Did you know…
There is only one month left for some year-end tax planning.
If you received the Canada Emergency Response Benefit (CERB) during 2020:
1. The government will be issuing you a T4A tax reporting slip for 2020 showing the total amount of CERB you received
2. You must report this amount as income when filing your 2020 personal income tax return
3. No tax was deducted at source from your CERB payments, so you may need to pay tax on the CERB amounts you received when you file your 2020 personal income tax return.
4. Set aside funds to pay the taxes you may owe on the CERB come tax-filing season next April.
Do you have any questions about CERB and the 2020 personal income tax return?
Contact us for advice
