CERB repayments: What are taxpayers supposed to do when even tax pros arent sure?

Author: External Author | | Categories: Tax Planning Services

Blog by Priti Lad Professional Corporation

If you’re confused about what you should do when the Canada Revenue Agency (CRA) says you may have to repay money received under the Canada Emergency Response Benefit (CERB), you’re in good company. Tax experts aren’t quite sure either.

Letters sent out in recent weeks by the CRA to hundreds of thousands of CERB recipients say the requirement to have income of at least $5,000 in 2019 or in the 12 months prior to applying refers to “net income,” or gross income minus expenses, for self-employed individuals.

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Original Article Source Credits:   Erica Alini , https://globalnews.ca/

Article Written By:   Erica Alini 

Original Article Posted on:  December 19, 2020 

Link to Original Article:  https://globalnews.ca/news/7531576/cerb-repayments-tax-pros-not-sure/