COMMERCE 4SB3 Final: Final Exam Review notes

• School: McMaster University
• Department: Commerce
• Course: COMMERCE 4SB3
• Professor: Eric Bentzen

Document Summary

If (cid:455)ou"(cid:396)e a (cid:396)eside(cid:374)t of ca(cid:374)ada a(cid:374)(cid:455) i(cid:374)(cid:272)o(cid:373)e (cid:449)o(cid:396)ld(cid:449)ide is ta(cid:454)a(cid:271)le: any income a canadian resident owns is taxed under part 1 of the tax act, pg. If you are working in the us but resident of canada you pay the total of the higher tax rated country i. e if owing. 80k in usa but 180k in canada, you pay the usa first (they have first right to tax you) and then you pay the other. 100k to canada: spouses of a(cid:374) (cid:862)a(cid:373)(cid:271)assado(cid:396)(cid:863) o(cid:396) e(cid:395)ui(cid:448)ale(cid:374)t a(cid:396)e also (cid:272)o(cid:374)side(cid:396)ed (cid:396)eside(cid:374)ts of ca(cid:374)ada e(cid:448)e(cid:374) if the(cid:455) do (cid:374)ot li(cid:448)e i(cid:374) Individuals spouse/ common law partner and/or dependents leave canada: the individual becomes a resident of the country to which they immigrated. If the ties considered are not considered broken then they are deemed still a resident of canada and pay taxes under part 1. Bob is president of us company, hes been asked to sit on board of directors meeting in toronto.