Canada Revenue Agency: 3 Steps to Make Your CERB/CRB Tax Free
The Canada Revenue Agency (CRA) offered many cash benefits last year to help Canadians deal with the COVID-19 pandemic. But these benefits are not tax-free. You need to add them to your taxable income, which will then be used to calculate your tax bill for 2020. The most popular benefits that the CRA distributed in 2020 are the Canada Emergency Response Benefit (CERB) and the Canada Recovery Benefit (CRB).
The CRA will be sending you T4A slip by March 10, 2021, to support your tax filing. The T4A slip is similar to the T4 slip that you receive from your employer. The only difference is that the T4A slip will provide the amount of cash benefit you received from the CRA instead of employment income.
Original Article Source Credits: The Motley Fool , https://www.fool.ca/
Article Written By: Puja Tayal
Original Article Posted on: February 9, 2021
Link to Original Article: https://www.fool.ca/2021/02/09/canada-revenue-agency-3-steps-to-make-your-cerb-crb-tax-free/