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
- 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)
To state exactly the meaning of
To be aware of / to recognize and correctly name / to locate an appropriate resource
To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it
To note the similarities and differences between two or more things
To determine an approximate value for
To find the value using mathematics
To change from one form or purpose to another
To reach a conclusion or make a judgement through careful study
To give the meaning of / to construe or understand / to translate orally