Canada Emergency Response Benefit was a financial lifeline for many when COVID-19 forced businesses to shutter and brought the economy to a screeching halt in the spring.And while the $500-a-week cheques helped millions of Canadians to continue paying their bills and buying groceries, many likely didn’t give much thought to how the benefit would affect their taxes.But as 2020 comes to a close, tax experts say now is the time to check and see if you might owe any income tax on the emergency benefit money you received this year or face an unpleasant surprise come tax time.
CERB was collected by high-income earners, new data shows John Waters, director of tax consulting services at BMO Private Wealth, says it is important for people to.