Is CERB Taxable؟ Why and How Do We Pay It Back؟
CERB is taxable, and the amount is dependent on the individuals income in 2020. At the end of the year, the government will provide you with a T4A tax slip based on the amount of CERB you earned. If you pay back the amount you received from CERB by December 31, 2020, you will not be taxed. You should pay back CERB if:
- you you collected too many payments
- you were receiving CERB while making more income than anticipated
- you received payments from both EI/Service Canada and CRA in the same 4 week period.
- you applied for CERB, and eventually noticed that you are not qualified
You will be walked through the payment process on: bit.ly/2DBc0ps