tax Exam Advocis - Copy (19)

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Nov 24, 2024

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Larry is the CEO of a large IT company that operates in both the US and Canada. Larry owns a residence in each country, and, based on the CRA and IRS definitions of residency, Larry is considered a resident in both countries. Larry is meeting with a tax professional to determine what his obligations are. Which of the following statements from the tax professional are CORRECT? Question 22 options: a) “The tax treaty contains several tie-breaker rules that will determine your ultimate tax residency.” b) “To avoid double taxation you are able to claim 50% of your income in each jurisdiction.” c) “In the event that you are determined to be a dual resident, the final decision would be determined by your citizenship.” d) “The rules from FATCA will determine which country is considered your ultimate tax residency.”

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tax Exam Advocis - Copy (19)

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