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Unformatted text preview: IN-CLASS PROBLEMSRESIDENCYPROBLEM 1Alex, a wealthy Canadian businessman, moved with his wife to Spain several years ago, as he was approaching 60 and was not needed full-time to manage the company he owns in Canada with three other individuals. Alex and his wife stay with their son when they are in Canada, which is usually for about three weeks each year. He resigned all of his club memberships prior to moving to Spain, but maintains a checking account at a bank in Kitchener, Ont. The balance in the account rarely exceeds $100 when he is not in Canada.All of his personal investments are managed in Canada by a professional money manager. Alex receives a quarterly cash transfer from the money manager, which is deposited to his bank in Spain.REQUIRED: Determine Alexs residency status for Canadian income tax purposes for the current year.PROBLEM 2The taxpayer, a home inspector engaged by an American insurance company, performed all of his employment duties in the U.S. He and his wife maintained a home performed all of his employment duties in the U....
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This note was uploaded on 01/07/2012 for the course ACCT 4453 taught by Professor Gorman during the Spring '11 term at Dalhousie.
- Spring '11