What to expect on your taxes if you received the CERB or CRB
Anyone who received either the Canada Emergency Response Benefit (CERB) or the Canada Recovery Benefit (CRB) will receive a T4A slip for this income by the end of February and will need to report this income on their personal tax return.
If you received the CERB, the federal government did not withhold any taxes from these payments so you will most likely have a tax bill this spring as a result of receiving this benefit.
CERB is taxable at the same rate as your employment and interest income, and you will need to pay both provincial and federal tax on it. Federal and provincial tax rates may be found here:
The CRB gives income support to employed and self-employed individuals who are directly affected by COVID-19 and are not entitled to Employment Insurance (EI) benefits. If you are eligible for the CRB, you can receive $1,000 ($900 after taxes withheld) for a 2-week period.
If you received the CRB, taxes were withheld by the federal government for CRB payments.
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For a complete list of our COVID-19 resources for individuals and businesses, please visit availcpa.com/resources