Torkin Manes (Toronto): CRA Provides Guidance on International Income Tax Issues Raised by COVID-19

COVID-19 has resulted in Canada and other governments around the world imposing restrictions on international travel (“Travel Restrictions”). The Canada Revenue Agency (the “CRA”) recently released guidelines outlining its approach to addressing some of the prevalent international income tax issues which may result from Travel Restrictions (the “Guidelines”). Two key takeaways from reviewing the Guidelines are: (1) the CRA states that the Guidelines are intended to assist taxpayers – they do not constitute a reinterpretation or broadening of CRA administrative policy; and (2) generally speaking, the CRA is prepared to offer relief in certain circumstances where technical non-compliance results solely from the imposition of Travel Restrictions. MORE.

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