Canadian Investment Funds Course Exam This Week Result
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Can You Step Up for the CIFC Exam? Earn Your Certification with Our Trusty Exam Dumps
Canada’s mutual fund market surpasses $2 trillion in assets by late 2024, according to the Investment Funds Institute of Canada, the demand for skilled financial advisors continues to grow. The Canadian Investment Funds Course (CIFC) Exam, offered by the IFSE Institute since the early 2000s, provides a practical entry into this field, assessing your ability to navigate investment options for clients. Whether you’re new to finance or an experienced professional seeking formal credentials, this certification demonstrates your competence in managing mutual funds effectively.
It’s a meaningful test of your expertise, but with Passitcerts CIFC braindumps—packed with accurate practice questions—and some dedicated study, success is within reach. Support is here when you need it—secure our exam dumps PDF and take a confident step toward your financial career!
Why the CIFC Certification Matters
This certification equips you to offer sound advice on mutual funds, a critical skill as the market expands—IFIC noted a 5% asset increase in 2024 alone. Recognized by the Canadian Securities Administrators for mutual fund dealer licensing, it’s an essential qualification for anyone planning to sell or advise on these investments. It’s well-suited for bank employees, aspiring advisors, or those transitioning into finance, providing a straightforward foundation that opens doors in the industry without requiring advanced academic credentials.
Grasping the Exam: Key Information
Here’s an overview, drawn from IFSE Institute’s guidelines
Aspect
Details
Time
150 minutes (2.5 hours)
Questions
100 multiple-choice
Passing Score
60% (60/100 correct)
Cost
$325 (includes course; retake $175)
Delivery
Online proctored or IFSE test centers
Key Details:
No formal prerequisites are needed, though basic financial knowledge is helpful; completing the IFSE course is required before testing.
The license remains valid with active dealer registration—no expiration unless you exit the field.
The CIFC practice tests from Passitcerts are tailored to this structure, featuring real questions to streamline preparation.
Its Origins: CIFC vs. Earlier Licensing
The CIFC exam emerged in the early 2000s, replacing a patchwork of pre-2000s mutual fund licensing tests (e.g., parts of the Canadian Securities Course). Here’s how it compares:
FEATURE
PRE-2000S LICENSING
CIFC (2000S ONWARD)
INTRODUCTION
Pre-2000s (varied)
Early 2000s
RETIREMENT
Early 2000s
Active in 2025
QUESTIONS
~50-75 (varied)
100
TIME
~90-120 mins (varied)
150 minutes
FOCUS
Basic fund knowledge
Funds, ethics, client advising
The CIFC brought a broader, standardized approach—our dumps align with its current scope.
What’s on the Table: Exam Topics
The exam addresses four core areas, based on IFSE’s syllabus
TOPIC
WEIGHT
WHAT IT COVERS
REGULATORY ENVIRONMENT
25%
CSA regulations, compliance standards
INVESTMENT PRODUCTS
30%
Mutual fund types, structures, risks
CLIENT RELATIONSHIPS
25%
Know Your Client (KYC), suitability
FINANCIAL PLANNING
20%
Goal-setting, taxes, retirement basics
The CIFC Dumps from Passitcerts focus on these with actual exam questions.
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Refund Guarantee: If you don’t pass, your money’s returned—no complications.
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Current for 2025: Reflects the latest exam content.
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Realistic Practice: Questions match the exam’s format.
Clear Explanations: Struggling with fund risks? It’s simplified for you.
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Career Pathways: Jobs and Pay After Passing
Passing this exam paves the way for roles in 2025:
Role
Yearly Pay (2025 Est.)
Mutual Fund Advisor
$60,000–$85,000
Bank Financial Representative
$55,000–$75,000
Investment Associate
$65,000–$90,000
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The Canadian Investment Funds Course Exam, established in the early 2000s, offers a meaningful opportunity to establish yourself as a trusted advisor in a vibrant market. Coursework provides the groundwork, and guides offer structure, but our CIFC practice dumps from Passitcerts deliver a steady path to achieving 60% on your first attempt. it’s a practical choice—why not get started? Secure our dumps, enhance your expertise, and become a vital resource for clients navigating their financial decisions.
Related Exam
Passitcerts Providing most updated Canadian Investment Funds Course Exam Certification Question Answers. Here are a few exams:
What information does Fund Facts provide to potential investors?
