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Exam CIFC Topic 1 Question 138 Discussion

Actual exam question for IFSE Institute's CIFC exam
Question #: 138
Topic #: 1
Which of the following applies to a mutual fund trust?

Suggested Answer: B Vote an answer

Explanation
A mutual fund trust is a type of unit trust that meets certain conditions under the Canadian Income Tax Act and is eligible for favourable tax treatment. A unit trust is a collective investment vehicle that holds assets and distributes profits to individual unit owners, also called unitholders, instead of reinvesting them in the fund. A mutual fund trust is not a corporation and does not have a board of directors or shareholders. It is also not a closed-end fund, which has a fixed number of shares that trade on an exchange. A mutual fund trust is an open-end fund, which can issue and redeem units at any time based on the net asset value of the fund.
References: Canadian Investment Funds Course, Unit 5, Section 5.1

by Denise at Jul 22, 2024, 05:03 PM

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