After 30 years of living , working and paying taxes in Canada, you decided to move to enjoy the warmth and sun of Barbados. You will depart on January 1, 2020 and severe your residential ties in Canada , effectively declaring Non Residency for income tax purposes. On the date, you own the following assets;

ACB- Adjusted Cost Base

FMV - Fair Market Value

Oil Painting

$ 33,000

$ 38,000

Shares in aCCPC

16,000

48,000

Personal Residence

220,000

342,000

Vacant Land

87,000

108,000

Shares in Canadian Public Co.

63,000

52,000

Yacht (Recreational Use Only)

72,000

56,000

Required:Assume you make no elections related to her departure from Canada. Show all your calculations.

A)Determine the amount of the taxable capital gain or allowable capital lossas a result of your departure7 MARKS

B)What other factors must be considered when deciding to claim a non-resident status ( You need to mention 5 considerations and explain them within the context of the question.8 MARKS