AFM 361 Lecture Notes - Tax Credit, Net Income, Exchequer Of Pleas
Document Summary
Focus on examples: read exercise(s, read/review part of text related to ex, do exercise and check tutorial between step 4 and 5, read problem, read/review text relating to problem, attempt problem, come to class. *emergency plan: read problem, flip through text for a similar example, read some of text to understand ex, attempt problem, come to class. Canada doesn"t tax its citizens, only its residents. Use uk precedent because canadian court cases weren"t well developed residents as determined by common law (courts) If resident, the person is taxed on worldwide income. Four classifications: deemed full-time resident, part-time resident, non-resident. Deemed the act will consider you be something you were not otherwise. In p2. 4, what type of residence do they suggest? (looking at each piece of info separately: wife and children remain in canada (a) (b) (c) (d) (e) *you can"t be a deemed resident based on facts of case.