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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q73-Q78):

NEW QUESTION # 73
Calculate the 2-year simple return for the AAA Mutual Fund.
AAA Mutual Fund Performance
Year | Price at Beginning | Distribution | Price at End | Simple 1-Yr Return
1st Year | $10.00 | $0.25 | $11.00 | 12.50%
2nd Year | $11.00 | $0.25 | $10.20 | -5.00%

A. 7%
B. -3%
C. 8%
D. 3%

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The 2-year simple return is calculated as:
Return = (Price at the end of the period + total cash flow earned during the period - Price at the beginning of the period) / Price at the beginning of the period.
Total cash flow = $0.25 (Year 1) + $0.25 (Year 2) = $0.50.
Return = ($10.20 + $0.50 - $10.00) / $10.00 = $0.70 / $10.00 = 7.00%.
The feedback from the document confirms:
"Return = (Price at the end of the period + cash flow earned during the period - Price at the beginning of the period) / Price at the beginning of the period. In this case, ($10.20 + $0.50 - $10.00) / $10.00 = 7.00%." Reference:Chapter 8 - Constructing Investment PortfoliosLearning Domain:Understanding Investment Products and Portfolios

NEW QUESTION # 74
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. $870.00
B. $348.00
C. $695.76
D. $522.00

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 # 75
What do Guaranteed Income Supplement (GIS) and Allowance for the Survivor have in common?

A. eligibility depends on income level
B. benefits start at the age of 65
C. benefit amounts depend on individual contribution
D. ability to defer benefits

Answer: A

Explanation:
Guaranteed Income Supplement (GIS) and Allowance for the Survivor are both income-tested benefits that are part of the Old Age Security (OAS) program. They are designed to provide financial assistance to low- income seniors who meet certain eligibility criteria. GIS is a monthly payment that supplements the OAS pension for seniors whose income is below a certain threshold. Allowance for the Survivor is a monthly payment for low-income seniors aged 60 to 64 whose spouse or common-law partner has died and who have not remarried or entered into another common-law relationship. The benefit amounts for both GIS and Allowance for the Survivor depend on the income level of the recipient and are adjusted quarterly based on the Consumer Price Index. The higher the income, the lower the benefit amount, until it reaches zero at a certain income limit. Therefore, eligibility for both GIS and Allowance for the Survivor depends on income level.
Canadian Investment Funds Course, Chapter 5: Registered Plans1

NEW QUESTION # 76
Wilma has always used the services of a tax preparation firm to file her taxes but is skeptical that she has really benefitted. This year she plans to file her own taxes for the first time.
What would be useful for her to know?

A. Wilma's marginal tax rate may be lowered when tax deductions are applied to her total income.
B. Wilma's non-refundable tax credits may only reduce her taxable income dollar-for-dollar.
C. Wilma's tax deductions permit her to reduce her tax payable dollar-for-dollar.
D. Wilma's top marginal tax rate will be applied to every taxable dollar when her tax return is filed.

Answer: A

Explanation:
Tax deductions are amounts that reduce your total income before calculating your tax payable. They lower your marginal tax rate, which is the tax rate that applies to your last dollar of income. For example, if Wilma's total income is $50,000 and she claims $5,000 in tax deductions, her taxable income will be $45,000 and her marginal tax rate will be lower than if she had no deductions. Therefore, A is the correct answer.
References: All deductions, credits, and expenses - Personal income tax - Canada.ca

NEW QUESTION # 77
Which form of investment income is taxed at an investor's marginal tax rate?

A. Foreign dividend income
B. Capital gains
C. Canadian dividend income
D. Capital losses

Answer: A

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
Foreign dividend income is taxed at the investor's marginal tax rate without the benefit of a dividend tax credit, unlike Canadian dividend income, which qualifies for a tax credit. The feedback from the document states:
"Foreign dividend income is not eligible for any dividend tax credit, and is taxed at an investor's marginal tax rate." Reference:Chapter 6 - Tax and Retirement PlanningLearning Domain:The Know Your Client Communication Process

NEW QUESTION # 78
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