CERB is taxable, but it all depends on your total income.
Many Canadians are just trying to get through the week, never mind the year, when it comes to their finances.
“My first piece of advice is people should be aware these are taxable benefits,” said Fred O’Riordan, national tax policy leader at Ernst & Young. “Ultimately they are going to be responsible for having received them and for declaring them.” Anyone who qualifies for the CERB but earns less than the “basic personal amount,” which Ottawa is raising to $13,229 from $12,069 for 2020 — does not have to pay tax, including on their CERB instalments.
He emphasized the need to start planning now, particularly as the provinces plan to retrieve their cut as well.
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