A. What the mutual fund is currently investing in.
B. How to calculate the taxes owed from investment income.
C. The portfolio management strategy that is used.
D. The remuneration paid to the Independent Review Committee.
Answer: A Explanation: A Fund Facts document is a summary disclosure document that provides key information about a mutual fund, such as its investment objectives, risks, past performance, and fees. One of the information items that a Fund Facts document provides to potential investors is what the mutual fund is currently investing in, such as its top 10 holdings, asset mix, geographic allocation, and sector allocation. A Fund Facts document does not provide information on how to calculate taxes, portfolio management strategy, or remuneration of the Independent Review Committee. References: Fund facts guide | Sun Life Global Investments, Mutual Funds - Fund Facts | ScotiaFunds
Question # 2
Iliana owns 1,000 participating preferred shares in the First Canadian Bank. Which of the
following features are characteristic of her investment?
A. Iliana has the right to purchase more preferred shares in the company before common shareholders.
B. Iliana is able to vote at the annual general meeting and elect members of the board of directors.
C. Iliana can convert her preferred shares to common shares at a fixed price and within a specified time period.
D. Iliana has a right to share in the bank's net profits over and above the specified dividend rate.
Answer: D Explanation: Participating preferred shares are a type of preferred shares that give the holder a right to share in the issuer’s net profits over and above the specified dividend rate. This means that participating preferred shareholders may receive additional dividends if the issuer performs well. Iliana owns participating preferred shares in the First Canadian Bank, which means she has a right to share in the bank’s net profits over and above the specified dividend rate. References: Investment Funds in Canada (IFC) | Canadian Securities Institute
Question # 3
Rashad is a Dealing Representative with Investors Network Corp., a mutual fund dealer.
Investors Network is registered in all provinces and territories of Canada and Rashad is
registered in the Edmonton,
Alberta branch. Rashad is told to provide his Branch Manager with a number of client files.
The client files will be part of a compliance review by the applicable self-regulatory
organization (SRO). Which
regulator will review Rashad's client files?
A. Canadian Securities Administrators (CSA)
B. Mutual Fund Dealers Association of Canada (MFDA)
C. Autorité de marchés financiers (AMF)
D. Chambre de la sécurité financière (CSF)
Answer: B Explanation: The Mutual Fund Dealers Association of Canada (MFDA) is the self-regulatory organization (SRO) that regulates mutual fund dealers in Canada, except in Québec. The MFDA is responsible for setting and enforcing rules and standards of conduct for its members and their representatives, as well as conducting compliance reviews and investigations. Rashad works for a mutual fund dealer that is registered in all provinces and territories of Canada, including Alberta, where he is based. Therefore, his client files will be part of a compliance review by the MFDA, which is the applicable SRO for his firm and jurisdiction. References = Canadian Investment Funds Course, Unit 7: The Regulatory Environment, Lesson 1: The Regulatory Framework, Section 7.1.2: Self-Regulatory Organizations (SROs) 1; MFDA website 2
Question # 4
Fabiola is an optometrist and an incorporated professional. She has fallen behind schedule
regarding saving for retirement. She is considering opening an Individual Pension Plan
(IPP).
What provision might encourage her to use an IPP?
A. When Fabiola files her personal tax return, she will be able to claim contributions as an eligible deduction.
B. Her pension benefit is not pre-determined because it is based on the returns on investments which she chooses.
C. Contributions to her IPP can be greater than what applies to contributions for registered retirement savings plans.
D. Withdrawals will be taxable to the business, not to Fabiola, when she starts receiving her pension income.
Answer: C
Explanation: An IPP is a registered, defined-benefit pension plan that provides a fixed
retirement benefit to the person designated in the plan. It is similar to an RRSP, but with
some differences in contribution limits, deductions, and tax benefits. One of the main
advantages of an IPP is that it allows higher contribution limits than an RRSP, especially
for older and higher-income individuals. The contributions are based on the actuarial
calculations of the pension benefit, and are tax-deductible for the sponsoring corporation.
The higher contribution limits can help Fabiola catch up on her retirement savings and
reduce her taxable income123
References = Canadian Investment Funds Course (CIFC) - Module 3: Registered Plans -
Section 3.3: Individual Pension Plan (IPP) and web search results from
search_web(query="individual pension plan")123
https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-3.pdf
Question # 5
Ken is a member of his employer’s Defined Benefit Pension Plan (DBPP). Which of the
following statements about Ken’s plan is CORRECT?
