acc742 lecture 2 residency fall 2010

acc742 lecture 2 residency fall 2010 - Residency Part I...

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Residency
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Part I Income Tax – who is liable for Canadian tax? Read subsections (1), (2) and (3) of section 2 Person resident in Canada liable for part I tax on worldwide income regardless of geographical source for entire period of residency
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Non-resident Income Tax Non-resident liable for Part I only if in the year or previous year, non-resident was: Employed in Canada Carried on a business in Canada, or Disposed of taxable Canadian property (defined in s. 248 as including Cdn real estate, property used in business carried on in Canada, shares of private corporations resident in Canada and shares of public corporations if own 25%)
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Non-resident Income Tax Non-residents pay Part XIII tax only, on income described in s. 212 i.e. interest, dividends, gross rent, pensions, royalties Tax shown as 25% in this section but often reduced by Treaty No tax return required to be filed Tax required to be withheld by payer
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Residence of an individual (IT-221R3) Two concepts to consider: 1. General concept of residency -not defined in Act (look to common law) 2. Concept of deemed residence
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Full-time common law tests “Continuing State of Relationship” (IT-221R3 – summarizes some of these) dwelling (suitable for year round occupancy) spouse/family personal property social ties economic ties Medical insurance/license/passport etc.
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