4561 fall 08 midterm Q3&4 solution

4561 fall 08 midterm Q3&4 solution - Question 3 (6...

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Question 3 (6 marks; suggested time 10 minutes) In the first column below, provide the amount included in computing my 2008 taxable income in Canada in 2008. In the second column, provide the most relevant section, subsection, or paragraph reference in the Income Tax Act in support of your answer…. Each independent question is worth 2 marks. Question Amount included in my 2008 taxable income in Canada Income Tax Act Reference 1. I have lived in the U.S all my life. My wife has a full- time job as the Canadian ambassador to the U.S. and I have chosen to stay home with our children. I have a part- time job teaching at a U.S. university and earned $20,000 from this job in 2008. I have no other income. zero 2(3) or 250(1)(c)* or 250(1)(f)* 2. I am a U.S. citizen and have lived and worked as an engineer in the U.S. all my life. In 2007 I invested $1 million in a private corporation resident in Canada (“Cancorp”). I am also a director of Cancorp and fly into Canada for one-day directors’ meetings four times a year. Cancorp has been very successful and I sold some of my
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4561 fall 08 midterm Q3&4 solution - Question 3 (6...

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