Mr. Can is a resident of Canada for income tax purposes, and Mr. Spam is a resident of Spain. Neither has residential ties outside of where he resides. Mr. Can has the following sources of income during the year: 1. Teach English online to students in Korea for $10,000. 2. Dividend income from Australia $2,000. 3. Rental income from Hawaii $5,500. Mr. Spam has the following sources of income during the year: 1. Business income of $9,800 from the import pf Canadian maple syrup for sale in Spain. 2. Dividend income from Portugal $1,000. 3. Rental income from a condominium in Coquitlam, BC of $6,800. Mr. Spam sold the condominium for $300,000 at the end of the current tax year. He had purchased it for $350,000 10 years ago. 4. Capital gains from the sale of Bank of Montreal shares for $3,200. Neither Mr. Can nor Mr. Spam owns any other income-generating properties, aside from those that give rise to the income described above. Determine which sources of income listed above are subject to Part I tax in Canada for Mr. Can and Mr. Spam and briefly explain your answer. Students need not quote section numbers (i.e. optional) of the Income Tax Act but must demonstrate their understanding of the tax laws learnt in class. Credit is given for correct income tax applications, and not for quoting third-party information such as the textbook or CRA website. Mr. Can is a resident of Canada for income tax purposes, and Mr. Spam is a resident of Spain. Neither has residential ties outside of where he resides. Mr. Can has the following sources of income during the year: 1. Teach English online to students in Korea for $10,000. 2. Dividend income from Australia $2,000. 3. Rental income from Hawaii $5,500. Mr. Spam has the following sources of income during the year: 1. Business income of $9,800 from the import pf Canadian maple syrup for sale in Spain. 2. Dividend income from Portugal $1,000. 3. Rental income from a condominium in Coquitlam, BC of $6,800. Mr. Spam sold the condominium for $300,000 at the end of the current tax year. He had purchased it for $350,000 10 years ago. 4. Capital gains from the sale of Bank of Montreal shares for $3,200. Neither Mr. Can nor Mr. Spam owns any other income-generating properties, aside from those that give rise to the income described above. Determine which sources of income listed above are subject to Part I tax in Canada for Mr. Can and Mr. Spam and briefly explain your answer. Students need not quote section numbers (i.e. optional) of the Income Tax Act but must demonstrate their understanding of the tax laws learnt in class. Credit is given for correct income tax applications, and not for quoting third-party information such as the textbook or CRA website