Bubbles beyond borders
Co-existing with COVID is something St. Lucia’s Prime Minister, Allan Chastanet, was touting on BNN last week. Since June 4, the Caribbean travel destination opened its doors for international travel and has only had 27 COVID cases and no deaths according to Travel Week News. Over 40,000 Canadians went to St. Lucia in 2019 and the country has had a 40% drop in tax revenues as a result of the pandemic. So the Prime Minister wants to get the word out that they’re open for visitors, and their protocols are working.
Chastanet has said that more and more resorts, rental units and attractions are opening. If things go smoothly, they’ll continue easing restrictions on tours and excursions. Tourists from the U.K. are taking advantage of this opportunity. The U.K. has created a travel bubble with a list of countries their residents are allowed to travel to – which is something their airline industry has happily endorsed. The Prime Minister has a great relationship with Canada and is encouraging us to create a similar bubble, but for now that request is falling on deaf ears.
Prime Minister Justin Trudeau delivered his long anticipated Throne Speech last week. Lots of promises were made, though it’s not clear how those promises will be paid for. More details will follow on that in an upcoming Economic Response Plan. In the meantime, you can check out a few tax highlights from Trudeau that were given last week. Don’t forget that you can reach out to a friendly T.E. Wealth tax expert if you’ve got any questions about this.
written by Terry Willis, Vice President and Financial Consultant, T.E. Wealth