What is the difference between Taibaozheng (台胞证) and Lüxingzheng (中国旅行证)

Legal Visa & Residency
1

What is the difference between Taibaozheng (Mainland travel permit for Taiwan residents / 台胞证) and Lüxingzheng (China Travel Permit / 中国旅行证)?

I was born in Taiwan. I have been living in Canada for many, many years. I have dual-citizenship. I have a Taiwan (ROC) passport (with ID) but my understanding is I need either Taibaozheng (台胞证) or Lüxingzheng (中国旅行证) to visit China for business purposes.

My questions are:

  1. What is the advantage of either?
  2. Which one is better?
  3. Will I be able to leave China with either travel documents?
  4. What document do I show when I leave China? My foreign passport? Or the Taibaozheng (台胞证) or Lüxingzheng (中国旅行证)
  5. I read with the Taibaozheng (台胞证) you need to get some sort of permit. Is it the same with the Lüxingzheng (中国旅行证)

My understanding is:
Taibaozheng (台胞证)

  • Cannot apply in Canada, must apply at travel agency in Taiwan?

Lüxingzheng (中国旅行证).

  • Can apply at Chinese Embassy in Canada.