Free Access IFSEInstitute.CIFC.v2024-12-28.q114 Practice Test (Page 9)

Question 36

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.Fernandocan transfer money from his registered retirement savings plan (RRSP) to a LIF.

C.Fernando is free to withdraw any amount from his LIF above the minimum amount.

D.Fernando may make contributions tohis LIF if he continues working.

Question 37

Which person would be categorized as a vulnerable client?

A.Nafissa, who has no savings to address an immediate financial emergency.

B.Ginger, who has reached retirement age and is easily confused.

C.Aldous, who has become recently unemployed but still has a mortgage to pay.

D.Peter, who is 65 years old but cannot afford to retire.

Question 38

You have been researching Canadian equity mutual funds for a new client. You come across the following information.

What can you conclude from this information?

A.Chamberlain Equity Fund has lower volatility since its 5-year annualized return is higher.

B.Fontaine Equity Fund's higher MER contributes to its lower 5-year annualized return.

C.Fontaine Equity Fund has a lower risk level since its Sharpe Ratio is lower.

D.Fontaine Equity Fund is a better fund because it has a higher quartile ranking.

Question 39

Bernadette has a high-paying job and is in the top tax bracket. She recently received a payment of $5 million upon the settlement of her uncle's estate. Bernadette would like to invest her inheritance in financial products that would not only grow her money but is also income tax friendly.
Which of the following would provide the most favourable tax treatment?

A.Eligible dividends from a publicly-listed Canadian corporation

B.Capital gains from a large Canadian corporation.

C.Coupon payments from Government of Canada bonds.

D.Dividends received from a large foreign corporation.

Question 40

Francis wants to redeem his US Asset Allocation Fund as he needs the money for a down payment for a home purchase. The current proceeds from the redemption are USD $27,859, and the current CAD/USD exchange rate is 0.7353.
How much will Francis receive in Canadian dollars when he redeems the Funds? Please round your answer to the nearest dollar.

A.$37,888

B.$36,698

C.$42,861

D.$35,859

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