A. Contributions to the plan do not result in a Pension Adjustment (PA) for Ken.
B. The amount Ken receives in retirement depends on the performance of the investments he has selected within the plan.
C. The amount that Ken will receive at retirement is not guaranteed.
D. Income received from the plan is eligible for pension income splitting even if Ken retires before 65.
Answer: D Explanation: The statement that is correct about Ken’s plan is option D. A defined benefit pension plan (DBPP) is a type of employer-sponsored retirement plan that promises to pay a specified amount of income to the plan member upon retirement. The amount of income is based on a formula that considers factors such as years of service, salary, and age. Income received from a DBPP is eligible for pension income splitting even if Ken retires before 65, meaning that he can transfer up to 50% of his eligible pension income to his spouse or common-law partner for tax purposes. This can reduce the overall tax payable by the couple if they are in different tax brackets. Therefore, option D is correct about Ken’s plan. The other statements are not correct about Ken’s plan. Option A is false because contributions to the plan do result in a Pension Adjustment (PA) for Ken, which is an amount that reduces his RRSP contribution room for the following year. Option B is false because the amount Ken receives in retirement does not depend on the performance of the investments he has selected within the plan; rather, it depends on the formula that determines his pension benefit. Option C is false because the amount that Ken will receive at retirement is guaranteed by the plan sponsor, unless the plan sponsor becomes insolvent or terminates the plan. References: [Defined Benefit Pension Plans | GetSmarterAboutMoney.ca], [Pension Income Splitting | GetSmarterAboutMoney.ca], [Pension Adjustment (PA) | GetSmarterAboutMoney.ca]
Question # 6
Which statement about unused registered retirement savings plan (RRSP) contribution
room is CORRECT?
A. It may not be more than the RRSP contribution limit for the year in which it is carried forward.
B. It can be carried forward to future years.
C. It can be carried forward a maximum of seven years.
D. It may not be carried forward.
Answer: B Explanation: Unused RRSP contribution room is the amount of RRSP contributions that you did not deduct in previous years and are available to deduct in the current year. Unused RRSP contribution room can be carried forward to future years indefinitely, until you use it up or reach the age of 71. You can find your unused RRSP contribution room on your notice of assessment or by logging into your Canada Revenue Agency account. References: What to do with unused RRSP, PRPP or SPP contributions
Question # 7
Sagira is a Compliance Officer with WealthPath Investments Inc., a registered mutual fund
dealer. Sagira routinely answers inquiries from the firm's Dealing Representatives and
offers guidance.
Which of the following statements would Sagira likely agree is a permitted activity for
Dealing Representatives to have with clients?
A. Positions of influence are permitted if the terms and conditions of the regulator are met and the activity is approved by the dealer.
B. Borrowing from clients is prohibited, but personal loans to clients may be offered.
C. Purchasing real property from clients is permitted if there is a written agreement in place and the firm is party to the agreement.
D. Authority granted to a Dealing Representative over a client's account or finances must be documented under a Power of Attorney.
Answer: A Explanation: A position of influence is an outside activity that places the Dealing Representative in a position of power or influence over a client or potential client, such as a trustee, executor, or director of a charitable organization. A position of influence may create a conflict of interest or a potential conflict of interest between the Dealing Representative and the client. Therefore, the MFDA rules require that a Dealing Representative must report any position of influence to the dealer and obtain the dealer’s approval before engaging in such activity. The dealer must also ensure that the position of influence does not impair the Dealing Representative’s ability to act in the best interests of the client and that the client is aware of the nature and extent of the position of influence12 References = Canadian Investment Funds Course (CIFC) - Module 1: The Financial Services Industry - Section 1.3: Know Your Client (KYC)3 and web search results from search_web(query="positions of influence and mutual fund dealers association rules")12 3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-1.pdf
Question # 8
Which information is typically included in the Letter of Engagement?
A. Client's responsibilities
B. Process for complaints
C. Investment Objective
D. Payee for deposits
Answer: A
Explanation: The information that is typically included in the Letter of Engagement is the
client’s responsibilities. A Letter of Engagement is a document that formalizes the
relationship between a registered firm and its client by specifying the duties,
responsibilities, and level of service that both parties agree to. It also outlines the fees and
charges that apply to the client’s account, the scope and frequency of reporting and
communication, and the process for resolving disputes or terminating the relationship. The
client’s responsibilities may include providing accurate and complete information, reviewing
statements and reports, informing of any changes in circumstances or objectives, and
complying with applicable laws and regulations. Therefore, option A is correct regarding
what information is typically included in the Letter of Engagement. The other options are
not correct or relevant to the Letter of Engagement. Option B is false because the process
for complaints is not typically included in the Letter of Engagement; rather, it is part of the
Relationship Disclosure Information (RDI) that is provided to clients at account opening and
updated as necessary. Option C is false because the investment objective is not typically
included in the Letter of Engagement; rather, it is part of the Know Your Client (KYC)
information that is collected from clients at account opening and updated as necessary.
