News

Ineligible self-employed Canadians who received CERB due to ‘unclear’ information won’t be forced to repay

The decision is likely to create a major sigh of relief among those facing repayment. If the self-employed individual didn’t meet the net income requirement of $5000 and in 2020 applied and received CERB. They will not have to repay this amount. As per the Feb 9, 2021 announced by government.

Tax Filing Deadlines:

Individual taxes: April 30, 2021 and balance owing due April 30, 2021

Self-employed: June 15, 2021 and balance owing due April 30, 2021

Corporate taxes: 6 months after year-end and balance owing due 3 months after year-end.

Payroll filing: March 1, 2021 – T4 Summary & slip filing deadline

Covid-19 income, support and benefits

  1. (CERB) – Canada Emergency Response Benefit : Taxable in year received.
  2. (CRB) – Canada recovery benefit: Taxable in year received.
  3. (CRSB) – Canada recovery sickness benefit : Taxable in year received.
  4. (CRCB) -Canada recovery caregiving benefit: Taxable in year received.
  5. (CESB) – Canada emergency student benefit: Taxable in year received.
  6. One time payment – Disability support: Non taxable.
  7. One time payment – GST/HST credit: Non taxable.
  8. One time payment – Canada child benefit: Non taxable.
  9. One time payment – OAS/GIS: Non taxable.
  10. (CEWS) – Canada emergency Wage subsidy: Taxable in year received.
  11. (CERS) – Canada emergency rent subsidy: Taxable in year received.
  12. (CEBA) – Canada Emergency business account – forgivable portion: Taxable