Canada Revenue Agency: You Can Avoid Tax on the $14,000 CERB Payments
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.
Original Article Source Credits: Yahoo Finance , https://ca.finance.yahoo.com/
Article Written By: Puja Tayal
Original Article Posted on: November 11, 2020
Link to Original Article: https://ca.finance.yahoo.com/news/canada-revenue-agency-avoid-tax-140202838.html