CRA says U.S. Covid-19 payments not taxable in Canada
Americans living in Canada who received U.S. government assistance related to the Covid-19 pandemic will not have to include these amounts in income on their Canadian tax returns, the Canada Revenue Agency (CRA) said in a recent technical interpretation.
“The amount of any advance payment received, or tax credit claimed, under the U.S. EIP [Economic Income Payment Program] by a Canadian resident individual, would not be required to be included in the individual’s income under the Income Tax Act,” the CRA interpretation dated Aug. 31 stated.
Original Article Source Credits: Advisor's Edge , https://www.advisor.ca/
Article Written By: Rudy Mezzetta
Original Article Posted on: September 16, 2020
Link to Original Article: https://www.advisor.ca/tax/tax-news/cra-says-u-s-covid-19-payments-not-taxable-in-canada/