Of the persons described, which one would NOT be considered a Canadian resident?

a.

A corporation that was incorporated in North Carolina, USA but carries on all of its business in Burlington, USA.

b.

A corporation that was incorporated in Winnipeg but carries on all of its business in Florida.

c.

A person who lives in Ontario and commutes to work each day in Detroit, Michigan.

d.

A member of the Canadian armed forces who has, for the last 3 years, been stationed in Germany.

Which of the following statements about personal use property is NOT correct?

a.

Losses on the disposition of personal use property can be deducted to the extent of gains on the disposition of personal use property.

b.

The minimum value for both the proceeds of disposition and the adjusted cost base of personal use property that is being sold is $1,000.

c.

When losses on listed personal property are carried forward, they can be deducted to the extent of gains on the disposition of listed personal property.

d.

An antique chest would be classified as personal use property.

Which of the following statements with respect to capital gains is NOT correct?

a.

The adjusted cost base of capital assets is reduced by any government assistance received for their acquisition.

b.

The lifetime capital gains deduction reduces the amount of capital gains included in Net Income For Tax Purposes.

c.

The expropriation of a capital asset by a municipal government is considered to be a disposition.

d.

Insurance proceeds to compensate for a business building destroyed in a fire is proceeds of disposition.