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Canada Emergency Response Benefit has been the lifeline of many Canadians during the COVID-19 pandemic. However, it has become a source of stress recently. Some changes and announcements brought up questions about CERB and its eligibility criteria after an update from CRA has been rolled out via letters.
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Recipients of the CRA letters about CERB repayments were overwhelmed and confused. In this article, you will learn more information about the important updates about CERB and how it affects you.
To make sure that you are in the know about the most recent updates, below is the information you need.
CERB or Canada Emergency Response Benefit is now replaced with Canada Recovery Benefit (CRB). CERB ended last September 2020, officially. If you want to know more about the new program, you may visit the Canadian government website to learn more.
You may have heard from the news that thousands of self-employed individuals have received a letter from CRA asking them to repay their benefit as they do not qualify for CERB. The CRA believed that these individuals were mistakenly approved for the CERB program and that they received money that was intended for people who are most in need.
It’s a different story for people who took advantage of CERB on different platforms and were able to get the CERB money twice. Those applicants who applied for CERB through Canada Revenue Agency and Service Canada and got approved at the same time will have to pay it back.
If you want to know whether you are one of the people who shall repay the CERB, you may visit this government website announcement page.
There is no filing extension to file your 2020 Income Tax Return compared to what the government did for 2019 due to the COVID-19 pandemic. There was no announcement made therefore the deadline will still be April 30th, 2021.
For self-employed Canadians, the income tax return filing deadline is until June 15th, 2021.
Canada Emergency Response Benefit is a taxable income. CRA did not withhold any taxes, which means you will have to pay a portion of what you have received.
Other types of COVID-19 government programs are also taxable except Employment Insurance where taxes are deducted before being deposited to beneficiaries.
As you can see, these CERB updates are very important so you know what is the next step to take.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
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We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
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A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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