cerb

May 11, 2022

Published by Michael Blank at May 11, 2022

Categories

CRA Collections Efforts on CERB CRB CoVid Support

The CRA is starting to collect and issue more and more notices about overpayments of CERB, CRB and CoVid Support programs. Review the rules carefully, did you truly qualify? If you need help, contact your tax accountant. https://www.canada.ca/en/revenue-agency/news/2022/05/update-on-the-government-of-canada-issuing-debt-notification-to-ineligible-canada-emergency-response-benefit-recipients.html

April 3, 2022

Published by Michael Blank at April 3, 2022

Categories

Uncategorised

CERB letters

The government of Canada sent CERB payments to over eight million Canadians. Many of those may have received more CERB (Canada Emergency Relief Benefit) than they were entitled to. The government will be mailing out more than 1 million letters to Canadians reviewing their CERB eligibility. If you have any questions, contact service@ottawatax.ca

April 4, 2021

Published by Michael Blank at April 4, 2021

Categories

Uncategorised

2020 Tax Deadline

The 2020 Tax deadline is approaching on April 30, 2021. Make sure, you do your taxes properly with CERB income and other government (CRB, CESB, CRSB,CRCB) supports. Penalties ~5% and interest may apply if you file and pay late.

January 13, 2021

Published by Michael Blank at January 13, 2021

Categories

Uncategorised

Taxation of Government Support

This is a short reminder that government support payments are often taxable. Some of the payments send out had no tax deductions, so if you received cash, put some aside for taxes. For the CERB, How much to put aside? As it was at a low-income level, use the lowest rate at 20.5% (federal rate at 15% and provincial 5.05%). So the rule of thumb is put aside 20% of CERB. The CRA-administered CRB, CRSB and CRCB all have 10% withheld at source (they deduct 10% for taxes just like you were an employee). So, put aside 10% of CRB, […]