CRB EXTENSION - GOVERNMENT TO EXTEND CANADA RECOVERY BENEFITS | CRB UPDATE | TAXES ON CRB

Описание: The Canadian Government plans to add 12 weeks of eligibility to the Canada Recovery Benefit and the Canada Recovery Caregiving Benefit, raising the maximum number of weeks available to 38 from 26 on the Canada recovery benefit application. I will also cover the tax impact on these Covid-19 Benefits

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Canada Recovery Sickness Benefit (CRSB) will also be extended to four weeks. The number of weeks of Employment Insurance regular benefits available will also be extended to a maximum of 50 weeks if you apply for EI between September 27, 2020 and September 25, 2021. Will also talk about how Covid Benefits and EI Benefits will impact your ability to file tax return in Canada online

Canada Recovery Benefit and the Canada Recovery Caregiving Benefit were set to be in place until the fall of 2021. Self-employed workers who have opted into the Employment Insurance Application program to access EI benefits would be able to use a 2020 earnings threshold of $5,000 on their employment insurance application

Good news for Canadians who still don’t have a job and were worried how they would pay their bills once their Canada Recovery benefits ended
Most recent figures show the government has provided over $11.6 billion through the Canada recovery benefits launched in the fall to replace the Canada Emergency Recovery Benefit, including $5.4 billion for Employment Insurance.

Number of Canadians who have applied to the recovery benefits:
Canada Recovery Benefit: 1,715,090
Canada Recovery Caregiving Benefit: 333,760
Canada Recovery Sickness Benefit: 392,280

In this video, I’ll also be talking about how to file tax return online Canada.
The Canada Recovery Benefit and CRCB extensions will help thousands of workers who have been unable to return to their jobs get through the next 12 weeks. These Canada Recovery Benefits have been a real lifeline for gig workers who do not qualify for Employment Insurance.

COVID-19 benefits and How to file taxes in Canada
COVID-19 benefits are taxable as they are considered income and must be included on your tax return.

A T4A will be in the mail if the benefits you received were claimed through the Canada Revenue Agency or a T4E form if Service Canada administered your benefit

If you received CERB or CESB payments, since no tax was withheld when they were issued, so there may be a balance owing when you file. If you received CRB, CRSB or CRCB payments, 10-per-cent tax was withheld at source, but this may not be sufficient, depending on what other income you earned in 2020

If your 2020 net income was more than $38,000, you may have to repay 50 per cent of your CRB payments for every dollar in net income you earned above $38,000, to a maximum of CRB received in the year. When looking at your Net income for this purpose, you want to look at line 23600 of the T1 return Tax Return

CRA is encouraging you to file your tax return online in Canada — will allow to maximize your tax refund. If you file your tax return online in Canada and you’re signed up for direct deposit, you can get your refund in as little as eight business days

Make sure you checkout my Step-by-Step Guide on how to prepare your tax return online from scratch. In this video, I’ll cover T4, T4E, T5, RRSP, Rent, Tuition, Donations, Medical and more. I’ll also show you how CERB will impact your taxes in this step-by-step Guide if you had collected the government aid in 2020

Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video. Please, always do your own due diligence!

#CanadaRecoveryBenefit #EconomicRecovery #CRBCanada