CIFC Exam Questions & Answers

During the calendar year, Firmansyah received a $1,800 eligible dividend from a large Canadian bank and a $US dollar (USD) dividend of $882.02 from a foreign-based corporation. The USD/CAD exchange rates is 1.3605.

Firmansyah's federal marginal tax bracket is 29%. The enhanced dividend gross-up rate is 38% and the federal dividend tax credit rate for eligible dividends is 15%.

What federal tax liability will be result from his investment income?

Which of the following statements about global equity funds is TRUE?

Which statement about unused registered retirement savings plan (RRSP) contribution room is CORRECT?

With respect to the tax treatment of dividends received from a taxable Canadian corporation, which of the following statements is CORRECT?

Your client Charlie is thinking about making a large investment into the Sentinel Canadian Equity Fund on December 15. The ex-dividend date for the mutual fund is December 20. What advice would you give

Charlie to avoid the tax trap?