CRA says U.S. Covid-19 payments not taxable in Canada

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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. 

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Original Article Source Credits:   Advisor's Edge ,

Article Written By:  Rudy Mezzetta

Original Article Posted on:  September 16, 2020

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