S. 22 election is not restricted to Canadian businesses

IT-188R states that "section 22 is applicable upon election by a vendor and a purchaser, where the vendor…sells all or substantially all of the assets of a business that was carried on in Canada to the purchaser who proposes to continue the business."  CRA has confirmed that no particular significance should be attached to the "in Canada" reference, so that the election is available for the sale by a Canadian taxpayer of a branch business carried on abroad.

Neal Armstrong.  Summary of 12 February 2015 T.I. 2014-0560491E5 F under s. 22(1).