Option D is false because the payee for deposits is not typically included in the Letter of
Engagement; rather, it is part of the account documentation that specifies how clients can
deposit or withdraw funds from their accounts. References: [Letter of Engagement | IFIC],
[Relationship Disclosure Information | IFIC], [Know Your Client (KYC) | IFIC]
Question # 9
Barend is a Dealing Representative with Planvest Group Inc., a mutual fund dealer and
member of the Mutual Fund Dealers Association of Canada (MFDA). Which of the following
CORRECTLY describes
Barend's obligation for conflicts of interest?
A. Barend must identify material conflicts of interest and implement controls on behalf of the firm.
B. Barend must disclose material conflicts of interest that cannot be addressed in the best interest of the client.
C. Barend must avoid material conflicts of interest that cannot be addressed in the best interest of the client.
D. Barend must identify material conflicts of interest and promptly report the conflicts of interest to clients.
Answer: B Explanation: A conflict of interest is a situation where an individual or a firm has competing or incompatible interests that may affect their ability to act fairly, honestly, and in the best interest of their clients. A material conflict of interest is a conflict of interest that a reasonable person would expect to know about and that may influence the client’s decision to enter into or maintain a business relationship with the individual or the firm. According to the MFDA rules, Barend has an obligation to identify and address material conflicts of interest in a manner that prioritizes the client’s interest over his own or the firm’s interest1. If a material conflict of interest cannot be addressed in the best interest of the client, Barend must disclose it to the client before opening an account, providing advice, or executing a transaction. The disclosure must be clear, meaningful, and timely, and it must explain the nature and extent of the conflict of interest and how it could affect the client’s interests2. Barend must also obtain the client’s written consent to proceed with the account opening, advice, or transaction despite the conflict of interest. Barend must avoid material conflicts of interest that are prohibited by law or that would result in a breach of his fiduciary duty to the client. Barend must also report any material conflicts of interest to his firm and comply with the firm’s policies and procedures for managing conflicts of interest3. References: MFDA Rule 2.1.4 - Conflicts of Interest1 MFDA Policy No. 2 - Minimum Standards for Account Supervision2 MFDA Policy No. 9 - Disclosure of Conflicts of Interest (Outside Business Activities)3
Question # 10
One of your clients, Harry, has heard that he can defer paying tax on capital gains. He
wants to know if what he has heard is correct and if so, how to defer paying taxes on
capital gains.
What would you tell Harry?
A. He should hold profitable investments as long as possible.
B. He should invest in mutual funds just before the dividend paying date to pick up the dividend.
C. Harry should buy and sell investments actively.
D. He should hold unprofitable investments as long as possible.
Answer: A Explanation: The answer that you should tell Harry is that he should hold profitable investments as long as possible. A capital gain is the difference between the selling price and the purchase price of an asset when the selling price is higher than the purchase price. A capital gain is subject to tax only when it is realized, meaning that the asset is sold or disposed of. Therefore, one way to defer paying tax on capital gains is to hold profitable investments as long as possible and delay selling them until a future year. This allows the investor to postpone paying tax on the capital gain and benefit from the compounding effect of the investment returns. Therefore, option A is correct regarding how to defer paying taxes on capital gains. The other options are not correct or effective ways to defer paying taxes on capital gains. Option B is false because investing in mutual funds just before the dividend paying date does not defer paying taxes on capital gains; rather, it increases the taxable income of the investor by adding dividend income, which may be subject to a gross-up and a tax credit depending on the type of dividend. Option C is false because buying and selling investments actively does not defer paying taxes on capital gains; rather, it triggers more taxable events and increases the transaction costs of investing. Option D is false because holding unprofitable investments as long as possible does not defer paying taxes on capital gains; rather, it reduces the potential return of the portfolio and prevents the investor from using capital losses to offset capital gains from other sources. References: [Capital Gains Tax in Canada | Wealthsimple], [Capital Gains Tax: What It Is and How It Works in Canada], [Capital Gains Tax | GetSmarterAboutMoney.ca]
Question # 11
Which of the following statements is true when comparing fund of funds to traditional
mutual funds?
