Nicole ceased to be a resident of Canada for tax purposes on July 1 of the year and moved to the U.S. on that date. During the first six months of the year, she earned $25,000 of employment income in Canada and $1000 of interest income from her bank accounts in Canada. While in the U.S. during the remainder of the year, she earned $30,000 (in Canadian dollars) of employment income in the U.S. and received $2,000 (in Canadian dollars) of interest income from her American bank account. What amount of taxable income must Nicole report on her Canadian personal income tax return for the year?

1. $0
2. $25,000
3. $26,000
4. $55,000
5. $56,000
6. $58,000

Answer rating: 100% (QA)

Answer The correct option is C 2600... View the full answer