Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 17 JUNE 2020

COVID-19: Guidance On International Tax Issues

Crowe
Explore more from Crowe

In response to COVID-19, countries have imposed health measures and travel restrictions ("Travel Restrictions") to keep the global community safe.

CanadaTax
Devon Huber
Devon Huber
Nupur Rishi
Nupur Rishi
Author LinkedIn connections

In response to COVID-19, countries have imposed health measures and travel restrictions ("Travel Restrictions") to keep the global community safe. In doing so, concerns were raised regarding how these restrictions could potentially cause unforeseen tax issues for some businesses and taxpayers. The Canada Revenue Agency ("CRA") has provided guidance on potential issues businesses may encounter during COVID-19 to assist taxpayers during this time of crisis.

It should be noted that the CRA will assess whether tax issues have arisen as a result of the Travel Restrictions on a case-by-case basis. At the present time, it is uncertain how long it will be necessary for the Travel Restrictions to remain in place. The following guidance described below is applicable from March 16 to June 29, 2020, at which time the CRA may extend if deemed necessary, or rescind if no longer required. 

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

How To Appeal The Toronto Vacant Home (VHT) Tax: Here’s What One Landlord Did To Fight VHT Assessment

Since 2022, the City of Toronto has imposed an annual Vacant Home Tax (VHT) on residential units left unoccupied for more than six months of the year. For most owners the tax is an afterthought: file the annual declaration, confirm the unit was lived in, and move on. But when the City’s administrative process breaks down, an owner can find themselves fighting a five-figure tax bill over a unit they insist was never vacant at all.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Cryptocurrency Held Through A Bare Trustee: Tax Treatment And The 2026 Reporting Obligations

If you hold cryptocurrency, NFTs or other blockchain assets in someone else’s wallet, or hold assets in your own wallet for someone else, the arrangement is very likely a bare trust. Until recently, that carried almost no compliance consequence. It now carries three reporting obligations to track: the T3 filing for 2026, the T1135, and the proposed Crypto-Asset Reporting Framework from 2027.
CanadaTax
Rotfleisch & Samulovitch P.C.
Rotfleisch & Samulovitch P.C.
Article

Understanding Canada’s new "Productivity Mega Deduction": Broad-based, immediate, and permanent expensing

Canada's new Productivity Mega Deduction promises to slash the marginal effective tax rate on business investment to just 6.4%, positioning the country as the most competitive G7 nation for capital deployment. This permanent tax incentive extends immediate expensing to roughly 65% of capital assets, fundamentally reshaping the economics of investing in Canadian operations across manufacturing, energy, technology, and resource sectors.
CanadaTax
Gowling WLG
Gowling WLG