A. Fund of funds have higher fees than traditional mutual funds since there are two sets of management fees.
B. Fund of funds have more asset class options available and lower fees than traditional mutual funds.
C. Since fund of funds invest primarily outside Canada, they will have higher fees than traditional mutual funds.
D. Fund of funds have more fee structure options available and lower fees than traditional mutual funds.
Answer: A Explanation: A fund of funds is a mutual fund that invests in other mutual funds. This means that there are two levels of management fees: one for the fund of funds itself and one for the underlying funds. Therefore, fund of funds have higher fees than traditional mutual funds that invest directly in securities. References: Canadian Investment Funds Course (CIFC) | IFSE Institute, Unit 6, Lesson 2
Question # 12
Michael had invested in several mutual funds, most of which have appreciated in value. He
is not sure if he needs to report the gain as capital gains when he files his income tax
return.
What would you tell Michael?
A. Capital gains are taxed when they are realized.
B. He has to report any unrealized capital gains each year.
C. Capital gains are taxed only on equity mutual funds.
D. Capital gains are not subject to tax.
Answer: A Explanation: Michael, capital gains are the profits you make when you sell an asset that has increased in value. For example, if you bought a mutual fund for $1,000 and sold it later for $1,500, you have a capital gain of $500. Capital gains are taxed only when they are realized, which means when you actually sell the asset and receive the proceeds. You do not have to report any unrealized capital gains, which are the potential profits you would make if you sold the asset at its current market value. Capital gains are taxed on all types of mutual funds, not just equity funds. However, the amount of capital gains you have to report may vary depending on the type of fund and how often it distributes its gains to investors. Capital gains are not tax-free, but they are taxed at a lower rate than other types of income. You only have to pay tax on 50% of your net capital gains, which is the total capital gains minus the total capital losses in a year. For more information on how to calculate and report your capital gains, you can refer to the Canada Revenue Agency website1 or consult a tax professional. References: Canadian Investment Funds Course, Chapter 9: Taxation of Investment Income2
Question # 13
David had $10,000 in his investment account with Dynamic Investments, a mutual funds
dealer. On June 28, David wants to buy 500 units in ABC Canadian Dividend Fund that has
a Net Asset Value Per Unit (NAVPU) of $14.10. His friend Robert suggests that he may get
a better price if he used the strategy of dollar-cost averaging. David then instructs his
Dealing Representative to place a purchase order for 100 units on the first of every month
starting July 1st for the next 5 months.
The orders are executed at the following NAVPUs.
July 01, $14.00 Aug. 01, $14.50
Sep. 01, $15.00
Oct. 01, $14.25
Nov. 01, $16.50
Did David get a better purchase price following the dollar-cost averaging strategy
compared to making a lump-sum purchase of 500 shares on Jun 28, 20xx?
A. David got his 500 units at the same price as the lump sum price he would have paid.
B. David got his 500 units at a lower price than the lump sum price he would have paid.
C. David realizes that Dollar cost averaging is the best strategy for getting lower prices.
D. David got his 500 units at a higher price than the lump sum price he would have paid
Answer: D Explanation: Dollar-cost averaging is a strategy that involves investing equal amounts of money at regular intervals, regardless of the price of the security. By using dollar-cost averaging, investors may lower their average cost per share and reduce the impact of volatility on their portfolios. However, this strategy does not guarantee a better purchase price than making a lump-sum purchase. In this case, David got his 500 units at a higher price than the lump sum price he would have paid. His average cost per unit was $14.65, while the lump sum price was $14.10. Therefore, D is the correct answer. References: What Is Dollar-Cost Averaging?, What Is Dollar Cost Averaging?, Dollar-Cost Averaging: Definition and Examples
Question # 14
Your client Gerard is 30 years old and plans to retire at age 65. He has a mutual fund
portfolio of $40,000 in which he invests $1,500 monthly. Gerard's objective is to use these
funds to meet the 20% down payment requirement to buy a house for $650,000.
What is Gerard's investment time horizon not considering market fluctuations?
