Tag Archives: CERB

#FinancialFridays: Seniors who received the CERB and Canada Recovery Benefit may now not qualify for the GIS or may face drastic reductions to their payments.

For those seniors that received the CERB and the Canada Recovery Benefit, many now will not qualify for the Guaranteed Income Supplement (GIS) or may face drastic reductions to their payments. Like employment insurance, the guaranteed income supplement (GIS) is income-tested. That means the previous year’s taxable earnings – including

#FinancialFridays: Did you receive pandemic benefits? You may qualify for a payment plan with CRA. Find out more here.

Canadians who received pandemic benefits will have up to 1 year to pay back any debt from those benefits without interest. This applies to Canadians who made up to $75,000 in taxable income in 2020 and received one of the federal government’s five pandemic relief benefits or employment insurance benefits:

Receive Covid-19 government benefits? Your 2020 personal taxes may be affected.

How do the COVID-19 benefits impact your income tax return? If you received the Canada Emergency Response Benefit (CERB), Canada Emergency Student Benefit (CESB), Canada Recovery Benefit (CRB), Canada Recovery Sickness Benefit (CRSB), or Canada Recovery Caregiving Benefit (CRCB) payments, these are considered taxable income, and you will have to

#FinancialFridays: On ODSP? Received CERB payments as well? Your payments may be affected.

Are you receiving financial support from the Ontario Disability Support Program (ODSP)? Have you also received the Canada Emergency Response Benefit (CERB)? If so, CERB payments can affect your ODSP payment the month after any month in which you received the CERB. Income from CERB is treated similarly to how