On October 24, 2022, Anika Agarwal moved to a rural area in India from Ottawa, Ontario. She

Question:

On October 24, 2022, Anika Agarwal moved to a rural area in India from Ottawa, Ontario. She became a non-resident of Canada for tax purposes on that date. At the time of the move, she owned the following assets:

(a) Which of the assets are deemed disposed at market value on emigrating from Canada?

(b) Are there elections available to minimize the tax burden on emigrating?

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Canadian Income Taxation 2022/2023

ISBN: 9781260881202

25th Edition

Authors: William Buckwold, Joan Kitunen, Matthew Roman

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Question Posted: Apr 06, 2023 04:26 AM

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On October 24, 2022, Anika Agarwal moved to a rural area in India from Ottawa, Ontario. She

Question:

Asset: Home in Ottawa Rental property in Ottawa Public company shares Private company shares, inherited on her father's death last year Registered retirement savings plan (RRSP) Tax-free savings account (TFSA)

Step by Step Answer:

a When Anika becomes a nonresident of Canada she is deemed to have disposed of certain assets at the...View the full answer

Canadian Income Taxation 2022/2023

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