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CRA Warning: You Must Pay Taxes on the $2,000 CERB You Got in 2020!
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The 2021 tax season in Canada officially begun on Monday, February 22, 2021. Taxpayers who have the completed paperwork can file their tax returns for the 2020 taxes electronically. However, rushing to file may not be a smart move, given that this year’s preparation is quite extraordinary.
Taxpayers would need to have all tax slips before starting the process and not forget to include the pandemic benefits as taxable income. If you received $2,000-per-week Canada Emergency Recovery Benefit (CERB) from the Canada Revenue Agency (CRA) or Service Canada, you must pay taxes on them.