Impact of CERB on Income Tax Returns

The CERB amount is taxable. People who availed the benefits of CERB can expect a T4A slip by March 10, 2021. This T4A slip can be accessed through My CRA account. If you received CERB and returned the complete amount before December 31, 2020, the returned amount would be subtracted from your T4A slips and you will not have to pay taxes on the returned amount. If you return the CERB amount after Dec 31, 2020, you may need to pay tax on the full CERB amount and will be adjusted after you file your 2021 taxes.

We encourage you to pass on this information to your colleagues and staff.

For more information on the announcement, click here

To know how to file taxes using T4A slips, click here