CIFC DUMPS TORRENT: CANADIAN INVESTMENT FUNDS COURSE EXAM & CIFC VALID TEST

CIFC dumps torrent: Canadian Investment Funds Course Exam & CIFC valid test

CIFC dumps torrent: Canadian Investment Funds Course Exam & CIFC valid test

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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q27-Q32):

NEW QUESTION # 27
Your client, Helen, just received her non-registered account statement which states that one of her mutual funds made an interest income distribution during the year. She asks you how she will be taxed on the distribution. What do you tell Helen?

  • A. She will pay taxes at her top marginal tax rate.
  • B. She will pay taxes on the grossed-up amount of the income.
  • C. She will pay taxes on 50% of the distribution.
  • D. She will pay taxes at her average tax rate.

Answer: A

Explanation:
Explanation
Interest income distribution is a type of income that a mutual fund pays to its investors from the interest earned on its fixed-income investments, such as bonds and mortgages. Interest income distribution is taxed as ordinary income at the investor's top marginal tax rate, which is the highest tax rate that applies to their income bracket. Therefore, B is the correct answer. References: Interest Income and Taxes - Fidelity, Topic No. 403, Interest Received | Internal Revenue Service


NEW QUESTION # 28
Lucas is 60 years old and continues to work. He presently is a plan holder of a registered retirement savings plan (RRSP). He is considering changing his RRSP to a registered retirement income fund (RRIF).
Which of the following statements is CORRECT?

  • A. Investments that qualify as an eligible investment for a RRIF are different than for an RRSP.
  • B. There is no minimum age to be an annuitant to a RRIF.
  • C. Minimal withdrawals are required to start in the current calendar year his RRIF was established.
  • D. Once he changes his RRSP to a RRIF, his unused total RRSP contribution room is lost.

Answer: D

Explanation:
Explanation
A registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be created by converting an RRSP, but once the conversion is done, the plan holder can no longer make contributions to the RRSP or the RRIF. Therefore, any unused RRSP contribution room is lost after the conversion. The other statements are incorrect because:
A: There is a minimum age to be an annuitant to a RRIF, which is 71 years old. However, a plan holder can convert an RRSP to a RRIF at any age before 71.
C: Minimum withdrawals are required to start in the year following the year the RRIF was established, not in the current calendar year.
D: Investments that qualify as an eligible investment for a RRIF are the same as for an RRSP, such as mutual funds, stocks, bonds, GICs, etc. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 6: Registered Plans, Section 6.2:
Registered Retirement Income Fund (RRIF), page 6-81
Registered Retirement Income Fund (RRIF) - copyright.ca2


NEW QUESTION # 29
During the calendar year, Firmansyah received a $1,800 eligible dividend from a large Canadian bank and a foreign, dividend from his 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 due from the investment income?

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

Answer: A

Explanation:
Explanation
To calculate Firmansyah's federal tax liability from the investment income, we need to follow these steps:
* Step 1: Convert the foreign dividend from USD to CAD using the exchange rate given in the question.
The exchange rate is 1.3605 CAD per USD, which means that 1 USD is equivalent to 1.3605 CAD.
Therefore, Firmansyah's foreign dividend in CAD is:
500*1.3605=680.25
* Step 2: Calculate Firmansyah's grossed-up dividend income from both sources. A grossed-up dividend income is the actual dividend received plus a percentage of the dividend that reflects the corporate tax paid by the issuer. The percentage varies depending on whether the dividend is eligible or non-eligible.
According to [this site], an eligible dividend is a dividend paid by a Canadian corporation that meets certain criteria, such as being listed on a designated stock exchange or being a subsidiary of such a corporation. A non-eligible dividend is a dividend that does not meet these criteria, such as a dividend paid by a foreign corporation or a small Canadian business corporation. The gross-up rate for eligible dividends in 2020 was 38%, while the gross-up rate for non-eligible dividends in 2020 was 15%.
Therefore, Firmansyah's grossed-up dividend income from both sources is:
(1800+680.25)*(1+0.38)=3426.35
* Step 3: Apply Firmansyah's federal marginal tax rate to his grossed-up dividend income to get his federal tax before credits. A marginal tax rate is the percentage of tax applied to an additional dollar of income. According to [this site], Firmansyah's federal marginal tax rate for 2020 was 29%, as his taxable income was between $150,473 and $214,368. Therefore, Firmansyah's federal tax before credits is:
0.29*3426.35=993.64
* Step 4: Subtract Firmansyah's federal dividend tax credit from his federal tax before credits to get his net federal tax liability from the investment income. A dividend tax credit is a percentage of the grossed-up dividend income that reflects the corporate tax paid by the issuer and avoids double taxation.
The percentage varies depending on whether the dividend is eligible or non-eligible. According to [this site], the federal dividend tax credit rate for eligible dividends in 2020 was 15%, while the federal dividend tax credit rate for non-eligible dividends in 2020 was 9.03%. Therefore, Firmansyah's federal dividend tax credit from both sources is:
(1800+680.25)*0.38*0.15=297.88
* Step 5: Subtract Firmansyah's federal dividend tax credit from his federal tax before credits to get his net federal tax liability from the investment income. This is the amount of federal income tax that Firmansyah has to pay or has overpaid from the investment income. Therefore, Firmansyah's net federal tax liability from the investment income is:
993.64297.88=695.76
Hence, option C is correct. References: [Canadian Investment Funds Course (CIFC) | IFSE Institute],
[Dividend Tax Credit | TurboTax copyright Tips], [Federal Income Tax Rates for copyright - TurboTax copyright Tips], [Eligible Dividends | TurboTax copyright Tips]


NEW QUESTION # 30
Which of the following statements regarding mutual fund fees is correct?

  • A. The mutual fund dealer receives trailer fees based on the value of assets under management.
  • B. Trading commissions are paid from the management fee.
  • C. Redemptions are made from units held by investors to pay trailer fees.
  • D. Trailer fees are only paid to mutual fund dealers when a purchase is made.

Answer: A


NEW QUESTION # 31
What information does Fund Facts provide to potential investors?

  • A. How to calculate the taxes owed from investment income.
  • B. What the mutual fund is currently investing in.
  • C. The remuneration paid to the Independent Review Committee.
  • D. The portfolio management strategy that is used.

Answer: B


NEW QUESTION # 32
......

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