AFM463 Lecture Notes - Lecture 1: Substantial Presence Test, Permanent Residency, Business Travel

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM463
• Professor: Julia Lipiec

Document Summary

Determining residency for an i nd iv i d u al: one of three tests must be met: lawful permanent resident test : a test based on lawful residency, not physical residency. Always a resident, regardless of where residence is, if a greencard is held or if citizenship is held . Greencard holders waive all treaty benefits: substantial presence test (spt): a numerical test based on days alone. Present in the us for 31 or more days, an d. Cy days + py days * 1/3 + 2 n d py days * 1/6 183 days. Closer connection: cy days < 183 and t ax home (resident) and closer connection in another country, file form 8840. Medical: medical condition arose in us and length of stay is reasonable after recovery. Was not a resident during the preceding year. Meets the requirements of the spt in the following year.