IFSE EXAM 10

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School

George Brown College Canada *

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Course

4502

Subject

Finance

Date

Apr 26, 2024

Type

pdf

Pages

6

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4/22/24, 3:37 AM IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024] https://www.pass4test.com/CIFC-exam-questions.html 1/6 (/) (https://mylivechat.com/chatnoscript.aspx?HCCID=66608068) Cart (/cart.php) My Orders (/member.php?ac=myorder) Limited Time Discount Offer! 15% Off - Ends in 00:11:21 - Use Discount Coupon Code P4TCOM2024 IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions QUESTION NO: 66 Which among the following plans includes a provision that places a maximum limit on the amount that can be withdrawn during a calendar year? Hide answers/explanation Home (/) Products (/allproducts.php) Certifications (/certifications.php) Free Demo (/samples.php) Guarantee (/page_guarantee.html) How to pay? (/page_howtopay.html) F.A.Q (/page_faqs.html) A. Life Income Fund (LIF) B. Registered Retirement Savings Plan (RRSP) C. Registered Retirement Income Fund (RRIF) D. Deferred Profit Sharing Plan (DPSP) Chat now
4/22/24, 3:37 AM IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024] https://www.pass4test.com/CIFC-exam-questions.html 2/6 Correct Answer: A Explanation A LIF is a type of registered retirement income fund that is used to hold and pay out locked-in pension funds. A LIF has both a minimum and a maximum withdrawal limit for each calendar year, which are determined by the federal or provincial pension legislation, the age of the annuitant, and the value of the fund. The minimum withdrawal limit is similar to that of a RRIF, but the maximum withdrawal limit is intended to ensure that the LIF provides income for the lifetime of the annuitant123 References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans - Section 3.4: Life Income Fund (LIF)4 and web search results from search_web(query="maximum withdrawal limit for LIF RRSP RRIF DPSP")123 4: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf QUESTION NO: 67 What is the national self-regulatory organization (SRO) for investment dealers? Hide answers/explanation Correct Answer: D 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 A. The National Securities Commission B. The Mutual Fund Dealers Association of Canada C. The Canadian Securities Administrators D. The Investment Industry Regulatory Organization of Canada Chat now
4/22/24, 3:37 AM IFSE Institute Canadian Investment Funds Course - CIFC Exam Questions [2024] https://www.pass4test.com/CIFC-exam-questions.html 3/6 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] QUESTION NO: 68 You ask a new client, Brad, "what are your financial obligations and what are your assets?" What information are you trying to gather in order to comply with the know your client (KYC) rule? Hide answers/explanation Correct Answer: A Explanation By asking Brad about his financial obligations and assets, you are trying to gather information about his net worth, which is one of the essential facts that you need to know about your client according to the KYC rule. Net worth is the difference between the total value of a client's assets and the total value of their liabilities. It reflects the client's financial position and helps you assess their risk tolerance, investment objectives, and suitability for different products and services. 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="know your client rule")23 1: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-1.pdf QUESTION NO: 69 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. net worth B. marginal tax rate C. income and cash-flow D. tax consequences Chat now
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