room through a pension adjustment (PA). The PA is calculated as 18% of his earned income in the previous year minus his RPP contributions in the current year.
In this case, Sujay's PA for the current year is $3,600, which is 18% of his $60,000 salary minus his 3% contribution ($1,800) and his employer's 3% contribution ($1,800). The PA reduces his RRSP contribution room for the next year by the same amount. It will have an effect on his RRSP contribution room (A), as it is not based on earned income only, but also on RPP contributions. It will not reduce his contribution room by
$51,800 (B), as this is more than his earned income. It will not reduce his contribution room by $10,800, as this is 18% of his earned income without subtracting his RPP contributions. References: Canadian Investment Funds Course (CIFC) | IFSE Institute
質問 # 106
Which statement regarding the underwriting process and over-the-counter (OTC) markets is CORRECT?
- A. Corporations must have their shares listed both on an exchange and the OTC market during the underwriting process.
- B. Many new stock issues that are underwritten by securities firms are first listed on a stock exchange before they are sold over-the-counter.
- C. The disclosure standards for stock exchanges are not as stringent as those imposed by the OTC market.
- D. During the underwriting process investment bankers raise investment capital from investors on behalf of corporations and governments issuing securities.
正解：D
質問 # 107
Jehona is a Dealing Representative with Vista Wealth Investments Inc., a mutual fund dealer in Ontario and Nova Scotia. Jehona has reviewed her client Sokol's account and wants to adjust the holdings andre-balance the portfolio. Which of the following statements about Jehona's permitted activities is CORRECT?
- A. If Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered.
- B. If Sokol has qiven Jehona discretionary tradinq authority, Jehona can process trades in the account without Sokol's pre-approval.
- C. If Jehona wants to execute the trades without Sokol's pre-approval, Sokol must first appoint Jehona as his Power of Attorney.
- D. If Sokol has siqned a Limited Authorization Form, Jehona can process the trades in the account without Sokol's pre-approval.
正解：A
質問 # 108
Bernadette has a high-paying job and is in the top tax bracket. She recently received a payment of $5 million upon the settlement of her uncle's estate. Bernadette would like to invest her inheritance in financial products that would not only grow her money but is also income tax friendly.
Which of the following would provide the most favourable tax treatment?
- A. Eligible dividends from a publicly-listed Canadian corporation
- B. Dividends received from a large foreign corporation.
- C. Capital gains from a large Canadian corporation.
- D. Coupon payments from Government of Canada bonds.
正解：A
解説：
Explanation
Eligible dividends from a publicly-listed Canadian corporation would provide the most favourable tax treatment for Bernadette, who is in the top tax bracket. Eligible dividends are subject to a lower tax rate than other types of income because they qualify for the enhanced dividend tax credit. This credit is intended to reduce the double taxation of corporate income, which occurs when a corporation pays tax on its earnings and then distributes those earnings to its shareholders, who also pay tax on them. Dividends received from a large foreign corporation do not qualify for the dividend tax credit and are taxed at the same rate as interest income.
Coupon payments from Government of Canada bonds are also fully taxable as interest income. Capital gains from a large Canadian corporation are taxed at a lower rate than interest income, but higher than eligible dividends, because only 50% of the gain is included in taxable income. References: Capital gains, interest and dividends: How they're taxed in Canada, How Are Dividends Taxed in Canada?
質問 # 109
Which of the following statements is TRUE about inflation?
- A. An increase in the inflation rate could mean investors have less money to invest.
- B. Generally inflation will benefit those who are living on investment income.
- C. Purchasing power rises as inflation rises.
- D. Inflation results in a redistribution of income from borrowers to lenders.
正解：A
解説：
Explanation
Inflation is the general increase in the prices of goods and services over time. Inflation reduces the purchasing power of money, meaning that a dollar can buy less than it used to. Inflation also erodes the real value of investment income, such as interest, dividends, and capital gains. Therefore, an increase in the inflation rate could mean that investors have less money to invest, as their income and savings lose value.
References = Canadian Investment Funds Course, Unit 5: Types of Investments, Lesson 1: Economic Factors and Financial Markets, Section 5.1.2: Inflation1; CIFC prepkit, Chapter 5: Types of Investments, Question
5.1.2 2
質問 # 110
At the close of business, Great Lengths Equity Fund had total assets of $135 million and total liabilities of $10 million. They had 11 million units outstanding. In addition, their current assets totalled $13 million and current liabilities were $3 million. Which of the following statements regarding Great Lengths Equity Fund's net asset value per unit (NAVPU) is correct?
- A. There is not enough information available to calculate the NAVPU.
- B. Great Lengths Equity Fund's NAVPU is $11.36.
- C. The NAVPU is the total liabilities divided by the number of outstanding units.
- D. Current assets and current liabilities are used in the NAVPU calculation.
正解：B
解説：
Explanation
The net asset value per unit (NAVPU) of a mutual fund is calculated by dividing the net asset value (NAV) of the fund by the number of outstanding units. The NAV is the difference between the total assets and total liabilities of the fund. Current assets and current liabilities are not relevant for the NAVPU calculation.
