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
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:
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
As 2020 wraps up (pun intended!), it is also a good time to look forward to tax season. This is going to be a different tax season for many people as they navigate the changes in their income and how that impacts their taxes. For those who applied for COVID-19
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
Have you received a CERB payment during the Covid pandemic? There are some people who may have applied for and received CERB when they were not eligible or became ineligible after applying. It is important for the public to know that the government is asking those who received CERB in
