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Instructions A . All work must be independent B . Submit via Blackboard in one PDF document C . Submit by 1 1 : 5
Instructions
A All work must be independent
B Submit via Blackboard in one PDF document
C Submit by :pm on December
D Read the case facts below and answer the required
Required:
A Determine Ms Houston's residency status for and explain your conclusion.
B Calculate Ms Houston's net income that will be included in her final income tax return as a result of her ceasing be a resident of Canada and any net capital loss or noncapital loss balances. Ignore any possible implications related to the CanadaAustralia income tax treaty.
Facts:
Ms Norah Houston is employed by a large, publiclytraded Canadian company. She is a Canadian citizen and resident and, for all of her life, she has been living and working in Canada. She does not have a spouse, commonlaw partner, or dependants. In her employer asks her if she would be willing to transfer to their Australian office. As she believes that she will have more challenging work.p Australia, she agrees to the move. Both Ms Houston and the company expect this mave to be permanent.
On July she closes all of her Canadian bank accounts. This includes a savings account on which she has received interest of $ in prior to her departure.
On August she opens bank accounts in Sydney. Interest on her Australian savings account during the rest of was earned at a rate of $ per month. All amounts given in this problem are in Canadian dollars.
On August she departs from Canada. However, because she has taken no time off in several years, she spends the month of August visiting various cities in southeast
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