Therefore, Great Lengths Equity Fund's NAVPU is ($135 million - $10 million) / 11 million = $11.36.
References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Unit 8, Lesson 1
質問 # 111
Josephine is a Dealing Representative with Sunshine Mutual Funds Inc. for over 10 years. Her brother Jonathan has an account with Sunshine Mutual Funds Inc., too. Jonathan wants Josephine to manage his portfolio and make investment decisions on his behalf. Jonathan trusts his sister to make better investment choices than he can. He also wants to give Power of Attorney (POA) to Josephine so she can have full authority over his account.
How can Josephine respond to her brother's request?
- A. Josephine should accept the POA after making a full disclosure to her dealer about the POA.
- B. Josephine can accept the POA as it is an exception that is permitted under the MFDA rules.
- C. Josephine cannot accept the POA as she is not the immediate family.
- D. Josephine can accept a limited POA.
正解：D
解説：
Explanation
According to the MFDA rules, a Member or an Approved Person cannot accept or act upon a general power of attorney or other similar authorization from a client in favour of the Member or Approved Person, unless the client is a spouse, parent, or child of the Approved Person and certain conditions are met. However, a Member or an Approved Person can accept a limited trading authorization from a client, which allows the Member or Approved Person to execute trades on behalf of the client, but not to engage in any discretionary trading.
Therefore, Josephine can accept a limited POA from her brother, as long as she does not make any investment decisions without his consent.
References = Canadian Investment Funds Course (CIFC) - Module 1: The Financial Services Industry - Section 1.3: Know Your Client (KYC)1 and web search results from search_web(query="power of attorney and mutual fund dealers association rules")23
1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-1.pdf
質問 # 112
Salvatore and Harriet recently got married. They are presently renting but are looking forward to buying a new home within 5 years. They both have separate savings established in their respective registered retirement savings plans (RRSPs) of $100,000 each. They have come to Dustin, a Dealing Representative, to open an additional joint investment account to increase their savings to assist with their future plans of buying a new home.
What does Dustin need to ensure about his recommendation?
- A. That the risk profile of the investment and each client's individual risk profile are a match.
- B. That the recommended investment is different from what they currently own to avoid over-concentration.
- C. That the investment recommendation is based on the risk profile of the new joint account.
- D. That the risk profile for this new account is the same as what has been determined for other accounts.
正解：C
解説：
Explanation
Dustin needs to ensure that his recommendation is suitable for the new joint account, which may have a different risk profile than the individual accounts of Salvatore and Harriet. A joint account is an account that is owned by two or more people who share the rights and responsibilities of the account. A joint account may have different investment objectives, time horizon, risk tolerance, and financial situation than the individual accounts of the joint owners. Therefore, Dustin needs to conduct a know your client (KYC) process for the joint account and determine the appropriate risk profile for the account, based on the collective responses of Salvatore and Harriet. The risk profile of the joint account will guide Dustin in recommending suitable investment products and services that match the goals and needs of the joint owners
質問 # 113
What is the national self-regulatory organization (SRO) for investment dealers?
- A. The Investment Industry Regulatory Organization of Canada
- B. The Canadian Securities Administrators
- C. The National Securities Commission
- D. The Mutual Fund Dealers Association of Canada
正解：A
質問 # 114
Jehona is a Dealing Representative with Vista Wealth Investments Inc., a mutual fund dealer in Ontario and Nova Scotia. 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?
- A. If Sokol has signed a Limited Authorization Form, Jehona can process the trades in the account without Sokol's pre-approval.
- B. If Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered.
- C. If Jehona wants to execute the trades without Sokol's pre-approval, Sokol must first appoint Jehona as his Power of Attorney.
- D. If Sokol has given Jehona discretionary trading authority, Jehona can process trades in the account without Sokol's pre-approval.
正解：B
解説：
Explanation
The statement that is correct about Jehona's permitted activities is option B. According to Section 13.3 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI
31-103), registered individuals must not engage in discretionary trading, meaning that they must not execute a transaction for a client's account without the specific authorization of the client before the transaction.
Therefore, if Jehona wants to execute trades for Sokol's account, Sokol must provide his specific authorization before the trades are entered. The other statements are not correct about Jehona's permitted activities. Option A is false because a Limited Authorization Form does not allow Jehona to process trades in the account without Sokol's pre-approval; rather, it allows Jehona to accept instructions from a third party authorized by Sokol, such as a spouse or a lawyer. Option C is false because Sokol cannot give Jehona discretionary trading authority, as it is prohibited by NI 31-103 for mutual fund dealers and their representatives. Option D is false because appointing Jehona as his Power of Attorney does not allow Jehona to execute trades without Sokol's pre-approval; rather, it allows Jehona to act on behalf of Sokol in legal and financial matters, subject to certain conditions and limitations. References: [Registration Requirements, Exemptions and Ongoing Registrant Obligations], [Discretionary Trading | GetSmarterAboutMoney.ca], [Limited Authorization Form | IFIC],
[Power of Attorney | GetSmarterAboutMoney.ca]
質問 # 115
On which of the following does the Personal Information Protection and Electronic Documents Act (PIPEDA) impose requirements?
