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Self-employed: Government of Canada addresses CERB repayments for some ineligible self-employed recipients

February 12, 2021Blog, Coronavirus, Coronavirus - Associates, Coronavirus - Practice OwnersAbility Private Wealth

Great news for some ineligible self-employed Canadians who received the Canada Emergency Response Benefit (CERB). As per canada.ca:

“Today, the Government of Canada announced that self-employed individuals who applied for the Canada Emergency Response Benefit (CERB) and would have qualified based on their gross income will not be required to repay the benefit, provided they also met all other eligibility requirements. The same approach will apply whether the individual applied through the Canada Revenue Agency or Service Canada.

This means that, self-employed individuals whose net self-employment income was less than $5,000 and who applied for the CERB will not be required to repay the CERB, as long as their gross self-employment income was at least $5,000 and they met all other eligibility criteria.

Some self-employed individuals whose net self-employment income was less than $5,000 may have already voluntarily repaid the CERB. The CRA and Service Canada will return any repaid amounts to these individuals. Additional details will be available in the coming weeks.”

For full details, see full news release at https://www.canada.ca/en/revenue-agency/news/2021/02/government-of-canada-announces-targeted-interest-relief-on-2020-income-tax-debt-for-low–and-middle-income-canadians.html

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Derrick Lee-Shanok

derrick@abilitypcg.com

margareth@abilitypcg.com

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Recent Articles

  • Government proposes including siblings in definition of ‘qualifying family member’ for RDSPs
  • Federal Budget 2023 Highlights
  • Ontario 2023 Budget Highlights
  • British Columbia 2023 Budget Highlights
  • TFSA versus RRSP – What you need to know to make the most of them in 2023

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We believe in empowering our clients to participate in the creation and maintenance of their overall financial well being through proper education and ensuring an understanding of the possible outcomes involved in each decision.

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