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Changing your tax planning as you transition into retirement
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Changing your tax planning as you transition into retirement
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IE Staff
In a release on Wednesday, the Canada Revenue Agency (CRA) offered tax tips for the self-employed who received Covid-19 benefits.
First up was a reminder that Covid-19 benefits are taxable income, including the:
Canada Emergency Response Benefit (CERB),
Canada Emergency Student Benefit (CESB),
Canada Recovery Benefit (CRB),
Canada Recovery Caregiving Benefit (CRCB).
“These benefit payments are not considered self-employment income,” the CRA said in the release.
Tax may be owed depending on personal circumstances and the type of Covid benefits received.
“If you received the CERB or CESB, no tax was withheld when payments were issued, and you may owe tax when filing your 2020 tax return,” the release said.
Staff
In a release on Wednesday, the Canada Revenue Agency (CRA) offered tax tips for the self-employed who received Covid-19 benefits.
First up was a reminder that Covid-19 benefits are taxable income, including the:
Canada Emergency Response Benefit (CERB),
Canada Emergency Student Benefit (CESB),
Canada Recovery Benefit (CRB),
Canada Recovery Caregiving Benefit (CRCB).
“These benefit payments are not considered self-employment income,” the CRA said in the release.
Tax may be owed depending on personal circumstances and the type of Covid benefits received.
“If you received the CERB or CESB, no tax was withheld when payments were issued, and you may owe tax when filing your 2020 tax return,” the release said.
Letters to The Sun, March 13, 2021
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