- A. organizations in the private sector subject to federal regulation
- B. departments and agencies of the Government of Canada
- C. departments and agencies of provincial governments
- D. consumers
正解：A
解説：
Explanation
The Personal Information Protection and Electronic Documents Act (PIPEDA) is a federal law that imposes requirements on the collection, use, and disclosure of personal information by organizations in the private sector that are subject to federal regulation, such as banks, telecommunications, transportation, and broadcasting. PIPEDA also applies to organizations that operate in provinces or territories that do not have substantially similar privacy legislation, such as Alberta, British Columbia, and Quebec. PIPEDA does not apply to consumers, departments and agencies of the Government of Canada, or departments and agencies of provincial governments, as they are governed by other privacy laws or regulations12 References = Canadian Investment Funds Course, Unit 7: The Regulatory Environment, Lesson 3: Privacy Legislation, Section 7.3.1: Personal Information Protection and Electronic Documents Act (PIPEDA) 1; Office of the Privacy Commissioner of Canada website
質問 # 116
Which of the following best describes how a target date fund works?
- A. The mutual fund is constantly rebalanced to maintain an even split between equities and fixed income through the life of the mutual fund.
- B. Through the years, the asset allocation shifts from fixed income towards equities as the maturity date approaches.
- C. Through the years, the asset allocation shifts from equities towards fixed income as the maturity date approaches.
- D. In exchange for a lump-sum purchase the unitholder receives guaranteed monthly payments for life.
正解：C
解説：
Explanation
This is because a target date fund is designed to reduce the risk and volatility of the portfolio as the investor gets closer to their retirement or other savings goal. Equities tend to have higher returns but also higher risk than fixed income, so a target date fund gradually reduces the exposure to equities and increases the exposure to fixed income over time. This way, the investor can benefit from the growth potential of equities in the early years and preserve their capital with the stability of fixed income in the later years.
質問 # 117
When you buy a put option, which of the following is TRUE?
- A. You have the obligation to buy a set number of shares at a set price.
- B. You have the right to purchase a set number of shares at a set price.
- C. You have the right to sell a set number of shares at a set price.
- D. You have the obligation to sell a set number of shares at a set price.
正解：C
解説：
Explanation
A put option is a contract that gives the buyer the right, but not the obligation, to sell a set number of shares of an underlying asset at a set price within a specified time frame. The buyer of a put option expects the price of the underlying asset to fall below the strike price before the expiration date. Therefore, A is the correct answer.
References: Put Option: What It Is, How It Works, and How to Trade Them, Put: What It Is and How It Works in Investing, With Examples, Put Options: Definition, Overview, and Example
質問 # 118
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?
- A. She does not have to withdraw the minimum amount this year.
- B. She will be subject to annual maximum withdrawal limits.
- C. She will be able to continue contributing to her RRIF and be subject to the same annual limits as her RRSP.
- D. When she converts her RRSP to a RRIF, she will incur a tax liability.
正解：A
解説：
Explanation
The statement that is true about Marta's situation is option D. A registered retirement income fund (RRIF) is a type of registered account that provides income in retirement by converting savings from an RRSP or other sources. A RRIF holder must withdraw a minimum amount from their RRIF each year, starting from the year after they open their RRIF. The minimum amount is calculated based on a percentage factor set by the Canada Revenue Agency (CRA) and the value of the RRIF at the beginning of each year. However, due to the COVID-19 pandemic, the CRA has reduced the required minimum withdrawals from RRIFs by 25% for 2020 and 2021. Therefore, Marta does not have to withdraw the minimum amount this year if she chooses to take advantage of this temporary measure. Therefore, option D is true about Marta's situation. The other statements are not true about Marta's situation. Option A is false because she will not be able to continue contributing to her RRIF and be subject to the same annual limits as her RRSP; rather, she will not be able to make any further contributions to her RRIF once she converts her RRSP to a RRIF. Option B is false because she will not incur a tax liability when she converts her RRSP to a RRIF; rather, she will only pay tax on the amount that she withdraws from her RRIF each year. Option C is false because she will not be subject to annual maximum withdrawal limits; rather, she will be able to withdraw any amount from her RRIF as long as she meets the minimum withdrawal requirement. References: [Registered Retirement Income Fund (RRIF) | GetSmarterAboutMoney.ca], [Making RRIF withdrawals | GetSmarterAboutMoney.ca], [RRIF minimum withdrawal factors], [RRIFs: Temporary 25% reduction in minimum withdrawals for 2020 and 2021]
質問 # 119
Which information is typically included in the Letter of Engagement?
- A. Process for complaints
- B. Payee for deposits
- C. Client's responsibilities
- D. Investment Objective
正解：C
質問 # 120
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