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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q68-Q73):

NEW QUESTION # 68
Every February, Reginald, a Dealing Representative, feels pressured by his Manager to generate new registered retirement savings plans (RRSP) and contributions to assist the branch in meeting broader business targets. Reginald is nearing the end of February, and he has a meeting with a new client, Orel. Orel wants to open a tax-free savings account (TFSA) to develop emergency savings because he does not want to worry about his withdrawals being taxed. Reginald suggests that if Orel were to contribute to an RRSP first, then the resulting tax savings could be used to fund a new emergency account.
In relation to account suitability, what can be said about Reginald's advice?

A. Recommending an investment solution that addresses two needs is putting Reginald's client's interest first
B. By convincing Orel to contribute an RRSP, instead of a TFSA, Reginald has put his client's interest first.
C. Reginald is putting the client's interest first by informing Orel why he should change his purpose for investing.
D. Based on Orel's stated need, recommending an RRSP contribution is unsuitable.

Answer: D

Explanation:
Explanation
Based on Orel's stated need, recommending an RRSP contribution is unsuitable because RRSP withdrawals are taxed as income and may affect Orel's eligibility for government benefits. A TFSA is more suitable for Orel's goal of developing emergency savings because TFSA withdrawals are tax-free and do not affect income-tested benefits. References: Investment Funds in Canada (IFC) | Canadian Securities Institute

NEW QUESTION # 69
Which of the following statements is TRUE about the movement of business cycles in the Canadian economy?

A. A period of economic expansion is always of the same length as a period of economic contraction.
B. A period of economic expansion is of the same length in every cycle.
C. A period of economic expansion is followed by a period of economic contraction.
D. A period of at least 3 consecutive months of contraction is called a recession.

Answer: C

NEW QUESTION # 70
Rashad is a Dealing Representative with Investors Network Corp., a mutual fund dealer. Investors Network is registered in all provinces and territories of Canada and Rashad is registered in the Edmonton, Alberta branch. Rashad is told to provide his Branch Manager with a number of client files. The client files will be part of a compliance review by the applicable self-regulatory organization (SRO). Which regulator will review Rashad's client files?

A. Canadian Securities Administrators (CSA)
B. Chambre de la securite financiere (CSF)
C. Mutual Fund Dealers Association of Canada (MFDA)
D. Autorite de marches financiers (AMF)

Answer: C

Explanation:
Explanation
The Mutual Fund Dealers Association of Canada (MFDA) is the self-regulatory organization (SRO) that regulates mutual fund dealers in Canada, except in Quebec. The MFDA is responsible for setting and enforcing rules and standards of conduct for its members and their representatives, as well as conducting compliance reviews and investigations. Rashad works for a mutual fund dealer that is registered in all provinces and territories of Canada, including Alberta, where he is based. Therefore, his client files will be part of a compliance review by the MFDA, which is the applicable SRO for his firm and jurisdiction.
References = Canadian Investment Funds Course, Unit 7: The Regulatory Environment, Lesson 1: The Regulatory Framework, Section 7.1.2: Self-Regulatory Organizations (SROs) 1; MFDA website 2

NEW QUESTION # 71
Your employer has a contributory group RRSP under which he matches employee contributions, up to a maximum of 5% of salary.
Which of the following statements about a group registered retirement savings plan (RRSP) is CORRECT?

A. If you leave your employer, your group RRSP stays with the employer.
B. It is more costly and time consuming to administer than traditional pension plans.
C. The employer chooses the plan provider.
D. You need to wait until you file your taxes to receive your contribution tax deduction.

Answer: C

Explanation:
Explanation
A group RRSP is a retirement savings plan sponsored by an employer that allows employees to contribute through regular payroll deductions and benefit from tax advantages and possible employer matching. The employer is responsible for choosing the plan provider, which is the financial institution that administers the group RRSP and offers a range of investment options for the employees to choose from. The employer may also negotiate lower fees and better services with the plan provider than what individual RRSPs can offer.
Therefore, statement D is correct.
The other statements are incorrect for the following reasons:
* Statement A: A group RRSP is less costly and time consuming to administer than traditional pension plans, as it does not require actuarial valuations, funding requirements, or regulatory filings.
* Statement B: If you leave your employer, your group RRSP does not stay with the employer. You can transfer your group RRSP to an individual RRSP or another registered plan without tax consequences, as long as there are no locked-in provisions.
* Statement C: You do not need to wait until you file your taxes to receive your contribution tax
* deduction. Your contributions are deducted from your gross income before tax is calculated, so you receive an immediate tax benefit on your paycheque.
References: Canadian Investment Funds Course, Unit 9, Section 9.1

NEW QUESTION # 72
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. Identify how the proposed investment is in alignment with the investor's profile and holdings.
B. Show from past fund performance, that mutual fund costs are not important if there are high returns.
C. Rely on the risk rating of the mutual fund when offering an investment solution.
D. Match the past rates of return of the mutual fund with what is the anticipated rate of return.

Answer: A

Explanation:
Explanation
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]

NEW QUESTION # 73
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