knowledge topics
Residency - Individuals
KNOWLEDGE EXPECTED OF: Both CFP® Professionals and QAFPTM Professionals
- Identify how income tax obligations in Canada are determined.
- Identify how residency for Canadian tax purposes is established.
- Define the types of residents for income tax purposes.
- Factual resident
- Deemed resident
- Non-resident
- Explain the factors the Canada Revenue Agency may use when determining an individual’s residency status for income tax purposes.1
- Explain when the Canada Revenue Agency may consider an individual to be:
- A factual resident2
- A deemed resident3
- A non-resident4
- Explain the tax obligations for an individual.
- As a factual resident5
- As a deemed resident6
- As a non-resident7
- Explain an individual’s benefit and tax credit entitlements.
- As a factual resident8
- As a deemed resident9
- As a non-resident10
- Explain the income tax impact of a change in residency status from resident to non-resident.11
Glossary of Verbs (mouse over to see definition)
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Define
To state exactly the meaning of
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Identify
To be aware of / to recognize and correctly name / to locate an appropriate resource
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Explain
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
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Compare
To note the similarities and differences between two or more things
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Estimate
To determine an approximate value for
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Calculate
To find the value using mathematics
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Convert
To change from one form or purpose to another
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Evaluate
To reach a conclusion or make a judgement through careful study
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Interpret
To give the meaning of / to construe or understand / to translate orally

REFERENCES
- http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/tmprry-eng.html#rsdncstts
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/dmd-eng.html
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html#rsdncstts
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/tmprry-eng.html#txblgtns
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/dmd-eng.html#txblgtns
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html#txblgtns
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/tmprry-eng.html#nttlmnts
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/dmd-eng.html#nttlmnts
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/nnrs-eng.html#nttlmnt
- http://www.cra-arc.gc.ca/tx/nnrsdnts/ndvdls/lvng-eng.html#wr