Canada Revenue Agency: You Can Avoid Tax on the $14,000 CERB Payments

Author: External Author | | Categories: Accounting , Corporate Taxation , Personal Taxation , Tax Services

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This year, the Canada Revenue Agency (CRA) gave $2,000 in Canada Emergency Response Benefit (CERB) payments to over eight million Canadians. Every eligible individual could claim a maximum of $14,000 in CERB for seven months. This benefit is taxable. But you can free your CERB payments from taxes. Here’s how.

While the CRA is levying taxes on COVID-19 benefits, it is also increasing tax credits that can help you reduce your tax bill. The key is to understand how and where to apply for the tax credits.

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Original Article Source Credits: Yahoo Finance   ,

Article Written By:  Puja Tayal

Original Article Posted on:  November 11, 2020

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