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;

 

Show all your calculations. 

A) Determine the amount of the taxable capital gain or allowable capital loss as a result of your departure.

B) What other factors must be considered when deciding to claim a non-resident status.
 

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ACB- Adjusted Cost Base $ 33,000 16,000 220,000 FMV – Fair Market Value Oil Painting $ 38,000 Shares in a CCPC 48,000 342,000 Personal Residence Vacant Land 87.000 63.000 72,000 108,000 52,000 56,000 Shares in Canadian Public Co. Yacht (Recreational Use Only) ACB- Adjusted Cost Base $ 33,000 16,000 220,000 FMV – Fair Market Value Oil Painting $ 38,000 Shares in a CCPC 48,000 342,000 Personal Residence Vacant Land 87.000 63.000 72,000 108,000 52,000 56,000 Shares in Canadian Public Co. Yacht (Recreational Use Only)

Answer rating: 100% (QA)

A The total capital gain is 169000 and will be charged under the respective slab rate Ans B factors ... View the full answer