LLQP Exam Dumps | Kadiha invested $10,000 in a balanced fund 10 years ago, which she put into a non-registered account.

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Question 38/109

Kadiha invested $10,000 in a balanced fund 10 years ago, which she put into a non-registered account. At the time, her insurance agent sold her the fund with a 75% maturity and death benefit guarantee. Today, when the fund expires, the market value is $5,000.
How much will Kadiha receive, and how will her funds be treated for tax purposes?

A. $7,500, tax free.

B. $7,500, of which $2,500 will be taxed as capital gain.

C. $7,500, of which $2,500 will be taxed as interest income.

D. $7,500, of which $2,500 will be taxed as interest, dividend, and capital gain.

Correct Answer: A

Kadiha's investment in a segregated fund with a 75% maturity guarantee means that upon maturity, she is guaranteed to receive 75% of her original investment, which would be $7,500 (75% of $10,000). The payment is considered part of the maturity guarantee under segregated fund contracts, and the difference paid out by the insurer to meet the guarantee ($2,500 in this case) is not subject to capital gains or interest income tax as it' s part of the guaranteed benefit. According to LLQP guidelines, segregated funds with such guarantees only tax the difference as capital gains if the payout exceeds the original investment, which is not applicable here.

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