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IFSE Institute Canadian Investment Funds Course Exam Sample Questions (Q95-Q100):
NEW QUESTION # 95
Yesterday, Mariana who is new to investing and purchased mutual funds for the very first time. She shared her excitement with her good friend, Julius. However, after Julius learned about her investment, he admits that he had a bad experience with mutual fund investing and that he lost money. Mariana regrets not talking to Julius prior to making her decision. Her feelings of enthusiasm have changed to fear. She is wondering if it is too late to change her mind and cancel her purchase order.
Which statement regarding the right of withdrawal is CORRECT?

A. The Canadian Securities Administrators (CSA) created legislation that addresses the right of withdrawal for investors.
B. Mariana has to wait two business after her purchase order has been settled to exercise the right of withdrawal.
C. The Mutual Fund Dealers Association of Canada (MFDA) have written conduct rules regarding the right of withdrawal.
D. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within.
Answer: D

Explanation:
Explanation
The right of withdrawal is a statutory right that allows investors to cancel their purchase order of mutual funds within a specified period of time and receive a refund of the amount they paid. The right of withdrawal is also known as the cooling-off period or the rescission right. The right of withdrawal for investors can be different depending on which province (or territory) the fund was purchased within, as each jurisdiction has its own securities legislation and regulations that govern the mutual fund industry. For example, in Ontario, the right of withdrawal is two business days after receiving the simplified prospectus or the fund facts document, whichever is later1. In Quebec, the right of withdrawal is two business days after receiving the simplified prospectus or confirmation of purchase, whichever is later2. In British Columbia, the right of withdrawal is 48 hours after receiving confirmation of purchase3. Therefore, Mariana may still be able to exercise her right of withdrawal, depending on where she bought her mutual funds and when she received the required documents. References:
Canadian Investment Funds Course (CIFC) Study Guide, Chapter 3: The Regulatory Environment, Section 3.2: The Right of Withdrawal, page 3-54 Ontario Securities Commission - Mutual Funds - Buying and Selling1 Autorite des marches financiers - Mutual Funds - Buying and Selling2 British Columbia Securities Commission - Mutual Funds - Buying and Selling3

NEW QUESTION # 96
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 will be subject to annual maximum withdrawal limits.
B. When she converts her RRSP to a RRIF, she will incur a tax liability.
C. She will be able to continue contributing to her RRIF and be subject to the same annual limits as her RRSP.
D. She does not have to withdraw the minimum amount this year.
Answer: D

Explanation:
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]

NEW QUESTION # 97
When comparing mutual funds, what information would help a Dealing Representative determine a suitable mutual fund for a client?

A. Referencing the fund code for each mutual fund that is being compared.
B. The rights a client has if there is a desire to cancel the purchased mutual fund.
C. Assessing historical differences in the rate of return per unit of risk of similar mutual funds.
D. Comparing historical rates of return between different types of mutual funds.
Answer: C

Explanation:
Explanation
B is correct because assessing historical differences in the rate of return per unit of risk of similar mutual funds helps a Dealing Representative to compare the performance and risk-adjusted returns of different mutual funds and select the most suitable one for a client's risk tolerance and investment objectives. Comparing historical rates of return between different types of mutual funds (A) does not account for the risk involved in each type of fund. Referencing the fund code for each mutual fund that is being compared does not provide any information about the fund's characteristics, features, or suitability. The rights a client has if there is a desire to cancel the purchased mutual fund (D) are not relevant for determining a suitable mutual fund for a client. References: Canadian Investment Funds Course (CIFC) | IFSE Institute

NEW QUESTION # 98
One of your clients, Fernando, is approaching 71 years of age and has a few questions regarding life income funds (LIFs).
Which of the following statements about LIFs is TRUE?

A. Fernando can transfer money from his locked-in retirement account (LIRA) to a LIF.
B. Fernando may make contributions to his LIF if he continues working.
C. Fernando can transfer money from his registered retirement savings plan (RRSP) to a LIF.
D. Fernando is free to withdraw any amount from his LIF above the minimum amount.
Answer: A

Explanation:
Explanation
A life income fund (LIF) is a type of registered retirement income fund (RRIF) that can be used to hold locked-in pension funds as well as other assets for an eventual payout as retirement income. A LIF cannot be withdrawn in a lump sum and has minimum and maximum withdrawal amounts each year. A LIF can only be funded by transferring money from a locked-in retirement account (LIRA) or another LIF. Therefore, D is the correct answer. References: Life Income Fund (LIF): Definition and How Withdrawals Work - Investopedia, Retraite Quebec - Characteristics of an LIF

NEW QUESTION # 99
One of your clients, Fernando, is approaching 71 years of age and has a few questions regarding life income funds (LIFs).
Which of the following statements about LIFs is TRUE?

A. Fernandocan transfer money from his registered retirement savings plan (RRSP) to a LIF.
B. Fernando can transfer money from his locked-in retirement account (LIRA) to a LIF.
C. Fernando may make contributions tohis LIF if he continues working.
D. Fernando is free to withdraw any amount from his LIF above the minimum amount.
Answer: B

NEW QUESTION # 100
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