SolResidencyInClass - PROBLEM 1 Alex and his spouse...

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PROBLEM 1 Alex and his spouse currently live in Spain, and have done so for some years. They spend a limited time in Canada each year, presumably mostly for personal purposes. When in Canada they stay with their son, which would indicate they do not have a Canadian home available to them. He has terminated his Canadian social memberships. His Canadian bank account is relatively inactive. These factors could indicate that Alex is a non-resident for tax purposes. However, Alex has not severed his business and investment ties with Canada. He retains an interest in his company. Although his share percentage is not stated, it appears to be a significant interest. His investments are managed in Canada. Although he receives a quarterly remittance in Spain, this would not negate the fact that the investments appear to be Canadian. Furthermore, the CRA could suggest that a reason for his trips to Canada is to review his investment portfolio and review the operations of the Canadian company. The CRA could determine that Alex is a Canadian resident for tax purposes based on his
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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.

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SolResidencyInClass - PROBLEM 1 Alex and his spouse...

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