A. 5 years
B. 15 years
C. 25 years
D. 35 years
Answer: A Explanation: Gerard’s investment time horizon is the length of time he plans to hold his investment until he needs to use the money for his specific goal. In this case, Gerard’s goal is to use his mutual fund portfolio to meet the 20% down payment requirement to buy a house for $650,000. Therefore, his investment time horizon is determined by how long it will take him to accumulate enough money in his portfolio to cover the down payment amount. Assuming that Gerard does not withdraw any money from his portfolio and that his portfolio earns a constant annual rate of return of 6%, we can use the following formula to calculate how long it will take him to reach his goal: FV=PV×(1+r)n+PMT×r(1+r)n1 where: FV is the future value of the portfolio PV is the present value of the portfolio r is the annual interest rate n is the number of years PMT is the monthly payment We can rearrange the formula to solve for n: n=log(1+r)logPV+PMT×r1FVPMT×r1 Plugging in the given values, we get: n=log(1+0.06)log40,000+1,500×0.061130,0001,500×0.061 n=4.98 Therefore, Gerard’s investment time horizon is approximately 5 years, not considering market fluctuations. This means that he will need to invest his money in a way that matches his risk tolerance and expected return for this time period. References: Canadian Investment Funds Course (CIFC) Study Guide, Chapter 4: Mutual Funds, Section 4.6: Asset Allocation and Diversification, page 4-271 Future Value of an Annuity Definition - Investopedia2
Question # 15
Maalik opens an account for a new client, John. During the new account process, Maalik
determines that he will need to confirm John’s identity. Which of the following statements
about Maalik’s identification requirements is CORRECT?
A. If Maalik determines that there is anything suspicious about John’s transaction, he is required to report the matter to his dealer. The dealer must report the matter to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
B. If Maalik learns that John is the president of a state-owned company, Maalik is required to report John as a Politically Exposed Foreign Person (PEFP) to his dealer. If John is not a US person, the dealer must report the account to the Internal Revenue Service (IRS).
C. If John wants to make a large cash deposit of $10,000 or more, Maalik is required to collect personal information about John and report it to his dealer. The dealer must report the information to the Canada Revenue Agency (CRA).
D. If John attempts to make a suspicious deposit, Maalik is required to report the attempt to his dealer. The dealer must keep records of attempted suspicious transactions that are not reported to the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Answer: A Explanation: The statement that is correct about Maalik’s identification requirements is option A. According to Section 7 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), registered firms and individuals must report any suspicious transactions or attempted transactions to FINTRAC, which is Canada’s financial intelligence unit that collects, analyzes, and discloses information related to money laundering and terrorist financing activities. A suspicious transaction or attempted transaction is one that there are reasonable grounds to suspect that it is related to a money laundering or terrorist financing offence. Therefore, if Maalik determines that there is anything suspicious about John’s transaction, he must report the matter to his dealer, who must report it to FINTRAC within 30 days of making the determination. The other statements are not correct about Maalik’s identification requirements. Option B is false because Maalik does not need to report John as a PEFP to his dealer; rather, he must take reasonable measures to determine whether John is a PEFP or a family member or close associate of a PEFP, and if so, he must obtain senior management approval before opening an account for John, take enhanced measures to verify John’s identity, and conduct enhanced ongoing monitoring of John’s account activity. Option C is false because Maalik does not need to collect personal information about John and report it to his dealer if John wants to make a large cash deposit; rather, he must verify John’s identity using an original, valid, and current document or information from a reliable source, keep a record of John’s name and address and the date and amount of the deposit, and report any large cash transactions of $10,000 or more in Canadian currency or its equivalent to FINTRAC within 15 days of receiving the cash. Option D is false because Maalik does not need to report the attempt to his dealer if John attempts to make a suspicious deposit; rather, he must report the attempt directly to FINTRAC within 30 days of detecting the suspicion, regardless of whether the transaction was completed or not. References: [FINTRAC - Home], [FINTRAC - Reporting], [FINTRAC - Guideline 2: Suspicious Transactions], [FINTRAC - Guideline 6A: Record Keeping and Client Identification for Financial Entities]
FREQUENTLY ASKED QUESTIONS
Unlike broader courses like the CFP, which spans all planning, CIFC hones in on mutual funds and client advising—more targeted for dealer roles.
To become registered, you must complete the CIFC course and pass the exam. The course is an online self-study program, and you have one year from the date of enrollment to successfully pass the exam
With $2 trillion in mutual funds, it prepares you to meet growing client needs—especially for retirement or starter investments.
Expect dilemmas like choosing a high-fee fund over a client’s best option—your judgment gets tested alongside your knowledge.
Yes—bank staff or operations roles gain fund-specific skills that enhance client support or process work.
Upon successful completion of the course, you will receive an official grade transcript and diploma. The transcript can be printed online, and the diploma will be delivered by mail
The CIFC course is designed to reflect the typical process used with clients in the real world. It includes a challenging case study and practice exam to enable students to put their knowledge into practice.
