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Image (6) - PART D 5 marks Bill was a lifelong resident of...

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Unformatted text preview: PART D 5 marks Bill was a lifelong resident of Canada. After taking eady retirement from his position as a chemist. he and his wife left Toronto on March 1. 2006. Bill then accepted a position with theGovemment of Mali as chief chemist. Before leaving Toronto. Bill closed a small business he was operating, surrendered his OHlP card; resigned from all clubs and the chemist organization. He didn't sell his condominium, but allowed his kids to occupy it rent-free and continued to pay taxes and condo fees on the property. He kept his furniture in the condo and allowed the kids to use the car while he was away. Bill kept his driver’s licence and bank accounts and credit cards. He and his wife visited his kids in Toronto twice a year for approximately 7 weeks in totai and spent an additional 3 weeks researching chemical issues in Toronto for the Mali government, He earned $80,000 a year in 2006 and 2007 from the Mall government and $20,000 in Canada in 2006. in addition he invested in Mali govemment bonds which earned him $3.000 interest in 2007. The govemment of Mali withheld tax from the salary and bonds. Required: Determine Bili's residency status given two unrelated scenarios: - 1) the work assignment in Mali is a temporary work assignment and Bill will retum to Canada in 3 years. Or. 2) the work assignment is permanent and Bill and his wife plan to retire in Mali. - Assume there is no tax treaty between Canada and Mali and the amount does not qualify for the overseas employment tax credit. What are the tax implications of income earned by Bill in 2006 and 2007 if the work assignment in Mali is tempdrary and Bill will return to Canada in 2009? ...
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