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How To Prepare For CERB Tax Payments And Payment Deferrals

To make ends meet, many Canadians have taken advantage of CERB and payment deferrals. It was a tough year (2020) for the majority of Canadian households due to the impact the COVID-19 pandemic has brought on everyone.

Most jobs were affected, some people lost theirs while others had their work hours reduced. This had become the main reason Canadians relied on CERB and payment deferrals. If you are one of the many who took CERB and/or payment deferrals, you need to know this information to be prepared.

Know more about us and what we can do by clicking on the button below…

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You're not alone

Helped with $ 27,000 $ 41,500 $ 35,000 $ 17,000 $ 23,500 $ 46,340 $ 21,000 $ 35,000 $ 26,700 $ 65,500 $ 57,400 $ 17,500 $ 75,500 $ 63,000 $ 35,000 $ 18,500 $ 55,000 $ 85,500 $ 43,000 $ 29,500 $ 27,800 $ 41,200 $ 35,800 $ 85,000 in debt

1 day 3 days 3 days 8 days 7 days 6 days 12 days 9 days 3 days 6 days 1 day 4 days 2 days 1 day 7 days 5 days 8 days 6 days 12 days 16 days 5 days 8 days 2 days 7 days ago in debt in

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CERB (Canada Emergency Response Benefit)

Canada Emergency Response Benefit

The Canada Emergency Response Benefit provides $2,000 monthly assistance to individuals who are directly affected by COVID-19. This government benefit serves as a temporary replacement for paychecks from work.

However, here’s the trick; the amount is taxable but no tax was withheld and full amounts were given to the recipients. Much unlike regular taxable salary wherein tax is automatically deducted from the gross amount beforehand.

The money you take home from your payroll is yours to spend without the worry of having to shelve off extra cash come tax season. In the case of the $2,000 CERB grant, however, taxes were not deducted beforehand, meaning the government will take back a portion of the amount in taxes.

Between April and June, which is the tax season, those who received the CERB grant will have to pay the tax, the amount of which depends on the overall income of the recipient for the year. The best method to determine the tax value is to use the government’s federal and provincial tax rate guidelines.

To be prepared for this, you need to start saving now. This is an important bill you must pay to avoid losing access to government support in the future.

Mortgage Payment Deferrals

Mortgage Payment Deferrals

If you are deferring your mortgage payments, you are only skipping the principal but not the interest. But at least you will have some breathing room to utilize your budget for something more important or urgent.

Some banks had given more than a month of payment deferrals, this means that interests have built up during the deferral period. Things can get more complicated when your payment deferral ends because the accrued interests will be added to the principal of our mortgage balance.

As a countermeasure, you may pay for the total interest accrued during the deferment period to avoid it from accumulating more interests. Make sure to get in touch with your lender if you plan on doing this, to ensure that the amount you will pay be allocated directly to the interest payment, not to the principal.

Rent Payments Deferrals

Rent Payments Deferrals

Landlords have an important role in helping renters during these extraordinary times. Renters who are facing financial difficulties should talk to their landlord to negotiate rent relief.

If you find yourself financially affected by the COVID-19 pandemic and unable to pay rent, call your landlord and explain the situation. This is your best shot because there is no federal bill mandating the deferment of rent payments.

For some provinces like Ontarioall eviction has been stopped until further notice. They also encourage landlords and tenants to work together with an agreement during this difficult time to keep tenants in their homes. Landlords cannot charge fees and penalties for late payments under the Residential Tenancies Act.

Preparing for CERB Tax Payments and Deferral Payments

Deferral Payments

If you have been using CERB or payment deferrals without saving up or setting money aside, you could find yourself in trouble with more bills to pay very soon. But don’t worry, you are not alone; many Canadians face a similar situation. What matters now is that you look over the situation and create a plan to get prepared as soon as you can.

Analyze your budget, cut down expenses that aren’t necessary for the next couple of months then start saving money that will be allocated to pay your Taxes and interests that has accumulated during the payment deferral period.

What You Can Do If You Are Unprepared for Incoming Bills and Unexpected Expenses

Now is not the time to doubt and hesitate, instead it’s the best time to know as much information for help or assistance as you can. If you feel overwhelmed by bills, we can help!

We offer a free consultationno risks, no obligation. We can help reduce up to 75% of your debt by consolidating all your debts including CERB, Credit Cards, Personal Loans, Car Loans, Taxes, HST, 407, Household Bills, Payday Loans, and Student Loan.

If you have $10,000 or more debt, don’t panic. Our Professional Debt Consultants are available to provide you debt relief options via Zoom or Phone Calls – you don’t ever need to leave your home.

Click on the button below to get started, get a free debt savings estimate in less than 60 seconds.

