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CRA: 4 Tax Breaks that Could Save You Lots of Money More on: Image source: Getty Images The tax filing and tax payment deadline is almost here. If you’re scrambling to reduce your tax bills, review the available tax breaks from the Canada Revenue Agency (CRA). Tax preparations in 2021 are different than usual because of the pandemic money that counts as taxable income. Similarly, recipients of the Canada Emergency Response Benefit (CERB) and Canada Emergency Student Benefit (CESB) last year might pay more taxes. The benefits’ proceeds were gross of the withholding tax. You must include the CERB or CESB received together with your regular income when you file your tax return for 2020 taxes. However, three essential tax breaks could save you lots of money or offset tax payables.

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