As you may be aware, US citizens living abroad, including those living in Canada, have an obligation to report and pay taxes on their worldwide income. They do so by filing annual tax returns as well as by complying with various foreign account reporting requirements.
The COVID-19 crisis is affecting individuals on a global scale, with governments across the world responding in myriad ways. In the US, the federal government has enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
Matt Altro was recently interviewed by Brenda Bouw from the Globe and Mail to explain the various financial relief programs available to US persons living in Canada from both the US and Canadian governments.
Canada has announced a series of measures to help businesses in response to the hardship caused by COVID-19, including an extension of GST/HST payments up to June 30 for a particular period.
Many Canadian and U.S. companies have employees who travel regularly across the border to carry out their job functions in the other country. Ensuring that employees have sufficient healthcare coverage at all times is critical.
Being quarantined and spending a lot of time at home has had a profound effect on our day-to-day lives. While it allows us to catch up on all the Netflix shows we’ve been missing, it also gives investors plenty of time to worry about their investments.