The economic disruption caused by COVID19 presents unique economic challenges and evolving tax implications that impact business in both Canada and the United States. As we emerge from the pandemic, new provisions and policies have been put in place that will impact businesses. Join our team of seasoned Tax experts from Miller Thomson, Grant Thornton and KPMG will discuss tax and trade developments that are impacting American and Canadian businesses. The discussion will include filing and payment extensions and the adoption of administrative practices including residency for income tax, carrying on business, cross border employment and services rendered in Canada and dispositions of Canadian taxable property.
On July 1, 2020 The USMCA (or “CUSMA” as it is referred to in Canada) places NAFTA on July 1, 2020 and includes rules of origin, proof of origin rules, and rules respecting e-commerce. It is important to be aware of these developments and how they can impact on the “bottom line” of your business and, in some cases, result in personal liability. While these developments are significant, many are not well-known.
The session will be divided into two components:
1. Canadian Update and Strategies – 8:00 a.m. to 8:30 a.m. (PST)
2. American Update and Strategies – 8:30 a.m. to 9:00 a.m. (PST)
Topics covered will include:
- Tax Return Filing Extensions
- Payment deferrals and traps for the unwary
- Administrative positions adopted for matters relevant to cross-border businesses and dispositions of Canadian taxable property
- US extended deadlines and payment dates
- US federal tax stimulus measures
- Tax planning considerations for cross-border businesses in light of COVID-19 measures enacted by Canada and the U.S.
- Update on the new Canada-United States-Mexico Agreement/United States-Mexico-Canada Agreement (CUSMA/USMCA)
June 19, 2020