Our Clients 5-Star Reviews

Jennifer Chenier
Jennifer Chenier
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I was lost ... single mom... off due to Covid for 3 months .. did what it took to pay bills and look after my kids... and left with nothing but a tonne of debt I could not keep up with 😢. And then ....I met Connie.. Connie gave me my life back. The entire experience was like talking to my mother. She was full of compassion and knowledge and took me under her wing for this entire process. She turned tears into smiles and hope . She reassured me.. and made me feel like it was Going to be ok. I can’t thank her and the team (Paul) enough for helping me through this . I highly recommend National Debt Services to anyone looking for help with their debt . Start living again ❤️. Thanks Connie Jen
Katherina Preston
Katherina Preston
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"So glad I finally had the courage to make the call" Suma was amazing.. she guided me through my options and got the answers to all my questions. By the end of our very first phone conversation I had hope again...finally...no more sleepless nights worrying my debt ....Thank you National Debt Relief Services
Chris V
Chris V
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I would just like to thank Suma for really making feel comfortable throughout this entire process. Everyone tells you to watch out for gimmicks, quick fixes, and everything else that comes with Debt. Ive had other companies who had made promises and under delivered. However Suma and her team are quick to provide the right answers and guide everyone in a way towards better credit. She has made it seamless with great communication and availability. I have personally referred her to several of my closest friends and i would recommend her to anyone else looking for consolidation.
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Top 5 Key Benefits of our Ontario Debt Relief Program:

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.

No contact details required to find out if you qualify

Sick Kids

We donate $1 for every client that is eligible.

Do you want to experience Peace of Mind from all of these?

  • Credit Card Debts
  • Personal Loans
  • Car Loans
  • Taxes
  • HST
  • 407
  • Household Bills
  • Payday Loans
  • Student Loan
  • and more…

Talk to us! We will help you get out of debt.

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.

We will help you compare
the options and savings of all formal debt relief programs available to you.

SEE IF YOU QUALIFY TO:

No contact details required to find out if you qualify

Sick Kids

We donate $1 for every client that is eligible.

Frequently Asked Questions

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.

Why Trust National Debt Relief Services?

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See What Our Customers Have To Say

Dawn Friesman
Dawn Friesman
20/09/2020
I've been working with Allicia Macdonald shes very professional and sweet. I cant thank her enough for helping me rebuild my life. Thank you so much.
Chantal Rolfe
Chantal Rolfe
18/09/2020
Today I had a wonderful experience with Rachael, she was Very professional I was very happy with what we talked about today she was very Caring I highly recommend national debt relief services hundred percent😃
Jennifer Magill
Jennifer Magill
18/09/2020
Brittany was awesome, she explained everything clearly and offered solutions every step of the way. It’s always nice to hear that you could do this or that, I didn’t feel forced to do anything and was able to decide clearly. Thank you 🙏🏼
Dave Tonnos
Dave Tonnos
18/09/2020
This company will work with you and through any difficulties that may arise. They actually hold themselves accountable, how refreshing during troubling economic times.
marian kamara
marian kamara
18/09/2020
I have a great experience working with Suma, she work me through the program, takes her time to explain everything to me about how the program work, what I need to do from start to end of the process. I’m so thankful to God for sending an angel Suma to help relief my debt. It’s a great company to work with. I will recommend this program for anyone in debt like me.
Donna Hutchings
Donna Hutchings
18/09/2020
Connie B. was absolutely awesome! She explained everything in detail to me. Very professional to work with and takes the time with you. She really has compassion. So glad she helped me out. Thank you
lynn collins
lynn collins
18/09/2020
Joel has made this so simple and effortless he made sure i was well informed and making the right decisions for my situation i would recommend joel at national dept Relief to anyone in hardship with there bills thanks alot joel i really appreciate everything you have done for me thanks!! 5 stars for sure! and its chad ball not my mom lynn lol
Billy Bong
Billy Bong
17/09/2020
I had a great experience with Brittany, so helpful and understanding. Never felt like I was being pressured or rushed into anything. She was always there with answers to my questions. Thanks for all the help and peace of mind you helped me achieve.
Amber-lyn Miller
Amber-lyn Miller
17/09/2020
Let’s Just Put It Simple....... Not All Hero's Wear Caps........I spoke with Suma over a fairly lengthy period of time because of my busy schedule and lack of free time on my part, and she was not only extremely patient and understanding, but also beyond helpful And informative. Any question I had and no matter how many times she had to explain it to me she took her time to make sure I completely understood every single step and process before she moved on to the next thing. I have been so stressed out and worked up about my debt and trying to figure out how to fix it all since I know I will not be returning to work at all in the future because of medical issues and being 26 with that realization makes things just that more stressful but Suma made everything so easy and my payments are $100 a month for less then 5 years with no interest or penalties for early pay off. I’m so glad that I didn’t settle with some other place that was asking for $350 + a month for 7-12 years and paying off early would cost you more.
Jessica Preston
Jessica Preston
17/09/2020
Caroline F. was phenomenal, she was so helpful, understanding and compassionate. Caroline did not make me feel bad for my mistakes, she was supportive and caring, she helped me through this dark time in my life I'm so incredibly happy I crossed paths with her. Thank you Caroline for being so wonderful to me! <3

Plus we give back with every customer.

Sick Kids

We donate $1 for every client that is eligible.

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Sick Kids

We donate $1 for every client that is eligible.