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CISI Certification
IFC Exam
CISI.IFC.v2026-07-09.q224 Dumps

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Question 76

What is the national self-regulatory organization (SRO) for investment dealers?

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

Correct Answer: D

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 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]

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Question 77

What variable needs to decrease on a company's statement of changes in equity for its retained earnings to increase?

A.Cost of sales.
B.Interest expenses.
C.Dividends paid.
D.Taxes paid.

Correct Answer: C

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Question 78

What amount of Canadian taxes would an investor with a 33% marginal tax rate pay on a $5,000 dividend payment from a foreign corporation?

A.$0
B.$1,241
C.$1,650
D.$825

Correct Answer: C

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Question 79

Which index would investors use as a benchmark for doing research on the largest listed public companies in the US marketplace?

A.S&P/TSX Composite
B.MSCI EAFE Index
C.FTSE Canada Universe Bond Index
D.S&P 500

Correct Answer: D

The S&P 500 is the appropriate benchmark for researching the largest listed public companies in the US market. The feedback from the document provides:
"Index: S&P 500, Description: The 500 largest publicly held companies that trade on U.S. markets, Performance uses: U.S. equity funds." Reference: Chapter 14 - Understanding Mutual Fund PerformanceLearning Domain: Evaluating and Selecting Mutual Funds

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Question 80

Natasha currently owns 2 mutual funds: a bond fund and a Canadian equity fund. She would like to use one of them as her registered retirement savings plan (RRSP) contribution for the year. From a tax efficiency perspective, which mutual fund should she contribute?

A.the equity fund
B.the bond fund
C.either since it makes no difference
D.it depends on her marginal tax rate

Correct Answer: B

The bond fund should be contributed to Natasha's RRSP from a tax efficiency perspective, because interest income from bonds is fully taxable at her marginal tax rate outside of an RRSP. By contributing the bond fund to her RRSP, Natasha can defer paying tax on the interest income until she withdraws it from her RRSP in retirement, when she may be in a lower tax bracket. The equity fund should be kept outside of her RRSP, because dividends and capital gains from equities receive preferential tax treatment compared to interest income. Dividends qualify for the dividend tax credit and capital gains are only 50% taxable. Furthermore, equities tend to have higher returns than bonds over the long term, which means that Natasha would have more after-tax income by keeping them outside of her RRSP. References: Registered Retirement Savings Plan (RRSP), Does it pay to invest in an RRSP? Here's the math

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