IFIC Mutual Funds Licensing Practice Exam · Question
Which of the following statements about non-registered investment accounts is FALSE?
Contributions to non-registered accounts are not tax-deductible. While certain registered accounts (like RRSPs) offer deductibility, non-registered accounts do
Start free practice for IFIC Mutual Funds Licensing Practice Exam
355 questions · no signup required · 40 free questions per day
Question: Which of the following statements about non-registered investment accounts is FALSE?
Answer options:
- Capital gains in a non-registered account are 50% taxable.
- Interest income generated in a non-registered account is fully taxable in the year it is earned.
- Dividends from Canadian corporations in a non-registered account are subject to dividend tax credits. ✅ Contributions to a non-registered account are tax-deductible.
Correct answer: Contributions to a non-registered account are tax-deductible.
Explanation: Contributions to non-registered accounts are not tax-deductible. While certain registered accounts (like RRSPs) offer deductibility, non-registered accounts do not. All other statements are true regarding the taxation of capital gains, interest, and dividends in non-registered accounts.
Start free practice for IFIC Mutual Funds Licensing Practice Exam
355 questions · no signup required · 40 free questions per day
More about IFIC Mutual Funds Licensing Practice Exam
More for IFIC Mutual Funds Licensing Practice Exam candidates
Ready to practice?
Free, no signup required. Build a wrong-question list as you go.
Start Free IFIC Mutual Funds Licensing Practice Exam Practice →Related courses
Other Canadian certifications candidates often prepare for alongside this one.